0000784199-20-000183 | 10-Q | XBRL Viewer

Print Document View Excel Document

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2020	Jul. 24, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 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		37,858,008
Document Fiscal Year Focus	2020
Entity Central Index Key	0000784199
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 53,771	$ 71,139	$ 120,200	$ 138,644
Cost of products and preservation services:
Total cost of products and preservation services	17,881	24,173	40,139	47,405
Gross margin	35,890	46,966	80,061	91,239
Operating expenses:
General, administrative, and marketing	32,288	34,623	71,290	71,143
Research and development	5,522	5,841	11,878	11,389
Total operating expenses	37,810	40,464	83,168	82,532
Operating (loss) income	(1,920)	6,502	(3,107)	8,707
Interest expense	3,652	3,811	7,040	7,705
Interest income	(66)	(233)	(168)	(349)
Other (income) expense, net	(740)	185	2,922	262
(Loss) income before income taxes	(4,766)	2,739	(12,901)	1,089
Income tax benefit	(1,077)	(93)	(2,547)	(1,446)
Net (loss) income	$ (3,689)	$ 2,832	$ (10,354)	$ 2,535
(Loss) income per common share:
Basic	$ (0.10)	$ 0.08	$ (0.27)	$ 0.07
Diluted	$ (0.10)	$ 0.07	$ (0.27)	$ 0.07
Weighted-average common shares outstanding:
Basic	37,520	37,156	37,455	36,968
Diluted	37,520	37,838	37,455	37,789
Net (loss) income	$ (3,689)	$ 2,832	$ (10,354)	$ 2,535
Other comprehensive income (loss):
Foreign currency translation adjustments	4,434	2,995	(29)	(786)
Comprehensive (loss) income	745	5,827	(10,383)	1,749
Products [Member]
Revenues:
Total revenues	37,268	51,168	83,688	99,569
Cost of products and preservation services:
Total cost of products and preservation services	10,040	14,489	23,080	28,315
Preservation Services [Member]
Revenues:
Total revenues	16,503	19,971	36,512	39,075
Cost of products and preservation services:
Total cost of products and preservation services	$ 7,841	$ 9,684	$ 17,059	$ 19,090

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 125,627	$ 33,766
Restricted securities	491	528
Trade receivables, net	45,218	52,940
Other receivables	3,042	2,921
Inventories	62,708	53,071
Deferred preservation costs	34,808	32,551
Prepaid expenses and other	15,227	11,613
Total current assets	287,121	187,390
Property and equipment, net	31,527	32,150
Operating lease right-of-use assets, net	20,007	21,994
Goodwill	186,349	186,697
Acquired technology, net	110,935	115,415
Other intangibles, net	40,884	42,319
Deferred income taxes	2,422	5,481
Other assets	14,009	14,208
Total assets	693,254	605,654
Current liabilities:
Accounts payable	10,079	9,796
Accrued compensation	10,129	12,260
Accrued procurement fees	3,631	4,362
Current portion of finance lease obligation	581	597
Current maturities of operating leases	5,522	5,487
Current portion of long-term debt	1,138	1,164
Taxes payable	4,244	2,984
Accrued expenses and other	14,190	9,142
Total current liabilities	48,933	45,195
Long-term debt	288,946	214,571
Deferred income taxes	25,886	25,844
Non-current maturities of operating leases	15,797	17,918
Non-current finance lease obligations	5,111	5,415
Deferred compensation liability	4,645	4,434
Other	12,491	11,996
Total liabilities	396,698	319,958
Commitments and contingencies
Shareholders' equity:
Preferred stock
Common stock (issued shares of 39,288 in 2020 and 39,018 in 2019)	393	390
Additional paid-in capital	293,022	271,782
Retained earnings	26,350	36,704
Accumulated other comprehensive loss	(8,618)	(8,589)
Treasury stock at cost (shares of 1,484 in each of 2020 and 2019)	(14,591)	(14,591)
Total shareholders' equity	296,556	285,696
Total liabilities and shareholders' equity	$ 693,254	$ 605,654

Consolidated Balance Sheets (Parenthetical) - shares	Jun. 30, 2020	Dec. 31, 2019
Shareholders' equity:
Common stock, shares issued	39,288,000	39,018,000
Treasury stock at cost, shares	1,484,000	1,484,000

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Net cash flows from operating activities:
Net (loss) income	$ (10,354)	$ 2,535
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	9,642	8,731
Non-cash compensation	5,074	4,119
Deferred income taxes	(1,894)	(301)
Other non-cash adjustments to net (loss) income	5,594	4,032
Changes in operating assets and liabilities:
Receivables	7,644	(10,446)
Inventories and deferred preservation costs	(12,902)	262
Prepaid expenses and other assets	(3,422)	(3,131)
Accounts payable, accrued expenses, and other liabilities	(142)	(3,894)
Net cash flows (used in) provided by operating activities	(760)	1,907
Net cash flows from investing activities:
Capital expenditures	(3,776)	(3,344)
Other	(705)	(302)
Net cash flows used in investing activities	(4,481)	(3,646)
Net cash flows from financing activities:
Proceeds from issuance of convertible debt	100,000
Proceeds from revolving line of credit	30,000
Repayment of revolving line of credit	(30,000)
Proceeds from financing insurance premiums	2,816
Payment of debt issuance costs	(3,647)
Repayment of term loan	(1,389)	(1,393)
Proceeds from exercise of stock options and issuance of common stock	1,175	3,582
Redemption and repurchase of stock to cover tax withholdings	(1,728)	(2,664)
Other	(1,041)	(349)
Net cash flows provided by (used in) financing activities	96,186	(824)
Effect of exchange rate changes on cash, cash equivalents, and restricted securities	879	582
Increase (decrease) in cash, cash equivalents, and restricted securities	91,824	(1,981)
Cash, cash equivalents, and restricted securities, beginning of year	34,294	42,236
Cash, cash equivalents, and restricted securities, end of year	$ 126,118	$ 40,255

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) income			2,535			2,535
Other comprehensive (loss) income:
Foreign currency translation adjustment				(786)		(786)
Comprehensive (loss) income						1,749
Equity compensation	$ 2	4,417				4,419
Equity compensation, shares	245
Exercise of options	$ 3	3,001				3,004
Exercise of options, shares	301
Employee stock purchase plan		578				578
Employee stock purchase plan, shares	25
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(2,663)				(2,664)
Redemption and repurchase of stock to cover tax withholdings, shares	(91)
Balance at Jun. 30, 2019	$ 389	265,694	37,519	(6,858)	$ (14,591)	282,153
Balance, shares at Jun. 30, 2019	38,943				(1,484)
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)
Net (loss) income			2,832			2,832
Other comprehensive (loss) income:
Foreign currency translation adjustment				2,995		2,995
Comprehensive (loss) income						5,827
Equity compensation		2,439				2,439
Equity compensation, shares	40
Exercise of options	$ 2	1,551				1,553
Exercise of options, shares	156
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(287)				(288)
Redemption and repurchase of stock to cover tax withholdings, shares	(9)
Balance at Jun. 30, 2019	$ 389	265,694	37,519	(6,858)	$ (14,591)	282,153
Balance, shares at Jun. 30, 2019	38,943				(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) income			(10,354)			(10,354)
Other comprehensive (loss) income:
Foreign currency translation adjustment				(29)		(29)
Comprehensive (loss) income						(10,383)
Equity component of the convertible note issuance		16,426				16,426
Equity compensation	$ 3	5,367				5,370
Equity compensation, shares	267
Exercise of options	$ 1	486				487
Exercise of options, shares	44
Employee stock purchase plan		688				688
Employee stock purchase plan, shares	30
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(1,727)				(1,728)
Redemption and repurchase of stock to cover tax withholdings, shares	(71)
Balance at Jun. 30, 2020	$ 393	293,022	26,350	(8,618)	$ (14,591)	296,556
Balance, shares at Jun. 30, 2020	39,288				(1,484)
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)
Net (loss) income			(3,689)			(3,689)
Other comprehensive (loss) income:
Foreign currency translation adjustment				4,434		4,434
Comprehensive (loss) income						745
Equity component of the convertible note issuance		16,426				16,426
Equity compensation	$ 1	2,680				2,681
Equity compensation, shares	59
Exercise of options	$ 1	110				111
Exercise of options, shares	11
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(15)				(16)
Redemption and repurchase of stock to cover tax withholdings, shares	(1)
Balance at Jun. 30, 2020	$ 393	$ 293,022	$ 26,350	$ (8,618)	$ (14,591)	$ 296,556
Balance, shares at Jun. 30, 2020	39,288				(1,484)

Basis Of Presentation

6 Months Ended

Jun. 30, 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 and six months ended, June 30, 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 and six months ended June 30, 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

6 Months Ended

Jun. 30, 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^TM 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 and six months ended June 30, 2020. Our payments to date, including any loans, guarantees, and other subordinated financial support related to this VIE, totaled $15.0 million as of June 30, 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 of 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 June 30, 2020 and December 31, 2019. We recorded the Endospan Distribution Agreement of $8.2 million and $9.8 million in Other Intangibles, net in the Summary Consolidated Balance Sheets as of June 30, 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 June 30, 2020 and concluded that an adjustment to the fair value as a result of this assessment was not material.

Financial Instruments

6 Months Ended

Jun. 30, 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):



June 30, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,481	$	--	$	--	$	11,481
Restricted securities:
Money market funds		491		--		--		491
Endospan loan		--		--		358		358
Total assets	$	11,972	$	--	$	358	$	12,330


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 June 30, 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

6 Months Ended

Jun. 30, 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
June 30, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	11,481	$	--	$	11,481
Restricted securities:
Money market funds		491		--		491
Total	$	11,972	$	--	$	11,972

			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 June 30, 2020 and December 31, 2019 certain 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 and six months ended June 30, 2020 and 2019. As of June 30, 2020 $491,000 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

6 Months Ended

Jun. 30, 2020

Inventories And Deferred Preservation Costs [Abstract]

Inventories And Deferred Preservation Costs

5. Inventories and Deferred Preservation Costs

Inventories at June 30, 2020 and December 31, 2019 were comprised of the following (in thousands):


	June 30,		December 31,
	2020		2019
Raw materials and supplies	$	25,828	$	21,180
Work-in-process		6,927		5,127
Finished goods		29,953		26,764
Total inventories	$	62,708	$	53,071

Deferred preservation costs at June 30, 2020 and December 31, 2019 were comprised of the following (in thousands):


	June 30,		December 31,
	2020		2019
Cardiac tissues	$	16,393	$	15,365
Vascular tissues		18,415		17,186
Total deferred preservation costs	$	34,808	$	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 June 30, 2020 we had $12.5 million in consignment inventory, with approximately 49% in domestic locations and 51% 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

6 Months Ended

Jun. 30, 2020

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

6. Goodwill and Other Intangible Assets

Indefinite Lived Intangible Assets

As of June 30, 2020 and December 31, 2019 the carrying values of our indefinite lived intangible assets were as follows (in thousands):


	June 30,		December 31,
	2020		2019
Goodwill	$	186,349	$	186,697
In-process R&D		2,183		2,190
Procurement contracts and agreements		2,013		2,013
Trademarks		765		844

We monitor the phases of development of our acquired in-process research and development 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 research and development 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 June 30, 2020 we concluded that our assessment of current factors did 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 June 30, 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		(348)
Balance as of June 30, 2020	$	186,349

Definite Lived Intangible Assets

As of June 30, 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
June 30, 2020	Value		Amortization		Period
Acquired technology	$	139,867	$	28,932	11	–	22	Years
Customer lists and relationships		31,124		7,338	13	–	22	Years
Distribution and manufacturing rights and know-how		13,796		4,060	5	–	15	Years
Patents		3,800		3,098			17	Years
Other		2,452		753	4	–	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 (Income) Loss (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Amortization expense	$	3,000	$	2,557	$	6,033	$	5,136

As of June 30, 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	$	6,169		12,440		11,894		11,368		11,141		9,147	$	62,159

Income Taxes

6 Months Ended

Jun. 30, 2020

Income Taxes [Abstract]

Income Taxes

7. Income Taxes

Income Tax Expense

Our effective income tax rate was a benefit of 23% and 20% for the three and six months ended June 30, 2020, respectively, as compared to a benefit of 3% and 133% for the three and six months ended June 30, 2019, respectively. The change in the tax rate for the three and six months ended June 30, 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 and six months ended June 30, 2020, as compared to the three and six months ended June 30, 2019.

The income tax rate for the three and six months ended June 30, 2020 was favorably 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 the unfavorable impacts of non-deductible operating expenses and executive compensation expenses.

The income tax rate for the three and six months ended June 30, 2019 was favorably 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 the unfavorable 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 June 30, 2020 we maintained a total of $3.6 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 $23.5 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 U.S. government enacted the CARES Act on March 27, 2020. The CARES Act provides various forms of relief and assistance to U.S. 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 impact of the CARES Act as interpretations are published.

- Definition

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

+ References + Details

Leases

6 Months Ended

Jun. 30, 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:		June 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	27,523	$	27,007
Accumulated amortization		(7,516)		(5,013)
Operating lease right-of-use assets, net	$	20,007	$	21,994

Current maturities of operating leases	$	5,522	$	5,487
Non-current maturities of operating lease		15,797		17,918
Total operating lease liabilities	$	21,319	$	23,405

Finance leases:
Property and equipment, at cost	$	7,078	$	7,161
Accumulated amortization		(1,542)		(1,279)
Property and equipment, net	$	5,536	$	5,882

Current maturities of finance leases	$	581	$	597
Non-current maturities of finance leases		5,111		5,415
Total finance lease liabilities	$	5,692	$	6,012

Weighted average remaining lease term (in years):
Operating leases		5.3		5.5
Finance leases		10.2		10.6

Weighted average discount rate:
Operating leases		5.3%		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 (Income) Loss are as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2020		2019		2020		2019
Amortization of property and equipment	$	161	$	209	$	323	$	420
Interest expense on finance leases		29		31		58		63
Total finance lease expense		190		240		381		483
Operating lease expense		1,769		1,589		3,518		3,153
Sublease income		(226)		(226)		(452)		(452)
Total lease expense	$	1,733	$	1,603	$	3,447	$	3,184

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


		Six Months Ended		Six Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		June 30, 2020		June 30, 2019
Operating cash flows for operating leases	$	3,556	$	3,311
Financing cash flows for finance leases		300		350
Operating cash flows for finance leases		59		64

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


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	351	$	3,150	$	452
2021		657		6,564		905
2022		611		4,098		306
2023		610		2,701		--
2024		608		2,646		--
Thereafter		3,454		5,104		--
Total minimum lease payments	$	6,291	$	24,263	$	1,663
Less amount representing interest		(599)		(2,944)
Present value of net minimum lease payments		5,692		21,319
Less current maturities		(581)		(5,522)
Lease liabilities, less current maturities	$	5,111	$	15,797

Debt

6 Months Ended

Jun. 30, 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 June 30, 2020 the aggregate interest rate was 4.25% 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. In addition, with respect to the Revolving Credit Facility, when the principal amount of loans outstanding thereunder is in excess of 25% of the Revolving Credit Facility, the Credit Agreement requires us to comply with a specified maximum first lien net leverage ratio.

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%. On June 29, 2020 we used the net proceeds from the issuance of Convertible Senior Notes, as discussed below, to repay the $30.0 million outstanding under our Revolving Credit Facility.

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. We are also subject to 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.

Convertible Senior Notes

On June 18, 2020 we issued $100.0 million aggregate principal amount of 4.25% convertible senior notes with a maturity date of July 1, 2025 (“Convertible Senior Notes”). The net proceeds from this offering, after deducting initial purchasers’ discounts and costs directly related to this offering, were approximately $96.5 million. The Convertible Senior Notes may be settled in cash, stock, or a combination thereof, solely at our discretion. Our current intent is to settle in cash the principal amount outstanding and any note conversion value over the principal amount with shares of our Common Stock. The initial conversion rate of the Convertible Senior Notes is 42.6203 shares per $1,000 principal amount, which is equivalent to a conversion price of approximately $23.46 per share, subject to adjustments. We use the treasury stock method for assumed conversion of the Convertible Senior Notes to compute the weighted average shares of common stock outstanding for diluted earnings per share.

The conversion feature of the Convertible Senior Notes required bifurcation from the notes and was initially accounted for as an equity instrument classified to stockholders’ equity, which resulted in recognizing $16.4 million in additional paid-in-capital during the three months ended June 30, 2020. The interest expense recognized on the Convertible Senior Notes during the three months ended June 30, 2020, includes approximately $156,000 in aggregate for the contractual coupon interest, the accretion of the debt discount, and the amortization of the debt issuance costs. The effective interest rate on the Convertible Senior Notes is 4.25%, which includes the contractual coupon interest, accretion of the debt discount, and amortization of the debt issuance costs. Interest on the Convertible Senior Notes began accruing upon issuance and is payable semi-annually.

Holders of the Convertible Senior Notes may convert their notes at their option at any time prior to January 1, 2025 but only under the following circumstances: (i) during any calendar quarter commencing after the calendar quarter ending on September 30, 2020 (and only during such calendar quarter), if the last reported sale price of our Common Stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on, and including, the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (ii) during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our Common Stock and the conversion rate on each such trading day; (iii) we give a notice of redemption with respect to any or all of the notes, at any time prior to the close of business on the second scheduled trading day immediately preceding the redemption date; or (iv) upon the occurrence of specified corporate events. On or after January 1, 2025 until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert their notes at any time, regardless of the foregoing circumstances.

We cannot redeem the Convertible Senior Notes before July 5, 2023. We can redeem them on or after July 5, 2023, in whole or in part, at our option, if the last reported sale price per share of our Common Stock has been at least 130% of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which we provide notice of redemption. We may redeem for cash all or part of the Convertible Senior Notes at a redemption price equal to 100% of the principal amount of the redeemable Convertible Senior Notes, plus accrued and unpaid interest to, but excluding, the redemption date. No principal payments are due on the Convertible Senior Notes prior to maturity. Other than restrictions relating to certain fundamental changes and consolidations, mergers or asset sales and customary anti-dilution adjustments, the Convertible Senior Notes do not contain any financial covenants and do not restrict us from conducting significant restructuring transactions or issuing or repurchasing any of its other securities. As of June 30, 2020, we are not aware of any current events or market conditions that would allow holders to convert the Convertible Senior Notes. We have used a portion of the proceeds to pay off the $30.0 million outstanding under our Revolving Credit Facility and anticipate using the remaining funds for general corporate purposes.

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%, respectively.

Loan Balances

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


	June 30,		December 31,
	2020		2019
Term loan balance	$	219,375	$	220,500
Convertible senior notes		77,790		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		933		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,470		1,615
Total loan balance		299,568		223,176
Less unamortized loan origination costs		(9,484)		(7,441)
Net borrowings		290,084		215,735
Less short-term loan balance		(1,138)		(1,164)
Long-term loan balance	$	288,946	$	214,571

Interest Expense

Interest expense was $3.7 million and $7.0 million for the three and six months ended June 30, 2020, as compared to $3.8 million and $7.7 million for the three and six months ended June 30, 2019. Interest expense includes interest on debt and uncertain tax positions in both periods.

Commitments And Contingencies

6 Months Ended

Jun. 30, 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 June 30, 2020 and December 31, 2019. As of June 30, 2020 and December 31, 2019, the related recoverable insurance amounts were $996,000 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 June 30, 2020 could have been as high as $3.8 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 fourth quarter of 2020.

As of June 30, 2020 we had $1.5 million in prepaid royalties, $1.9 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

6 Months Ended

Jun. 30, 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 and six months ended June 30, 2020 and 2019 the sources of revenue were as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Domestic hospitals	$	30,228	$	36,344	$	66,564	$	71,955
International hospitals		16,135		22,532		35,872		43,102
International distributors		7,244		10,365		17,489		19,975
CardioGenesis cardiac laser therapy		164		1,898		275		3,612
Total sources of revenue	$	53,771	$	71,139	$	120,200	$	138,644

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 June 30, 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 June 30, 2020 and 2019 was not material.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-URI http://asc.fasb.org/topic&trid=49130388

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 10
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130551-203045

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130556-203045

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130550-203045

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130558-203045

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 12
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130554-203045

+ Details

Stock Compensation

6 Months Ended

Jun. 30, 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 six months ended June 30, 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 312,000 shares and had an aggregate grant date market value of $7.9 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 six months ended June 30, 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 492,000 shares and had an aggregate grant date market value of $14.6 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 were 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 were 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 six months ended June 30, 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 six months ended June 30, 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		Six Months Ended
	June 30, 2020		June 30, 2020
	Stock Options	ESPP	Stock Options	ESPP
Expected life	N/A	0.5 Years	5.0 Years	0.5 Years
Expected stock price volatility	N/A	0.31	0.35	0.31
Risk-free interest rate	N/A	1.57%	1.41%	1.57%

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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
RSA, RSU, and PSU expense	$	2,049	$	1,936	$	4,205	$	3,446
Stock option and ESPP expense		632		502		1,165		973
Total stock compensation expense	$	2,681	$	2,438	$	5,370	$	4,419

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 $171,000 and $296,000 in the three and six months ended June 30, 2020, and $168,000 and $300,000 in the three and six months ended June 30, 2019, of the stock compensation expense into our inventory costs and deferred preservation costs.

As of June 30, 2020 we had total unrecognized compensation costs of $14.6 million related to RSAs, RSUs, and PSUs and $3.0 million related to unvested stock options. As of June 30, 2020 this expense is expected to be recognized over a weighted-average period of 2.2 years for PSUs, 2.1 years for stock options, 1.9 years for RSUs, and 1.5 years for RSAs.

(Loss) Earnings Per Share

6 Months Ended

Jun. 30, 2020

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

13. (Loss) Earnings per Share

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Basic (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(3,689)	$	2,832	$	(10,354)	$	2,535
Net income (loss) allocated to participating securities		24		(19)		73		(18)
Net (loss) income allocated to common shareholders	$	(3,665)	$	2,813	$	(10,281)	$	2,517

Basic weighted-average common shares outstanding		37,520		37,156		37,455		36,968
Basic (loss) income per common share	$	(0.10)	$	0.08	$	(0.27)	$	0.07

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Diluted (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(3,689)	$	2,832	$	(10,354)	$	2,535
Net income (loss) allocated to participating securities		24		(18)		73		(18)
Net (loss) income allocated to common shareholders	$	(3,665)	$	2,814	$	(10,281)	$	2,517

Basic weighted-average common shares outstanding		37,520		37,156		37,455		36,968
Effect of dilutive stock options and awards		--		682		--		821
Diluted weighted-average common shares outstanding		37,520		37,838		37,455		37,789
Diluted (loss) income per common share	$	(0.10)	$	0.07	$	(0.27)	$	0.07

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 and six months ended June 30, 2020 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. For the three and six months ended June 30, 2019, stock options to purchase a

weighted-average of 158,000 and 105,000 shares, respectively were antidilutive and excluded from the calculation of diluted weighted-average common shares outstanding.

Segment Information

6 Months Ended

Jun. 30, 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, and PhotoFix. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues and NeoPatch. 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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Revenues:
Medical devices	$	37,268	$	51,168	$	83,688	$	99,569
Preservation services		16,503		19,971		36,512		39,075
Total revenues		53,771		71,139		120,200		138,644

Cost of products and preservation services:
Medical devices		10,040		14,489		23,080		28,315
Preservation services		7,841		9,684		17,059		19,090
Total cost of products and preservation services		17,881		24,173		40,139		47,405

Gross margin:
Medical devices		27,228		36,679		60,608		71,254
Preservation services		8,662		10,287		19,453		19,985
Total gross margin	$	35,890	$	46,966	$	80,061	$	91,239

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Products:
BioGlue	$	12,437	$	17,933	$	29,174	$	35,155
JOTEC		13,174		17,208		28,642		33,162
On-X		10,116		12,410		22,318		24,141
PhotoFix		880		935		1,922		1,665
PerClot		497		784		1,357		1,834
CardioGenesis cardiac laser therapy		164		1,898		275		3,612
Total products		37,268		51,168		83,688		99,569

Preservation services:
Cardiac tissue		8,061		10,500		18,079		19,430
Vascular tissue		8,396		9,471		18,372		19,645
NeoPatch		46		--		61		--
Total preservation services		16,503		19,971		36,512		39,075

Total revenues	$	53,771	$	71,139	$	120,200	$	138,644

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 34
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8981-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (e)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 26
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8844-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8657-108599

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 21
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8721-108599

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Basis Of Presentation (Policy)

6 Months Ended

Jun. 30, 2020

Basis Of Presentation [Abstract]

New Accounting Standards

Recently Adopted

Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2020

Financial Instruments [Abstract]

Summary Of Financial Instruments Measured At Fair Value



June 30, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,481	$	--	$	--	$	11,481
Restricted securities:
Money market funds		491		--		--		491
Endospan loan		--		--		358		358
Total assets	$	11,972	$	--	$	358	$	12,330


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 June 30, 2020	$	358

Cash Equivalents And Restricted Cash And Securities (Tables)

6 Months Ended

Jun. 30, 2020

Cash Equivalents And Restricted Cash And Securities [Abstract]

Summary Of Cash Equivalents And Restricted Securities


			Unrealized		Estimated
			Holding		Market
June 30, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	11,481	$	--	$	11,481
Restricted securities:
Money market funds		491		--		491
Total	$	11,972	$	--	$	11,972

			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)

6 Months Ended

Jun. 30, 2020

Inventories And Deferred Preservation Costs [Abstract]

Schedule Of Inventories


	June 30,		December 31,
	2020		2019
Raw materials and supplies	$	25,828	$	21,180
Work-in-process		6,927		5,127
Finished goods		29,953		26,764
Total inventories	$	62,708	$	53,071

Schedule Of Deferred Preservation Costs


	June 30,		December 31,
	2020		2019
Cardiac tissues	$	16,393	$	15,365
Vascular tissues		18,415		17,186
Total deferred preservation costs	$	34,808	$	32,551

Goodwill And Other Intangible Assets (Tables)

6 Months Ended

Jun. 30, 2020

Goodwill And Other Intangible Assets [Abstract]

Schedule Of Carrying Values Of Indefinite Lived Intangible Assets


	June 30,		December 31,
	2020		2019
Goodwill	$	186,349	$	186,697
In-process R&D		2,183		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		(348)
Balance as of June 30, 2020	$	186,349

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


	Gross Carrying		Accumulated		Amortization
June 30, 2020	Value		Amortization		Period
Acquired technology	$	139,867	$	28,932	11	–	22	Years
Customer lists and relationships		31,124		7,338	13	–	22	Years
Distribution and manufacturing rights and know-how		13,796		4,060	5	–	15	Years
Patents		3,800		3,098			17	Years
Other		2,452		753	4	–	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				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Amortization expense	$	3,000	$	2,557	$	6,033	$	5,136

Scheduled Amortization Of Intangible Assets For Next Five Years


	Remainder
	of 2020		2021		2022		2023		2024		2025		Total
Amortization expense	$	6,169		12,440		11,894		11,368		11,141		9,147	$	62,159

Leases (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Schedule Of Supplemental Balance Sheet Information Related To Leases


Operating leases:		June 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	27,523	$	27,007
Accumulated amortization		(7,516)		(5,013)
Operating lease right-of-use assets, net	$	20,007	$	21,994

Current maturities of operating leases	$	5,522	$	5,487
Non-current maturities of operating lease		15,797		17,918
Total operating lease liabilities	$	21,319	$	23,405

Finance leases:
Property and equipment, at cost	$	7,078	$	7,161
Accumulated amortization		(1,542)		(1,279)
Property and equipment, net	$	5,536	$	5,882

Current maturities of finance leases	$	581	$	597
Non-current maturities of finance leases		5,111		5,415
Total finance lease liabilities	$	5,692	$	6,012

Weighted average remaining lease term (in years):
Operating leases		5.3		5.5
Finance leases		10.2		10.6

Weighted average discount rate:
Operating leases		5.3%		5.4%
Finance leases		2.0%		2.0%

Summary Of Lease Costs


	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2020		2019		2020		2019
Amortization of property and equipment	$	161	$	209	$	323	$	420
Interest expense on finance leases		29		31		58		63
Total finance lease expense		190		240		381		483
Operating lease expense		1,769		1,589		3,518		3,153
Sublease income		(226)		(226)		(452)		(452)
Total lease expense	$	1,733	$	1,603	$	3,447	$	3,184

Schedule Of Supplemental Cash Flow Information Related To Leases


		Six Months Ended		Six Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		June 30, 2020		June 30, 2019
Operating cash flows for operating leases	$	3,556	$	3,311
Financing cash flows for finance leases		300		350
Operating cash flows for finance leases		59		64

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


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	351	$	3,150	$	452
2021		657		6,564		905
2022		611		4,098		306
2023		610		2,701		--
2024		608		2,646		--
Thereafter		3,454		5,104		--
Total minimum lease payments	$	6,291	$	24,263	$	1,663
Less amount representing interest		(599)		(2,944)
Present value of net minimum lease payments		5,692		21,319
Less current maturities		(581)		(5,522)
Lease liabilities, less current maturities	$	5,111	$	15,797

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt [Abstract]

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


	June 30,		December 31,
	2020		2019
Term loan balance	$	219,375	$	220,500
Convertible senior notes		77,790		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		933		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,470		1,615
Total loan balance		299,568		223,176
Less unamortized loan origination costs		(9,484)		(7,441)
Net borrowings		290,084		215,735
Less short-term loan balance		(1,138)		(1,164)
Long-term loan balance	$	288,946	$	214,571

Revenue Recognition (Tables)

6 Months Ended

Jun. 30, 2020

Revenue Recognition [Abstract]

Disaggregation Of Revenue


	Three Months Ended				Six Months Ended
	June 30,				June 30,
		2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Domestic hospitals	$	30,228	$	36,344	$	66,564	$	71,955
International hospitals		16,135		22,532		35,872		43,102
International distributors		7,244		10,365		17,489		19,975
CardioGenesis cardiac laser therapy		164		1,898		275		3,612
Total sources of revenue	$	53,771	$	71,139	$	120,200	$	138,644

Stock Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Stock Compensation [Abstract]

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


	Three Months Ended		Six Months Ended
	June 30, 2020		June 30, 2020
	Stock Options	ESPP	Stock Options	ESPP
Expected life	N/A	0.5 Years	5.0 Years	0.5 Years
Expected stock price volatility	N/A	0.31	0.35	0.31
Risk-free interest rate	N/A	1.57%	1.41%	1.57%

Summary Of Total Stock Compensation Expenses


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
RSA, RSU, and PSU expense	$	2,049	$	1,936	$	4,205	$	3,446
Stock option and ESPP expense		632		502		1,165		973
Total stock compensation expense	$	2,681	$	2,438	$	5,370	$	4,419

(Loss) Earnings Per Share (Tables)

6 Months Ended

Jun. 30, 2020

(Loss) Earnings Per Share [Abstract]

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
Basic (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(3,689)	$	2,832	$	(10,354)	$	2,535
Net income (loss) allocated to participating securities		24		(19)		73		(18)
Net (loss) income allocated to common shareholders	$	(3,665)	$	2,813	$	(10,281)	$	2,517

Basic weighted-average common shares outstanding		37,520		37,156		37,455		36,968
Basic (loss) income per common share	$	(0.10)	$	0.08	$	(0.27)	$	0.07

	Three Months Ended				Six Months Ended
	June 30,				June 30,
Diluted (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(3,689)	$	2,832	$	(10,354)	$	2,535
Net income (loss) allocated to participating securities		24		(18)		73		(18)
Net (loss) income allocated to common shareholders	$	(3,665)	$	2,814	$	(10,281)	$	2,517

Basic weighted-average common shares outstanding		37,520		37,156		37,455		36,968
Effect of dilutive stock options and awards		--		682		--		821
Diluted weighted-average common shares outstanding		37,520		37,838		37,455		37,789
Diluted (loss) income per common share	$	(0.10)	$	0.07	$	(0.27)	$	0.07

Segment And Geographic Information (Tables)

6 Months Ended

Jun. 30, 2020

Segment Information [Abstract]

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


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Revenues:
Medical devices	$	37,268	$	51,168	$	83,688	$	99,569
Preservation services		16,503		19,971		36,512		39,075
Total revenues		53,771		71,139		120,200		138,644

Cost of products and preservation services:
Medical devices		10,040		14,489		23,080		28,315
Preservation services		7,841		9,684		17,059		19,090
Total cost of products and preservation services		17,881		24,173		40,139		47,405

Gross margin:
Medical devices		27,228		36,679		60,608		71,254
Preservation services		8,662		10,287		19,453		19,985
Total gross margin	$	35,890	$	46,966	$	80,061	$	91,239

Summary Of Net Revenues By Product And Service


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2020		2019		2020		2019
Products:
BioGlue	$	12,437	$	17,933	$	29,174	$	35,155
JOTEC		13,174		17,208		28,642		33,162
On-X		10,116		12,410		22,318		24,141
PhotoFix		880		935		1,922		1,665
PerClot		497		784		1,357		1,834
CardioGenesis cardiac laser therapy		164		1,898		275		3,612
Total products		37,268		51,168		83,688		99,569

Preservation services:
Cardiac tissue		8,061		10,500		18,079		19,430
Vascular tissue		8,396		9,471		18,372		19,645
NeoPatch		46		--		61		--
Total preservation services		16,503		19,971		36,512		39,075

Total revenues	$	53,771	$	71,139	$	120,200	$	138,644

Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Basis Of Presentation [Abstract]
Net present value of operating lease liability	$ 21,319	$ 23,405

Agreements With Endospan (Narrative) (Details) - Endospan [Member] - USD ($)		1 Months Ended	3 Months Ended	6 Months Ended
	Sep. 11, 2019	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 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	0
Endospan loan, fair value		358,000
Securities option agreement, fair value			4,800,000	4,800,000
Distribution agreements, fair value			$ 8,200,000	$ 8,200,000	$ 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 (including NEXUS) [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	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 12,330	$ 2,358
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,481	1,472
Restricted securities	491	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	11,972	2,000
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,481	1,472
Restricted securities	491	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	6 Months Ended
	Jun. 30, 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		6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 491,000		$ 491,000		$ 528,000
Restricted cash	11,972,000		11,972,000		2,000,000
Gross realized gains or losses on cash equivalents	0	$ 0	0	$ 0
Maturity Date Within Three Months [Member] \| Money Market Funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 491,000		$ 491,000		$ 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	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	$ 126,118	$ 34,294	$ 40,255	$ 42,236
Cost Basis	11,972	2,000
Restricted Securities, Cost Basis	491	528
Unrealized Holding Gains (Losses)
Estimated Market Value	11,972	2,000
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	11,481	1,472
Restricted Securities, Cost Basis	491	528
Unrealized Holding Gains (Losses)
Cash Equivalents, Estimated Market Value	11,481	1,472
Restricted Securities, Estimated Market Value	$ 491	$ 528

Inventories And Deferred Preservation Costs (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Consignment inventory	$ 12.5	$ 12.0
Domestic [Member]
Inventory [Line Items]
Consignment inventory percentage	49.00%	51.00%
Foreign [Member]
Inventory [Line Items]
Consignment inventory percentage	51.00%	49.00%

Inventories And Deferred Preservation Costs (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventories And Deferred Preservation Costs [Abstract]
Raw materials and supplies	$ 25,828	$ 21,180
Work-in-process	6,927	5,127
Finished goods	29,953	26,764
Total inventories	$ 62,708	$ 53,071

Inventories And Deferred Preservation Costs (Schedule Of Deferred Preservation Costs) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Total deferred preservation costs	$ 34,808	$ 32,551
Cardiac Tissues [Member]
Total deferred preservation costs	16,393	15,365
Vascular Tissues [Member]
Total deferred preservation costs	$ 18,415	$ 17,186

Goodwill And Other Intangible Assets (Schedule Of Carrying Values Of Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 186,349	$ 186,697
In Process R&D [Member]
Indefinite-lived Intangible Assets [Line Items]
Total indefinite lived intangible assets	2,183	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	6 Months Ended
	Jun. 30, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Beginning balance	$ 186,697
Revaluation of goodwill denominated in foreign currency	(348)
Ending balance	$ 186,349

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	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 139,867	$ 140,193
Accumulated amortization	28,932	24,778
Customer Lists And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	31,124	31,131
Accumulated amortization	7,338	6,581
Distribution And Manufacturing Rights And Know-How [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	13,796	13,826
Accumulated amortization	4,060	3,005
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3,800	3,664
Accumulated amortization	3,098	3,074
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,452	1,919
Accumulated amortization	$ 753	$ 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	4 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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Goodwill And Other Intangible Assets [Abstract]
Amortization expense	$ 3,000	$ 2,557	$ 6,033	$ 5,136

Goodwill And Other Intangible Assets (Scheduled Amortization Of Intangible Assets For Next Five Years) (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Remainder of 2020	$ 6,169
2021	12,440
2022	11,894
2023	11,368
2024	11,141
2025	9,147
Total	$ 62,159

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Income Taxes [Abstract]
Effective income tax rate	23.00%	3.00%	20.00%	133.00%
Valuation allowances against deferred tax assets	$ 3.6		$ 3.6		$ 3.2
Net deferred tax liability	23.5		23.5		$ 20.4
Reduction to income taxes payable and deferred tax assets	$ 1.3		$ 1.3

Leases (Narrative) (Details) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Number of subleases \| item			2
Sublease income	$ 226	$ 226	$ 452	$ 452
Forecast [Member]
Operating Leased Assets [Line Items]
Sublease income					$ 905

Leases (Schedule Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 27,523	$ 27,007
Accumulated amortization	(7,516)	(5,013)
Operating lease right-of-use assets, net	20,007	21,994
Current maturities of operating leases	5,522	5,487
Non-current maturities of operating lease	15,797	17,918
Total operating lease liabilities	21,319	23,405
Finance leases, Property and equipment, at cost	7,078	7,161
Finance leases, Accumulated amortization	(1,542)	(1,279)
Finance leases, property and equipment, net	5,536	5,882
Current maturities of finance leases	581	597
Non-current maturities of finance leases	5,111	5,415
Total finance lease liabilities	$ 5,692	$ 6,012
Weighted average remaining lease term (in years): Operating leases	5 years 3 months 18 days	5 years 6 months
Weighted average remaining lease term (in years): Finance leases	10 years 2 months 12 days	10 years 7 months 6 days
Weighted average discount rate: Operating leases	5.30%	5.40%
Weighted average discount rate: Finance leases	2.00%	2.00%

Leases (Summary Of Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Amortization of property and equipment	$ 161	$ 209	$ 323	$ 420
Interest expense on finance leases	29	31	58	63
Total finance lease expense	190	240	381	483
Operating lease expense	1,769	1,589	3,518	3,153
Sublease income	(226)	(226)	(452)	(452)
Total lease expense	$ 1,733	$ 1,603	$ 3,447	$ 3,184

Leases (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Leases [Abstract]
Operating cash flows for operating leases	$ 3,556	$ 3,311
Financing cash flows for finance leases	300	350
Operating cash flows for finance leases	$ 59	$ 64

Leases (Schedule Of Minimum Lease Payments For Finance, Operating, And Sublease Income Leases) (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Finance Leases, Remainder of 2020	$ 351
Finance Leases, 2021	657
Finance Leases, 2022	611
Finance Leases, 2023	610
Finance Leases, 2024	608
Finance Leases, Thereafter	3,454
Finance Leases, Total minimum lease payments	6,291
Finance Leases, Less amount representing interest	599
Finance Leases, Present value of net minimum lease payments	5,692	$ 6,012
Finance Leases, Less current maturities	581	597
Finance Leases, Lease liabilities, less current maturities	5,111	5,415
Operating Leases, Remainder of 2020	3,150
Operating Leases, 2021	6,564
Operating Leases, 2022	4,098
Operating Leases, 2023	2,701
Operating Leases, 2024	2,646
Operating Leases, Thereafter	5,104
Operating Leases, Total minimum lease payments	24,263
Operating Leases, Less amount representing interest	2,944
Operating Leases, Present value of net minimum lease payments	21,319	23,405
Operating Leases, Less current maturities	5,522	5,487
Operating Leases, Lease liabilities, less current maturities	15,797	$ 17,918
Sublease Income, Remainder of 2020	452
Sublease Income, 2021	905
Sublease Income, 2022	306
Sublease Income, Total minimum lease payments	$ 1,663

Debt (Narrative) (Details)			1 Months Ended	3 Months Ended		6 Months Ended		9 Months Ended
Debt (Narrative) (Details)	Jun. 18, 2020 USD ($) $ / shares	Apr. 29, 2020 USD ($)	Jun. 30, 2015	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) item	Jun. 30, 2019 USD ($)	Sep. 30, 2018	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 01, 2017 USD ($)
Line of Credit Facility [Line Items]
Term loan balance				$ 299,568,000		$ 299,568,000				$ 223,176,000
Restricted cash and cash equivalents				$ 11,972,000		$ 11,972,000				2,000,000
Credit facility default interest rate				2.00%		2.00%
Credit facility aggregate interest rate				4.25%		4.25%
Credit facility commitment fee percentage						0.50%
Credit facility repayments						$ 30,000,000
Proceeds from issuance of convertible debt						100,000,000
Interest expense				$ 3,700,000	$ 3,800,000	7,000,000.0	$ 7,700,000
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				933,000		933,000				1,061,000
Interest rate on amounts borrowed			2.45%
1.40% Sparkasse Zollernalb (KFW Loan 2) [Member]
Line of Credit Facility [Line Items]
Term loan balance				1,470,000		$ 1,470,000				1,615,000
Interest rate on amounts borrowed			1.40%
Convertible Senior Notes [Member]
Line of Credit Facility [Line Items]
Face value	$ 100,000,000.0
Interest rate on amounts borrowed	4.25%
Maturity date						Jul. 01, 2025
Proceeds from issuance of convertible debt	$ 96,500,000
Conversion ratio	42.6203
Conversion principle amount	$ 1,000
Conversion price \| $ / shares	$ 23.46
Conversion feature				$ 16,400,000
Effective interest rate				4.25%		4.25%
Contractual coupon interest				$ 156,000
Convertible Senior Notes [Member] \| Circumstance I [Member]
Line of Credit Facility [Line Items]
Conversion trading day threshold \| item						20
Conversion consecutive trading day threshold \| item						30
Conversion percentage of stock price threshold						130.00%
Convertible Senior Notes [Member] \| Circumstance II [Member]
Line of Credit Facility [Line Items]
Conversion principle amount						$ 1,000
Conversion trading day threshold \| item						5
Conversion consecutive trading day threshold \| item						5
Conversion percentage of stock price threshold						98.00%
Convertible Senior Notes [Member] \| Circumstance After July 5, 2023 [Member]
Line of Credit Facility [Line Items]
Conversion trading day threshold \| item						20
Conversion consecutive trading day threshold \| item						30
Conversion percentage of stock price threshold						130.00%
Conversion percentage of principal amount						100.00%
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Credit facility aggregate commitments											$ 30,000,000.0
Term loan balance				77,790,000		$ 77,790,000
Credit facility maturity date						Dec. 01, 2022
Credit facility outstanding balance									$ 30,000,000.0
Maximum percentage allowed for total principal amount of loans						25.00%
Credit facility aggregate interest rate									5.20%
Credit facility repayments						$ 30,000,000.0
Revolving Credit Facility [Member] \| Amended Credit Agreement [Member]
Line of Credit Facility [Line Items]
Maximum percentage allowed for total principal amount of loans		25.00%
Maximum principal amount of loans outstanding		$ 7,500,000
First lien net leverage ratio		3.4
Minimum liquidity requirement		$ 12,000,000.0
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											255,000,000.0
Credit facility outstanding balance											225,000,000.0
Term Loan [Member]
Line of Credit Facility [Line Items]
Term loan balance				$ 219,375,000		$ 219,375,000				$ 220,500,000	$ 225,000,000.0
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	Jun. 30, 2020	Dec. 31, 2019	Dec. 01, 2017
Debt Instrument [Line Items]
Total loan balance	$ 299,568	$ 223,176
Less unamortized loan origination costs	(9,484)	(7,441)
Total loan balance	290,084	215,735
Less short-term loan balance	(1,138)	(1,164)
Long-term loan balance	288,946	214,571
2.45% Sparkasse Zollernalb (KFW Loan 1) [Member]
Debt Instrument [Line Items]
Total loan balance	933	1,061
1.40% Sparkasse Zollernalb (KFW Loan 2) [Member]
Debt Instrument [Line Items]
Total loan balance	1,470	1,615
Term Loan [Member]
Debt Instrument [Line Items]
Total loan balance	219,375	$ 220,500	$ 225,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total loan balance	$ 77,790

Commitments And Contingencies (Narrative) (Details) - USD ($)	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Unreported loss liability	$ 1,900,000
Recoverable insurance amounts	996,000	$ 935,000
Property and equipment, net	31,527,000	$ 32,150,000
PerClot [Member]
Other Commitments [Line Items]
Prepaid royalties	1,500,000
Net intangible assets	1,900,000
Property and equipment, net	1,200,000
Maximum [Member]
Other Commitments [Line Items]
Estimated loss	$ 3,800,000
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		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 53,771	$ 71,139	$ 120,200	$ 138,644
Domestic Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	30,228	36,344	66,564	71,955
International Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	16,135	22,532	35,872	43,102
International Distributors [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	7,244	10,365	17,489	19,975
CardioGenesis Cardiac Laser Therapy [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 164	$ 1,898	$ 275	$ 3,612

- Definition

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

+ References

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

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

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

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121604090&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

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

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

+ Details

Stock Compensation (Narrative) (Details) shares in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) shares	Jun. 30, 2019 USD ($) shares	Dec. 31, 2019 item
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Capitalized stock compensation expense	$ 171,000	$ 168,000	$ 296,000	$ 300,000
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			312	492
Aggregate grant date market value			$ 7,900,000	$ 14,600,000
Unrecognized compensation costs	14,600,000		14,600,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 3,000,000.0		$ 3,000,000.0
Expected weighted-average period for recognizing the unrecognized compensation costs, in years			2 years 1 month 6 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 6 months
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			1 year 10 months 24 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 2 months 12 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	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of options		5 years
Expected stock price volatility		0.35%
Risk-free interest rate		1.41%
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%	0.31%
Risk-free interest rate	1.57%	1.57%

Stock Compensation (Summary Of Total Stock Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 2,681	$ 2,438	$ 5,370	$ 4,419
RSA, RSU, And PSU Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	2,049	1,936	4,205	3,446
Stock Option And ESPP Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 632	$ 502	$ 1,165	$ 973

(Loss) Earnings Per Share (Narrative) (Details) - shares	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
(Loss) Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	158,000	105,000

(Loss) Earnings Per Share (Computation Of Basic And Diluted (Loss) Income Per Common Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Basic (loss) income per common share
Net (loss) income	$ (3,689)	$ 2,832	$ (10,354)	$ 2,535
Net income (loss) allocated to participating securities	24	(19)	73	(18)
Net (loss) income allocated to common shareholders	$ (3,665)	$ 2,813	$ (10,281)	$ 2,517
Basic weighted-average common shares outstanding	37,520	37,156	37,455	36,968
Basic (loss) income per common share	$ (0.10)	$ 0.08	$ (0.27)	$ 0.07
Diluted (loss) income per common share
Net (loss) income	$ (3,689)	$ 2,832	$ (10,354)	$ 2,535
Net income (loss) allocated to participating securities	24	(18)	73	(18)
Net (loss) income allocated to common shareholders	$ (3,665)	$ 2,814	$ (10,281)	$ 2,517
Basic weighted-average common shares outstanding	37,520	37,156	37,455	36,968
Effect of dilutive stock options and awards		682		821
Diluted weighted-average common shares outstanding	37,520	37,838	37,455	37,789
Diluted (loss) income per common share	$ (0.10)	$ 0.07	$ (0.27)	$ 0.07

Segment Information (Narrative) (Details)	3 Months Ended		6 Months Ended
Segment Information (Narrative) (Details)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) segment	Jun. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Revenues	$ 53,771,000	$ 71,139,000	$ 120,200,000	$ 138,644,000
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Revenues			$ 0

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

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

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

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9031-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9038-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e9054-108599

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 235
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-URI http://asc.fasb.org/extlink&oid=120399901&loc=d3e537907-122884

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(1))
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

+ Details

Segment Information (Revenues, Cost Of Products And Services, And Gross Margins For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 53,771	$ 71,139	$ 120,200	$ 138,644
Total cost of products and preservation services	17,881	24,173	40,139	47,405
Total gross margin	35,890	46,966	80,061	91,239
Goodwill	186,349		186,349		$ 186,697
Operating Segments [Member] \| Medical Devices [Member]
Segment Reporting Information [Line Items]
Total revenues	37,268	51,168	83,688	99,569
Total cost of products and preservation services	10,040	14,489	23,080	28,315
Total gross margin	27,228	36,679	60,608	71,254
Operating Segments [Member] \| Preservation Services [Member]
Segment Reporting Information [Line Items]
Total revenues	16,503	19,971	36,512	39,075
Total cost of products and preservation services	7,841	9,684	17,059	19,090
Total gross margin	$ 8,662	$ 10,287	$ 19,453	$ 19,985

- Definition

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

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 323
-SubTopic 10
-Section 50
-Paragraph 3
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=114001798&loc=d3e33918-111571

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8906-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8736-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 825
-SubTopic 10
-Section 50
-Paragraph 28
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=75031198&loc=d3e14064-108612

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-URI http://asc.fasb.org/extlink&oid=120395209&loc=SL114868664-224227

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8933-108599

Segment Information (Summary Of Net Revenues By Product And Service) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Product Information [Line Items]
Total revenues	$ 53,771	$ 71,139	$ 120,200	$ 138,644
BioGlue [Member]
Product Information [Line Items]
Total revenues	12,437	17,933	29,174	35,155
JOTEC (including NEXUS) [Member]
Product Information [Line Items]
Total revenues	13,174	17,208	28,642	33,162
On-X [Member]
Product Information [Line Items]
Total revenues	10,116	12,410	22,318	24,141
CardioGenesis Cardiac Laser Therapy [Member]
Product Information [Line Items]
Total revenues	164	1,898	275	3,612
PhotoFix [Member]
Product Information [Line Items]
Total revenues	880	935	1,922	1,665
PerClot [Member]
Product Information [Line Items]
Total revenues	497	784	1,357	1,834
Cardiac Tissues [Member]
Product Information [Line Items]
Total revenues	8,061	10,500	18,079	19,430
Preservation Services [Member]
Product Information [Line Items]
Total revenues	16,503	19,971	36,512	39,075
Operating Segments [Member] \| Total Products [Member]
Product Information [Line Items]
Total revenues	37,268	51,168	83,688	99,569
Operating Segments [Member] \| Total Preservation Services [Member]
Product Information [Line Items]
Total revenues	$ 16,503	$ 19,971	$ 36,512	$ 39,075