0000784199-20-000208 | 10-Q | XBRL Viewer

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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2020	Oct. 30, 2020
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		38,857,435
Document Fiscal Year Focus	2020
Entity Central Index Key	0000784199
Document Fiscal Period Focus	Q3
Amendment Flag	false

Consolidated Statements Of Operations And Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues:
Total revenues	$ 65,131	$ 67,881	$ 185,331	$ 206,525
Cost of products and preservation services:
Total cost of products and preservation services	21,999	22,659	62,138	70,064
Gross margin	43,132	45,222	123,193	136,461
Operating expenses:
General, administrative, and marketing	33,743	34,259	105,033	105,402
Research and development	5,755	6,259	17,633	17,648
Total operating expenses	39,498	40,518	122,666	123,050
Operating income	3,634	4,704	527	13,411
Interest expense	4,940	3,555	11,980	11,260
Interest income	(13)	(259)	(181)	(608)
Other expense, net	2,888	2,400	5,810	2,662
(Loss) income before income taxes	(4,181)	(992)	(17,082)	97
Income tax benefit	(1,311)	(858)	(3,858)	(2,304)
Net (loss) income	$ (2,870)	$ (134)	$ (13,224)	$ 2,401
(Loss) income per common share:
Basic	$ (0.08)	$ 0.00	$ (0.35)	$ 0.06
Diluted	$ (0.08)	$ 0.00	$ (0.35)	$ 0.06
Weighted-average common shares outstanding:
Basic	37,912	37,255	37,608	37,065
Diluted	37,912	37,255	37,608	37,850
Net (loss) income	$ (2,870)	$ (134)	$ (13,224)	$ 2,401
Other comprehensive income (loss):
Foreign currency translation adjustments	8,698	(8,017)	8,669	(8,803)
Comprehensive (loss) income	5,828	(8,151)	(4,555)	(6,402)
Products [Member]
Revenues:
Total revenues	45,109	47,484	128,797	147,053
Cost of products and preservation services:
Total cost of products and preservation services	12,998	12,706	36,078	41,021
Preservation Services [Member]
Revenues:
Total revenues	20,022	20,397	56,534	59,472
Cost of products and preservation services:
Total cost of products and preservation services	$ 9,001	$ 9,953	$ 26,060	$ 29,043

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 64,122	$ 33,766
Restricted securities	513	528
Trade receivables, net	46,911	52,940
Other receivables	2,520	2,921
Inventories	69,402	53,071
Deferred preservation costs	35,952	32,551
Prepaid expenses and other	14,279	11,613
Total current assets	233,699	187,390
Property and equipment, net	31,799	32,150
Operating lease right-of-use assets, net	19,438	21,994
Goodwill	253,995	186,697
Acquired technology, net	185,010	115,415
Other intangibles, net	40,697	42,319
Deferred income taxes	3,274	5,481
Other assets	14,288	14,208
Total assets	782,200	605,654
Current liabilities:
Accounts payable	10,399	9,796
Accrued compensation	11,644	12,260
Accrued procurement fees	4,057	4,362
Current maturities of operating leases	5,678	5,487
Current portion of long-term debt	1,165	1,164
Taxes payable	6,140	2,984
Accrued expenses	10,344	6,733
Other liabilities	4,240	2,409
Total current liabilities	53,667	45,195
Long-term debt	289,697	214,571
Deferred income taxes	24,813	25,844
Non-current maturities of operating leases	15,026	17,918
Deferred compensation liability	4,982	4,434
Contingent consideration	55,407
Other liabilities	12,842	11,996
Total liabilities	456,434	319,958
Commitments and contingencies
Shareholders' equity:
Preferred stock
Common stock (issued shares of 40,341 in 2020 and 39,018 in 2019)	403	390
Additional paid-in capital	316,394	271,782
Retained earnings	23,480	36,704
Accumulated other comprehensive income (loss)	80	(8,589)
Treasury stock at cost (shares of 1,484 in each of 2020 and 2019)	(14,591)	(14,591)
Total shareholders' equity	325,766	285,696
Total liabilities and shareholders' equity	$ 782,200	$ 605,654

Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands	Sep. 30, 2020	Dec. 31, 2019
Shareholders' equity:
Common stock, shares issued	40,341	39,018
Treasury stock at cost, shares	1,484	1,484

Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Net cash flows from operating activities:
Net (loss) income	$ (13,224)	$ 2,401
Adjustments to reconcile net (loss) income to net cash from operating activities:
Depreciation and amortization	14,818	13,257
Non-cash compensation	7,432	6,581
Non-cash lease expense	5,324	3,491
Change in fair value of long-term loan	4,949
Deferred income taxes	(4,916)	(1,064)
Non-cash interest expense	2,261	1,266
Other non-cash adjustments to net (loss) income	1,631	1,328
Changes in operating assets and liabilities:
Receivables	7,718	(4,496)
Inventories and deferred preservation costs	(19,744)	(3,864)
Prepaid expenses and other assets	(2,560)	(3,020)
Accounts payable, accrued expenses, and other liabilities	3,230	(1,113)
Net cash flows provided by operating activities	6,919	14,767
Net cash flows from investing activities:
Acquisition of Ascyrus Medical, net of cash acquired	(59,643)
Payments for Endospan agreements	(5,000)	(15,000)
Capital expenditures	(5,171)	(5,222)
Other	(968)	(531)
Net cash flows used in investing activities	(70,782)	(20,753)
Net cash flows from financing activities:
Proceeds from issuance of convertible debt	100,000
Proceeds from revolving line of credit	30,000
Proceeds from financing insurance premiums	2,816
Proceeds from exercise of stock options and issuance of common stock	2,079	4,519
Repayment of revolving line of credit	(30,000)
Payment of debt issuance costs	(3,647)
Repayment of debt	(3,727)	(2,072)
Redemption and repurchase of stock to cover tax withholdings	(1,768)	(2,723)
Other	(463)	(560)
Net cash flows provided by (used in) financing activities	95,290	(836)
Effect of exchange rate changes on cash, cash equivalents, and restricted securities	(1,086)	1,763
Increase (decrease) in cash, cash equivalents, and restricted securities	30,341	(5,059)
Cash, cash equivalents, and restricted securities, beginning of year	34,294	42,236
Cash, cash equivalents, and restricted securities, end of year	$ 64,635	$ 37,177

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) Income [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			2,401			2,401
Other comprehensive (loss) income:
Foreign currency translation adjustment				(8,803)		(8,803)
Comprehensive (loss) income						(6,402)
Equity compensation	$ 2	7,037				7,039
Equity compensation, shares	251
Exercise of options	$ 3	3,054				3,057
Exercise of options, shares	306
Employee stock purchase plan	$ 1	1,462				1,463
Employee stock purchase plan, shares	61
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(2,722)				(2,723)
Redemption and repurchase of stock to cover tax withholdings, shares	(93)
Balance at Sep. 30, 2019	$ 390	269,192	37,385	(14,875)	$ (14,591)	277,501
Balance, shares at Sep. 30, 2019	38,988				(1,484)
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)
Net (loss) income			(134)			(134)
Other comprehensive (loss) income:
Foreign currency translation adjustment				(8,017)		(8,017)
Comprehensive (loss) income						(8,151)
Equity compensation		2,620				2,620
Equity compensation, shares	6
Exercise of options		53				53
Exercise of options, shares	5
Employee stock purchase plan	$ 1	884				885
Employee stock purchase plan, shares	36
Redemption and repurchase of stock to cover tax withholdings		(59)				(59)
Redemption and repurchase of stock to cover tax withholdings, shares	(2)
Balance at Sep. 30, 2019	$ 390	269,192	37,385	(14,875)	$ (14,591)	277,501
Balance, shares at Sep. 30, 2019	38,988				(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			(13,224)			(13,224)
Other comprehensive (loss) income:
Foreign currency translation adjustment				8,669		8,669
Comprehensive (loss) income						(4,555)
Stock issued for Ascyrus Transaction	$ 10	19,990				20,000
Stock issued for Ascyrus Transaction, shares	992
Equity component of the convertible note issuance		16,426				16,426
Equity compensation	$ 3	7,885				7,888
Equity compensation, shares	273
Exercise of options	$ 1	517				518
Exercise of options, shares	47
Employee stock purchase plan		1,561				1,561
Employee stock purchase plan, shares	84
Redemption and repurchase of stock to cover tax withholdings	$ (1)	(1,767)				(1,768)
Redemption and repurchase of stock to cover tax withholdings, shares	(73)
Balance at Sep. 30, 2020	$ 403	316,394	23,480	80	$ (14,591)	325,766
Balance, shares at Sep. 30, 2020	40,341				(1,484)
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)
Net (loss) income			(2,870)			(2,870)
Other comprehensive (loss) income:
Foreign currency translation adjustment				8,698		8,698
Comprehensive (loss) income						5,828
Stock issued for Ascyrus Transaction	$ 10	19,990				20,000
Stock issued for Ascyrus Transaction, shares	992
Equity compensation		2,518				2,518
Equity compensation, shares	6
Exercise of options		31				31
Exercise of options, shares	3
Employee stock purchase plan		873				873
Employee stock purchase plan, shares	54
Redemption and repurchase of stock to cover tax withholdings		(40)				(40)
Redemption and repurchase of stock to cover tax withholdings, shares	(2)
Balance at Sep. 30, 2020	$ 403	$ 316,394	$ 23,480	$ 80	$ (14,591)	$ 325,766
Balance, shares at Sep. 30, 2020	40,341				(1,484)

Basis Of Presentation

9 Months Ended

Sep. 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 nine months ended, September 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 nine months ended September 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.

Not Yet Effective

In August 2020, the FASB issued ASC Update No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASU 2020-06”) The update simplifies the accounting for convertible debt instruments and convertible preferred stock by reducing the number of accounting models and the number of embedded conversion features that could be recognized separately from the primary contract. ASU 2020-06 also enhances transparency and improves disclosures for convertible instruments and earnings per share guidance. ASU 2020-06 is effective for annual reporting periods beginning after December 15, 2021, including interim periods within those fiscal years. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. This update permits the use of either the modified retrospective or fully retrospective method of transition. We are in the process of evaluating the effect that the adoption of this standard will have on our financial position and results of operations.

Acquisition Of Ascyrus

9 Months Ended

Sep. 30, 2020

Acquisition Of Ascyrus [Abstract]

Acquisition of Ascyrus

2. Acquisition of Ascyrus

Overview

On September 2, 2020, we entered into a Securities Purchase Agreement (the “Ascyrus Agreement”) to acquire 100% of the outstanding equity interests of Ascyrus Medical LLC, (“Ascyrus”). Ascyrus is the developer of the Ascyrus Medical Dissection Stent (“AMDS”), the world’s first aortic arch remodeling device for use in the treatment of acute Type A aortic dissections.

Under the terms of the Ascyrus Agreement, we will pay an aggregate of up to $200.0 million in consideration, consisting of: (i) a cash payment of approximately $60.0 million and the issuance of $20.0 million in shares of CryoLife common stock, in each case, delivered at the closing of the acquisition, (ii) if the U.S. Food and Drug Administration (the “FDA”) approves an Investigational Device Exemption (“IDE”) application for the AMDS, a cash payment of $10.0 million and the issuance of $10.0 million in shares of CryoLife common stock, (iii) if the FDA approves a Premarket Approval (“PMA”) application submitted for the AMDS, a cash payment of $25.0 million, (iv) if regulatory approval of the AMDS is obtained in Japan on or before June 30, 2027, a cash payment of $10.0 million, (v) if regulatory approval of the AMDS is obtained in China on or before June 30, 2027, a cash payment of $10.0 million and (vi) a potential cash payment of up to $55.0 million (or up to $65.0 million to $75.0 million if the Japanese or Chinese approvals are not secured on or before June 30, 2027) calculated as two times the incremental worldwide sales of the AMDS (or any other acquired technology or derivatives of such acquired technology) outside of the European Union during the three-year period following the date the FDA approves a Premarket Approval application submitted for the AMDS.

Accounting for the Transaction

Upon closing of the acquisition on September 2, 2020, we paid $83.7 million consisting of $63.7 million in cash consideration, and $20.0 million in shares of CryoLife common stock. The number of shares issued was based on a 10-day moving volume weighted average closing price of a share of CryoLife common stock as of the date immediately prior to closing, resulting in an issuance of 991,800 shares of CryoLife common stock.

As part of the acquisition, we may be required to pay additional consideration in cash and equity up to $120.0 million to the former shareholders of Ascyrus upon the achievement of certain milestones and the sales-based additional earnout described above. The fair value of the total potential purchase consideration of $200.0 million was calculated to be $139.1 million, which includes total purchase consideration, as well as the contingent consideration liability discussed below. Our preliminary allocation of the purchase consideration was allocated to Ascyrus’s tangible and identifiable intangible assets acquired and liabilities assumed, based on their estimated fair values as of September 2, 2020.

We recorded the contingent consideration liability of $55.4 million in Other long-term liabilities in the Summary Consolidated Balance Sheets, representing the estimated fair value of future potential payments. The fair value of the contingent consideration liability was estimated by discounting to present value the contingent payments expected to be made based on a probability-weighted scenario approach. We applied a discount rate based on our unsecured credit spread and the term commensurate risk-free rate to the additional consideration to be paid, and then applied a risk-based estimate of the probability of achieving each scenario to calculate the fair value of the contingent consideration. This fair value measurement was based on unobservable inputs, including management estimates and assumptions about the future achievement of milestones and future estimate of revenues, and is, therefore, classified as Level 3 within the fair value hierarchy presented in Note 4. We will remeasure this liability at each reporting date and will record changes in the fair value of the contingent consideration in operating expenses on the Summary Consolidated Statements of Operations and Comprehensive Income (Loss). Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, changes in the timing and amount of our revenue estimates, and changes in the timing and expectation of regulatory approvals.

We performed an assessment of the fair value of the contingent consideration as of September 30, 2020 and concluded that an adjustment to the fair value as a result of this assessment was not material.

We recorded $62.7 million of preliminary goodwill, that we expect to deduct for tax purposes, based on the amount by which the total purchase consideration price exceeded the fair value of the net assets acquired and liabilities assumed. Goodwill from this transaction has been allocated to our Medical Devices segment. The estimated allocation of assets acquired and liabilities assumed is based on the information available to us as of September 30, 2020. We are completing our procedures related to the purchase price allocation and if new information regarding these values is received that would result in a material adjustment to the values recorded, we will recognize the adjustment, which may include the recognition of additional expenses, impairments, or other allocation adjustments, in the period this determination is made.

The preliminary purchase consideration allocated as of September 2, 2020 consisted of the following (in thousands):


Consideration
Cash paid for acquisition	$	63,660
Common stock issued		20,000
Contingent consideration		55,407
Fair value of total consideration	$	139,067

Purchase Price Allocation
Cash and cash equivalents	$	4,017
Intangible assets		72,600
Net other assets/liabilities acquired		(274)
Goodwill		62,724
Net assets acquired	$	139,067

We incurred transaction costs of $618,000 and $677,000 for the three and nine months ended September 30, 2020, respectively, primarily related to the acquisition, which included, among other costs, expenses related to legal and professional fees. These costs were expensed as incurred and were primarily recorded as general, administrative, and marketing expenses on our Summary Consolidated Statements of Operations and Comprehensive Income (Loss).

Pro forma financial information related to the Ascyrus Agreement has not been provided as it is not material to our consolidated results of operations.

Agreements With Endospan

9 Months Ended

Sep. 30, 2020

Agreements With Endospan [Abstract]

Agreements With Endospan

3. 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 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. During September 2020, we funded the second tranche payment of $5.0 million upon the certification of Investigational Device Exemption (“IDE”) approval from the FDA of NEXUS. 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. An additional $5.0 million was funded as part of the second tranche payment described above. Our payments to date, including any loans, guarantees, and other subordinated financial support related to this VIE, totaled $20.0 million as of September 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 in Other long-term assets in the Summary Consolidated Balance Sheets as of December 31, 2019. The Endospan Option Agreement was valued at $4.8 million in Other long-term assets in the Summary Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019. The Endospan Distribution Agreement was recorded at $8.1 million and $9.8 million in Other Intangibles, net in the Summary Consolidated Balance Sheets as of September 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 after funding the second tranche payment and adjusted the fair value of the Endospan Loan to $409,000 as of September 30, 2020. As a result of the fair value adjustment, we recorded an expense of $4.9 million in Other Expense on the Consolidated Statements of Operations and Comprehensive Income (Loss) during the three months ended September 30, 2020.

Financial Instruments

9 Months Ended

Sep. 30, 2020

Financial Instruments [Abstract]

Financial Instruments

4. Financial Instruments

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



September 30, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,483	$	--	$	--	$	11,483
Restricted securities:
Money market funds		513		--		--		513
Endospan loan		--		--		409		409
Total assets	$	11,996	$	--	$	409	$	12,405

Long-term liabilities:
Contingent consideration		--		--		(55,407)		(55,407)
Total liabilities	$	--	$	--	$	(55,407)	$	(55,407)


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. The contingent consideration component of the Ascyrus acquisition was classified as a Level 3 financial instrument. See Note 2 and Note 3 for further discussion of the Ascyrus acquisition, and the Endospan Loan, respectively. Changes in fair value of Level 3 assets and liabilities are listed in the tables below (in thousands):


		Endospan Loan			Contingent Consideration
Balance as of December 31, 2019	$	358	Balance as of December 31, 2019	$	--
Additional investment in Endospan		5,000	Discounted value at acquisition		(55,407)
Change in valuation		(4,949)	Change in valuation		--
Balance as of September 30, 2020	$	409	Balance as of September 30, 2020	$	(55,407)

- 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 Securities

9 Months Ended

Sep. 30, 2020

Cash Equivalents And Restricted Securities [Abstract]

Cash Equivalents And Restricted Securities

5. Cash Equivalents and Restricted Securities

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


			Unrealized		Estimated
			Holding		Market
September 30, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	11,483	$	--	$	11,483
Restricted securities:
Money market funds		513		--		513
Total assets	$	11,996	$	--	$	11,996


			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 assets	$	2,000	$	--	$	2,000

As of September 30, 2020 and December 31, 2019 $513,000 and $528,000, respectively, of our money market funds were designated as short-term restricted securities due to a contractual commitment to hold the securities as pledged collateral relating to international tax obligations.

There were no gross realized gains or losses on cash equivalents and restricted securities in the three and nine months ended September 30, 2020 and 2019. As of September 30, 2020 $513,000 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

9 Months Ended

Sep. 30, 2020

Inventories And Deferred Preservation Costs [Abstract]

Inventories And Deferred Preservation Costs

6. Inventories and Deferred Preservation Costs

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


	September 30,		December 31,
	2020		2019
Raw materials and supplies	$	30,875	$	21,180
Work-in-process		7,461		5,127
Finished goods		31,066		26,764
Total inventories	$	69,402	$	53,071

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


	September 30,		December 31,
	2020		2019
Cardiac tissues	$	16,300	$	15,365
Vascular tissues		19,254		17,186
NeoPatch		398		-
Total deferred preservation costs	$	35,952	$	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 September 30, 2020 we had $12.8 million in consignment inventory, with approximately 47% in domestic locations and 53% 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

9 Months Ended

Sep. 30, 2020

Goodwill And Other Intangible Assets [Abstract]

Goodwill And Other Intangible Assets

7. Goodwill and Other Intangible Assets

Indefinite Lived Intangible Assets

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


	September 30,		December 31,
	2020		2019
Goodwill	$	253,995	$	186,697
In-process R&D		2,283		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

September 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.

The goodwill balance increased during the nine months ended September 30, 2020 as a result of the goodwill recorded in connection with the Ascyrus acquisition as further described in Note 2 above. As of September 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
Ascyrus acquisition		62,724
Revaluation of goodwill denominated in foreign currency		4,574
Balance as of September 30, 2020	$	253,995

Definite Lived Intangible Assets

The definite lived intangible balance includes balances related to acquired technology, customer relationships, distribution and manufacturing rights and know-how, patents and other definite lived intangible assets. The acquired technology balance increased $72.6 million during the nine months ended September 30, 2020 related to developed technology acquired as a result of the Ascyrus acquisition as further described in Note 2 above. As of September 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
September 30, 2020	Value		Amortization		Period
Acquired technology	$	217,085	$	32,075	11	–	22	Years
Customer lists and relationships		31,215		7,733	13	–	22	Years
Distribution and manufacturing rights and know-how		14,239		4,678	5	–	15	Years
Patents		3,888		3,104			17	Years
Other		2,712		903	4	–	5	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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Amortization expense	$	3,397	$	2,660	$	9,430	$	7,796

As of September 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	$	4,127		16,506		15,959		15,486		15,160		13,079	$	80,317

Income Taxes

9 Months Ended

Sep. 30, 2020

Income Taxes [Abstract]

Income Taxes

8. Income Taxes

Income Tax Expense

Our effective income tax rate was a benefit of 31% and 23% for the three and nine months ended September 30, 2020, respectively, as compared to a benefit of 87% and 2,375% for the three and nine months ended September 30, 2019, respectively. The change in the tax rate for the three and nine months ended September 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 nine months ended September 30, 2020, as compared to the three and nine months ended September 30, 2019.

The income tax rate for the three and nine months ended September 30, 2020 and 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 the difference in fixed asset depreciation lives for book and tax purposes, accruals for which the timing of deductibility is different for book and tax purposes, the timing of tax deductions related to stock compensation, 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 September 30, 2020 we maintained a total of $2.7 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 $21.5 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. We 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. We will continue to monitor and assess the impact the CARES Act and similar legislation in other countries may have on our business and financial results.

- 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

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

9. 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.

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


Operating leases:		September 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	28,365	$	27,007
Accumulated amortization		(8,927)		(5,013)
Operating lease right-of-use assets, net	$	19,438	$	21,994

Current maturities of operating leases	$	5,678	$	5,487
Non-current maturities of operating lease		15,026		17,918
Total operating lease liabilities	$	20,704	$	23,405

Finance leases:
Property and equipment, at cost	$	7,369	$	7,161
Accumulated amortization		(1,743)		(1,279)
Property and equipment, net	$	5,626	$	5,882

Current maturities of finance leases	$	595	$	597
Non-current maturities of finance leases		5,206		5,415
Total finance lease liabilities	$	5,801	$	6,012

Weighted average remaining lease term (in years):
Operating leases		5.2		5.5
Finance leases		10.0		10.6

Weighted average discount rate:
Operating leases		5.2%		5.4%
Finance leases		2.0%		2.0%

Current maturities of finance leases are included as a component of Other current liabilities 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				Nine Months Ended
	September 30,				September 30,
		2020		2019		2020		2019
Amortization of property and equipment	$	164	$	188	$	487	$	608
Interest expense on finance leases		30		30		89		93
Total finance lease expense		194		218		576		701
Operating lease expense		1,806		1,717		5,324		4,870
Sublease income		(226)		(227)		(679)		(679)
Total lease expense	$	1,774	$	1,708	$	5,221	$	4,892

A summary of our cash flow information related to leases is as follows (in thousands):


		Nine Months Ended		Nine Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		September 30, 2020		September 30, 2019
Operating cash flows for operating leases	$	5,438	$	5,004
Financing cash flows for finance leases		465		561
Operating cash flows for finance leases		92		91

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


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	178	$	1,435	$	226
2021		695		6,823		905
2022		639		4,340		306
2023		638		2,877		--
2024		636		2,706		--
Thereafter		3,612		5,283		--
Total minimum lease payments	$	6,398	$	23,464	$	1,437
Less amount representing interest		(597)		(2,760)
Present value of net minimum lease payments		5,801		20,704
Less current maturities		(595)		(5,678)
Lease liabilities, less current maturities	$	5,206	$	15,026

Debt

9 Months Ended

Sep. 30, 2020

Debt [Abstract]

Debt

10. 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 September 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 (the “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 nine months ended September 30, 2020. The interest expense recognized on the Convertible Senior Notes includes approximately $2.0 million and $2.2 million for the aggregate of the contractual coupon interest, the accretion of the debt discount, and the amortization of the debt issuance costs as of three and nine months ended September 30, 2020, respectively. The interest on the Convertible Senior Notes 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 September 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 finance the Ascyrus transaction 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):


	September 30,		December 31,
	2020		2019
Term loan balance	$	218,812	$	220,500
Convertible senior notes		78,662		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		911		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,463		1,615
Total loan balance		299,848		223,176
Less unamortized loan origination costs		(8,986)		(7,441)
Net borrowings		290,862		215,735
Less short-term loan balance		(1,165)		(1,164)
Long-term loan balance	$	289,697	$	214,571

Interest Expense

Interest expense was $4.9 million and $12.0 million for the three and nine months ended September 30, 2020, as compared to $3.6 million and $11.3 million for the three and nine months ended September 30, 2019. Interest expense includes interest on debt and uncertain tax positions in both periods.

Commitments And Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies [Abstract]

Commitments And Contingencies

11. Commitments and Contingencies

Liability Claims

Our estimated unreported loss liability was $2.0 million and $1.9 million as of September 30, 2020 and December 31, 2019, respectively. As of September 30, 2020 and December 31, 2019, the related recoverable insurance amounts were $1.0 million 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 September 30, 2020 could have been as high as $3.9 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 being in a position to submit Premarket Approval (“PMA”) to the FDA in the fourth quarter of 2020.

As of September 30, 2020 we had $1.5 million in prepaid royalties, $1.8 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

9 Months Ended

Sep. 30, 2020

Revenue Recognition [Abstract]

Revenue Recognition

12. 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 nine months ended September 30, 2020 and 2019 the sources of revenue were as follows (in thousands):


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Domestic hospitals	$	36,249	$	36,627	$	102,813	$	108,582
International hospitals		20,764		20,246		56,638		63,204
International distributors		8,035		9,654		25,522		29,773
CardioGenesis cardiac laser therapy		83		1,354		358		4,966
Total sources of revenue	$	65,131	$	67,881	$	185,331	$	206,525

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 September 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 September 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
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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+ Details

Stock Compensation

9 Months Ended

Sep. 30, 2020

Stock Compensation [Abstract]

Stock Compensation

13. 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 nine months ended September 30, 2020 the Compensation Committee of our Board of Directors (the “Committee”) authorized awards from approved stock incentive plans of RSUs to certain employees, RSAs to non-employee Directors, and RSAs and PSUs to certain Company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 330,000 shares and had an aggregate grant date market value of $8.2 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 nine months ended September 30, 2019 the Committee authorized awards from approved stock incentive plans of RSUs to certain employees, RSAs to non-employee Directors, and RSAs and PSUs to certain Company officers, which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 503,000 shares and had an aggregate grant date market value of $14.9 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 thresholds 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 Mr. Mackin, 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 nine months ended September 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 84,000 shares and 61,000 shares in the nine months ended September 30, 2020 and 2019, respectively, through the ESPP. There were no purchases of shares through the ESPP during the three months ended September 30, 2020 and 2019.

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		Nine Months Ended
	September 30, 2020		September 30, 2020
	Stock Options	ESPP	Stock Options	ESPP
Expected life	N/A	0.5 Years	5 Years	0.5 Years
Expected stock price volatility	N/A	0.83	0.35	0.31
Risk-free interest rate	N/A	0.17%	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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
RSA, RSU, and PSU expense	$	1,984	$	2,133	$	6,189	$	5,579
Stock option and ESPP expense		534		487		1,699		1,460
Total stock compensation expense	$	2,518	$	2,620	$	7,888	$	7,039

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 $160,000 and $456,000 in the three and nine months ended September 30, 2020, and $158,000 and $458,000 in the three and nine months ended September 30, 2019, of the stock compensation expense into our inventory costs and deferred preservation costs.

As of September 30, 2020 we had total unrecognized compensation costs of $12.5 million related to RSAs, RSUs, and PSUs and $2.5 million related to unvested stock options. As of September 30, 2020 this expense is expected to be recognized over a weighted-average period of 1.9 years for PSUs, 1.8 years for stock options, 1.8 years for RSUs, and 1.2 years for RSAs.

(Loss) Earnings Per Share

9 Months Ended

Sep. 30, 2020

(Loss) Earnings Per Share [Abstract]

(Loss) Earnings Per Share

14. (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				Nine Months Ended
	September 30,				September 30,
Basic (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(2,870)	$	(134)	$	(13,224)	$	2,401
Net income (loss) allocated to participating securities		20		1		93		(17)
Net (loss) income allocated to common shareholders	$	(2,850)	$	(133)	$	(13,131)	$	2,384

Basic weighted-average common shares outstanding		37,912		37,255		37,608		37,065
Basic (loss) income per common share	$	(0.08)	$	(0.00)	$	(0.35)	$	0.06

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Diluted (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(2,870)	$	(134)	$	(13,224)	$	2,401
Net income (loss) allocated to participating securities		20		1		93		(16)
Net (loss) income allocated to common shareholders	$	(2,850)	$	(133)	$	(13,131)	$	2,385

Basic weighted-average common shares outstanding		37,912		37,255		37,608		37,065
Effect of dilutive stock options and awards		--		--		--		785
Diluted weighted-average common shares outstanding		37,912		37,255		37,608		37,850
Diluted (loss) income per common share	$	(0.08)	$	(0.00)	$	(0.35)	$	0.06

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 nine months ended September 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 months ended September 30, 2019 all stock

options and awards were excluded from the calculation of diluted weighted-average common shares outstanding as these would be antidilutive due to the net loss. For the nine months ended September 30, 2019 stock options to purchase a weighted-average of 123,000 shares were antidilutive and excluded from the calculation of diluted weighted-average common shares outstanding.

Segment Information

9 Months Ended

Sep. 30, 2020

Segment Information [Abstract]

Segment Information

15. 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 (which includes AMDS and NEXUS revenues), 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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenues:
Medical devices	$	45,109	$	47,484	$	128,797	$	147,053
Preservation services		20,022		20,397		56,534		59,472
Total revenues		65,131		67,881		185,331		206,525

Cost of products and preservation services:
Medical devices		12,998		12,706		36,078		41,021
Preservation services		9,001		9,953		26,060		29,043
Total cost of products and preservation services		21,999		22,659		62,138		70,064

Gross margin:
Medical devices		32,111		34,778		92,719		106,032
Preservation services		11,021		10,444		30,474		30,429
Total gross margin	$	43,132	$	45,222	$	123,193	$	136,461

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Products:
BioGlue	$	15,811	$	15,679	$	44,985	$	50,834
JOTEC		15,290		15,774		43,932		48,936
On-X		12,067		12,610		34,385		36,751
PhotoFix		1,134		1,087		3,056		2,752
PerClot		724		980		2,081		2,814
CardioGenesis cardiac laser therapy		83		1,354		358		4,966
Total products		45,109		47,484		128,797		147,053

Preservation services:
Cardiac tissue		10,679		11,304		28,758		30,734
Vascular tissue		9,285		9,093		27,657		28,738
NeoPatch		58		--		119		--
Total preservation services		20,022		20,397		56,534		59,472

Total revenues	$	65,131	$	67,881	$	185,331	$	206,525

- 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
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-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-URI http://asc.fasb.org/topic&trid=2134510

+ Details

Basis Of Presentation (Policy)

9 Months Ended

Sep. 30, 2020

Basis Of Presentation [Abstract]

New Accounting Standards

Recently Adopted

Not Yet Effective

Acquisition of Ascyrus (Tables)

9 Months Ended

Sep. 30, 2020

Acquisition Of Ascyrus [Abstract]

Purchase Price Allocation


Consideration
Cash paid for acquisition	$	63,660
Common stock issued		20,000
Contingent consideration		55,407
Fair value of total consideration	$	139,067

Purchase Price Allocation
Cash and cash equivalents	$	4,017
Intangible assets		72,600
Net other assets/liabilities acquired		(274)
Goodwill		62,724
Net assets acquired	$	139,067

Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Financial Instruments [Abstract]

Summary Of Financial Instruments Measured At Fair Value



September 30, 2020	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	11,483	$	--	$	--	$	11,483
Restricted securities:
Money market funds		513		--		--		513
Endospan loan		--		--		409		409
Total assets	$	11,996	$	--	$	409	$	12,405

Long-term liabilities:
Contingent consideration		--		--		(55,407)		(55,407)
Total liabilities	$	--	$	--	$	(55,407)	$	(55,407)


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			Contingent Consideration
Balance as of December 31, 2019	$	358	Balance as of December 31, 2019	$	--
Additional investment in Endospan		5,000	Discounted value at acquisition		(55,407)
Change in valuation		(4,949)	Change in valuation		--
Balance as of September 30, 2020	$	409	Balance as of September 30, 2020	$	(55,407)

Cash Equivalents And Restricted Securities (Tables)

9 Months Ended

Sep. 30, 2020

Cash Equivalents And Restricted Securities [Abstract]

Summary Of Cash Equivalents And Restricted Securities


			Unrealized		Estimated
			Holding		Market
September 30, 2020	Cost Basis		Gains		Value
Cash equivalents:
Money market funds	$	11,483	$	--	$	11,483
Restricted securities:
Money market funds		513		--		513
Total assets	$	11,996	$	--	$	11,996


			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 assets	$	2,000	$	--	$	2,000

Inventories And Deferred Preservation Costs (Tables)

9 Months Ended

Sep. 30, 2020

Inventories And Deferred Preservation Costs [Abstract]

Schedule Of Inventories


	September 30,		December 31,
	2020		2019
Raw materials and supplies	$	30,875	$	21,180
Work-in-process		7,461		5,127
Finished goods		31,066		26,764
Total inventories	$	69,402	$	53,071

Schedule Of Deferred Preservation Costs


	September 30,		December 31,
	2020		2019
Cardiac tissues	$	16,300	$	15,365
Vascular tissues		19,254		17,186
NeoPatch		398		-
Total deferred preservation costs	$	35,952	$	32,551

Goodwill And Other Intangible Assets (Tables)

9 Months Ended

Sep. 30, 2020

Goodwill And Other Intangible Assets [Abstract]

Schedule Of Carrying Values Of Indefinite Lived Intangible Assets


	September 30,		December 31,
	2020		2019
Goodwill	$	253,995	$	186,697
In-process R&D		2,283		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
Ascyrus acquisition		62,724
Revaluation of goodwill denominated in foreign currency		4,574
Balance as of September 30, 2020	$	253,995

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


	Gross Carrying		Accumulated		Amortization
September 30, 2020	Value		Amortization		Period
Acquired technology	$	217,085	$	32,075	11	–	22	Years
Customer lists and relationships		31,215		7,733	13	–	22	Years
Distribution and manufacturing rights and know-how		14,239		4,678	5	–	15	Years
Patents		3,888		3,104			17	Years
Other		2,712		903	4	–	5	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				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Amortization expense	$	3,397	$	2,660	$	9,430	$	7,796

Scheduled Amortization Of Intangible Assets For Next Five Years


	Remainder
	of 2020		2021		2022		2023		2024		2025		Total
Amortization expense	$	4,127		16,506		15,959		15,486		15,160		13,079	$	80,317

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Schedule Of Supplemental Balance Sheet Information Related To Leases


Operating leases:		September 30, 2020		December 31, 2019
Operating lease right-of-use assets	$	28,365	$	27,007
Accumulated amortization		(8,927)		(5,013)
Operating lease right-of-use assets, net	$	19,438	$	21,994

Current maturities of operating leases	$	5,678	$	5,487
Non-current maturities of operating lease		15,026		17,918
Total operating lease liabilities	$	20,704	$	23,405

Finance leases:
Property and equipment, at cost	$	7,369	$	7,161
Accumulated amortization		(1,743)		(1,279)
Property and equipment, net	$	5,626	$	5,882

Current maturities of finance leases	$	595	$	597
Non-current maturities of finance leases		5,206		5,415
Total finance lease liabilities	$	5,801	$	6,012

Weighted average remaining lease term (in years):
Operating leases		5.2		5.5
Finance leases		10.0		10.6

Weighted average discount rate:
Operating leases		5.2%		5.4%
Finance leases		2.0%		2.0%

Summary Of Lease Costs


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2020		2019		2020		2019
Amortization of property and equipment	$	164	$	188	$	487	$	608
Interest expense on finance leases		30		30		89		93
Total finance lease expense		194		218		576		701
Operating lease expense		1,806		1,717		5,324		4,870
Sublease income		(226)		(227)		(679)		(679)
Total lease expense	$	1,774	$	1,708	$	5,221	$	4,892

Schedule Of Supplemental Cash Flow Information Related To Leases


		Nine Months Ended		Nine Months Ended
Cash paid for amounts included in the measurement of lease liabilities:		September 30, 2020		September 30, 2019
Operating cash flows for operating leases	$	5,438	$	5,004
Financing cash flows for finance leases		465		561
Operating cash flows for finance leases		92		91

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


	Finance		Operating		Sublease
	Leases		Leases		Income
Remainder of 2020	$	178	$	1,435	$	226
2021		695		6,823		905
2022		639		4,340		306
2023		638		2,877		--
2024		636		2,706		--
Thereafter		3,612		5,283		--
Total minimum lease payments	$	6,398	$	23,464	$	1,437
Less amount representing interest		(597)		(2,760)
Present value of net minimum lease payments		5,801		20,704
Less current maturities		(595)		(5,678)
Lease liabilities, less current maturities	$	5,206	$	15,026

Debt (Tables)

9 Months Ended

Sep. 30, 2020

Debt [Abstract]

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


	September 30,		December 31,
	2020		2019
Term loan balance	$	218,812	$	220,500
Convertible senior notes		78,662		--
2.45% Sparkasse Zollernalb (KFW Loan 1)		911		1,061
1.40% Sparkasse Zollernalb (KFW Loan 2)		1,463		1,615
Total loan balance		299,848		223,176
Less unamortized loan origination costs		(8,986)		(7,441)
Net borrowings		290,862		215,735
Less short-term loan balance		(1,165)		(1,164)
Long-term loan balance	$	289,697	$	214,571

Revenue Recognition (Tables)

9 Months Ended

Sep. 30, 2020

Revenue Recognition [Abstract]

Disaggregation Of Revenue


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
		2020		2019		2020		2019
	(Unaudited)				(Unaudited)
Domestic hospitals	$	36,249	$	36,627	$	102,813	$	108,582
International hospitals		20,764		20,246		56,638		63,204
International distributors		8,035		9,654		25,522		29,773
CardioGenesis cardiac laser therapy		83		1,354		358		4,966
Total sources of revenue	$	65,131	$	67,881	$	185,331	$	206,525

Stock Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Stock Compensation [Abstract]

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


	Three Months Ended		Nine Months Ended
	September 30, 2020		September 30, 2020
	Stock Options	ESPP	Stock Options	ESPP
Expected life	N/A	0.5 Years	5 Years	0.5 Years
Expected stock price volatility	N/A	0.83	0.35	0.31
Risk-free interest rate	N/A	0.17%	1.41%	1.57%

Summary Of Total Stock Compensation Expenses


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
RSA, RSU, and PSU expense	$	1,984	$	2,133	$	6,189	$	5,579
Stock option and ESPP expense		534		487		1,699		1,460
Total stock compensation expense	$	2,518	$	2,620	$	7,888	$	7,039

(Loss) Earnings Per Share (Tables)

9 Months Ended

Sep. 30, 2020

(Loss) Earnings Per Share [Abstract]

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Basic (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(2,870)	$	(134)	$	(13,224)	$	2,401
Net income (loss) allocated to participating securities		20		1		93		(17)
Net (loss) income allocated to common shareholders	$	(2,850)	$	(133)	$	(13,131)	$	2,384

Basic weighted-average common shares outstanding		37,912		37,255		37,608		37,065
Basic (loss) income per common share	$	(0.08)	$	(0.00)	$	(0.35)	$	0.06

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
Diluted (loss) income per common share	2020		2019		2020		2019
Net (loss) income	$	(2,870)	$	(134)	$	(13,224)	$	2,401
Net income (loss) allocated to participating securities		20		1		93		(16)
Net (loss) income allocated to common shareholders	$	(2,850)	$	(133)	$	(13,131)	$	2,385

Basic weighted-average common shares outstanding		37,912		37,255		37,608		37,065
Effect of dilutive stock options and awards		--		--		--		785
Diluted weighted-average common shares outstanding		37,912		37,255		37,608		37,850
Diluted (loss) income per common share	$	(0.08)	$	(0.00)	$	(0.35)	$	0.06

Segment And Geographic Information (Tables)

9 Months Ended

Sep. 30, 2020

Segment Information [Abstract]

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


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Revenues:
Medical devices	$	45,109	$	47,484	$	128,797	$	147,053
Preservation services		20,022		20,397		56,534		59,472
Total revenues		65,131		67,881		185,331		206,525

Cost of products and preservation services:
Medical devices		12,998		12,706		36,078		41,021
Preservation services		9,001		9,953		26,060		29,043
Total cost of products and preservation services		21,999		22,659		62,138		70,064

Gross margin:
Medical devices		32,111		34,778		92,719		106,032
Preservation services		11,021		10,444		30,474		30,429
Total gross margin	$	43,132	$	45,222	$	123,193	$	136,461

Summary Of Net Revenues By Product And Service


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2020		2019		2020		2019
Products:
BioGlue	$	15,811	$	15,679	$	44,985	$	50,834
JOTEC		15,290		15,774		43,932		48,936
On-X		12,067		12,610		34,385		36,751
PhotoFix		1,134		1,087		3,056		2,752
PerClot		724		980		2,081		2,814
CardioGenesis cardiac laser therapy		83		1,354		358		4,966
Total products		45,109		47,484		128,797		147,053

Preservation services:
Cardiac tissue		10,679		11,304		28,758		30,734
Vascular tissue		9,285		9,093		27,657		28,738
NeoPatch		58		--		119		--
Total preservation services		20,022		20,397		56,534		59,472

Total revenues	$	65,131	$	67,881	$	185,331	$	206,525

Basis Of Presentation (Narrative) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Basis Of Presentation [Abstract]
Net present value of operating lease liability	$ 20,704	$ 23,405

Acquisition of Ascyrus (Narrative) (Details) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Sep. 02, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019	Dec. 01, 2017
Business Acquisition [Line Items]
Term loan balance		$ 299,848	$ 299,848	$ 223,176
Contingent consideration liability		55,407	55,407
Goodwill		253,995	253,995	186,697
Following FDA Approval For AMDS [Member]
Business Acquisition [Line Items]
Aggregate amount of consideration transferred			$ 120,000
Ascyrus Medical LLC [Member]
Business Acquisition [Line Items]
Aggregate amount of consideration transferred	$ 83,700
Total consideration	$ 139,067
Equity ownership percent	100.00%
Cash consideration	$ 63,660
Common shares issued	991,800
Common stock value issued in business combination	$ 20,000
Period for weighted average closing price			10 days
Contingent consideration liability	55,407
Goodwill	62,724	62,700	$ 62,700
Fair value of combined purchase consideration	139,067
Transaction and integration costs		618	677
Ascyrus Medical LLC [Member] \| FDA Approval IDE for AMDS [Member]
Business Acquisition [Line Items]
Cash consideration	60,000
Common stock value issued in business combination	20,000
Ascyrus Medical LLC [Member] \| FDA Approval IDE for AMDS [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Aggregate amount of consideration transferred	200,000
Ascyrus Medical LLC [Member] \| FDA Approves Premarket Approval [Member]
Business Acquisition [Line Items]
Cash consideration	10,000
Common stock value issued in business combination	10,000
Ascyrus Medical LLC [Member] \| AMDS Obtained In Japan [Member]
Business Acquisition [Line Items]
Cash consideration	25,000
Ascyrus Medical LLC [Member] \| AMDS Obtained In China [Member]
Business Acquisition [Line Items]
Cash consideration	10,000
Ascyrus Medical LLC [Member] \| If Japan Or China Obtains Approval [Member]
Business Acquisition [Line Items]
Cash consideration	10,000
Ascyrus Medical LLC [Member] \| Additional Potential Cash Payment If Japan Or China Obtains Approval [Member]
Business Acquisition [Line Items]
Cash consideration	55,000
Ascyrus Medical LLC [Member] \| Additional Potential Cash Payment If Japan Or China Obtains Approval [Member] \| Minimum [Member]
Business Acquisition [Line Items]
Cash consideration	65,000
Ascyrus Medical LLC [Member] \| Additional Potential Cash Payment If Japan Or China Obtains Approval [Member] \| Maximum [Member]
Business Acquisition [Line Items]
Cash consideration	$ 75,000
Ascyrus Medical LLC [Member] \| Following FDA Approval For AMDS [Member]
Business Acquisition [Line Items]
Period of required contingent consideration	3 years
Term Loan [Member]
Business Acquisition [Line Items]
Term loan balance		218,812	218,812	$ 220,500	$ 225,000
Secured Debt [Member]
Business Acquisition [Line Items]
Credit facility aggregate commitments					255,000
Revolving Credit Facility [Member]
Business Acquisition [Line Items]
Term loan balance		$ 78,662	$ 78,662
Credit facility aggregate commitments					$ 30,000

Acquisition of Ascyrus (Purchase Price Allocation) (Details) - USD ($) $ in Thousands	Sep. 02, 2020	Sep. 30, 2020	Dec. 31, 2019
Consideration
Contingent consideration		$ 55,407
Purchase Price Allocation
Goodwill		253,995	$ 186,697
Ascyrus Medical LLC [Member]
Consideration
Cash paid for acquisition	$ 63,660
Common stock issued	20,000
Contingent consideration	55,407
Fair value of total consideration	139,067
Purchase Price Allocation
Cash and cash equivalents	4,017
Intangible assets	72,600
Net other assets/liabilities acquired	(274)
Goodwill	62,724	$ 62,700
Total purchase consideration	$ 139,067

Agreements With Endospan (Narrative) (Details) - Endospan [Member] - USD ($)			1 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 11, 2019	Sep. 30, 2020	Sep. 30, 2019	Sep. 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
Funded second tranche payment			$ 5,000,000.0
Required percentage of number of patients before third tranche of loan funding can be acquired		50.00%
Investment in VIE	$ 20,000,000.0	$ 15,000,000.0
Additional amounts			5,000,000.0
Endospan loan, fair value	409,000		409,000		$ 409,000	$ 358,000
Securities option agreement, fair value	4,800,000		4,800,000		4,800,000
Distribution agreements, fair value	$ 8,100,000		$ 8,100,000		8,100,000	$ 9,800,000
Expense from fair value adjustment					$ 4,900,000
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 provided		15,000,000.0
JOTEC GmbH [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	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	$ 12,405	$ 2,358
Contingent consideration	(55,407)
Total liabilities	(55,407)
Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,483	1,472
Restricted securities	513	528
Endospan Loan
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan	409	358
Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets	11,996	2,000
Level 1 [Member] \| Money Market Funds [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Cash equivalents	11,483	1,472
Restricted securities	513	528
Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total assets
Contingent consideration
Total liabilities
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	409	358
Contingent consideration	(55,407)
Total liabilities	(55,407)
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	$ 409	$ 358

Financial Instruments (Reconciliation Of Changes In Fair Value Of Level 3 Liabilities) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Financial Instruments [Abstract]
Beginning balance, Endospan Loan	$ 358
Additional investment in Endospan	5,000
Change in valuation	(4,949)
Ending balance, Endospan Loan	409
Beginning balance, Contingent Consideration
Discounted value at acquisition	(55,407)
Change in valuation
Ending balance, Contingent Consideration	$ (55,407)

Cash Equivalents And Restricted Securities (Narrative) (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 513,000		$ 513,000		$ 528,000
Restricted cash	11,996,000		11,996,000		2,000,000
Gross realized gains or losses on cash equivalents	0	$ 0	0	$ 0
Money Market Funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	513,000		513,000		528,000
Maturity Date Within Three Months [Member] \| Money Market Funds [Member]
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted securities	$ 513,000		$ 513,000		$ 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 Securities (Summary Of Cash Equivalents And Restricted Securities) (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Sep. 30, 2019	Dec. 31, 2018
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	$ 64,635	$ 34,294	$ 37,177	$ 42,236
Cost Basis	11,996	2,000
Restricted Securities, Cost Basis	513	528
Unrealized Holding Gains (Losses)
Estimated Market Value	11,996	2,000
Money Market Funds [Member]
Cash and Cash Equivalents [Line Items]
Cash Equivalents, Cost Basis	11,483	1,472
Restricted Securities, Cost Basis	513	528
Unrealized Holding Gains (Losses)
Cash Equivalents, Estimated Market Value	11,483	1,472
Restricted Securities, Estimated Market Value	$ 513	$ 528

Inventories And Deferred Preservation Costs (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Dec. 31, 2019
Inventory [Line Items]
Consignment inventory	$ 12.8	$ 12.0
Domestic [Member]
Inventory [Line Items]
Consignment inventory percentage	47.00%	51.00%
Foreign [Member]
Inventory [Line Items]
Consignment inventory percentage	53.00%	49.00%

Inventories And Deferred Preservation Costs (Schedule Of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Inventories And Deferred Preservation Costs [Abstract]
Raw materials and supplies	$ 30,875	$ 21,180
Work-in-process	7,461	5,127
Finished goods	31,066	26,764
Total inventories	$ 69,402	$ 53,071

Inventories And Deferred Preservation Costs (Schedule Of Deferred Preservation Costs) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Total deferred preservation costs	$ 35,952	$ 32,551
Cardiac Tissues [Member]
Total deferred preservation costs	16,300	15,365
Vascular Tissues [Member]
Total deferred preservation costs	19,254	$ 17,186
NeoPatch [Member]
Total deferred preservation costs	$ 398

Goodwill And Other Intangible Assets (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Acquired Technology [Member]
Increase in definite intangible assets	$ 72.6

Goodwill And Other Intangible Assets (Schedule Of Carrying Values Of Indefinite Lived Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Indefinite-lived Intangible Assets [Line Items]
Goodwill	$ 253,995	$ 186,697
In Process R&D [Member]
Indefinite-lived Intangible Assets [Line Items]
Total indefinite lived intangible assets	2,283	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	9 Months Ended
	Sep. 30, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Beginning balance	$ 186,697
Ascyrus acquisition	62,724
Revaluation of goodwill denominated in foreign currency	4,574
Ending balance	$ 253,995

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	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Acquired Technology [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	$ 217,085	$ 140,193
Accumulated amortization	32,075	24,778
Customer Lists And Relationships [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	31,215	31,131
Accumulated amortization	7,733	6,581
Distribution And Manufacturing Rights And Know-How [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	14,239	13,826
Accumulated amortization	4,678	3,005
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	3,888	3,664
Accumulated amortization	3,104	3,074
Other [Member]
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Value	2,712	1,919
Accumulated amortization	$ 903	$ 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	5 years	5 years

Goodwill And Other Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Goodwill And Other Intangible Assets [Abstract]
Amortization expense	$ 3,397	$ 2,660	$ 9,430	$ 7,796

Goodwill And Other Intangible Assets (Scheduled Amortization Of Intangible Assets For Next Five Years) (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Goodwill And Other Intangible Assets [Abstract]
Remainder of 2020	$ 4,127
2021	16,506
2022	15,959
2023	15,486
2024	15,160
2025	13,079
Total	$ 80,317

Income Taxes (Narrative) (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
Income Taxes (Narrative) (Details) - USD ($) $ in Millions	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Mar. 27, 2020	Dec. 31, 2019
Income Taxes [Abstract]
Effective income tax rate	31.00%	87.00%	23.00%	2375.00%
Valuation allowances against deferred tax assets	$ 2.7		$ 2.7			$ 3.2
Net deferred tax liability	$ 21.5		$ 21.5			$ 20.4
Reduction to income taxes payable and deferred tax assets					$ 1.3

Leases (Narrative) (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
Leases (Narrative) (Details) $ in Thousands	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) item	Sep. 30, 2019 USD ($)	Dec. 31, 2020 USD ($)
Operating Leased Assets [Line Items]
Number of subleases \| item			2
Sublease income	$ 226	$ 227	$ 679	$ 679
Forecast [Member]
Operating Leased Assets [Line Items]
Sublease income					$ 905

Leases (Schedule Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Operating lease right-of-use assets	$ 28,365	$ 27,007
Accumulated amortization	(8,927)	(5,013)
Operating lease right-of-use assets, net	19,438	21,994
Current maturities of operating leases	5,678	5,487
Non-current maturities of operating lease	15,026	17,918
Total operating lease liabilities	20,704	23,405
Finance leases, Property and equipment, at cost	7,369	7,161
Finance leases, Accumulated amortization	(1,743)	(1,279)
Finance leases, property and equipment, net	5,626	5,882
Current maturities of finance leases	595	597
Non-current maturities of finance leases	5,206	5,415
Total finance lease liabilities	$ 5,801	$ 6,012
Weighted average remaining lease term (in years): Operating leases	5 years 2 months 12 days	5 years 6 months
Weighted average remaining lease term (in years): Finance leases	10 years	10 years 7 months 6 days
Weighted average discount rate: Operating leases	5.20%	5.40%
Weighted average discount rate: Finance leases	2.00%	2.00%

Leases (Summary Of Lease Costs) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Amortization of property and equipment	$ 164	$ 188	$ 487	$ 608
Interest expense on finance leases	30	30	89	93
Total finance lease expense	194	218	576	701
Operating lease expense	1,806	1,717	5,324	4,870
Sublease income	(226)	(227)	(679)	(679)
Total lease expense	$ 1,774	$ 1,708	$ 5,221	$ 4,892

Leases (Schedule Of Supplemental Cash Flow Information Related To Leases) (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Leases [Abstract]
Operating cash flows for operating leases	$ 5,438	$ 5,004
Financing cash flows for finance leases	465	561
Operating cash flows for finance leases	$ 92	$ 91

Leases (Schedule Of Minimum Lease Payments For Finance, Operating, And Sublease Income Leases) (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
Finance Leases, Remainder of 2020	$ 178
Finance Leases, 2021	695
Finance Leases, 2022	639
Finance Leases, 2023	638
Finance Leases, 2024	636
Finance Leases, Thereafter	3,612
Finance Leases, Total minimum lease payments	6,398
Finance Leases, Less amount representing interest	597
Finance Leases, Present value of net minimum lease payments	5,801	$ 6,012
Finance Leases, Less current maturities	595	597
Finance Leases, Lease liabilities, less current maturities	5,206	5,415
Operating Leases, Remainder of 2020	1,435
Operating Leases, 2021	6,823
Operating Leases, 2022	4,340
Operating Leases, 2023	2,877
Operating Leases, 2024	2,706
Operating Leases, Thereafter	5,283
Operating Leases, Total minimum lease payments	23,464
Operating Leases, Less amount representing interest	2,760
Operating Leases, Present value of net minimum lease payments	20,704	23,405
Operating Leases, Less current maturities	5,678	5,487
Operating Leases, Lease liabilities, less current maturities	15,026	$ 17,918
Sublease Income, Remainder of 2020	226
Sublease Income, 2021	905
Sublease Income, 2022	306
Sublease Income, Total minimum lease payments	$ 1,437

Debt (Narrative) (Details)			1 Months Ended	3 Months Ended		9 Months Ended
Debt (Narrative) (Details)	Jun. 18, 2020 USD ($) $ / shares	Apr. 29, 2020 USD ($)	Jun. 30, 2015	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) item	Sep. 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				$ 299,848,000		$ 299,848,000				$ 223,176,000
Restricted cash and cash equivalents				$ 11,996,000		$ 11,996,000				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				$ 4,900,000	$ 3,600,000	12,000,000.0	$ 11,300,000
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				911,000		911,000				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				1,463,000		$ 1,463,000				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
Interest expense				2,000,000.0		$ 2,200,000
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				78,662,000		$ 78,662,000
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				$ 218,812,000		$ 218,812,000				$ 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	Sep. 30, 2020	Dec. 31, 2019	Dec. 01, 2017
Debt Instrument [Line Items]
Total loan balance	$ 299,848	$ 223,176
Less unamortized loan origination costs	(8,986)	(7,441)
Total loan balance	290,862	215,735
Less short-term loan balance	(1,165)	(1,164)
Long-term loan balance	289,697	214,571
2.45% Sparkasse Zollernalb (KFW Loan 1) [Member]
Debt Instrument [Line Items]
Total loan balance	911	1,061
1.40% Sparkasse Zollernalb (KFW Loan 2) [Member]
Debt Instrument [Line Items]
Total loan balance	1,463	1,615
Term Loan [Member]
Debt Instrument [Line Items]
Total loan balance	218,812	$ 220,500	$ 225,000
Revolving Credit Facility [Member]
Debt Instrument [Line Items]
Total loan balance	$ 78,662

Commitments And Contingencies (Narrative) (Details) - USD ($)	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Other Commitments [Line Items]
Unreported loss liability	$ 2,000,000.0	$ 1,900,000
Recoverable insurance amounts	1,000,000.0	935,000
Property and equipment, net	31,799,000	$ 32,150,000
PerClot [Member]
Other Commitments [Line Items]
Prepaid royalties	1,500,000
Net intangible assets	1,800,000
Property and equipment, net	1,200,000
Maximum [Member]
Other Commitments [Line Items]
Estimated loss	$ 3,900,000
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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 65,131	$ 67,881	$ 185,331	$ 206,525
Domestic Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	36,249	36,627	102,813	108,582
International Hospitals [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	20,764	20,246	56,638	63,204
International Distributors [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	8,035	9,654	25,522	29,773
CardioGenesis Cardiac Laser Therapy [Member]
Disaggregation of Revenue [Line Items]
Total sources of revenue	$ 83	$ 1,354	$ 358	$ 4,966

- 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
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-URI http://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Stock Compensation (Narrative) (Details)	3 Months Ended		9 Months Ended		12 Months Ended
Stock Compensation (Narrative) (Details)	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) shares	Sep. 30, 2020 USD ($) shares	Sep. 30, 2019 USD ($) shares	Dec. 31, 2019 item
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%
Capitalized stock compensation expense	$ 160,000	$ 158,000	$ 456,000	$ 458,000
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	0	0	84,000	61,000
RSAs, RSUs, And PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Authorized awards from approved stock incentive plans \| shares			330,000	503,000
Aggregate grant date market value			$ 8,200,000	$ 14,900,000
Unrecognized compensation costs	$ 12,500,000		12,500,000
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs	$ 2,500,000		$ 2,500,000
Expected weighted-average period for recognizing the unrecognized compensation costs, in years			1 year 9 months 18 days
Restricted Stock Awards (RSAs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period for recognizing the unrecognized compensation costs, in years			1 year 2 months 12 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period for recognizing the unrecognized compensation costs, in years			1 year 9 months 18 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			1 year 10 months 24 days
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			212,000	169,000
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	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
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	0.83%	0.31%
Risk-free interest rate	0.17%	1.57%

Stock Compensation (Summary Of Total Stock Compensation Expenses) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 2,518	$ 2,620	$ 7,888	$ 7,039
RSA, RSU, And PSU Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	1,984	2,133	6,189	5,579
Stock Option And ESPP Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total stock compensation expense	$ 534	$ 487	$ 1,699	$ 1,460

(Loss) Earnings Per Share (Narrative) (Details)	9 Months Ended
(Loss) Earnings Per Share (Narrative) (Details)	Sep. 30, 2019 shares
(Loss) Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share	123,000

(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		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Basic (loss) income per common share
Net (loss) income	$ (2,870)	$ (134)	$ (13,224)	$ 2,401
Net income (loss) allocated to participating securities	20	1	93	(17)
Net (loss) income allocated to common shareholders	$ (2,850)	$ (133)	$ (13,131)	$ 2,384
Basic weighted-average common shares outstanding	37,912	37,255	37,608	37,065
Basic (loss) income per common share	$ (0.08)	$ 0.00	$ (0.35)	$ 0.06
Diluted (loss) income per common share
Net (loss) income	$ (2,870)	$ (134)	$ (13,224)	$ 2,401
Net income (loss) allocated to participating securities	20	1	93	(16)
Net (loss) income allocated to common shareholders	$ (2,850)	$ (133)	$ (13,131)	$ 2,385
Basic weighted-average common shares outstanding	37,912	37,255	37,608	37,065
Effect of dilutive stock options and awards				785
Diluted weighted-average common shares outstanding	37,912	37,255	37,608	37,850
Diluted (loss) income per common share	$ (0.08)	$ 0.00	$ (0.35)	$ 0.06

Segment Information (Narrative) (Details)	3 Months Ended		9 Months Ended
Segment Information (Narrative) (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) segment	Sep. 30, 2019 USD ($)
Segment Reporting Information [Line Items]
Number of reportable segments \| segment			2
Revenues	$ 65,131,000	$ 67,881,000	$ 185,331,000	$ 206,525,000
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
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+ Details

Segment Information (Revenues, Cost Of Products And Services, And Gross Margins For Operating Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Segment Reporting Information [Line Items]
Total revenues	$ 65,131	$ 67,881	$ 185,331	$ 206,525
Total cost of products and preservation services	21,999	22,659	62,138	70,064
Total gross margin	43,132	45,222	123,193	136,461
Operating Segments [Member] \| Medical Devices [Member]
Segment Reporting Information [Line Items]
Total revenues	45,109	47,484	128,797	147,053
Total cost of products and preservation services	12,998	12,706	36,078	41,021
Total gross margin	32,111	34,778	92,719	106,032
Operating Segments [Member] \| Preservation Services [Member]
Segment Reporting Information [Line Items]
Total revenues	20,022	20,397	56,534	59,472
Total cost of products and preservation services	9,001	9,953	26,060	29,043
Total gross margin	$ 11,021	$ 10,444	$ 30,474	$ 30,429

- Definition

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

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Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Segment Information (Summary Of Net Revenues By Product And Service) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Product Information [Line Items]
Total revenues	$ 65,131	$ 67,881	$ 185,331	$ 206,525
BioGlue [Member]
Product Information [Line Items]
Total revenues	15,811	15,679	44,985	50,834
JOTEC (including NEXUS) [Member]
Product Information [Line Items]
Total revenues	15,290	15,774	43,932	48,936
On-X [Member]
Product Information [Line Items]
Total revenues	12,067	12,610	34,385	36,751
CardioGenesis Cardiac Laser Therapy [Member]
Product Information [Line Items]
Total revenues	83	1,354	358	4,966
PhotoFix [Member]
Product Information [Line Items]
Total revenues	1,134	1,087	3,056	2,752
PerClot [Member]
Product Information [Line Items]
Total revenues	724	980	2,081	2,814
Cardiac Tissues [Member]
Product Information [Line Items]
Total revenues	10,679	11,304	28,758	30,734
Vascular Tissues [Member]
Product Information [Line Items]
Total revenues	9,285	9,093	27,657	28,738
NeoPatch [Member]
Product Information [Line Items]
Total revenues	58		119
Preservation Services [Member]
Product Information [Line Items]
Total revenues	20,022	20,397	56,534	59,472
Operating Segments [Member] \| Total Products [Member]
Product Information [Line Items]
Total revenues	45,109	47,484	128,797	147,053
Operating Segments [Member] \| Total Preservation Services [Member]
Product Information [Line Items]
Total revenues	$ 20,022	$ 20,397	$ 56,534	$ 59,472