Subsequent Events (Unaudited)

12 Months Ended

Dec. 31, 2022

Subsequent Events [Abstract]

Subsequent Events (Unaudited)

22.Subsequent Events

On February 14, 2023, we completed our acquisition of 100 percent of Embody, Inc. (“Embody”) by issuing 1.1 million shares of our common stock and $19.6 million of cash for initial consideration valued at $154.6 million. The acquisition also includes up to $120.0 million in fair value of our common shares and cash that is subject to achieving future regulatory and commercial milestones over a three-year period. The acquisition expands our product portfolio for the sports medicine market. This acquisition is not expected to have a significant effect on our results of operations or financial position.

To minimize the dilutive effect of issuing our common stock for this acquisition, we entered into a prepaid forward purchase agreement with a financial institution to repurchase 1.1 million shares of our common stock. In order to fund this prepaid forward purchase agreement and working capital needs, we borrowed approximately $145 million under our 2022 Five-Year Revolving Facility.