XML 27 R13.htm IDEA: XBRL DOCUMENT v3.22.0.1
Discontinued Operations
12 Months Ended
Dec. 31, 2021
Discontinued Operations And Disposal Groups [Abstract]  
Discontinued Operations

5. Discontinued Operations

On September 1, 2016, the Company completed the sale of its international distribution operations and agreements (collectively, the “International Business”) to Globus Medical Ireland, Ltd., a subsidiary of Globus Medical, Inc., and its affiliated entities (collectively “Globus Medical”). As a result of this transaction, the International Business has been excluded from continuing operations for all periods presented in the consolidated financial statements and is reported as discontinued operations.

In connection with the sale of the International Business, the Company entered into a product manufacture and supply agreement (the “Supply Agreement”) with Globus Medical, pursuant to which the Company supplied to Globus Medical certain of its implants and instruments, previously offered for sale by the Company in international markets at agreed-upon prices. The Supply Agreement expired and terminated on August 31, 2021 and all associated discontinued operations balances were removed from the consolidated balance sheets for the year ended December 31, 2021.

In accordance with authoritative guidance, sales to Globus Medical were reported under continuing operations as the Company had continuing involvement under the Supply Agreement. The Company recorded $1.0 million in revenue and $1.1 million in cost of sales from the Supply Agreement in continuing operations for year ended December 31, 2021. The Company recorded $3.8 million in revenue and $3.5 million in cost of sales from the Supply Agreement in continuing operations for the year ended December 31, 2020.