Acquisitions

3 Months Ended

Mar. 31, 2024

Business Combination and Asset Acquisition [Abstract]

Acquisitions

Acquisitions

On February 2, 2024, we completed the acquisition of HealthBeacon, a medical technology firm and strategic partner of the Company, for €6.9 million (approximately $7.5 million). The transaction was funded with cash on hand.

The acquisition of HealthBeacon was accounted for as a business combination using the acquisition method of accounting. The results of operations for HealthBeacon are included in the accompanying Consolidated Statements of Operations from the acquisition date (February 2, 2024) until March 31, 2024. HealthBeacon had $0.6 million in revenue and $1.1 million in operating loss that was included in our consolidated financial statements for the three months ended March 31, 2024. Pro forma financial information has not been presented, as revenue and expenses related to the acquisition do not have a material impact on the Company’s unaudited consolidated financial statements.

The determination and allocation of purchase price consideration is based on preliminary estimates of fair value; such estimates and assumptions are subject to change within the measurement period (up to one year from the acquisition date). As of March 31, 2024, the purchase price allocation for HealthBeacon is preliminary as we assess and gather additional information regarding the fair value of the assets acquired and liabilities assumed as of the acquisition date, primarily in the relation to the valuations of property and equipment and intangible assets as well as certain working capital related accounts. These differences could have a material impact on our results of operations and financial position

During the three months ended March 31, 2024, we incurred transaction costs of approximately $1.0 million, which are included in Selling, general, and administrative expenses.

The following table presents the preliminary value of assets acquired and liabilities assumed and will be finalized pending completion of purchase accounting matters:

	Preliminary Fair Values as of February 2, 2024
Cash and cash equivalents	$	147
Current assets	1,452
Property, plant and equipment, net	7,449
Other intangible assets, net	1,133
Total assets acquired	10,181
Liabilities, current	2,006
Liabilities, non-current	616
Total liabilities acquired	2,622
Purchase Price	$	7,559