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Note 3 - Acquisitions of Ownership Interests
12 Months Ended
Dec. 31, 2022
Notes to Financial Statements  
Equity Method and Other Investments Disclosure [Text Block]

3. Acquisitions of Ownership Interests

 

2022 Transactions

 

The Company funded $1.6 million of convertible loans to Syapse, Inc.  The Company had previously deployed an aggregate of $25.0 million.  Syapse drives healthcare transformation through precision medicine, enabling provider systems to improve clinical outcomes, streamline operations, and shift to new payment models.

 

The Company funded $2.0 million of convertible loans to Prognos Health Inc.  The Company had previously deployed an aggregate of $12.6 million.  Prognos is a healthcare platform company transforming the ability to access, manage and analyze healthcare data in partnership with life sciences brands, payers, and clinical diagnostics organizations.  Prognos' innovations enhance the value of laboratory results and clinical diagnostic data through advanced analytics and artificial intelligence techniques.

 

The Company funded $1.4 million of convertible loans to Clutch Holdings, Inc. The Company had previously deployed an aggregate of $16.9 million.  Clutch provides customer intelligence and personalized engagements that empower consumer-focused businesses to identify, understand and motivate each segment of their customer base. 

 

The Company funded $0.5 million of convertible loans to meQuilibrium.  The Company had previously deployed an aggregate of $14.0 million.  meQuilibrium is a digital coaching platform that delivers clinically validated and highly personalized resilience solutions to employers, health plans, wellness providers, and consumers increasing engagement, productivity and performance, as well as improving outcomes in managing stress, health and well-being.

 

The Company funded $0.1 million of convertible loans to Trice Medical.  The Company had previously deployed an aggregate of $11.8 million.  Trice Medical is focused on orthopedic diagnostics using fully integrated camera-enabled technologies to provide clinical solutions to physicians.  The Company also committed to provide another $0.3 million under certain conditions pursuant to a subordinated line of credit.  The Company's obligation under this line of credit is included in accrued expenses. Subsequent to the year end, the Company funded $0.3 million in accordance with this line of credit.

 

2021 Transactions

 

The Company funded $1.7 million to Aktana, Inc. during the three months ended September 30, 2021. The Company had previously deployed an aggregate of $14.2 million. Aktana helps its customers improve their commercial effectiveness by delivering data-driven insights and suggestions directly to sales reps, coordinating multi-channel actions and providing insight regarding which strategies work best for which customers under which conditions.

 

Syapse raised $68 million of preferred equity during the three months ended March 31, 2021, which reduced the Company's ownership interest to approximately 11.1%.  The Company recorded a $7.3 million dilution gain as a result of this transaction, which is included in Equity income (loss), net in the Consolidated Statements of Operation.  

 

The Company funded $1 million of convertible loans to Trice Medical, Inc. during the three months ended June 30, 2021.  During the three months ended September 30, 2021, Trice Medical raised additional preferred equity which reduced the Company's ownership interest to 12.6%.  The Company's existing convertible loans and related interest in Trice Medical were also converted into this new class of preferred equity.  As a result of this transaction, the Company recorded a $2.0 million dilution gain for the year ended December 31, 2021.