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Fair value measurements and investments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis

The Company’s available for sale debt securities, equity securities, contingent consideration, and deferred compensation plan liabilities are, or in some cases, were the only financial instruments recorded at fair value on a recurring basis as follows:


(U.S. Dollars, in thousands)		Level 1				Level 2				Level 3				Balance December 31, 2024
Assets
Neo Medical convertible loan agreement		$	—			$	—			$	—			$	—
Neo Medical preferred equity securities			—				—				—				—
Other investments			—				—				—				—
Total		$	—			$	—			$	—			$	—
Liabilities
Lattus contingent consideration		$	—			$	—			$	(15,400	)		$	(15,400	)
Deferred compensation plan			—				(1,703	)			—				(1,703	)
Total		$	—			$	(1,703	)		$	(15,400	)		$	(17,103	)


(U.S. Dollars, in thousands)		Level 1				Level 2				Level 3				Balance December 31, 2023
Assets
Neo Medical convertible loan agreement		$	—			$	—			$	6,760			$	6,760
Neo Medical preferred equity securities			—				4,951				—				4,951
Bone Biologics equity securities			—				—				—				—
Other investments			—				—				1,309				1,309
Total		$	—			$	4,951			$	8,069			$	13,020
Liabilities
Lattus contingent consideration		$	—			$	—			$	(8,500	)		$	(8,500	)
Deferred compensation plan			—				(1,674	)			—				(1,674	)
Total		$	—			$	(1,674	)		$	(8,500	)		$	(10,174	)

Schedule of Reconciliation of Carrying Value of Investments in Equity Securities

The table below presents a reconciliation of the carrying value of the Company’s investment in Neo Medical preferred equity securities for the years ended December 31, 2024, and 2023:


(U.S. Dollars, in thousands)		2024				2023
Fair value of Neo Medical preferred equity securities at January 1		$	4,951			$	6,084
Conversion of loan into preferred equity securities			8,224				—
Foreign currency remeasurement recognized in other income, net			—				388
Unrealized loss recognized in other expense, net			—				(1,521	)
Sale of preferred equity securities			(7,396	)			—
Realized loss recognized in other expense, net			(5,779	)			—
Fair value of Neo Medical preferred equity securities at December 31		$	—			$	4,951
Cumulative unrealized gain (loss) on Neo Medical preferred equity securities		$	—			$	(720	)

Schedule of Reconciliation For Contingent Consideration Measured At Fair Value Using Significant Unobservable Inputs

The following table provides a reconciliation of the beginning and ending balances for the Lattus contingent consideration measured at estimated fair value using significant unobservable inputs (Level 3):


(U.S. Dollars, in thousands)		2024				2023
Lattus contingent consideration estimated fair value at January 1		$	8,500			$	11,200
Change in fair value recognized in acquisition-related amortization and remeasurement			6,900				(2,700	)
Lattus contingent consideration estimated fair value at December 31		$	15,400			$	8,500

Schedule of Changes in Valuation of Securities

The following table presents the changes in fair value recognized for each of the years ended December 31, 2024, 2023, and 2022:


(U.S. Dollars, in thousands)		2024				2023				2022
Bone Biologics equity securities at January 1		$	—			$	—			$	309
Fair value adjustments and impairments recognized in other expense, net			—				—				(183	)
Proceeds from the disposition of equity securities			—				—				(126	)
Bone Biologics equity securities at December 31		$	—			$	—			$	—

The following table provides quantitative information related to certain key assumptions utilized within the valuation as of December 31, 2024:


(U.S. Dollars, in thousands)		Fair Value as of December 31, 2024				Unobservable inputs		Estimate
Lattus Contingent Consideration		$	15,400			Counterparty discount rate			10.9	%
						Revenue risk-adjusted discount rate		7.6% - 7.8%

Fair Value, Inputs, Level 3 [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Schedule of Reconciliation For Convertible Loans Measured At Fair Value Using Significant Unobservable Inputs

The following table provides a reconciliation of the beginning and ending balances of the Convertible Loan, measured at fair value using significant unobservable inputs (Level 3):


(U.S. Dollars, in thousands)		2024				2023
Fair value of Neo Medical Convertible Loans at January 1		$	6,760			$	7,140
Gains (losses) recognized in other comprehensive income (loss)			1,671				(1,233	)
Interest recognized in interest income, net			162				496
Foreign currency remeasurement recognized in other income (expense), net			(629	)			617
Expected credit loss recognized in other income (expense), net			260				(260	)
Conversion into preferred equity securities			(8,224	)			—
Fair value of Neo Medical Convertible Loans at December 31		$	—			$	6,760

Contractual value of Neo Medical Convertible Loans at December 31		$	—			$	7,020
Allowance for credit loss recognized in other expense, net			—				(260	)
Amortized cost basis of Neo Medical Convertible Loans at December 31		$	—			$	6,760

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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