Note 10 - Revenue

9 Months Ended

Sep. 30, 2021

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

10. Revenue

Revenue by product family was as follows: 

	Three Months Ended September 30,				Nine Months Ended September 30,
	2021		2020		2021		2020
Joint Pain Management	$	26,153	$	18,439	$	69,790	$	66,168
Joint Preservation and Restoration		11,193		11,715		35,296		26,233
Other		2,190		1,540		6,887		5,368
	$	39,536	$	31,694	$	111,973	$	97,769

Revenue from the Company’s sole significant customer, DePuy Synthes Mitek Sports Medicine (“Mitek”), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 51% and 48% for the three months ended September 30, 2021 and 2020, respectively, and 46% and 52% for the nine months ended September 30, 2021 and 2020, respectively.

We receive payments from our customers based on billing schedules established in each contract. Up-front payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until we perform our obligations under these arrangements. Amounts are recorded as accounts receivable when our right to consideration is unconditional. Deferred revenue was $0.9 million and $0.2 million as of September 30, 2021 and December 31, 2020, respectively.

Total revenue by geographic location was as follows:

	Three Months Ended September 30,
	2021					2020
	Total		Percentage of			Total		Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	30,910		78	%	$	26,409		84	%
Europe		4,238		11	%		2,954		9	%
Other		4,388		11	%		2,331		7	%
Total	$	39,536		100	%	$	31,694		100	%

	Nine Months Ended September 30,
	2021					2020
	Total		Percentage of			Total		Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	85,984		77	%	$	77,848		80	%
Europe		14,808		13	%		11,140		11	%
Other		11,181		10	%		8,781		9	%
Total	$	111,973		100	%	$	97,769		100	%