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Revenue
9 Months Ended
Sep. 30, 2023
Revenue from Contract with Customer [Abstract]  
Revenue

4. Revenue

The Company generates revenue through the sale of Advanced Wound Care and Surgical & Sports Medicine products. There is a single performance obligation in all of the Company’s contracts, which is the Company’s promise to transfer the Company’s products to customers based on specific payment and shipping terms in the arrangement. Product revenue is recognized when a customer obtains control of the Company’s products which occurs at a point in time and may be upon shipment, procedure date, or delivery, based on the terms of the contract. Revenue is recorded net of a reserve for returns, discounts and Group Purchasing Organization (“GPO”) rebates, which represent a direct reduction to the revenue recognized. These reductions are accrued at the time revenue is recognized, based upon historical experience and specific circumstances. For the three months ended September 30, 2023 and 2022, the Company recorded GPO fees of $1,393 and $1,183, respectively, as a direct reduction of revenue. For the nine months ended September 30, 2023 and 2022, the Company recorded GPO fees of $4,282 and $5,136, respectively, as a direct reduction of revenue.

The following tables set forth revenue by product category:

 

 

 

Three Months Ended
September 30,

 

 

 

2023

 

 

2022

 

Advanced Wound Care

 

$

101,357

 

 

$

109,514

 

Surgical & Sports Medicine

 

 

7,174

 

 

 

7,345

 

Total net revenue

 

$

108,531

 

 

$

116,859

 

 

 

 

Nine Months Ended
September 30,

 

 

 

2023

 

 

2022

 

Advanced Wound Care

 

$

312,349

 

 

$

313,395

 

Surgical & Sports Medicine

 

 

21,140

 

 

 

21,982

 

Total net revenue

 

$

333,489

 

 

$

335,377

 

For all periods presented, net revenue generated outside the United States represented less than 1% of total net revenue.