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Fair value measurements and investments (Tables)
9 Months Ended
Sep. 30, 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 fair value measurements of the Company’s financial assets and liabilities measured on a recurring basis were as follows:

 

 

September 30,
2024

 

 

December 31,
2023

 

(U.S. Dollars, in thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

 

Total

 

 

 

 

 

 

 

 

 

 

 

 

(Unaudited)

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Neo Medical convertible loan agreement

 

$

 

 

$

 

 

$

 

 

$

 

 

$

6,760

 

Neo Medical preferred equity securities

 

 

 

 

 

7,803

 

 

 

 

 

 

7,803

 

 

 

4,951

 

Other investments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,309

 

Total

 

$

 

 

$

7,803

 

 

$

 

 

$

7,803

 

 

$

13,020

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Lattus contingent consideration

 

$

 

 

$

 

 

$

(14,710

)

 

$

(14,710

)

 

$

(8,500

)

Deferred compensation plan

 

 

 

 

 

(1,709

)

 

 

 

 

 

(1,709

)

 

 

(1,674

)

Total

 

$

 

 

$

(1,709

)

 

$

(14,710

)

 

$

(16,419

)

 

$

(10,174

)

 

Schedule of Reconciliation of Investments in Equity Securities

The table below presents a reconciliation of the beginning and ending balances of the Company’s investment in Neo Medical preferred equity securities:

(Unaudited, 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 (expense), net

 

 

 

 

 

 

Unrealized loss recognized in other expense, net

 

 

(5,372

)

 

 

 

Fair value of Neo Medical preferred equity securities at September 30

 

$

7,803

 

 

$

6,084

 

Cumulative unrealized gain (loss) on Neo Medical preferred equity securities

 

$

(6,092

)

 

$

413

 

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):

 

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Lattus contingent consideration estimated fair value at January 1

 

$

8,500

 

 

$

 

Contingent consideration assumed in the Merger

 

 

 

 

 

11,200

 

Increase (decrease) in fair value recognized in acquisition-related amortization and remeasurement

 

 

6,210

 

 

 

(2,100

)

Lattus contingent consideration estimated fair value at September 30

 

$

14,710

 

 

$

9,100

 

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

(Unaudited, U.S. Dollars, in thousands)

 

2024

 

 

2023

 

Fair value of Neo Medical Convertible Loan at January 1

 

$

6,760

 

 

$

7,140

 

Gains (losses) recorded for the period

 

 

 

 

 

 

Recognized in other comprehensive income

 

 

1,671

 

 

 

109

 

Interest recognized in interest income, net

 

 

162

 

 

 

367

 

Foreign currency remeasurement recognized in other income (expense), net

 

 

(602

)

 

 

54

 

Reversal of expected credit loss recognized in other income (expense), net

 

 

260

 

 

 

 

Conversion into preferred equity securities

 

 

(8,224

)

 

 

 

Realized foreign currency loss recognized in other income (expense), net

 

 

(27

)

 

 

 

Fair value of Neo Medical Convertible Loan at September 30

 

$

 

 

$

7,670

 

 

 

 

 

 

 

 

Contractual value of Neo Medical Convertible Loan at September 30

 

$

 

 

$

6,328

 

Allowance for credit loss recognized in other income (expense), net

 

 

 

 

 

 

Amortized cost basis of Neo Medical Convertible Loan at September 30

 

$

 

 

$

6,328

 

Schedule of Changes in Valuation of Securities

The following table provides quantitative information related to certain key assumptions utilized within the valuation as of September 30, 2024:

(Unaudited, U.S. Dollars, in thousands)

 

Fair Value as of
 September 30, 2024

 

 

Unobservable inputs

 

Estimate

Lattus Contingent Consideration

 

$

14,710

 

 

Counterparty discount rates

 

8.6% - 9.1%

 

 

 

 

 

Revenue risk-adjusted discount rates

 

6.7% - 7.7%