Note 12 - Revenue and Geographic Information

12 Months Ended

Dec. 31, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

12. Revenue and Geographic Information

The Company categorizes its product portfolio into three product families: OA Pain Management, Joint Preservation and Restoration, and Non-Orthopedic.

Product revenue by product family is as follows:

	Years Ended December 31,
	2023					2022					2021
	Revenue		Percentage of Product Revenue			Revenue		Percentage of Product Revenue			Revenue		Percentage of Product Revenue
OA Pain Management	$	101,927		61	%	$	91,984		59	%	$	85,084		58	%
Joint Preservation and Restoration		54,879		33	%		50,402		32	%		48,588		33	%
Non-Orthopedic		9,856		6	%		13,850		9	%		14,122		9	%
Total	$	166,662		100	%	$	156,236		100	%	$	147,794		100	%

Effective January 1, 2023, the Company reported revenue from product sales to veterinary customers within the Non-Orthopedic product family whereas such revenue had historically been reported within the OA Pain Management revenue product family for the prior period years ended December 31, 2022 and 2021. Revenue from product sales to veterinary customers amounted to $4.2 million, $5.9 million and $4.4 million for 2023, 2022 and 2021, respectively, with the 2022 and 2021 revenue reclassified to Non-Orthopedic to conform to current presentation.

Product revenue from the Company’s sole significant customer, Mitek, as a percentage of the Company’s total product revenue was 45%, 43%, and 45% for the years ended December 31, 2023, 2022, and 2021, respectively.

Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows:

	Years Ended December 31,
	2023					2022					2021
	Total		Percentage of			Total		Percentage of			Total		Percentage of
	Revenue		Revenue			Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	123,129		74	%	$	119,151		76	%	$	113,833		77	%
Europe		21,724		13	%		20,639		13	%		19,580		13	%
Other		21,809		13	%		16,446		11	%		14,381		10	%
Total	$	166,662		100	%	$	156,236		100	%	$	147,794		100	%

Net long-lived assets, consisting primarily of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas are as follows:

	As of December 31,
	2023		2022
United States	$	45,077	$	47,068
Italy		1,075		1,211
United Kingdom		46		-
Total	$	46,198	$	48,279