5 unchanged sentences
A 100 basis points change in interest rates would not have a significant impact on the total value of our portfolio.
−Removed: Our outstanding debt under the Credit Facility bears interest at an annual rate equal to the sum of (i) one-month LIBOR (customarily defined, with a change to prime rate if LIBOR funding becomes unlawful or impractical), plus (ii) 7.00%, subject to a LIBOR floor of 2.00% and an interest rate ceiling of 16%.
−Removed: Given the ceiling of the interest rate, an increase in market interest rates would increase annual interest expense and decrease cash flows by a maximum of $2.1 million.
+Added: Our outstanding debt under the Credit Facility bears interest at an annual rate equal to the sum of (i) the secured overnight financing rate, or SOFR, plus a corresponding spread, plus (ii) 7.00%, subject to a SOFR floor of 2.00% and an interest rate ceiling of 16%.
+Added: Given the ceiling of the interest rate, an increase in market interest rates would increase annual
+Added: interest expense and decrease cash flows by a maximum of $2.1 million.
+Added: On December 7, 2022, we entered into the Third Amendment to the Credit Facility which implemented SOFR as the replacement of LIBOR as the benchmark interest rate for borrowings.
We are exposed to market risk related to changes in foreign currency exchange rates associated with our foreign operations where we conduct business in local currencies.
4 unchanged sentences
Inflation generally affects us by increasing our cost of labor and clinical trial costs.
−Removed: We do not believe that inflation had a material effect on our business, financial condition or results of operations during the periods presented.
+Added: Inflation increased during the year ended December 31, 2022, and is expected to continue to increase for the near future.
+Added: Inflationary factors, such as increases in the cost of our materials, supplies, and overhead costs may adversely affect our operating results.
+Added: Although Wwe do not believe that inflation had a material effect on our business, financial condition or results of operations during the periods presented, we may experience adverse effects if inflation rates continue to rise.
+Added: Significant adverse changes in inflation and prices in the future could result in material losses.
Financial Statements and Supplementary Data.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.