19 unchanged sentences
Revenue Recognition
−Removed: We account for revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”) which was adopted on January 1, 2019 using the modified retrospective method.
−Removed: The adoption of this guidance had no cumulative adjustment to our consolidated financial statements.
+Added: We account for revenue in accordance with Accounting Standards Codification Topic 606, Revenue from Contracts with Customers (“ASC 606”).
Under ASC 606, we recognize revenue when our customer obtains control of our promised good, in an amount that reflects the consideration that the entity expects to be entitled in exchange for those goods.
−Removed: Prior to the adoption of ASC 606 in January 2019, revenue was recognized when persuasive evidence of an arrangement exists, the price was fixed and determinable, delivery has occurred, and there was reasonable assurance of collection of the sales proceeds.
−Removed: Revenue for products sold to a customer was recognized when the product was shipped to the customer, at which time title passed to the customer.
−Removed: Fees charged to customers for shipping were recognized as revenue.
−Removed: In the case of consigned inventory, revenue was recognized when the product was utilized in a surgical procedure.
Inventory Valuation
6 unchanged sentences
As a result, we may be required to take additional charges for excess and obsolete inventory in the future if the purchased units do not align with sales.
−Removed: Off-Balance Sheet Arrangements
−Removed: We did not have during the periods presented, and we do not currently have, any off-balance sheet arrangements, as defined in the rules and regulations of the SEC.
Recently Issued and Adopted Accounting Pronouncements
9 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.