Derma Sciences (DSCI) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 06, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	DERMA SCIENCES, INC.
Entity Central Index Key	892,160
Trading Symbol	DSCI
Amendment Flag	false
Document Type	10-Q
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2,015
Document Period End Date	Jun. 30, 2015
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		25,806,549

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Current Assets
Cash and cash equivalents	$ 13,005,695	$ 19,396,845
Short-term investments	45,000,230	55,996,000
Accounts receivable, net of allowances of $713,962 and $531,205, respectively	9,143,916	8,758,034
Inventories	17,545,944	13,280,940
Prepaid expenses and other current assets	1,572,907	3,411,934
Total current assets	86,268,692	100,843,753
Long-term investments	8,430,034	8,422,790
Equipment and improvements, net of accumulated depreciation and amortization of $7,813,950 and $7,681,863, respectively	3,883,087	3,614,439
Identifiable intangible assets, net of accumulated amortization of $12,123,501 and $10,631,372, respectively	11,323,375	12,815,504
Goodwill	13,457,693	13,457,693
Other assets	141,053	143,733
Total assets	123,503,934	139,297,912
Current Liabilities
Accounts payable	6,282,664	5,058,892
Accrued expenses and other current liabilities	4,752,998	6,452,358
Total current liabilities	11,035,662	11,511,250
Long-term liabilities	471,060	521,358
Deferred tax liability	1,789,313	1,700,640
Total Liabilities	$ 13,296,035	$ 13,733,248
Commitments and contingencies (notes 9 and 10)
Stockholders' Equity
Convertible preferred stock, $.01 par value; shares authorized 1,468,750; issued and outstanding 73,332 at June 30, 2015 and December 31, 2014 (liquidation preference of $3,222,368 at June 30, 2015)	$ 733	$ 733
Common stock, $.01 par value; shares authorized 50,000,000; issued and outstanding 25,806,549 at June 30, 2015 and 25,319,203 at December 31, 2014	258,065	253,192
Additional paid-in capital	233,129,197	228,341,542
Accumulated other comprehensive income	657,558	911,563
Accumulated deficit	(123,837,654)	(103,942,366)
Total stockholders' equity	110,207,899	125,564,664
Total liabilities and stockholders' equity	$ 123,503,934	$ 139,297,912

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Consolidated Balance Sheets [Abstract]
Accounts receivable, allowances	$ 713,962	$ 531,205
Equipment and improvements, accumulated depreciation and amortization	7,813,950	7,681,863
Identifiable intangible assets, accumulated amortization	$ 12,123,501	$ 10,631,372
Convertible preferred stock, par value per share	$ 0.01	$ 0.01
Convertible preferred stock, shares authorized	1,468,750	1,468,750
Convertible preferred stock, shares issued	73,332	73,332
Convertible preferred stock, shares outstanding	73,332	73,332
Convertible preferred stock, liquidation preference	$ 3,222,368
Common stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	25,806,549	25,319,203
Common stock, shares outstanding	25,806,549	25,319,203

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Consolidated Statements of Comprehensive Loss [Abstract]
Net Sales	$ 22,556,364	$ 20,916,225	$ 42,055,016	$ 40,703,258
Cost of sales	14,185,116	13,071,408	26,148,642	25,946,117
Gross Profit	8,371,248	7,844,817	15,906,374	14,757,141
Operating Expenses
Selling, general and administrative	13,701,728	12,631,590	26,998,363	25,681,143
Research and development	4,490,888	4,365,267	8,963,117	8,548,868
Total operating expenses	18,192,616	16,996,857	35,961,480	34,230,011
Operating loss	(9,821,368)	(9,152,040)	(20,055,106)	(19,472,870)
Other income, net	(880,514)	(233,050)	(512,726)	(272,300)
Loss before income taxes	(8,940,854)	(8,918,990)	(19,542,380)	(19,200,570)
Income tax provision (benefit)	344,857	(232,188)	352,908	(243,753)
Net Loss	(9,285,711)	(8,686,802)	(19,895,288)	(18,956,817)
Other Comprehensive (Loss) Income
Foreign currency translation adjustment	(102,652)	117,750	(258,463)	(84,862)
Unrealized (loss) gain on equity securities, net of taxes	(4,347)	862,685	4,458	486,010
Total other comprehensive (loss) income	(106,999)	980,435	(254,005)	401,148
Comprehensive Loss	$ (9,392,710)	$ (7,706,367)	$ (20,149,293)	$ (18,555,669)
Net loss per common share - basic and diluted	$ (0.36)	$ (0.34)	$ (0.78)	$ (0.79)
Shares used in computing net loss per common share - basic and diluted	25,759,843	25,199,805	25,656,875	23,889,487

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating Activities
Net loss	$ (19,895,288)	$ (18,956,817)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of equipment and improvements	527,987	450,734
Amortization of identifiable intangible assets	1,492,129	1,480,998
Provision for bad debts	18,235	9,942
Allowance for sales adjustments	168,184	(5,642)
Provision for inventory obsolescence	(47,474)	65,069
Deferred rent	(43,506)	(10,142)
Stock-based compensation	2,868,808	3,495,944
Deferred income taxes	270,255	(219,514)
Changes in operating assets and liabilities:
Accounts receivable	(560,785)	(521,797)
Inventories	(4,555,063)	(1,333,931)
Prepaid expenses and other current assets	1,685,126	785,061
Other assets	(10)	25,541
Accounts payable	1,333,982	89,676
Accrued expenses and other current liabilities	(1,782,281)	(424,585)
Net cash used in operating activities	(18,519,701)	(15,069,463)
Investing Activities
Purchase of investments	(35,000,230)	(35,000,000)
Proceeds from sale of investments	45,996,000	19,981,000
Purchase of equipment and improvements	$ (964,061)	(733,436)
Purchase of intangible assets		(1,250,000)
Net cash provided by (used in) investing activities	$ 10,031,709	(17,002,436)
Financing Activities
Proceeds from the sale of common stock, net of costs		80,616,032
Proceeds from exercise of stock options and warrants	$ 1,991,130	2,245,782
Payment of withholding taxes related to employee stock-based compensation	(67,409)	(121,618)
Net cash provided by financing activities	1,923,721	82,740,196
Effect of exchange rate changes on cash and cash equivalents	173,121	(79,997)
Net (decrease) increase in cash and cash equivalents	(6,391,150)	50,588,300
Cash and cash equivalents
Beginning of period	19,396,845	6,501,586
End of period	$ 13,005,695	57,089,886
Supplemental disclosures of cash flow information:
Issuance of a warrant in connection with a licensing agreement		129,750
Cash paid during the year for interest	$ 119	$ 5,442

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Derma Sciences, Inc. and its subsidiaries (the “Company”) is a tissue regeneration company focused on three segments of the wound care marketplace: advanced wound care, traditional wound care and pharmaceutical wound care products. The Company has one drug candidate that initiated its Phase 3 study during the first quarter of 2013. The Company markets its products principally through direct sales representatives in the United States (“U.S.”), Canada and the United Kingdom (“U.K.”), and through independent distributors within other select international markets. The Company's U.S. distribution facilities are located in St. Louis, Missouri and Houston, Texas. The Company utilizes third party distributors for distribution in Canada, Europe, Latin America, Asia and the Pacific. The Company has manufacturing facilities in Toronto, Canada and Nantong, China. Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Information included in the consolidated balance sheet as of December 31, 2014 has been derived from the consolidated financial statements and footnotes thereto for the year ended December 31, 2014, included in the Annual Report on Form 10-K previously filed with the Securities and Exchange Commission. For further information refer to the Annual Report on Form 10-K for the year ended December 31, 2014. Principles of Consolidation Use of Estimates Revenue Recognition Net Loss per Share Potentially dilutive securities excluded as a result of the effects of being anti-dilutive are as follows: Three and Six Months Ended 2015 2014 Excluded dilutive shares: Convertible preferred stock 73,332 73,332 Additional stock issuable related to conversion of preferred stock 49,782 49,782 Restricted share units 677,500 744,850 Warrants 1,755,330 2,143,584 Stock options 2,540,607 2,324,554 Total dilutive shares 5,096,551 5,336,102 Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory

Cash and Cash Equivalents and I

Cash and Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents and Investments [Abstract]
Cash and Cash Equivalents and Investments	2. Cash and Cash Equivalents and Investments Cash and Cash Equivalents The Company considers cash and cash equivalents as amounts on hand, on deposit in financial institutions and highly liquid investments purchased with an original maturity of three months or less. Money market mutual funds consist of funds deposited into mutual funds investing in U.S. government and non-government obligations. The Company maintains cash and cash equivalents and money market mutual funds with various domestic and foreign financial institutions within the ordinary course of business, which at times may exceed jurisdictional insurance limits. Investments in Debt Securities Investments in debt securities includes certificates of deposit purchased with an original maturity greater than three months which are deposited in various U.S. financial institutions and are fully insured by the Federal Deposit Insurance Corporation. The Company intends to hold the certificates of deposit to maturity and accordingly these investments are carried at amortized cost. Investments in debt securities with maturities greater than one year from the balance sheet date are classified as a long-term asset. Investment in Equity Securities In 2013 and 2014, the Company purchased an aggregate 2,802,277 8,483,693 2,802,277 7.1 The investment in Comvita common stock is classified as an available-for-sale investment carried at fair value, with any unrealized gains and losses associated with the investment included in accumulated other comprehensive income and any dividends received recorded in other income. The investment is classified as a long term asset. As of June 30, 2015, the fair value of the Comvita common stock was $ 8,430,034 53,659 Cash and cash equivalents and investments at June 30, 2015 and December 31, 2014 consisted of the following: June 30, 2015 December 31, 2014 Cash $ 12,152,935 $ 7,665,958 Money market mutual funds 852,760 11,730,887 Cash and cash equivalents 13,005,695 19,396,845 Investments in debt securities 45,000,230 55,996,000 Investment in equity securities 8,430,034 8,422,790 Total investments 53,430,264 64,418,790 Total cash and cash equivalents and investments $ 66,435,959 $ 83,815,635 The following table provides fair value information as of June 30, 2015: Fair Value Measurements, Using Total carrying Quoted prices Significant other Significant Cash and cash equivalents $ 13,005,695 $ 13,005,695 $ - $ - Investments in debt securities 45,000,230 45,000,230 - - Investment in equity securities 8,430,034 8,430,034 - - Total investments 53,430,264 53,430,264 - - Total $ 66,435,959 $ 66,435,959 $ - $ - Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets. Level 2 inputs are quoted prices for similar assets in active markets or inputs that are observable for the asset, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. Level 3 inputs are unobservable inputs based on management's own assumptions used to measure assets at fair value. A financial asset's classification is determined based on the lowest level input that is significant to the fair value measurement.

Inventories

Inventories	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Inventories	3. Inventories Inventories are valued at the lower of cost or market determined based on the first in first out method and include the following: June 30, 2015 December 31, 2014 Finished goods $ 14,119,038 $ 8,386,356 Work in process 77,115 838,679 Packaging materials 1,950,225 1,343,927 Raw materials 1,399,566 2,711,978 Total inventory $ 17,545,944 $ 13,280,940

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	6 Months Ended
	Jun. 30, 2015
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued Expenses and Other Current Liabilities	4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities include the following: June 30, 2015 December 31, 2014 Accrued compensation and related taxes $ 1,729,056 $ 2,930,525 Accrued Canadian sales rebate, net 121,945 633,162 Accrued royalties 571,212 463,823 Accrued sales incentives and other fees 487,995 557,918 Accrued research and development 610,315 844,230 Other 1,232,475 1,022,700 Total accrued expenses and other current liabilities $ 4,752,998 $ 6,452,358

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	5. Stockholders' Equity Preferred Stock Subsequent to the issuances of the preferred stock, the Company has undertaken a number of common stock offerings that impact the preferred stock conversion ratios. As of June 30, 2015, current Series A and B preferred stockholders holding 73,332 123,114 49,782 The 49,782 Application of Issue No. 98-5 to Certain Convertible Instruments) Common Stock During the six months ended June 30, 2015, the Company issued 487,346 403,687 1,991,130 83,659 90,850 Stock Purchase Warrants At June 30, 2015, the Company had warrants outstanding to purchase shares of the Company's common stock consisting of the following: Series Number of Warrants Exercise Price Expiration Date R 1,705,330 $ 9.90 June 22, 2016 S 50,000 $ 11.81 January 14, 2019 Total 1,755,330 During the six months ended June 30, 2015, a total of 326,933 133,333 100,000 93,600 326,933 6,821 4,634 2,187 Equity Based Compensation Under the Equity Incentive Plan (the “EIP Plan”) the Company is authorized to issue 6,000,000 2,540,607 677,500 1,751,339 Stock Options The EIP Plan permits the granting of both incentive and nonqualified stock options to employees and nonqualified stock options to non-employee directors and consultants of the Company. The option exercise price may not be less than the fair market value of the stock on the date of the grant of the option. The duration of each option may not exceed 10 For the three and six months ended June 30, 2015 and 2014, the fair value of each option award was estimated at the date of grant using the Black-Scholes option-pricing model. The weighted-average assumptions used were as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.12 % 1.97 % 1.61 % 1.79 % Volatility factor 36.8 % 61.9 % 45.7 % 63.2 % Dividend yield 0 % 0 % 0 % 0 % Expected option life (years) 3.59 6.25 5.69 5.89 The risk-free rate utilized represents the U.S. treasury yield curve rate for the expected option life at the time of grant. The volatility factor was calculated based on the Company's historical stock price volatility equal to the expected life of the option at the grant date. The dividend yield is 0% since the Company does not anticipate paying dividends in the near future. The simplified expected option life method is used to determine the expected option life for Company employees and directors while the contractual option life period is utilized for consultants. Based on the Company's historical experience of options that were forfeited before becoming fully vested, the Company has assumed an annualized forfeiture rate of 1.0 A summary of the Company's stock option activity and related information for the six months ended June 30, 2015 is as follows: Options Weighted Exercise Price Outstanding – January 1, 2015 2,166,959 $ 9.03 Granted 586,690 $ 8.68 Forfeited (59,524 ) $ 11.49 Exercised (128,518 ) $ 4.19 Expired (25,000 ) $ 9.58 Outstanding – June 30, 2015 2,540,607 $ 9.13 Expected to vest – June 30, 2015 2,515,201 $ 9.13 Exercisable at June 30, 2015 1,768,034 $ 8.61 During the six months ended June 30, 2015, the Company granted 428,690 158,000 3.86 During the six months ended June 30, 2015, 128,518 76,754 518,884 During the three and six months ended June 30, 2015 and 2014, stock option compensation expense was recorded as follows: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cost of sales $ 36,898 $ 32,870 $ 109,601 $ 118,046 Selling, general and administrative expenses 540,568 623,336 1,324,646 1,836,158 Research and development (2,605 ) 82,385 44,184 103,171 Total stock option compensation expense $ 574,861 $ 738,591 $ 1,478,431 $ 2,057,375 As of June 30, 2015, there was $ 2,993,118 306,540 2.04 0.51 Restricted Share Units The Company has issued service, performance and market-based restricted share units to employees, consultants and directors of the Company. Expense for restricted share awards is amortized on a straight-line basis over the awards' vesting period. The fair value of service and performance awards are determined using the quoted market price of the Company's common stock on the date of grant, while market-based performance awards are valued using a binomial/lattice pricing model. The following table summarizes the restricted share unit activity for the period: Number of Units Weighted Average Fair Value Unvested–January 1, 2015 651,883 $ 8.47 Granted 122,500 7.09 Vested (90,850 ) 10.22 Forfeited (6,033 ) 10.75 Unvested–June 30, 2015 677,500 $ 7.97 In connection with the vesting of restricted share unit awards during the six months ended June 30, 2015, 7,191 67,409 During the three months ended June 30, 2015 and 2014, restricted share unit compensation expense was $ 666,966 715,117 1,319,707 1,390,033 As of June 30, 2015, there was $ 2,309,461 0.60 In May of 2015, in consideration of prior service to the Company, the Company granted a retiring director 15,000 90 36 70,670 During 2014, in consideration of a retiring director's prior service to the Company, the Company accelerated the vesting of his unvested stock options and restricted share units scheduled to vest in 2014, and extended the expiration date of his vested stock options from 90 24 48,536 Shares Reserved for Future Issuance At June 30, 2015, the Company had reserved the following shares of common stock for future issuance: Convertible preferred stock (series A – B) 73,332 Additional stock issuable related to conversion of preferred stock (series A – B) 49,782 Common stock options outstanding 2,540,607 Common stock warrants outstanding 1,755,330 Restricted share units outstanding 677,500 Common stock equivalents available for grant 1,751,339 Total common stock shares reserved 6,847,890

Accumulated Other Comprehensive

Accumulated Other Comprehensive Income	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Accumulated Other Comprehensive Income	6. Accumulated Other Comprehensive Income The Company's accumulated other comprehensive income as of June 30, 2015 was as follows: Foreign Currency Unrealized Loss Total Balance at January 1, 2015 $ 1,001,298 $ (89,735 ) $ 911,563 Current period - other comprehensive (loss) income (258,463 ) 4,458 (254,005 ) Balance at June 30, 2015 $ 742,835 $ (85,277 ) $ 657,558

Operating Segments

Operating Segments	6 Months Ended
	Jun. 30, 2015
Operating Segments [Abstract]
Operating Segments	7. Operating Segments The Company operates in three segments: advanced wound care, traditional wound care and pharmaceutical wound care products. They are managed separately as each segment requires different technology, marketing and sales strategies. Advanced wound care products principally consist of both novel and otherwise differentiated dressings, devices and skin substitutes designed to promote wound healing and/or prevent infection. Traditional wound care products principally consist of commodity related dressings, ointments, gauze bandages, adhesive bandages, wound closure strips, catheter fasteners and skin care products. The pharmaceutical wound care segment is focused solely on Aclerastide (formerly referred to as DSC127), a novel, first in class angiotensin peptide currently involved in a Phase III clinical trial for the treatment of diabetic foot ulcers. Advanced and traditional wound care products are marketed globally to acute care, extended care, home health care, wound and burn care clinics and physician offices. The Company utilizes a broad network of well-established distributors to deploy the majority of its products to end users. A smaller portion of the Company's sales are sold directly to care providers and through retail. The advanced and traditional wound care products are both manufactured internally and sourced from third party suppliers. The majority of marketing expenses are deployed in support of advanced wound care products with traditional wound care products requiring limited support. The Company utilizes direct sales representatives, distributor relationships and contractual relationships with buying groups and wound care service providers to sell its products. Direct sales representatives are used solely in support of advanced wound care sales in the U.S. and the U.K. and for both advanced and traditional wound care products in Canada. The pharmaceutical wound care segment is presently limited to the development of Aclerastide Each operating segment is managed at the segment contribution level consisting of gross profit minus direct expense consisting of distribution, marketing, sales, research and development and intangible amortization expenses. Expenses are allocated directly by segment to the extent possible. Expenses common to all three operating segments are allocated consistently using activity based assumptions. The aggregation or allocation of indirect expenses by segment is not practical. Operating segment sales, gross profit, segment contribution and other related information for 2015 and 2014 were as follows: Three Months Ended June 30, 2015 Advanced Wound Care Traditional Pharmaceutical Other Total Net sales $ 10,292,016 $ 12,264,348 $ - $ - $ 22,556,364 Gross profit 4,862,036 3,509,212 - - 8,371,248 Direct expense (8,694,042 ) (1,433,222 ) (4,259,947 ) - (14,387,211 ) Segment contribution $ (3,832,006 ) $ 2,075,990 $ (4,259,947 ) - (6,015,963 ) Indirect expenses $ (3,269,748 ) (3,269,748 ) Net loss $ (9,285,711 ) Three Months Ended June 30, 2014 Net sales $ 8,812,685 $ 12,103,540 $ - $ - $ 20,916,225 Gross profit 4,446,075 3,398,742 - - 7,844,817 Direct expense (7,663,928 ) (1,362,889 ) (4,361,559 ) - (13,388,376 ) Segment contribution $ (3,217,853 ) $ 2,035,853 $ (4,361,559 ) - (5,543,559 ) Indirect expenses $ (3,143,243 ) (3,143,243 ) Net loss $ (8,686,802 ) Six Months Ended June 30, 2015 Advanced Traditional Pharmaceutical Other Total Net sales $ 20,063,040 $ 21,991,976 $ - $ - $ 42,055,016 Gross profit 9,763,160 6,143,214 - - 15,906,374 Direct expense (17,129,122 ) (2,746,673 ) (8,418,223 ) - (28,294,018 ) Segment contribution $ (7,365,962 ) $ 3,396,541 $ (8,418,223 ) - (12,387,644 ) Indirect expenses $ (7,507,644 ) (7,507,644 ) Net loss $ (19,895,288 ) Six Months Ended June 30, 2014 Net sales $ 17,164,748 $ 23,538,510 $ - $ - $ 40,703,258 Gross profit 8,373,050 6,384,091 - - 14,757,141 Direct expense (15,309,862 ) (2,671,058 ) (8,540,726 ) - (26,521,646 ) Segment contribution $ (6,936,812 ) $ 3,713,033 $ (8,540,726 ) - (11,764,505 ) Indirect expenses $ (7,192,312 ) (7,192,312 ) Net loss $ (18,956,817 ) The following table presents net sales by geographic region: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 United States 83 % 75 % 83 % 74 % Canada 12 % 16 % 11 % 16 % Other 5 % 9 % 6 % 10 % For the three months ended June 30, 2015 and 2014, the Company had a major Canadian customer comprising 12 16 11 16

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Taxes	8. Income Taxes The following table summarizes the income tax expense (benefit) and effective tax rate for the three and six months ended June 30, 2015 and 2014: Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax expense (benefit) $ 77,908 $ (17,093 ) $ 82,653 $ (24,239 ) Deferred tax expense (benefit) 266,949 (215,095 ) 270,255 (219,514 ) Income tax expense (benefit) $ 344,857 $ (232,188 ) $ 352,908 $ (243,753 ) Effective tax rate (3.9 )% 2.6 % (1.8 )% 1.3 % For the three and six months ended June 30, 2015, the Company recognized income tax expense consisting of foreign and U.S. income tax expenses. The foreign income tax expense relates to income taxes recognized as a result of the net income incurred by the Canadian operations and taxes paid on a dividend from the Comvita investment. The U.S. income tax expense consists of a deferred tax expense due to differences in financial reporting and tax treatment of goodwill net of amortization for financial reporting but not tax purposes of acquired identified intangible assets. The income tax benefit for the three and six months ended June 30, 2014 consisted of a U.S. deferred income tax benefit related to a reduction in the Company's U.S. valuation allowance to offset the tax impact of the unrealized gain on equity securities included in accumulated other comprehensive income and a tax benefit from foreign operations. In addition, the U.S. income tax benefit for the three and six months ended June 30, 2014 was reduced by the tax effect of differences in financial reporting and tax treatment of goodwill, net of amortization for financial reporting but not for tax purposes of acquired identified intangible assets.

Comvita and BioDLogics License

Comvita and BioDLogics License Agreements	6 Months Ended
	Jun. 30, 2015
Comvita and BioDLogics License Agreements [Abstract]
Comvita and BioDLogics License Agreements	9. Comvita and BioDLogics License Agreements Comvita Licensing Agreement In February 2010, the Company entered into a new agreement with Comvita (the "Comvita Agreement") under which the Company received perpetual and exclusive worldwide licensing rights for Manuka Honey based MEDIHONEY wound and skin care products for all markets outside of the consumer market (the “Comvita Agreement”). The Comvita Agreement also provides that Comvita will serve as the Company's supplier for Manuka Honey and will not provide Manuka Honey to any other entities for use in the professional medical-surgical marketplace. The Comvita Agreement calls for graduated royalty payments based on sales and milestone payments. The license rights may be terminated or rendered non-exclusive by Comvita if the Company fails to meet certain minimum royalty requirements. Comvita is a stockholder of the Company and its Chief Executive Officer serves on the Company's Board of Directors. The Company purchased $ 1,436,100 946,400 635,898 613,714 608,230 625,947 BioDLogics, LLC License Agreement On January 14, 2014, the Company entered into a license, market development and commercialization agreement (the “Agreement”) with BioDLogics, LLC (“BioD”) relating to BioD's human placental based products (the “Licensed Products”) and intellectual property related thereto. Under the Agreement, BioD granted to the Company an exclusive, perpetual, royalty-bearing license to use, offer for sale and sell, the Licensed Products in North America (the “Territory”), including the rights to sublicense solely as provided in the Agreement, for a broad range of dermal applications (the “Field”). During the term of the Agreement, the Company will be responsible for the sale and marketing of the Licensed Products in the Field throughout the Territory. As part of its commercialization efforts, the Company is required to fund clinical studies up to $ 2,000,000 1,375,554 The Company paid BioD an initial license fee of $ 1,250,000 100,000 25 11.81 75 129,750 1,379,750 seven 19,750,000 The Agreement may be terminated as follows: (i) upon mutual agreement of the parties; (ii) by BioD if the Company challenges certain BioD patents or trade secrets; (iii) by BioD if the Company fails to meet the annual minimum net sales requirement under the Agreement, unless the Company pays the difference between the amount of royalties that would have been due had the minimum annual net sales for such year been achieved and royalty payments made by the Company with respect to net sales during such year plus any milestone payments payable; or (iv) by either party in the event of a material breach or certain events of bankruptcy. The annual minimum net sales requirement commenced in 2015, and is $ 2,000,000

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2015
Contingencies [Abstract]
Contingencies	10. Contingencies On occasion, the Company is involved in claims and other legal actions arising in the ordinary course of business. In the opinion of management, the ultimate disposition of these matters will not have a material adverse effect on the Company's consolidated financial position, results of operations, or liquidity.

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policy)	6 Months Ended
	Jun. 30, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2015, are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. Information included in the consolidated balance sheet as of December 31, 2014 has been derived from the consolidated financial statements and footnotes thereto for the year ended December 31, 2014, included in the Annual Report on Form 10-K previously filed with the Securities and Exchange Commission. For further information refer to the Annual Report on Form 10-K for the year ended December 31, 2014.
Principles of Consolidation	Principles of Consolidation
Use of Estimates	Use of Estimates
Revenue Recognition	Revenue Recognition
Net Loss per Share	Net Loss per Share Potentially dilutive securities excluded as a result of the effects of being anti-dilutive are as follows: Three and Six Months Ended 2015 2014 Excluded dilutive shares: Convertible preferred stock 73,332 73,332 Additional stock issuable related to conversion of preferred stock 49,782 49,782 Restricted share units 677,500 744,850 Warrants 1,755,330 2,143,584 Stock options 2,540,607 2,324,554 Total dilutive shares 5,096,551 5,336,102
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements Revenue from Contracts with Customers In April 2015, the FASB issued ASU No. 2015-05, Customer's Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory

Organization and Summary of S17

Organization and Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Organization and Summary of Significant Accounting Policies [Abstract]
Potentially Dilutive Shares Excluded as Result of Effects Being Anti-dilutive	Three and Six Months Ended 2015 2014 Excluded dilutive shares: Convertible preferred stock 73,332 73,332 Additional stock issuable related to conversion of preferred stock 49,782 49,782 Restricted share units 677,500 744,850 Warrants 1,755,330 2,143,584 Stock options 2,540,607 2,324,554 Total dilutive shares 5,096,551 5,336,102

Cash and Cash Equivalents and18

Cash and Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents and Investments [Abstract]
Schedule of Cash and Cash Equivalents and Investments	June 30, 2015 December 31, 2014 Cash $ 12,152,935 $ 7,665,958 Money market mutual funds 852,760 11,730,887 Cash and cash equivalents 13,005,695 19,396,845 Investments in debt securities 45,000,230 55,996,000 Investment in equity securities 8,430,034 8,422,790 Total investments 53,430,264 64,418,790 Total cash and cash equivalents and investments $ 66,435,959 $ 83,815,635
Fair Value of Cash and Cash Equivalents and Investments	Fair Value Measurements, Using Total carrying Quoted prices Significant other Significant Cash and cash equivalents $ 13,005,695 $ 13,005,695 $ - $ - Investments in debt securities 45,000,230 45,000,230 - - Investment in equity securities 8,430,034 8,430,034 - - Total investments 53,430,264 53,430,264 - - Total $ 66,435,959 $ 66,435,959 $ - $ -

Inventories (Tables)

Inventories (Tables)	6 Months Ended
	Jun. 30, 2015
Inventories [Abstract]
Schedule of Inventories	June 30, 2015 December 31, 2014 Finished goods $ 14,119,038 $ 8,386,356 Work in process 77,115 838,679 Packaging materials 1,950,225 1,343,927 Raw materials 1,399,566 2,711,978 Total inventory $ 17,545,944 $ 13,280,940

Accrued Expenses and Other Cu20

Accrued Expenses and Other Current Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Accrued Expenses and Other Current Liabilities [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	June 30, 2015 December 31, 2014 Accrued compensation and related taxes $ 1,729,056 $ 2,930,525 Accrued Canadian sales rebate, net 121,945 633,162 Accrued royalties 571,212 463,823 Accrued sales incentives and other fees 487,995 557,918 Accrued research and development 610,315 844,230 Other 1,232,475 1,022,700 Total accrued expenses and other current liabilities $ 4,752,998 $ 6,452,358

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Schedule of Warrants Outstanding	Series Number of Warrants Exercise Price Expiration Date R 1,705,330 $ 9.90 June 22, 2016 S 50,000 $ 11.81 January 14, 2019 Total 1,755,330
Weighted Average Assumptions Used in Estimation of Fair Value of Option Awards	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.12 % 1.97 % 1.61 % 1.79 % Volatility factor 36.8 % 61.9 % 45.7 % 63.2 % Dividend yield 0 % 0 % 0 % 0 % Expected option life (years) 3.59 6.25 5.69 5.89
Summary of Stock Option Activity	Options Weighted Exercise Price Outstanding – January 1, 2015 2,166,959 $ 9.03 Granted 586,690 $ 8.68 Forfeited (59,524 ) $ 11.49 Exercised (128,518 ) $ 4.19 Expired (25,000 ) $ 9.58 Outstanding – June 30, 2015 2,540,607 $ 9.13 Expected to vest – June 30, 2015 2,515,201 $ 9.13 Exercisable at June 30, 2015 1,768,034 $ 8.61
Allocation of Stock Option Compensation Expense	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Cost of sales $ 36,898 $ 32,870 $ 109,601 $ 118,046 Selling, general and administrative expenses 540,568 623,336 1,324,646 1,836,158 Research and development (2,605 ) 82,385 44,184 103,171 Total stock option compensation expense $ 574,861 $ 738,591 $ 1,478,431 $ 2,057,375
Summary of Restricted Share Unit Activity	Number of Units Weighted Average Fair Value Unvested–January 1, 2015 651,883 $ 8.47 Granted 122,500 7.09 Vested (90,850 ) 10.22 Forfeited (6,033 ) 10.75 Unvested–June 30, 2015 677,500 $ 7.97
Common Stock Shares Reserved for Future Issuance	Convertible preferred stock (series A – B) 73,332 Additional stock issuable related to conversion of preferred stock (series A – B) 49,782 Common stock options outstanding 2,540,607 Common stock warrants outstanding 1,755,330 Restricted share units outstanding 677,500 Common stock equivalents available for grant 1,751,339 Total common stock shares reserved 6,847,890

Accumulated Other Comprehensi22

Accumulated Other Comprehensive Income (Tables)	6 Months Ended
	Jun. 30, 2015
Accumulated Other Comprehensive Income [Abstract]
Schedule of Accumulated Other Comprehensive Income	Foreign Currency Unrealized Loss Total Balance at January 1, 2015 $ 1,001,298 $ (89,735 ) $ 911,563 Current period - other comprehensive (loss) income (258,463 ) 4,458 (254,005 ) Balance at June 30, 2015 $ 742,835 $ (85,277 ) $ 657,558

Operating Segments (Tables)

Operating Segments (Tables)	6 Months Ended
	Jun. 30, 2015
Operating Segments [Abstract]
Schedule of Operating Segment Sales, Gross Profit, Segment Contribution and Other Related Information	Three Months Ended June 30, 2015 Advanced Wound Care Traditional Pharmaceutical Other Total Net sales $ 10,292,016 $ 12,264,348 $ - $ - $ 22,556,364 Gross profit 4,862,036 3,509,212 - - 8,371,248 Direct expense (8,694,042 ) (1,433,222 ) (4,259,947 ) - (14,387,211 ) Segment contribution $ (3,832,006 ) $ 2,075,990 $ (4,259,947 ) - (6,015,963 ) Indirect expenses $ (3,269,748 ) (3,269,748 ) Net loss $ (9,285,711 ) Three Months Ended June 30, 2014 Net sales $ 8,812,685 $ 12,103,540 $ - $ - $ 20,916,225 Gross profit 4,446,075 3,398,742 - - 7,844,817 Direct expense (7,663,928 ) (1,362,889 ) (4,361,559 ) - (13,388,376 ) Segment contribution $ (3,217,853 ) $ 2,035,853 $ (4,361,559 ) - (5,543,559 ) Indirect expenses $ (3,143,243 ) (3,143,243 ) Net loss $ (8,686,802 ) Six Months Ended June 30, 2015 Advanced Traditional Pharmaceutical Other Total Net sales $ 20,063,040 $ 21,991,976 $ - $ - $ 42,055,016 Gross profit 9,763,160 6,143,214 - - 15,906,374 Direct expense (17,129,122 ) (2,746,673 ) (8,418,223 ) - (28,294,018 ) Segment contribution $ (7,365,962 ) $ 3,396,541 $ (8,418,223 ) - (12,387,644 ) Indirect expenses $ (7,507,644 ) (7,507,644 ) Net loss $ (19,895,288 ) Six Months Ended June 30, 2014 Net sales $ 17,164,748 $ 23,538,510 $ - $ - $ 40,703,258 Gross profit 8,373,050 6,384,091 - - 14,757,141 Direct expense (15,309,862 ) (2,671,058 ) (8,540,726 ) - (26,521,646 ) Segment contribution $ (6,936,812 ) $ 3,713,033 $ (8,540,726 ) - (11,764,505 ) Indirect expenses $ (7,192,312 ) (7,192,312 ) Net loss $ (18,956,817 )
Schedule of Net Sales by Geographic Region	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 United States 83 % 75 % 83 % 74 % Canada 12 % 16 % 11 % 16 % Other 5 % 9 % 6 % 10 %

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2015
Income Taxes [Abstract]
Income Tax Benefit and Effective Tax Rate	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Current tax expense (benefit) $ 77,908 $ (17,093 ) $ 82,653 $ (24,239 ) Deferred tax expense (benefit) 266,949 (215,095 ) 270,255 (219,514 ) Income tax expense (benefit) $ 344,857 $ (232,188 ) $ 352,908 $ (243,753 ) Effective tax rate (3.9 )% 2.6 % (1.8 )% 1.3 %

Organization and Summary of S25

Organization and Summary of Significant Accounting Policies (Potentially Dilutive Shares Excluded as Result of Effects Being Anti-dilutive) (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	5,096,551	5,336,102	5,096,551	5,336,102
Convertible preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	73,332	73,332	73,332	73,332
Additional stock issuable related to conversion of preferred stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	49,782	49,782	49,782	49,782
Restricted share units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	677,500	744,850	677,500	744,850
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	1,755,330	2,143,584	1,755,330	2,143,584
Stock options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive securities	2,540,607	2,324,554	2,540,607	2,324,554

Cash and Cash Equivalents and26

Cash and Cash Equivalents and Investments (Narrative) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents and Investments [Abstract]
Equity securities	2,802,277
Ownership percentage	7.10%
Cost of equity investment	$ 8,483,693
Fair value of equity investment	8,430,034	$ 8,422,790
Unrealized loss recorded in accumulated other comprehensive income	$ 53,659

Cash and Cash Equivalents and27

Cash and Cash Equivalents and Investments (Schedule of Cash and Cash Equivalents and Investments) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Cash and Cash Equivalents and Investments [Abstract]
Cash	$ 12,152,935	$ 7,665,958
Money market mutual funds	852,760	11,730,887
Cash and cash equivalents	13,005,695	19,396,845	$ 57,089,886	$ 6,501,586
Investments in debt securities	45,000,230	55,996,000
Investments in equity securities	8,430,034	8,422,790
Total Investments	53,430,264	64,418,790
Total cash and cash equivalents and investments	$ 66,435,959	$ 83,815,635

Cash and Cash Equivalents and28

Cash and Cash Equivalents and Investments (Fair Value of Cash and Cash Equivalents and Investments) (Details)	Jun. 30, 2015USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 13,005,695
Investments	53,430,264
Total	66,435,959
Quoted prices in active markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	13,005,695
Investments	53,430,264
Total	$ 66,435,959
Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Investments
Total
Significant unobservable inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents
Investments
Total
Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 45,000,230
Debt Securities [Member] | Quoted prices in active markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 45,000,230
Debt Securities [Member] | Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Debt Securities [Member] | Significant unobservable inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Equity Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 8,430,034
Equity Securities [Member] | Quoted prices in active markets (Level 1) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments	$ 8,430,034
Equity Securities [Member] | Significant other observable inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments
Equity Securities [Member] | Significant unobservable inputs (Level 3) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments

Inventories (Details)

Inventories (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Inventories [Abstract]
Finished goods	$ 14,119,038	$ 8,386,356
Work in process	77,115	838,679
Packaging materials	1,950,225	1,343,927
Raw materials	1,399,566	2,711,978
Total inventory	$ 17,545,944	$ 13,280,940

Accrued Expenses and Other Cu30

Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Accrued Expenses and Other Current Liabilities [Abstract]
Accrued compensation and related taxes	$ 1,729,056	$ 2,930,525
Accrued Canadian sales rebate, net	121,945	633,162
Accrued royalties	571,212	463,823
Accrued sales incentives and other fees	487,995	557,918
Accrued research and development	610,315	844,230
Other	1,232,475	1,022,700
Total accrued expenses and other current liabilities	$ 4,752,998	$ 6,452,358

Stockholders' Equity (Narrative

Stockholders' Equity (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended
	May. 31, 2015	Jun. 30, 2015	Dec. 31, 2014
Stockholders' Equity [Abstract]
Convertible preferred stock, shares outstanding		73,332	73,332
Number of common stock shares issuable for preferred stock		123,114
Additional shares issuable		49,782
Shares issued during the period		487,346
Amount received upon the exercise of stock purchase warrants and options		$ 1,991,130
Shares of common stock issued in connection with the vesting of restricted common stock		83,659
Shares of restricted common stock vested		90,850
Shares of common stock issued upon the exercise of stock purchase warrants and options		403,687
Shares issued for options		76,754
Intrinsic value of options exercised		$ 518,884
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized		6,000,000
Shares available for grant		1,751,339
Granted		586,690
Shares withheld in satisfaction of employee tax withholding obligations		7,191
Fair value of shares withheld in satisfaction of employee tax withholding obligations		$ 67,409
Stock options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expiration period		10 years
Granted	15,000
Restricted share units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost		$ 2,309,461
Remaining weighted average vesting period		7 months 6 days
Service based options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		428,690
Weighted average fair value per share of options granted		$ 3.86
Unrecognized compensation cost		$ 2,993,118
Remaining weighted average vesting period		2 years 14 days
Performance based options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		158,000
Weighted average fair value per share of options granted		$ 3.86
Unrecognized compensation cost		$ 306,540
Remaining weighted average vesting period		6 months 4 days

Stockholders' Equity (Schedule

Stockholders' Equity (Schedule of Warrants Outstanding) (Details) - Jun. 30, 2015 - $ / shares	Total
Class of Warrant or Right [Line Items]
Number of Warrants	1,755,330
Warrants exercised	326,933
Warrants exercised, shares issued	326,933
Warrants forfeited	6,821
N [Member]
Class of Warrant or Right [Line Items]
Warrants exercised	100,000
O [Member]
Class of Warrant or Right [Line Items]
Warrants exercised	93,600
Warrants forfeited	4,634
P [Member]
Class of Warrant or Right [Line Items]
Warrants forfeited	2,187
Q [Member]
Class of Warrant or Right [Line Items]
Warrants exercised	133,333
R [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	1,705,330
Exercise Price	$ 9.90
S [Member]
Class of Warrant or Right [Line Items]
Number of Warrants	50,000
Exercise Price	$ 11.81

Stockholders' Equity (Weighted

Stockholders' Equity (Weighted Average Assumptions Used in Estimation of Fair Value of Option Awards) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stockholders' Equity [Abstract]
Risk free interest rate	1.12%	1.97%	1.61%	1.79%
Volatility factor	36.80%	61.90%	45.70%	63.20%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected option life (years)	3 years 7 months 2 days	6 years 3 months	5 years 8 months 8 days	5 years 10 months 20 days
Forfeiture rate	1.00%	1.00%	1.00%	1.00%

Stockholders' Equity (Summary o

Stockholders' Equity (Summary of Stock Option Activity) (Details) - Jun. 30, 2015 - $ / shares	Total
Number of Shares
Outstanding - beginning balance	2,166,959
Granted	586,690
Forfeited	(59,524)
Exercised	(128,518)
Expired	(25,000)
Outstanding - ending balance	2,540,607
Expected to vest	2,515,201
Exercisable	1,768,034
Weighted Average Exercise Price Per Share
Outstanding - beginning balance	$ 9.03
Granted	8.68
Forfeited	11.49
Exercised	4.19
Expired	9.58
Outstanding - ending balance	9.13
Expected to vest	9.13
Exercisable	$ 8.61

Stockholders' Equity (Allocatio

Stockholders' Equity (Allocation of Stock Option Compensation Expense) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Selling, general and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Additional compensation expense due to accelerated vesting	$ 70,670			$ 48,536
Stock options [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense	574,861	$ 738,591	$ 1,478,431	2,057,375
Stock options [Member] | Cost of sales [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense	36,898	32,870	109,601	118,046
Stock options [Member] | Selling, general and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense	540,568	623,336	1,324,646	1,836,158
Stock options [Member] | Research and development [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense	(2,605)	82,385	44,184	103,171
Restricted share units [Member] | Selling, general and administrative expenses [Member]
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock based compensation expense	$ 666,966	$ 715,117	$ 1,319,707	$ 1,390,033

Stockholders' Equity (Summary36

Stockholders' Equity (Summary of Restricted Share Unit Activity) (Details) - 6 months ended Jun. 30, 2015 - $ / shares	Total
Number of Shares
Unvested beginning balance	651,883
Granted	122,500
Vested	(90,850)
Forfeited	(6,033)
Unvested ending balance	677,500
Weighted Average Fair Value
Unvested beginning balance	$ 8.47
Granted	7.09
Vested	10.22
Forfeited	10.75
Unvested ending balance	$ 7.97

Stockholders' Equity (Common St

Stockholders' Equity (Common Stock Shares Reserved for Future Issuance) (Details)	Jun. 30, 2015shares
Class of Stock [Line Items]
Common stock shares reserved for future issuance	6,847,890
Convertible preferred shares (series A - B) [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	73,332
Additional stock issuable related to conversion of preferred stock (series A - B) [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	49,782
Common stock options outstanding [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	2,540,607
Common stock warrants outstanding [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,755,330
Restricted share units outstanding [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	677,500
Common stock equivalents available for grant [Member]
Class of Stock [Line Items]
Common stock shares reserved for future issuance	1,751,339

Accumulated Other Comprehensi38

Accumulated Other Comprehensive Income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			$ 911,563
Current period - other comprehensive (loss) income	$ (106,999)	$ 980,435	(254,005)	$ 401,148
Ending balance	657,558		657,558
Foreign Currency Translation Adjustments [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			1,001,298
Current period - other comprehensive (loss) income			(258,463)
Ending balance	742,835		742,835
Unrealized Loss on Equity Securities [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Beginning balance			(89,735)
Current period - other comprehensive (loss) income			4,458
Ending balance	$ (85,277)		$ (85,277)

Operating Segments (Narrative)

Operating Segments (Narrative) (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net sales [Member] | Customer [Member]
Concentration Risk [Line Items]
Concentration percentage	12.00%	16.00%	11.00%	16.00%

Operating Segments (Schedule of

Operating Segments (Schedule of Operating Segment Sales, Gross Profit, Segment Contribution and Other Related Information) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Segment Reporting Information [Line Items]
Net sales	$ 22,556,364	$ 20,916,225	$ 42,055,016	$ 40,703,258
Gross profit	8,371,248	7,844,817	15,906,374	14,757,141
Direct expense	(14,387,211)	(13,388,376)	(28,294,018)	(26,521,646)
Segment contribution	(6,015,963)	(5,543,559)	(12,387,644)	(11,764,505)
Indirect expenses	(3,269,748)	(3,143,243)	(7,507,644)	(7,192,312)
Net Loss	(9,285,711)	(8,686,802)	(19,895,288)	(18,956,817)
Advanced Wound Care [Member]
Segment Reporting Information [Line Items]
Net sales	10,292,016	8,812,685	20,063,040	17,164,748
Gross profit	4,862,036	4,446,075	9,763,160	8,373,050
Direct expense	(8,694,042)	(7,663,928)	(17,129,122)	(15,309,862)
Segment contribution	(3,832,006)	(3,217,853)	(7,365,962)	(6,936,812)
Traditional Wound Care [Member]
Segment Reporting Information [Line Items]
Net sales	12,264,348	12,103,540	21,991,976	23,538,510
Gross profit	3,509,212	3,398,742	6,143,214	6,384,091
Direct expense	(1,433,222)	(1,362,889)	(2,746,673)	(2,671,058)
Segment contribution	$ 2,075,990	$ 2,035,853	$ 3,396,541	$ 3,713,033
Pharmaceutical Wound Care [Member]
Segment Reporting Information [Line Items]
Net sales
Gross profit
Direct expense	$ (4,259,947)	$ (4,361,559)	$ (8,418,223)	$ (8,540,726)
Segment contribution	$ (4,259,947)	$ (4,361,559)	$ (8,418,223)	$ (8,540,726)
Other [Member]
Segment Reporting Information [Line Items]
Net sales
Gross profit
Direct expense
Segment contribution
Indirect expenses	$ (3,269,748)	$ (3,143,243)	$ (7,507,644)	$ (7,192,312)

Operating Segments (Schedule 41

Operating Segments (Schedule of Net Sales by Geographic Region) (Details) - Net sales [Member] - Geographic Concentration Risk [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Unites States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration percentage	83.00%	75.00%	83.00%	74.00%
Canada [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration percentage	12.00%	16.00%	11.00%	16.00%
Other [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration percentage	5.00%	9.00%	6.00%	10.00%

Income Taxes (Schedule of Incom

Income Taxes (Schedule of Income Tax Expense (Benefit) and Effective Tax Rate) (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Taxes [Abstract]
Current tax expense (benefit)	$ 77,908	$ (17,093)	$ 82,653	$ (24,239)
Deferred tax expense (benefit)	266,949	(215,095)	270,255	(219,514)
Income tax expense (benefit)	$ 344,857	$ (232,188)	$ 352,908	$ (243,753)
Effective tax rate	(3.90%)	2.60%	(1.80%)	1.30%

Comvita and BioDLogics Licens43

Comvita and BioDLogics License Agreements (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2015	Dec. 31, 2014
Comvita Agreement [Member]
Licensing Agreements [Line Items]
Purchases from related party	$ 1,436,100	$ 946,400
Royalties	635,898	$ 613,714
Due to related party	608,230			$ 608,230	$ 625,947
BioD Agreement [Member]
Licensing Agreements [Line Items]
Commitment to fund clinical studies	2,000,000			2,000,000
Payments incurred and paid for agreement	1,375,554			$ 1,375,554
Initial fee			$ 1,250,000
Shares called by warrant			100,000
Exercise Price			$ 11.81
Fair value of warrants			$ 129,750
Consideration paid for agreement			$ 1,379,750
Amortization period				7 years
Maximum milestone payments	$ 19,750,000			$ 19,750,000
Milestone sales				$ 2,000,000
BioD Agreement [Member] | Immediately [Member]
Licensing Agreements [Line Items]
Vesting rate			25.00%
BioD Agreement [Member] | Milestones [Member]
Licensing Agreements [Line Items]
Vesting rate			75.00%