Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ANIKA THERAPEUTICS INC | ' | ' |
Document Type | '10-K | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 14,324,920 | ' |
Entity Public Float | ' | ' | $228,892,947 |
Amendment Flag | 'false | ' | ' |
Entity Central Index Key | '0000898437 | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets(USD ($)) | Dec. 31, 2013 | Dec. 31, 2012 |
Current assets: | ' | ' |
Cash and cash equivalents | $63,333,160 | $44,067,477 |
Accounts receivable, net of reserves of $593,023 and $337,459 at December 31, 2013 and 2012, respectively | 18,736,845 | 21,462,481 |
Inventories | 10,996,785 | 8,283,472 |
Current portion deferred income taxes | 659,040 | 2,031,583 |
Prepaid expenses and other | 865,957 | 1,539,477 |
Total current assets | 94,591,787 | 77,384,490 |
Property and equipment, at cost | 52,413,423 | 52,376,013 |
Less: accumulated depreciation | -19,474,712 | -17,263,032 |
32,938,711 | 35,112,981 | |
Long-term deposits and other | 69,080 | 171,053 |
Intangible assets, net | 18,998,409 | 20,334,636 |
Goodwill | 9,443,894 | 9,065,891 |
Total Assets | 156,041,881 | 142,069,051 |
Current liabilities: | ' | ' |
Accounts payable | 2,793,911 | 2,341,838 |
Accrued expenses | 5,537,881 | 5,837,044 |
Deferred revenue | 180,433 | 2,875,067 |
Current portion of long-term debt | ' | 1,600,000 |
Income taxes payable | 770,276 | 1,798,669 |
Total current liabilities | 9,282,501 | 14,452,618 |
Other long-term liabilities | 1,133,544 | 1,541,124 |
Long-term deferred revenue | 2,054,941 | 2,152,778 |
Deferred tax liability | 7,936,864 | 6,997,397 |
Long-term debt | ' | 8,000,000 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at December 31, 2013 and 2012, respectively | ' | ' |
Common stock, $.01 par value; 30,000,000 shares authorized, 14,289,308 and 13,866,060 shares issued and outstanding at December 31, 2013 and 2012, respectively | 142,893 | 138,659 |
Additional paid-in-capital | 70,606,031 | 65,431,424 |
Accumulated currency translation adjustment | -1,699,095 | -2,654,630 |
Retained earnings | 66,584,202 | 46,009,681 |
Total stockholders’ equity | 135,634,031 | 108,925,134 |
Total Liabilities and Stockholders’ Equity | $156,041,881 | $142,069,051 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts receivable, net of reserves (in Dollars) | $593,023 | $337,459 |
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 1,250,000 | 1,250,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 14,289,308 | 13,866,060 |
Common stock,shares outstanding | 14,289,308 | 13,866,060 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Product revenue | $71,773,730 | $68,010,169 | $61,956,386 |
Licensing, milestone and contract revenue | 3,307,424 | 3,348,336 | 2,822,249 |
Total revenue | 75,081,154 | 71,358,505 | 64,778,635 |
Operating expenses | ' | ' | ' |
Cost of product revenue | 22,765,404 | 28,988,621 | 26,783,738 |
Research & development | 7,059,875 | 5,388,036 | 6,168,937 |
Selling, general & administrative | 12,936,001 | 14,728,662 | 17,858,558 |
Restructuring charges | -286,843 | 2,537,988 | ' |
Total operating expenses | 42,474,437 | 51,643,307 | 50,811,233 |
Income from operations | 32,606,717 | 19,715,198 | 13,967,402 |
Interest income (expense), net | -127,186 | -187,777 | -182,388 |
Income before income taxes | 32,479,531 | 19,527,421 | 13,785,014 |
Provision for income taxes | 11,905,010 | 7,769,961 | 5,318,334 |
Net income | 20,574,521 | 11,757,460 | 8,466,680 |
Basic net income per share: | ' | ' | ' |
Net income (in Dollars per share) | $1.46 | $0.89 | $0.65 |
Basic weighted average common shares outstanding (in Shares) | 14,086,912 | 13,260,739 | 13,064,051 |
Diluted net income per share: | ' | ' | ' |
Net income (in Dollars per share) | $1.39 | $0.82 | $0.62 |
Diluted weighted average common shares outstanding (in Shares) | 14,825,599 | 14,344,577 | 13,747,813 |
Net income | 20,574,521 | 11,757,460 | 8,466,680 |
Other comprehensive income (loss) | ' | ' | ' |
Foreign currency translation adjustment | 955,535 | 412,551 | -519,405 |
Comprehensive income | $21,530,056 | $12,170,011 | $7,947,275 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Total |
Balance at Dec. 31, 2010 | $134,823 | $61,817,558 | $25,785,541 | ($2,547,776) | $85,190,146 |
Balance (in Shares) at Dec. 31, 2010 | 13,482,384 | ' | ' | ' | ' |
Issuance of common stock for employee equity awards | 1,482 | 158,988 | ' | ' | 160,470 |
Issuance of common stock for employee equity awards (in Shares) | 148,223 | ' | ' | ' | ' |
Tax benefit related to stock based compensation | ' | 274,190 | ' | ' | 274,190 |
Stock based compensation expense | ' | 1,190,697 | ' | ' | 1,190,697 |
Net income | ' | ' | 8,466,680 | ' | 8,466,680 |
Other comprehensive income (loss) | ' | ' | ' | -519,405 | -519,405 |
Balance at Dec. 31, 2011 | 136,305 | 63,441,433 | 34,252,221 | -3,067,181 | 94,762,778 |
Balance (in Shares) at Dec. 31, 2011 | 13,630,607 | ' | ' | ' | ' |
Issuance of common stock for employee equity awards | 2,354 | 386,321 | ' | ' | 388,675 |
Issuance of common stock for employee equity awards (in Shares) | 235,453 | ' | ' | ' | ' |
Tax benefit related to stock based compensation | ' | 452,471 | ' | ' | 452,471 |
Stock based compensation expense | ' | 1,151,199 | ' | ' | 1,151,199 |
Net income | ' | ' | 11,757,460 | ' | 11,757,460 |
Other comprehensive income (loss) | ' | ' | ' | 412,551 | 412,551 |
Balance at Dec. 31, 2012 | 138,659 | 65,431,424 | 46,009,681 | -2,654,630 | 108,925,134 |
Balance (in Shares) at Dec. 31, 2012 | 13,866,060 | ' | ' | ' | ' |
Issuance of common stock for employee equity awards | 4,234 | 3,049,707 | ' | ' | 3,053,941 |
Issuance of common stock for employee equity awards (in Shares) | 423,248 | ' | ' | ' | ' |
Tax benefit related to stock based compensation | ' | 856,830 | ' | ' | 856,830 |
Stock based compensation expense | ' | 1,268,070 | ' | ' | 1,268,070 |
Net income | ' | ' | 20,574,521 | ' | 20,574,521 |
Other comprehensive income (loss) | ' | ' | ' | 955,535 | 955,535 |
Balance at Dec. 31, 2013 | $142,893 | $70,606,031 | $66,584,202 | ($1,699,095) | $135,634,031 |
Balance (in Shares) at Dec. 31, 2013 | 14,289,308 | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Cash flows from operating activities: | ' | ' | ' |
Net income | $20,574,521 | $11,757,460 | $8,466,680 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 4,772,491 | 4,525,247 | 4,002,391 |
Stock-based compensation expense | 1,268,070 | 1,151,199 | 1,190,697 |
Deferred income taxes | 2,205,608 | -10,269 | 1,989,708 |
Provision for doubtful accounts | 238,071 | 135,353 | 331,528 |
Provision for inventory | 171,089 | 1,310,953 | 1,427,862 |
Gain on sale of assets | -126,284 | ' | ' |
Tax benefit from exercise of stock options | -856,830 | -452,471 | -274,190 |
Restructuring (credits) charges | -160,559 | 1,604,256 | ' |
Changes in operating assets and liabilities: | ' | ' | ' |
Accounts receivable | 2,411,247 | -4,271,129 | -2,998,037 |
Inventories | -2,823,059 | -2,370,318 | 224,714 |
Prepaid expenses and other current assets | 204,519 | 200,453 | 947,263 |
Long-term deposits and other | 101,986 | 33,995 | 179,939 |
Accounts payable | 622,928 | -2,879,330 | -6,594,292 |
Accrued expenses | -376,897 | 1,420,131 | 1,042,845 |
Deferred revenue | -2,795,285 | -2,858,262 | -213,888 |
Income taxes payable | 152,364 | 1,268,442 | 450,482 |
Other long-term liabilities | -418,979 | -17,033 | -568 |
Net cash provided by operating activities | 25,165,001 | 10,548,677 | 10,173,134 |
Cash flows from investing activities: | ' | ' | ' |
Purchase of property and equipment | -440,890 | -1,504,707 | -1,400,348 |
Proceeds from sale of assets | 187,735 | ' | ' |
Net cash used in investing activities | -253,155 | -1,504,707 | -1,400,348 |
Cash flows from financing activities: | ' | ' | ' |
Principal payments on debt | -9,600,000 | -1,600,000 | -1,600,000 |
Proceeds from exercise of stock options | 3,053,941 | 388,675 | 160,470 |
Tax benefit from exercise of stock options | 856,830 | 452,471 | 274,190 |
Net cash used in financing activities | -5,689,229 | -758,854 | -1,165,340 |
Exchange rate impact on cash | 43,066 | 5,139 | -32,156 |
Increase in cash and cash equivalents | 19,265,683 | 8,290,255 | 7,575,290 |
Cash and cash equivalents at beginning of period | 44,067,477 | 35,777,222 | 28,201,932 |
Cash and cash equivalents at end of period | 63,333,160 | 44,067,477 | 35,777,222 |
Supplemental disclosure of cash flow information: | ' | ' | ' |
Cash paid for income taxes | 9,841,546 | 6,496,000 | 2,651,212 |
Cash paid for interest | $125,978 | $184,881 | $193,880 |
Note_1_Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Nature of Operations [Text Block] | ' |
1. Business | |
Anika Therapeutics, Inc. (“Anika,” the “Company,” “we,” “us,” or “our”) develops, manufactures and commercializes therapeutic products for tissue protection, healing and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells. | |
The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA and foreign regulations and approval requirements, as well as the ability to grow the Company’s business. | |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies [Text Block] | ' | ||||||||
2. Summary of Significant Accounting Policies | |||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period and intra-period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. | |||||||||
Foreign Currency Translation | |||||||||
The functional currency of our foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment. | |||||||||
The Company recognized gains from foreign currency transactions of $259,275 and $200,452 during the years ended December 31, 2013, and 2012 respectively and a loss from foreign currency transactions of $623,093 in 2011. | |||||||||
Fair Value Measurements | |||||||||
Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may be used to measure fair value are: | |||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange. | ||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability. | ||||||||
Cash equivalents in money market accounts measured and recorded at fair value on a recurring basis were $34,266,501 and $34,264,268 at December 31, 2013 and 2012 respectively, and were classified as Level 2 and Level 1 instruments, accordingly. | |||||||||
The Company did not have any debt instruments as of December 31, 2013. The carrying value of our debt instrument at December 31, 2012 was $9,600,000. The estimated fair value of our debt instrument at December 31, 2012 approximated book value using market observable inputs and interest rate measurements. | |||||||||
Allowance for Doubtful Accounts | |||||||||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends and changes in our customer payment terms. Our allowance for doubtful accounts on trade accounts receivable was $593,023 and $337,459 at December 31, 2013 and 2012, respectively. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of the year | $ | 337,459 | $ | 334,473 | |||||
Amounts provided | 255,564 | 138,339 | |||||||
Amounts written off | - | (135,353 | ) | ||||||
Balance, end of the year | $ | 593,023 | $ | 337,459 | |||||
There were no uncollectible trade accounts receivables written-off in 2013. Uncollectible trade accounts receivable written-off were $135,353 and $2,047 in 2012, and 2011, respectively. Provisions for bad debt expense were $238,071, $138,339, and $306,520 in 2013, 2012, and 2011, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||
Revenue Recognition - General | |||||||||
We recognize revenue from product sales when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. | |||||||||
Product Revenue | |||||||||
Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. | |||||||||
Product revenue also includes royalties. Royalty revenue is based on our distributors’ sales and recognized in the same period our distributors record their sale of products manufactured by us. On a quarterly basis we record royalty revenue based upon sales projections provided to us by our distributor customers. If necessary we adjust our estimates based upon final sales data received prior to issuing our quarterly unaudited or annual audited financial statements. | |||||||||
Pursuant to the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC 605-45. For the period ending December 31, 2013, amounts included in revenue and cost of goods sold for the MDET were immaterial. | |||||||||
Licensing, Milestone and Contract Revenue | |||||||||
Licensing, milestone, and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development and/or supply agreements with partners for the development and commercialization of the Company’s products. | |||||||||
The terms of the agreements typically include non-refundable license fees, funding of research and development, and payments based upon achievement of certain milestones. The Company adopted ASU 2009-13, Revenue Recognition, in January 2011, which amends ASC Subtopic 605-25, Multiple Element Arrangements (“ASC 605-25”) to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC 605-25, as amended by ASU 2009-13, in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable upfront fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations. | |||||||||
Cash, Cash Equivalents and Marketable Investments | |||||||||
We consider only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with original maturities in excess of three months. | |||||||||
At December 31, 2013 and 2012, respectively, cash equivalents were comprised of money market funds secured by U.S. Treasury obligations, which approximates fair market value. We had no marketable investments at December 31, 2013 and 2012, respectively. | |||||||||
Concentration of Credit Risk and Significant Customers | |||||||||
The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts or other foreign hedging arrangements. The Company currently maintains its cash equivalent balance with one major international financial institution. | |||||||||
The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. | |||||||||
As of December 31, 2013, Mitek, Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Pharmascience, Inc., and Bausch & Lomb, combined, represented 67% of the Company’s accounts receivable balance. As of December 31, 2012, Mitek, Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Rivex Pharma, and Takeda, combined, represented 78% of the Company’s accounts receivable balance. | |||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. | |||||||||
The Company’s policy is to write-down inventory when conditions exist that suggests inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for the Company’s products and market conditions. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors including, but not limited to: historical usage rates, forecasted sales or usage, product end of life dates, and estimated current or future market values. Purchasing requirements and alternative usage avenues are explored within these processes to mitigate inventory exposure. | |||||||||
When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory of $10,996,785 and $8,283,472 as of December 31, 2013 and 2012, respectively, is stated net of aggregate inventory write-downs of $758,106 and $1,161,805, respectively. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those projected, additional inventory write-downs may be required. | |||||||||
Property and Equipment | |||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Computer hardware and software are typically amortized over three to five years, and furniture and fixtures over five to seven years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases which range from six months to 24 years at December 31, 2013. Property and equipment under capital leases are amortized over the lesser of the lease terms or their estimated useful lives. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income. | |||||||||
Goodwill and Acquired Intangible Assets | |||||||||
Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that we acquire that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. | |||||||||
Goodwill and IPR&D are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period, or a reduction of our market capitalization relative to net book value. | |||||||||
To conduct impairment tests of goodwill, the fair value of the acquired reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. We estimate the fair value for reporting units using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to; risk free rate of return on an investment, weighted average cost of capital, future revenue, operating margin, working capital and capital expenditure needs. Our annual assessment for impairment of goodwill as of November 30, 2013 indicated that the fair value of our reporting units exceeded the carrying value of the reporting units. Anika S.r.l. is our only acquired reporting unit and currently holds 100% of the goodwill associated with the 2009 acquisition of that company. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||
To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. We estimate the fair value for IPR&D projects using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to: estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. Our annual assessment for impairment of IPR&D indicated that the fair value of our IPR&D as of November 30, 2013 exceeded their respective carrying values. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we terminated an IPR&D project related to our tissue engineering operation and included an expense of approximately $1.2 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 16 for additional disclosure. | |||||||||
Long-Lived Assets | |||||||||
Long-lived assets primarily include property and equipment and intangible assets with finite lives (including purchased software and trade names). Purchased software is amortized over 2 to 10 years and trade names are amortized over 10 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis. | |||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we disposed of long-lived assets related to our tissue engineering operation and included an expense of approximately $0.3 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 16 for additional disclosure. | |||||||||
Restructuring Charges | |||||||||
Restructuring charges are primarily comprised of severance costs, activity termination costs and costs of facility closure. Restructuring charges are recorded upon approval of a formal management plan and are included in the operating results of the period in which such plan is approved and the expense becomes estimable. To estimate restructuring charges, management utilizes assumptions such as the number of employees that would be involuntarily terminated and the future costs to operate and eventually terminate the subject activity. | |||||||||
Research and Development | |||||||||
Research and development costs consist primarily of salaries and related expenses for personnel and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred. | |||||||||
Stock-Based Compensation | |||||||||
We measure the compensation cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 10 for a description of the types of stock-based awards granted, the compensation expense related to such awards, and detail of equity-based awards outstanding. See Note 14 for detail of the tax benefit recognized in the consolidated statement of operations related to stock-based compensation. | |||||||||
Income Taxes | |||||||||
Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent we establish a valuation allowance or increase or decrease this allowance in a given period, we include the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period. | |||||||||
Comprehensive Income | |||||||||
Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, we do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to reinvest permanently undistributed earnings of our foreign subsidiary. Accumulated other comprehensive income (loss) is reported as a component of stockholders' equity and, as of December 31, 2013 and 2012, respectively, was comprised solely of cumulative translation adjustments. | |||||||||
Segment Information | |||||||||
Operating segments, as defined under U.S. GAAP, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reporting, the Company has one reportable operating segment, the results of which are disclosed in the accompanying consolidated financial statements. | |||||||||
Recent Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The provisions of ASU 2013-02 are effective for annual and interim periods beginning after December 15, 2012. The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. The adoption of this amendment did not have a material impact on our consolidated financial position, results of operations, or cash flows. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The provisions of ASU 2013-05 are effective for annual and interim periods beginning after December 15, 2013. The objective of the amendments in this update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. The adoption of this amendment will not have a material impact on our consolidated financial position, results of operations, or cash flows. | |||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The provisions of ASU 2013-11 are effective for annual and interim periods beginning after December 15, 2013. The main provisions of ASU 2013-11 require an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for the following; a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The adoption of this amendment will not have a material impact on our consolidated financial position, results of operations, or cash flows. | |||||||||
Note_3_Earnings_per_Share_EPS
Note 3 - Earnings per Share ("EPS") | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share [Text Block] | ' | ||||||||||||
3. Earnings per Share (“EPS”) | |||||||||||||
Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, stock appreciation rights (“SAR’s”), restricted shares and restricted stock units (collectively “RSA’s”) using the treasury stock method. | |||||||||||||
The following table provides share information used in the calculation of the Company's basic and diluted earnings per share: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Shares used in the calculation of Basic earnings per share | 14,086,912 | 13,260,739 | 13,064,051 | ||||||||||
Effect of dilutive securities: | 738,687 | 1,083,838 | 683,762 | ||||||||||
Stock options, SAR's, RSA's, and shares held in escrow | |||||||||||||
Diluted shares used in the calculation of earnings per share | 14,825,599 | 14,344,577 | 13,747,813 | ||||||||||
Stock options to purchase 21,326 shares, 131,273 shares, and 1,142,840 shares for 2013, 2012 and 2011, respectively, were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. | |||||||||||||
At December 31, 2013, 2012 and 2011, 52,339 shares, 54,124 shares, and 59,196 shares of issued and outstanding unvested restricted stock, respectively, were excluded from the basic earnings per share calculation in accordance with ASC 260. | |||||||||||||
Note_4_Inventories
Note 4 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Schedule of Utility Inventory [Table Text Block] | ' | ||||||||
4. Inventories | |||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 5,926,030 | $ | 6,109,807 | |||||
Work-in-process | 2,308,233 | 777,056 | |||||||
Finished goods | 2,762,522 | 1,396,609 | |||||||
Total | $ | 10,996,785 | $ | 8,283,472 | |||||
Note_5_Property_and_Equipment
Note 5 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | ||||||||
5. Property and Equipment | |||||||||
Property and equipment is stated at cost and consists of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 23,326,622 | $ | 22,863,921 | |||||
Furniture and fixtures | 1,316,014 | 1,274,477 | |||||||
Leasehold improvements | 27,613,495 | 28,195,345 | |||||||
Construction in progress | 157,292 | 42,270 | |||||||
Subtotal | 52,413,423 | 52,376,013 | |||||||
Less accumulated depreciation | (19,474,712 | ) | (17,263,032 | ) | |||||
Total | $ | 32,938,711 | $ | 35,112,981 | |||||
Depreciation expense was $2,678,745, $2,496,749 and $1,816,188 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||
Note_6_Acquired_Intangible_Ass
Note 6 - Acquired Intangible Assets, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
6. Acquired Intangible Assets, Net | |||||||||||||||||||||||||
In November 2007, in connection with the termination of the agreement with Galderma which originally granted to Galderma the worldwide rights to commercialization, distribution, and marketing of ELEVESS products, the Company reacquired the worldwide rights and control of the future development and marketing of ELEVESS. The intangible asset realized during this process was the ELEVESS trade name. | |||||||||||||||||||||||||
On December 30, 2009, in connection with the acquisition of Anika S.r.l., the Company purchased various intangible assets. The Company finalized the purchase price allocation relative to this acquisition during the fourth quarter of 2010. | |||||||||||||||||||||||||
We completed our annual impairment review as of November 30, 2013 and concluded that no impairment in the carrying value exists as of that date with respect to both goodwill and IPR&D. Through December 31, 2013 there have not been any events or changes in circumstances that indicate that the carrying value of goodwill or acquired intangible assets may not be recoverable. The excess of the fair value of the equity of the Anika S.r.l. reporting unit over its carrying value at November 30, 2013 increased from the prior year. The Company continues to monitor and evaluate the financial performance of the Anika S.r.l. business including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its book value. See Note 16, Restructuring, for additional disclosure. | |||||||||||||||||||||||||
Amortization expense was $2,093,746, $2,028,498, and $2,186,203 for the years ended December 31, 2013, 2012 and 2011, respectively. As of December 31, 2013, amortization expense on intangible assets for the next five years is expected to be approximately $2.0 million annually. | |||||||||||||||||||||||||
Intangible assets, stated at cost, consist of the following: | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Value | Currency | Accumulated | Net Book | Net Book | Useful | ||||||||||||||||||||
Translation | Amortization | Value | Value | Life | |||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (950,299 | ) | $ | (3,996,698 | ) | $ | 11,753,003 | $ | 12,370,042 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (216,559 | ) | - | 5,286,127 | 4,980,574 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (423,532 | ) | (3,412,813 | ) | 863,655 | 1,733,453 | 5 | |||||||||||||||||
Patents | 1,000,000 | (53,908 | ) | (226,518 | ) | 719,574 | 749,166 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (623,950 | ) | 376,050 | 501,401 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (1,644,298 | ) | $ | (8,259,979 | ) | $ | 18,998,409 | $ | 20,334,636 | |||||||||||||
Note_7_Accrued_Expenses
Note 7 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
7. Accrued Expenses | |||||||||
Accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Payroll and benefits | $ | 2,728,616 | $ | 2,477,833 | |||||
Professional fees | 383,231 | 642,853 | |||||||
Clinical trial costs | 882,651 | 102,414 | |||||||
Research grants | 610,498 | 844,803 | |||||||
Restructuring costs | 24,638 | 933,732 | |||||||
Other | 908,247 | 835,409 | |||||||
Total | $ | 5,537,881 | $ | 5,837,044 | |||||
Note_8_Deferred_Revenue
Note 8 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2013 | |
Deferred Revenue Disclosure [Abstract] | ' |
Deferred Revenue Disclosure [Text Block] | ' |
8. Deferred Revenue | |
In December 2003, the Company entered into a ten-year licensing and supply agreement (the “JNJ Agreement”) with Ortho Biotech Products, L.P., a member of the Johnson & Johnson family of companies, to market ORTHOVISC in the U.S. In mid-2005, the agreement was assigned to Mitek. Under the JNJ Agreement, Mitek performs sales, marketing and distribution functions and licenses the right to further develop and commercialize ORTHOVISC as well as other new products for the treatment of pain associated with osteoarthritis based on the Company’s viscosupplementation technology. In support of the license, the JNJ Agreement provides that Mitek will fund post-marketing clinical trials for new indications of ORTHOVISC. The Company received an initial payment of $2,000,000 upon entering into the JNJ Agreement, a milestone payment of $20,000,000 in February 2004, as a result of obtaining FDA approval of ORTHOVISC, and a milestone payment of $5,000,000 in December 2004 for planned upgrades to our manufacturing operations. The Company evaluated the terms of the JNJ Agreement and determined that the upfront fee and milestone payments did not meet the conditions to be recognized separately from the supply agreement. | |
In December 2011, the Company entered into a fifteen-year licensing and supply agreement (the “Mitek MONOVISC Agreement”) with Mitek, a member of the Johnson & Johnson family of companies, to market MONOVISC in the U.S. The Company received an initial payment of $2,500,000 in December 2011, which is being recognized ratably over the fifteen year term of the Mitek MONOVISC Agreement, as there was no stand-alone value associated with this payment, up-front recognition was prohibited. The Company will receive additional payments from Mitek, following commercial launch of the product, related to future regulatory, clinical and sales milestones. | |
Current and long-term deferred revenue related to the JNJ Agreement, the Mitek MONOVISC Agreement and other agreements was $2,235,374 and $5,027,845 at December 31, 2013 and 2012, respectively. | |
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies Disclosure [Text Block] | ' | ||||
9. Commitments and Contingencies | |||||
Leasing Arrangements | |||||
The Company’s headquarters facility is located in Bedford, Massachusetts, where the Company leases approximately 134,000 square feet of administrative, manufacturing, and R&D space. This lease was entered into on January 4, 2007, and the lease commenced on May 1, 2007 for an initial term of ten and one-half years. The Company has an option under the lease to extend its terms for up to four additional periods beyond the original expiration date subject to the condition that we notify the landlord that we are exercising each option at least one year prior to the expiration of the original or current term thereof. The first three renewal options each extend the term an additional five years with the final renewal option extending the term six years. | |||||
The Company’s administrative and R&D personnel moved into the Bedford facility in November of 2007. The build-out of the Bedford facility, including the required validation process for the manufacturing space, was substantially completed during 2011. The Bedford facility was fully validated and approved by applicable regulatory authorities in 2012. | |||||
As part of the acquisition of Anika S.r.l., the Company now leases approximately 28,000 square feet of laboratory, warehouse and office space in Abano Terme, Italy. The lease commenced on December 30, 2009 for an initial term of six (6) years. | |||||
Rental expense in connection with the various facility leases totaled $1,400,120, $2,486,849 and $3,479,632, for the years ended December 31, 2013, 2012, and 2011, respectively. | |||||
The Company’s future lease commitments as of December 31, 2013 are as follows: | |||||
2014 | $ | 1,627,388 | |||
2015 | 1,605,742 | ||||
2016 | 1,605,742 | ||||
2017 | 971,500 | ||||
2018 and thereafter | 4,695,583 | ||||
$ | 10,505,955 | ||||
Warranty and Guarantor Arrangements | |||||
In certain of our contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. patent or intellectual property rights, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligence or acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at December 31, 2013 and 2012, respectively, and has no history of claims paid. | |||||
Legal Proceedings | |||||
On July 7, 2010, Genzyme Corporation filed a complaint against the Company in the United States District Court for the District of Massachusetts seeking unspecified damages and equitable relief. The complaint alleges that the Company has infringed U.S. Patent No. 5,143,724 by manufacturing MONOVISC in the United States for sale outside the United States and will infringe U.S. Patent Nos. 5,143,724 and 5,399,351 if the Company begins manufacture and sale of MONOVISC in the United States. On August 30, 2010, the Company filed an answer denying liability. On April 26, 2011, Genzyme filed a motion to add its newly-issued U.S. Patent No. 7,931,030 to this litigation and also filed a separate new complaint in the District of Massachusetts alleging that the Company’s manufacture and sales of MONOVISC in the United States will infringe that patent. On May 23, 2011, the District Court entered orders permitting Genzyme to file its supplement complaint adding its newly-issued U.S. Patent No. 7,931,030 to this litigation and requiring Genzyme to withdraw its separately filed complaint. On July 14, 2011, the Company filed an answer to the supplemental complaint, denying liability. On May 10, 2012, Genzyme dismissed its claim of infringement of U.S. Patent No. 5,399,351 against the Company. The Company believes that neither MONOVISC, nor its manufacture, does or will infringe any valid and enforceable claim of the asserted patents. Management assessed and determined that contingent losses related to this matter were not probable. Therefore, pursuant to ASC 450, Contingencies, an accrual was not recorded for this loss contingency. Pursuant to the terms of the licensing and supply agreement entered into with Mitek, Inc. in December 2011, Mitek agreed to assume certain obligations of the Company related to this litigation. On August 3, 2012, a jury in the United States District Court for the District of Massachusetts held U.S. Patent No. 7,931,030 invalid as obvious and not infringed in litigation between Genzyme and Seikagaku Corporation, Zimmer Holdings Inc., Zimmer, Inc. and Zimmer U.S., Inc. concerning the Gel-One product. On September 19, 2012, Genzyme and the Company jointly requested that the District Court stay Genzyme’s lawsuit against the Company pending full resolution of the Seikagaku/Zimmer lawsuit, including through any appeal of the judgment entered in that lawsuit. The District Court granted the motion on September 28, 2012. In September of 2013, the District Court in the Seikagaku/Zimmer lawsuit issued an order denying all the post-trial motions in that case, except for Seikagaku/Zimmer’s motion for damages against Genzyme. On October 14, 2013, Genzyme filed a notice of appeal to the United States Court of Appeals for the Federal Circuit challenging the District Court’s judgment of invalidity and non-infringement. That appeal was dismissed by the Court of Appeals on January 13, 2014 pursuant to a request made by Genzyme. On January 27, 2014, the District Court granted a joint motion filed by the parties to dismiss with prejudice all claims in the Seikagaku/Zimmer lawsuit and the case was terminated. On March 7, 2014 Genzyme and the Company filed a joint motion to lift the stay in Genzyme’s lawsuit against the Company and to dismiss with prejudice all of Genzyme’s claims. On March 10, 2014, the District Court granted the motion dismissing with prejudice all of Genzyme’s claims against the Company and the case was terminated. | |||||
In 2011, Merogel Injectable was voluntarily withdrawn from the market due to a labeling error on the product’s packaging. We settled the matter related to this dispute with Medtronic in August, 2012. This labeling error related to conduct that initially occurred prior to our acquisition of Anika S.r.l. from Fidia Farmaceutici S.p.A. (“Fidia”) and, as a result, we made claims against Fidia for indemnification for Anika’s losses related to this issue. Fidia maintained that it did not have liability for this matter, and asserted a counterclaim against Anika for failing to consent to the release of the remaining shares held in escrow upon the closing of the Anika S.r.l. acquisition. The Company reached agreement with Fidia in October 2013 to settle this matter without admission of liability by either party in return for a payment made by Fidia to the Company. As a result of the settlement, the arbitration with Fidia pending before the London Court of International Arbitration has been withdrawn, and shares previously held in escrow have been released. | |||||
We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations or cash flow. | |||||
Note_10_Equity_Incentive_Plan
Note 10 - Equity Incentive Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||||||||||||
10. Equity Incentive Plan | |||||||||||||||||
The Anika Therapeutics, Inc. Stock Option and Incentive Plan, as amended, (the “2003 Plan”) provides for grants of nonqualified and incentive stock options, common stock, restricted stock, restricted stock units, and stock appreciation rights (“SAR’s”) to employees, directors, officers and consultants. The 2003 Plan was originally approved by the Board of Directors on April 4, 2003, approved by the Company’s shareholders on June 4, 2003, and reserved 1,500,000 shares of common stock for grant pursuant to its terms. | |||||||||||||||||
On May 29, 2009, the Board of Directors approved changes to the 2003 Plan and adopted the Amended and Restated 2003 Stock Option and Incentive Plan (the “Amended 2003 Plan”), to increase the number of shares available to grant by 850,000. The Amended 2003 Plan was approved by the Company’s shareholders on June 5, 2009, and resulted in a total of 2,350,000 shares of common stock being reserved for issuance under the Amended 2003 Plan. | |||||||||||||||||
At the 2011 Annual Meeting of Stockholders on June 7, 2011, the shareholders of the Company approved the Anika Therapeutics, Inc. Second Amended and Restated Stock Option and Incentive Plan (the “2003 Plan”), which, among other things, increased the number of shares reserved for issuance under the Company’s predecessor stock option and incentive plan by 800,000 to 3,150,000 shares. | |||||||||||||||||
At the 2013 Annual Meeting of Stockholders on June 18, 2013, the shareholders of the Company approved an additional amendment to the Amended 2003 Plan, which among other things, increased the number of shares reserved for issuance under the Company’s stock option and incentive plan by 650,000 to 3,800,000 shares. | |||||||||||||||||
The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either newly-issued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards contain service or performance conditions and generally become exercisable ratably over one to four years. | |||||||||||||||||
The 2003 Plan succeeds the Anika Therapeutics, Inc. 1993 Stock Option Plan (“1993 Plan”) which expired according to its terms in 2003. As of December 31, 2013, there were no shares outstanding under the 1993 Plan included in the total outstanding options of 1,513,326. There are 1,266,036 options available for future grant at December 31, 2013. | |||||||||||||||||
The Company estimates the fair value of stock options and SAR’s using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. Key input assumptions used to estimate the fair value of stock options and SAR’s include the exercise price of the award, the expected award term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the award’s expected term, and the Company’s expected annual dividend yield. | |||||||||||||||||
The Company uses historical data on exercise of stock options and other factors to evaluate and estimate the expected term of share-based awards. The Company also evaluates actual forfeiture rates periodically and adjusts the expected forfeiture rate assumption within the model accordingly. The expected volatility assumption is evaluated against the historical volatility of the Company’s common stock over a four year average and is adjusted if there are material swings in historical volatility. The risk-free interest rate assumption is based on U.S. Treasury interest rates at the time of grant. | |||||||||||||||||
The fair value of each stock option and SAR award during 2013, 2012, and 2011 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk free interest rate | 0.61% | to | 1.02% | 0.63% | to | 0.64% | 1.10% | to | 1.51% | ||||||||
Expected volatility | 53.60% | to | 57.60% | 57.60% | 57.60% | ||||||||||||
Expected lives (years) | 4 | 4 | 4 | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
The Company recorded $1,268,070, $1,151,199 and $1,190,697 of share-based compensation expense for the years ended December 31, 2013, 2012 and 2011, respectively, for stock options, SAR’s and restricted stock awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees. | |||||||||||||||||
Combined stock options and SAR’s activity under our plans is summarized as follows for the years ended December 31, 2013 and, 2012 respectively: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price Per | Price Per | ||||||||||||||||
Share | Share | ||||||||||||||||
Options and SAR's outstanding at beginning of year | 1,793,685 | $ | 8.3 | 2,108,003 | $ | 7.26 | |||||||||||
Granted | 413,500 | $ | 12.55 | 204,000 | $ | 12.06 | |||||||||||
Cancelled | (243,724 | ) | $ | 8.77 | (212,749 | ) | $ | 6.58 | |||||||||
Expired | (9,928 | ) | $ | 9.62 | (7,714 | ) | $ | 1.68 | |||||||||
Exercised | (440,207 | ) | $ | 8.71 | (297,855 | ) | $ | 4.74 | |||||||||
Options and SAR's outstanding at end of year | 1,513,326 | $ | 9.14 | 1,793,685 | $ | 8.3 | |||||||||||
Of the 1,513,326 options and SAR’s outstanding at December 31, 2013, 1,484,786 are vested, or are expected to vest, with a weighted-average exercise price of approximately $7.87 as well as an aggregate intrinsic value of approximately $28 million related to these awards. The weighted average remaining contractual term of the vested and expected to vest options and SAR’s was 4.1 years as of December 31, 2013. | |||||||||||||||||
As of December 31, 2013, total unrecognized compensation costs related to non-vested options and SAR’s was approximately $1,974,000 and is expected to be recognized over a weighted average period of 2.9 years. | |||||||||||||||||
There were 198,989 incentive stock options exercisable at December 31, 2013 with a weighted-average exercise price of $8.56 and a weighted-average remaining contractual term of 5.2 years for these awards. | |||||||||||||||||
There were 152,968 non-qualified stock options exercisable at December 31, 2013 with a weighted-average exercise price of $8.43 and a weighted-average remaining contractual term of 5.2 years. | |||||||||||||||||
There were 572,453 SAR’s exercisable at December 31, 2013 with a weighted-average exercise price of $7.49 and a weighted-average remaining contractual term of 3.4 years for these awards. | |||||||||||||||||
The aggregate intrinsic value of stock options and SAR’s fully vested at December 31, 2013 and 2012 was $27,997,198 and $2,115,267, respectively. The aggregate intrinsic value of stock options and SAR’s outstanding at December 31, 2013 and, 2012 was $43,199,713 and $4,074,471, respectively. | |||||||||||||||||
The total intrinsic value of options and SAR’s exercised was $4,370,830 and, $2,214,516 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
The total fair value of options and SAR’s vested during the years ended December 31, 2013 and 2012 was $1,088,802 and $997,194, respectively. | |||||||||||||||||
The Company received $3,053,941 and $388,675 for exercises of stock options during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||||||
The restricted stock activity for the years ended December 31, 2013 and 2012 is as follows: | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Granted Date | Granted Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at Beginning of year | 68,956 | $ | 6.87 | 59,196 | $ | 5.71 | |||||||||||
Granted | 36,220 | $ | 17 | 31,312 | $ | 9.1 | |||||||||||
Cancelled | - | $ | - | (25 | ) | $ | 3.05 | ||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Vested/Released | (25,585 | ) | $ | 5.95 | (21,527 | ) | $ | 5.08 | |||||||||
Nonvested at end of year | 79,591 | $ | 11.93 | 68,956 | $ | 6.87 | |||||||||||
The total fair value of restricted stock and restricted stock units vested during the year ended December 31, 2013 was $290,704. | |||||||||||||||||
Note_11_Shareholder_Rights_Pla
Note 11 - Shareholder Rights Plan | 12 Months Ended | ||
Dec. 31, 2013 | |||
Stockholders' Equity Note [Abstract] | ' | ||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||
11. Shareholder Rights Plan | |||
On April 4, 2008, the Board of Directors of the Company adopted a Shareholder Rights Plan (“2008 Plan”) that replaced the Company’s former Shareholder Rights Plan. Under the 2008 Plan, the Rights generally become exercisable if: | |||
-1 | A person becomes an “Acquiring Person” by acquiring 15% or more of the Company’s Common Stock, or | ||
-2 | A person commences a tender offer that would result in that person owning 15% or more of the Company’s Common Stock. | ||
In the event that a person becomes an “Acquiring Person,” each holder of a Right (other than the Acquiring Person) would be entitled to acquire such number of shares of preferred stock which are equivalent to shares of the Company’s Common Stock having a value of twice the exercise price of the Right. If, after any such event, the Company enters into a merger or other business combination transaction with another entity, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. | |||
The current exercise price per Right is $75.00. The Rights may be redeemed in whole, but not in part, at a price of $0.01 per Right (payable in cash, shares of the Company’s Common Stock, or other consideration deemed appropriate by the Board of Directors) by the Board of Directors only until the earlier of : | |||
(1) | The time at which any person becomes an “Acquiring Person”, or | ||
(2) | The Expiration Date. | ||
At any time after any person becomes an “Acquiring Person”, the Board of Directors may, at its option, exchange all or any part of the then outstanding and exercisable Rights for shares of the Company’s Common Stock at an exchange ratio specified in the Rights Plan. Notwithstanding the foregoing, the Board of Directors generally will not be empowered to affect such exchange at any time after any person becomes the beneficial owner of 50% or more of the Company’s Common Stock. | |||
In connection with the establishment of the Rights Plan, the Board of Directors approved the creation of Preferred Stock of the Company designated as Series B Junior Participating Cumulative Preferred Stock with a par value of $0.01 per share. The Board also reserved 175,000 shares of preferred stock for issuance upon exercise of the Rights. Until a Right is exercised, the holder will have no rights as a stockholder of the Company, beyond those as an existing stockholder, including the right to vote or to receive dividends. | |||
Note_12_Employee_Benefit_Plan
Note 12 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block Supplement [Abstract] | ' |
Compensation and Employee Benefit Plans [Text Block] | ' |
12. Employee Benefit Plan | |
U.S. employees are eligible to participate in the Company’s 401(k) savings plan. Employees may elect to contribute a percentage of their compensation to the plan, and the Company will make matching contributions up to a limit of 5% of an employee’s eligible compensation. In addition, the Company may make annual discretionary contributions. For the years ended December 31, 2013, 2012, and 2011, the Company made matching contributions of $362,150, $326,007 and $279,816, respectively. | |
Note_13_Revenue_by_Product_Gro
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||||||||||
13. Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information | |||||||||||||||||||||||||
Product revenue by product group is as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenue | Percentage | Revenue | Percentage | Revenue | Percentage | ||||||||||||||||||||
of Product | of Product | of Product | |||||||||||||||||||||||
Revenue | Revenue | Revenue | |||||||||||||||||||||||
Orthobiologics | $ | 55,956,068 | 78 | % | $ | 49,954,112 | 74 | % | $ | 39,858,139 | 64 | % | |||||||||||||
Dermal | 1,816,602 | 3 | % | 1,384,403 | 2 | % | 3,681,166 | 6 | % | ||||||||||||||||
Surgical | 5,445,715 | 8 | % | 5,022,456 | 7 | % | 4,976,261 | 8 | % | ||||||||||||||||
Ophthalmic | 4,656,560 | 6 | % | 8,784,011 | 13 | % | 10,963,822 | 18 | % | ||||||||||||||||
Veterinary | 3,898,785 | 5 | % | 2,865,187 | 4 | % | 2,476,998 | 4 | % | ||||||||||||||||
$ | 71,773,730 | 100 | % | $ | 68,010,169 | 100 | % | $ | 61,956,386 | 100 | % | ||||||||||||||
Product revenue by significant customers as a percent of product revenues is as follows: | |||||||||||||||||||||||||
Percentage of Product Revenue | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
DePuy Mitek | 63 | % | 61 | % | 47 | % | |||||||||||||||||||
Boehringer | 5 | % | 4 | % | 4 | % | |||||||||||||||||||
Bausch & Lomb | 5 | % | 12 | % | 16 | % | |||||||||||||||||||
Pharmascience/Rivex | 3 | % | 2 | % | 1 | % | |||||||||||||||||||
Medtronic XoMed | 3 | % | 3 | % | 6 | % | |||||||||||||||||||
79 | % | 82 | % | 74 | % | ||||||||||||||||||||
Total revenue by geographic location in total and as a percentage of total revenue are as follows: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenue | Percentage | Revenue | Percentage | Revenue | Percentage | ||||||||||||||||||||
of Total | of Total | of Total | |||||||||||||||||||||||
Revenue | Revenue | Revenue | |||||||||||||||||||||||
United States | $ | 58,490,142 | 78 | % | $ | 57,976,667 | 81 | % | $ | 48,366,140 | 75 | % | |||||||||||||
Europe | 7,411,568 | 10 | % | 6,218,890 | 9 | % | 10,988,664 | 17 | % | ||||||||||||||||
Other | 9,179,444 | 12 | % | 7,162,948 | 10 | % | 5,423,831 | 8 | % | ||||||||||||||||
Total | $ | 75,081,154 | 100 | % | $ | 71,358,505 | 100 | % | $ | 64,778,635 | 100 | % | |||||||||||||
The Company recorded licensing, milestone and contract revenue of $3,307,424, $3,348,336 and $2,822,249 for the years ended December 31, 2013, 2012, and 2011, respectively. Substantially all licensing, milestone and contract revenue was derived in the United States for each year presented. | |||||||||||||||||||||||||
Net long-lived assets, consisting 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 were as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
United States | $ | 31,999,468 | $ | 33,792,325 | |||||||||||||||||||||
Italy | 939,243 | 1,320,656 | |||||||||||||||||||||||
Total | $ | 32,938,711 | $ | 35,112,981 | |||||||||||||||||||||
Note_14_Income_Taxes
Note 14 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Income Tax Disclosure [Text Block] | ' | ||||||||||||
14. Income Taxes | |||||||||||||
Income Tax Expense | |||||||||||||
The components of the Company’s income before income taxes and our provision for (benefit from) income taxes consist of the following: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) before income taxes | |||||||||||||
Domestic | $ | 33,060,976 | $ | 26,170,313 | $ | 15,962,992 | |||||||
Foreign | (581,445 | ) | (6,642,892 | ) | (2,177,978 | ) | |||||||
$ | 32,479,531 | $ | 19,527,421 | $ | 13,785,014 | ||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for (benefit from) income taxes: | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 8,024,303 | $ | 7,594,287 | $ | 3,327,626 | |||||||
State | 1,580,963 | 885,958 | 155,855 | ||||||||||
Foreign | 94,136 | (188,650 | ) | 90,626 | |||||||||
9,699,402 | 8,291,595 | 3,574,107 | |||||||||||
Deferred provision: | |||||||||||||
Federal | 2,374,850 | 776,486 | 1,907,408 | ||||||||||
State | 114,546 | 602,447 | 570,869 | ||||||||||
Foreign | (283,788 | ) | (1,900,567 | ) | (734,050 | ) | |||||||
2,205,608 | (521,634 | ) | 1,744,227 | ||||||||||
Total provision | $ | 11,905,010 | $ | 7,769,961 | $ | 5,318,334 | |||||||
Deferred Tax Assets and Liabilities | |||||||||||||
Significant components of the Company’s deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred revenue | $ | 852,207 | $ | 1,988,509 | |||||||||
Stock-based compensation expense | 1,358,554 | 1,584,583 | |||||||||||
Tax credit carry forward | 19,967 | 194,364 | |||||||||||
Net operating loss carryforward, foreign | 2,578,640 | 2,520,746 | |||||||||||
Accrued expenses and other | 649,402 | 954,559 | |||||||||||
Inventory reserve | 283,996 | 405,302 | |||||||||||
Deferred tax asset | $ | 5,742,766 | $ | 7,648,063 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Acquisition-related Intangibles | $ | (6,056,162 | ) | $ | (6,482,404 | ) | |||||||
Depreciation | (6,964,428 | ) | (6,131,473 | ) | |||||||||
Deferred tax liability | $ | (13,020,590 | ) | $ | (12,613,877 | ) | |||||||
Tax Rate | |||||||||||||
The reconciliation between the U.S. federal statutory rate and our effective rate is summarized as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 34 | % | |||||||
State tax expense, net of federal benefit | 4.8 | % | 6.4 | % | 5.7 | % | |||||||
Permanent items, including nondeductible expenses | (0.2 | %) | 0.9 | % | 0.9 | % | |||||||
State investment tax credit | (0.1 | %) | (0.2 | %) | (0.2 | %) | |||||||
Federal, state and foreign research and development credits | (0.5 | %) | (1.2 | %) | (0.4 | %) | |||||||
Foreign rate differential | 0.1 | % | 2.5 | % | 0.9 | % | |||||||
Domestic production deduction | (2.4 | %) | (3.6 | %) | (2.3 | %) | |||||||
Effective income tax rate | 36.7 | % | 39.8 | % | 38.6 | % | |||||||
As of December 31, 2013, the Company had NOL’s for federal income tax purposes in Italy of $9,353,750 with no expiration date. | |||||||||||||
In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its NOL carry-forward. We have concluded that the positive evidence outweighs the negative evidence and, thus, that the deferred tax assets not otherwise subject to a valuation allowance are realizable on a “more likely than not” basis. As such, we have not recorded a valuation allowance at December 31, 2013, and 2012, respectively. | |||||||||||||
Accounting for Uncertainty in Income Taxes | |||||||||||||
A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefit, beginning of year | $ | 56,170 | $ | 56,170 | $ | 37,428 | |||||||
Tax positions related to current year | - | - | 38,329 | ||||||||||
Tax positions related to prior years | - | 38,329 | (19,587 | ) | |||||||||
Statute expirations | (56,170 | ) | (38,329 | ) | - | ||||||||
Unrecognized tax benefit, end of year | $ | - | $ | 56,170 | $ | 56,170 | |||||||
In the normal course of business, Anika and its subsidiaries may be periodically examined by various taxing authorities. We file income tax returns in the U.S. federal jurisdiction, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The 2010 through 2013 tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The 2009 through 2013 tax years remain subject to examination by the appropriate governmental authorities for Italy. | |||||||||||||
We do not anticipate experiencing any significant increases or decreases in our unrecognized tax benefits within the twelve months following December 31, 2013. | |||||||||||||
We incurred expenses related to stock-based compensation in 2013, 2012 and 2011 of $1,268,070, $1,151,199, and $1,190,697, respectively. Accounting for the tax effects of certain stock-based awards requires that we establish a deferred tax asset as the compensation expense is recognized for financial reporting prior to recognizing the related tax deduction upon exercise of the awards. The tax benefit recognized in the consolidated statement of operations related to stock-based compensation totaled $1,984,280, $285,068, and $219,626 in 2013, 2012 and 2011, respectively. | |||||||||||||
Upon the settlement of certain stock-based awards (i.e., exercise, vesting, forfeiture or cancellation), the actual tax deduction is compared with cumulative financial reporting compensation cost and any excess tax deduction related to these awards is considered a windfall tax benefit. Such benefits are tracked in a "windfall tax benefit pool" to offset any future tax deduction shortfalls and will be recorded as increases to additional paid-in capital in the period when the tax deduction reduces income taxes payable. We follow the with-and-without approach for the direct effects of windfall/shortfall items and to determine the timing of the recognition of any related benefits. We recorded a net windfall of $856,830, $452,471 and $274,190 in 2013, 2012 and 2011, respectively. | |||||||||||||
Note_15_Longterm_Debt
Note 15 - Long-term Debt | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure Text Block [Abstract] | ' |
Long-term Debt [Text Block] | ' |
15. Long-term Debt | |
On January 31, 2008, the Company entered into an unsecured Credit Agreement (the “Agreement”) with Bank of America, under which the Company was provided with a revolving credit line through December 31, 2008 of up to a maximum principal amount outstanding of $16,000,000. The Company borrowed the maximum amount of $16,000,000 in 2008 to finance its new facility construction and capital project validation. On December 31, 2008, the outstanding revolving credit loans were converted into a term loan with quarterly principal payments of $400,000 and a final installment of $5,200,000 due on the maturity date of December 31, 2015. Interest on the term loan was originally payable at a rate based upon, at the Company’s election, either Bank of America’s prime rate or LIBOR plus 75 basis points. The Company recorded approximately $171,000 as deferred issuance costs which continue to be amortized over the life of the debt facility. | |
In connection with the acquisition of Anika S.r.l., the Company entered into a Consent and First Amendment to the original loan facility with Bank of America. As part of this amendment, the interest rate for Eurodollar based loans was increased and is payable at a rate based upon, at the Company’s election, either Bank of America’s prime rate or LIBOR plus 125 basis points. In addition, the Company pledged to the lender sixty-five percent (65%) of the stock of Anika Therapeutics S.r.l. We also incurred $74,000 of fees charged by Bank of America which were capitalized in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishments, as the Consent and First Amendment represents a debt modification. On November 29, 2013, the Company terminated the Credit Agreement entered into on January 31, 2008 with Bank of America, N.A. In connection with the termination, the Company pre-paid, in full, its entire outstanding debt under the Agreement, plus accrued interests. As of December 31, 2012, the Company had a total outstanding debt balance of $9,600,000, of which $1,600,000 was recorded as current. In November 2013, the outstanding debt balance of $8,400,000 was pre-paid. All capitalized costs associated with the debt facility were recorded as interest expense upon termination. We did not incur any pre-payment penalties. | |
Note_16_Restructuring_Charges
Note 16 - Restructuring Charges | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||
16. Restructuring | |||||||||||||
On December 28, 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, established by the EMA, which became effective January 1, 2013. As a result of the plan, the Company recorded restructuring and associated impairment charges in the fourth quarter 2012 of approximately $2.5 million. Of the total restructuring and associated impairment charges, approximately $1.6 million related to the abandonment and noncash impairment of assets. The remaining $0.9 million related to cash payments anticipated to occur primarily in 2013 and for employee termination costs. | |||||||||||||
We were completed with the restructuring plan in 2013. Settlements for employee dismissals were lower than anticipated and previously impaired and written-off assets were sold, resulting in a restructuring credit of $286,843 for the twelve months ended December 31, 2013. The carrying value of the restructuring accrual approximated fair value at December 31, 2013. | |||||||||||||
The following table summarizes restructuring accrual activity for the twelve months ended December 31, 2013: | |||||||||||||
Restructuring Accrual | |||||||||||||
Employee | Activity | Total | |||||||||||
Severance and | Termination and | ||||||||||||
Related Benefits | Facility Closure | ||||||||||||
Costs | |||||||||||||
31-Dec-12 | $ | 801,453 | $ | 132,279 | $ | 933,732 | |||||||
Cash Proceeds, Disbursements | (724,064 | ) | (46,776 | ) | (770,840 | ) | |||||||
Write Offs and Abandonments | (56,549 | ) | (82,691 | ) | (139,240 | ) | |||||||
Foreign Exchange Impact | 869 | 117 | 986 | ||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 | |||||||
Note_17_Related_Party
Note 17 - Related Party | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions Disclosure [Text Block] | ' |
17. Related Party | |
In connection with the acquisition of Anika S.r.l. by Anika on December 30, 2009, Fidia Farmaceutici S.p.A ("Fidia") acquired ownership of 1,981,192 shares of the Company's common stock. | |
Fidia sold 100% of its ownership interest in Anika Therapeutics, Inc. common stock during the third and fourth quarters of 2013. As such, Fidia owned 0% and 14.3% of the outstanding shares of the Company as of December 31, 2013 and 2012, respectively. Under the guidance provided by ASC 850, Related Party Disclosures, Fidia is no longer considered a related party to the Company. | |
Note_18_Subsequent_Event
Note 18 - Subsequent Event | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events [Text Block] | ' |
18. Subsequent Event | |
On March 10, 2014 the United States District Court for the District of Massachusetts issued an order dismissing, with prejudice, the previously-disclosed litigation between Genzyme Corporation and the Company (see Note 9). Under the license agreement with Mitek, Anika will receive a milestone payment of $17.5 million upon an irrevocable resolution of the Genzyme litigation allowing Mitek and Anika to make, use, and sell MONOVISC without infringing the Genzyme intellectual property. |
Note_19_Quarterly_Financial_Da
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Quarterly Financial Information [Text Block] | ' | ||||||||||||||||
19. Quarterly Financial Data (Unaudited) | |||||||||||||||||
Year 2013 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 20,188,488 | $ | 17,023,346 | $ | 20,067,407 | $ | 14,494,489 | |||||||||
Total revenue | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | |||||||||||||
Cost of product revenue | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | |||||||||||||
Gross profit on product revenue | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | |||||||||||||
Net income | $ | 6,654,369 | $ | 4,957,258 | $ | 5,894,892 | $ | 3,068,002 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.36 | $ | 0.44 | $ | 0.23 | |||||||||
Basic common shares outstanding | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | |||||||||||||
Diluted net income per share | $ | 0.44 | $ | 0.33 | $ | 0.4 | $ | 0.21 | |||||||||
Diluted common shares outstanding | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | |||||||||||||
Year 2012 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 21,459,124 | $ | 14,055,440 | $ | 18,882,277 | $ | 13,613,328 | |||||||||
Total revenue | 22,606,465 | 14,766,611 | 19,624,769 | 14,360,660 | |||||||||||||
Cost of product revenue | 7,269,886 | 7,221,028 | 8,084,226 | 6,413,481 | |||||||||||||
Gross profit on product revenue | 14,189,238 | 6,834,412 | 10,798,051 | 7,199,847 | |||||||||||||
Net income | $ | 4,463,223 | $ | 1,645,250 | $ | 3,736,868 | $ | 1,912,119 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.33 | $ | 0.12 | $ | 0.28 | $ | 0.15 | |||||||||
Basic common shares outstanding | 13,324,942 | 13,287,463 | 13,262,023 | 13,162,824 | |||||||||||||
Diluted net income per share | $ | 0.31 | $ | 0.11 | $ | 0.26 | $ | 0.14 | |||||||||
Diluted common shares outstanding | 14,299,211 | 14,459,154 | 14,443,794 | 14,089,946 | |||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||
Principles of Consolidation | |||||||||
The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period and intra-period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. | |||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||
Foreign Currency Translation | |||||||||
The functional currency of our foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment. | |||||||||
The Company recognized gains from foreign currency transactions of $259,275 and $200,452 during the years ended December 31, 2013, and 2012 respectively and a loss from foreign currency transactions of $623,093 in 2011. | |||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||
Fair Value Measurements | |||||||||
Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may be used to measure fair value are: | |||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange. | ||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability. | ||||||||
Cash equivalents in money market accounts measured and recorded at fair value on a recurring basis were $34,266,501 and $34,264,268 at December 31, 2013 and 2012 respectively, and were classified as Level 2 and Level 1 instruments, accordingly. | |||||||||
The Company did not have any debt instruments as of December 31, 2013. The carrying value of our debt instrument at December 31, 2012 was $9,600,000. The estimated fair value of our debt instrument at December 31, 2012 approximated book value using market observable inputs and interest rate measurements. | |||||||||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | ' | ||||||||
Allowance for Doubtful Accounts | |||||||||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends and changes in our customer payment terms. Our allowance for doubtful accounts on trade accounts receivable was $593,023 and $337,459 at December 31, 2013 and 2012, respectively. | |||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of the year | $ | 337,459 | $ | 334,473 | |||||
Amounts provided | 255,564 | 138,339 | |||||||
Amounts written off | - | (135,353 | ) | ||||||
Balance, end of the year | $ | 593,023 | $ | 337,459 | |||||
There were no uncollectible trade accounts receivables written-off in 2013. Uncollectible trade accounts receivable written-off were $135,353 and $2,047 in 2012, and 2011, respectively. Provisions for bad debt expense were $238,071, $138,339, and $306,520 in 2013, 2012, and 2011, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||
Revenue Recognition - General | |||||||||
We recognize revenue from product sales when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. | |||||||||
Revenue Recognition, Sales of Goods [Policy Text Block] | ' | ||||||||
Product Revenue | |||||||||
Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. | |||||||||
Product revenue also includes royalties. Royalty revenue is based on our distributors’ sales and recognized in the same period our distributors record their sale of products manufactured by us. On a quarterly basis we record royalty revenue based upon sales projections provided to us by our distributor customers. If necessary we adjust our estimates based upon final sales data received prior to issuing our quarterly unaudited or annual audited financial statements. | |||||||||
Pursuant to the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC 605-45. For the period ending December 31, 2013, amounts included in revenue and cost of goods sold for the MDET were immaterial. | |||||||||
Revenue Recognition, Services, Licensing Fees [Policy Text Block] | ' | ||||||||
Licensing, Milestone and Contract Revenue | |||||||||
Licensing, milestone, and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development and/or supply agreements with partners for the development and commercialization of the Company’s products. | |||||||||
The terms of the agreements typically include non-refundable license fees, funding of research and development, and payments based upon achievement of certain milestones. The Company adopted ASU 2009-13, Revenue Recognition, in January 2011, which amends ASC Subtopic 605-25, Multiple Element Arrangements (“ASC 605-25”) to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC 605-25, as amended by ASU 2009-13, in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable upfront fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations. | |||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||
Cash, Cash Equivalents and Marketable Investments | |||||||||
We consider only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. Marketable investments are those with original maturities in excess of three months. | |||||||||
At December 31, 2013 and 2012, respectively, cash equivalents were comprised of money market funds secured by U.S. Treasury obligations, which approximates fair market value. We had no marketable investments at December 31, 2013 and 2012, respectively. | |||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | ||||||||
Concentration of Credit Risk and Significant Customers | |||||||||
The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts or other foreign hedging arrangements. The Company currently maintains its cash equivalent balance with one major international financial institution. | |||||||||
The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. | |||||||||
As of December 31, 2013, Mitek, Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Pharmascience, Inc., and Bausch & Lomb, combined, represented 67% of the Company’s accounts receivable balance. As of December 31, 2012, Mitek, Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Rivex Pharma, and Takeda, combined, represented 78% of the Company’s accounts receivable balance. | |||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||
Inventories | |||||||||
Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead. | |||||||||
The Company’s policy is to write-down inventory when conditions exist that suggests inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for the Company’s products and market conditions. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors including, but not limited to: historical usage rates, forecasted sales or usage, product end of life dates, and estimated current or future market values. Purchasing requirements and alternative usage avenues are explored within these processes to mitigate inventory exposure. | |||||||||
When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory of $10,996,785 and $8,283,472 as of December 31, 2013 and 2012, respectively, is stated net of aggregate inventory write-downs of $758,106 and $1,161,805, respectively. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those projected, additional inventory write-downs may be required. | |||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||
Property and Equipment | |||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Computer hardware and software are typically amortized over three to five years, and furniture and fixtures over five to seven years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases which range from six months to 24 years at December 31, 2013. Property and equipment under capital leases are amortized over the lesser of the lease terms or their estimated useful lives. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income. | |||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||
Goodwill and Acquired Intangible Assets | |||||||||
Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that we acquire that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. | |||||||||
Goodwill and IPR&D are evaluated for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period, or a reduction of our market capitalization relative to net book value. | |||||||||
To conduct impairment tests of goodwill, the fair value of the acquired reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. We estimate the fair value for reporting units using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to; risk free rate of return on an investment, weighted average cost of capital, future revenue, operating margin, working capital and capital expenditure needs. Our annual assessment for impairment of goodwill as of November 30, 2013 indicated that the fair value of our reporting units exceeded the carrying value of the reporting units. Anika S.r.l. is our only acquired reporting unit and currently holds 100% of the goodwill associated with the 2009 acquisition of that company. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||
To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. We estimate the fair value for IPR&D projects using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to: estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. Our annual assessment for impairment of IPR&D indicated that the fair value of our IPR&D as of November 30, 2013 exceeded their respective carrying values. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we terminated an IPR&D project related to our tissue engineering operation and included an expense of approximately $1.2 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 16 for additional disclosure. | |||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | ' | ||||||||
Long-Lived Assets | |||||||||
Long-lived assets primarily include property and equipment and intangible assets with finite lives (including purchased software and trade names). Purchased software is amortized over 2 to 10 years and trade names are amortized over 10 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis. | |||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we disposed of long-lived assets related to our tissue engineering operation and included an expense of approximately $0.3 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 16 for additional disclosure. | |||||||||
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | ' | ||||||||
Restructuring Charges | |||||||||
Restructuring charges are primarily comprised of severance costs, activity termination costs and costs of facility closure. Restructuring charges are recorded upon approval of a formal management plan and are included in the operating results of the period in which such plan is approved and the expense becomes estimable. To estimate restructuring charges, management utilizes assumptions such as the number of employees that would be involuntarily terminated and the future costs to operate and eventually terminate the subject activity. | |||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | ||||||||
Research and Development | |||||||||
Research and development costs consist primarily of salaries and related expenses for personnel and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred. | |||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | ||||||||
Stock-Based Compensation | |||||||||
We measure the compensation cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 10 for a description of the types of stock-based awards granted, the compensation expense related to such awards, and detail of equity-based awards outstanding. See Note 14 for detail of the tax benefit recognized in the consolidated statement of operations related to stock-based compensation. | |||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||
Income Taxes | |||||||||
Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent we establish a valuation allowance or increase or decrease this allowance in a given period, we include the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period. | |||||||||
Comprehensive Income, Policy [Policy Text Block] | ' | ||||||||
Comprehensive Income | |||||||||
Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, we do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to reinvest permanently undistributed earnings of our foreign subsidiary. Accumulated other comprehensive income (loss) is reported as a component of stockholders' equity and, as of December 31, 2013 and 2012, respectively, was comprised solely of cumulative translation adjustments. | |||||||||
Segment Reporting, Policy [Policy Text Block] | ' | ||||||||
Segment Information | |||||||||
Operating segments, as defined under U.S. GAAP, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reporting, the Company has one reportable operating segment, the results of which are disclosed in the accompanying consolidated financial statements. | |||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||
Recent Accounting Pronouncements | |||||||||
In February 2013, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The provisions of ASU 2013-02 are effective for annual and interim periods beginning after December 15, 2012. The objective of this update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. The adoption of this amendment did not have a material impact on our consolidated financial position, results of operations, or cash flows. | |||||||||
In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The provisions of ASU 2013-05 are effective for annual and interim periods beginning after December 15, 2013. The objective of the amendments in this update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. The adoption of this amendment will not have a material impact on our consolidated financial position, results of operations, or cash flows. | |||||||||
In July 2013, the FASB issued ASU 2013-11, Income Taxes (Topic 740) Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The provisions of ASU 2013-11 are effective for annual and interim periods beginning after December 15, 2013. The main provisions of ASU 2013-11 require an unrecognized tax benefit, or a portion of an unrecognized tax benefit, to be presented in the financial statements as a reduction to a deferred tax asset for the following; a net operating loss carryforward, a similar tax loss, or a tax credit carryforward, with certain exceptions. The adoption of this amendment will not have a material impact on our consolidated financial position, results of operations, or cash flows. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Balance, beginning of the year | $ | 337,459 | $ | 334,473 | |||||
Amounts provided | 255,564 | 138,339 | |||||||
Amounts written off | - | (135,353 | ) | ||||||
Balance, end of the year | $ | 593,023 | $ | 337,459 |
Note_3_Earnings_per_Share_EPS_
Note 3 - Earnings per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Shares used in the calculation of Basic earnings per share | 14,086,912 | 13,260,739 | 13,064,051 | ||||||||||
Effect of dilutive securities: | 738,687 | 1,083,838 | 683,762 | ||||||||||
Stock options, SAR's, RSA's, and shares held in escrow | |||||||||||||
Diluted shares used in the calculation of earnings per share | 14,825,599 | 14,344,577 | 13,747,813 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Balance Sheet Related Disclosures [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Raw materials | $ | 5,926,030 | $ | 6,109,807 | |||||
Work-in-process | 2,308,233 | 777,056 | |||||||
Finished goods | 2,762,522 | 1,396,609 | |||||||
Total | $ | 10,996,785 | $ | 8,283,472 |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Property, Plant and Equipment [Abstract] | ' | ||||||||
Property, Plant and Equipment [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Machinery and equipment | $ | 23,326,622 | $ | 22,863,921 | |||||
Furniture and fixtures | 1,316,014 | 1,274,477 | |||||||
Leasehold improvements | 27,613,495 | 28,195,345 | |||||||
Construction in progress | 157,292 | 42,270 | |||||||
Subtotal | 52,413,423 | 52,376,013 | |||||||
Less accumulated depreciation | (19,474,712 | ) | (17,263,032 | ) | |||||
Total | $ | 32,938,711 | $ | 35,112,981 |
Note_6_Acquired_Intangible_Ass1
Note 6 - Acquired Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | ' | ||||||||||||||||||||||||
' | |||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||||||
Gross Value | Currency | Accumulated | Net Book | Net Book | Useful | ||||||||||||||||||||
Translation | Amortization | Value | Value | Life | |||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (950,299 | ) | $ | (3,996,698 | ) | $ | 11,753,003 | $ | 12,370,042 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (216,559 | ) | - | 5,286,127 | 4,980,574 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (423,532 | ) | (3,412,813 | ) | 863,655 | 1,733,453 | 5 | |||||||||||||||||
Patents | 1,000,000 | (53,908 | ) | (226,518 | ) | 719,574 | 749,166 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (623,950 | ) | 376,050 | 501,401 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (1,644,298 | ) | $ | (8,259,979 | ) | $ | 18,998,409 | $ | 20,334,636 |
Note_7_Accrued_Expenses_Tables
Note 7 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
December 31, | |||||||||
2013 | 2012 | ||||||||
Payroll and benefits | $ | 2,728,616 | $ | 2,477,833 | |||||
Professional fees | 383,231 | 642,853 | |||||||
Clinical trial costs | 882,651 | 102,414 | |||||||
Research grants | 610,498 | 844,803 | |||||||
Restructuring costs | 24,638 | 933,732 | |||||||
Other | 908,247 | 835,409 | |||||||
Total | $ | 5,537,881 | $ | 5,837,044 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | ||||
2014 | $ | 1,627,388 | |||
2015 | 1,605,742 | ||||
2016 | 1,605,742 | ||||
2017 | 971,500 | ||||
2018 and thereafter | 4,695,583 | ||||
$ | 10,505,955 |
Note_10_Equity_Incentive_Plan_
Note 10 - Equity Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Risk free interest rate | 0.61% | to | 1.02% | 0.63% | to | 0.64% | 1.10% | to | 1.51% | ||||||||
Expected volatility | 53.60% | to | 57.60% | 57.60% | 57.60% | ||||||||||||
Expected lives (years) | 4 | 4 | 4 | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price Per | Price Per | ||||||||||||||||
Share | Share | ||||||||||||||||
Options and SAR's outstanding at beginning of year | 1,793,685 | $ | 8.3 | 2,108,003 | $ | 7.26 | |||||||||||
Granted | 413,500 | $ | 12.55 | 204,000 | $ | 12.06 | |||||||||||
Cancelled | (243,724 | ) | $ | 8.77 | (212,749 | ) | $ | 6.58 | |||||||||
Expired | (9,928 | ) | $ | 9.62 | (7,714 | ) | $ | 1.68 | |||||||||
Exercised | (440,207 | ) | $ | 8.71 | (297,855 | ) | $ | 4.74 | |||||||||
Options and SAR's outstanding at end of year | 1,513,326 | $ | 9.14 | 1,793,685 | $ | 8.3 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||
2013 | 2012 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Granted Date | Granted Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at Beginning of year | 68,956 | $ | 6.87 | 59,196 | $ | 5.71 | |||||||||||
Granted | 36,220 | $ | 17 | 31,312 | $ | 9.1 | |||||||||||
Cancelled | - | $ | - | (25 | ) | $ | 3.05 | ||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Vested/Released | (25,585 | ) | $ | 5.95 | (21,527 | ) | $ | 5.08 | |||||||||
Nonvested at end of year | 79,591 | $ | 11.93 | 68,956 | $ | 6.87 |
Note_13_Revenue_by_Product_Gro1
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenue | Percentage | Revenue | Percentage | Revenue | Percentage | ||||||||||||||||||||
of Product | of Product | of Product | |||||||||||||||||||||||
Revenue | Revenue | Revenue | |||||||||||||||||||||||
Orthobiologics | $ | 55,956,068 | 78 | % | $ | 49,954,112 | 74 | % | $ | 39,858,139 | 64 | % | |||||||||||||
Dermal | 1,816,602 | 3 | % | 1,384,403 | 2 | % | 3,681,166 | 6 | % | ||||||||||||||||
Surgical | 5,445,715 | 8 | % | 5,022,456 | 7 | % | 4,976,261 | 8 | % | ||||||||||||||||
Ophthalmic | 4,656,560 | 6 | % | 8,784,011 | 13 | % | 10,963,822 | 18 | % | ||||||||||||||||
Veterinary | 3,898,785 | 5 | % | 2,865,187 | 4 | % | 2,476,998 | 4 | % | ||||||||||||||||
$ | 71,773,730 | 100 | % | $ | 68,010,169 | 100 | % | $ | 61,956,386 | 100 | % | ||||||||||||||
' | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
DePuy Mitek | 63 | % | 61 | % | 47 | % | |||||||||||||||||||
Boehringer | 5 | % | 4 | % | 4 | % | |||||||||||||||||||
Bausch & Lomb | 5 | % | 12 | % | 16 | % | |||||||||||||||||||
Pharmascience/Rivex | 3 | % | 2 | % | 1 | % | |||||||||||||||||||
Medtronic XoMed | 3 | % | 3 | % | 6 | % | |||||||||||||||||||
79 | % | 82 | % | 74 | % | ||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | ' | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Revenue | Percentage | Revenue | Percentage | Revenue | Percentage | ||||||||||||||||||||
of Total | of Total | of Total | |||||||||||||||||||||||
Revenue | Revenue | Revenue | |||||||||||||||||||||||
United States | $ | 58,490,142 | 78 | % | $ | 57,976,667 | 81 | % | $ | 48,366,140 | 75 | % | |||||||||||||
Europe | 7,411,568 | 10 | % | 6,218,890 | 9 | % | 10,988,664 | 17 | % | ||||||||||||||||
Other | 9,179,444 | 12 | % | 7,162,948 | 10 | % | 5,423,831 | 8 | % | ||||||||||||||||
Total | $ | 75,081,154 | 100 | % | $ | 71,358,505 | 100 | % | $ | 64,778,635 | 100 | % | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | ' | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2013 | 2012 | ||||||||||||||||||||||||
United States | $ | 31,999,468 | $ | 33,792,325 | |||||||||||||||||||||
Italy | 939,243 | 1,320,656 | |||||||||||||||||||||||
Total | $ | 32,938,711 | $ | 35,112,981 |
Note_14_Income_Taxes_Tables
Note 14 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Income (loss) before income taxes | |||||||||||||
Domestic | $ | 33,060,976 | $ | 26,170,313 | $ | 15,962,992 | |||||||
Foreign | (581,445 | ) | (6,642,892 | ) | (2,177,978 | ) | |||||||
$ | 32,479,531 | $ | 19,527,421 | $ | 13,785,014 | ||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Provision for (benefit from) income taxes: | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 8,024,303 | $ | 7,594,287 | $ | 3,327,626 | |||||||
State | 1,580,963 | 885,958 | 155,855 | ||||||||||
Foreign | 94,136 | (188,650 | ) | 90,626 | |||||||||
9,699,402 | 8,291,595 | 3,574,107 | |||||||||||
Deferred provision: | |||||||||||||
Federal | 2,374,850 | 776,486 | 1,907,408 | ||||||||||
State | 114,546 | 602,447 | 570,869 | ||||||||||
Foreign | (283,788 | ) | (1,900,567 | ) | (734,050 | ) | |||||||
2,205,608 | (521,634 | ) | 1,744,227 | ||||||||||
Total provision | $ | 11,905,010 | $ | 7,769,961 | $ | 5,318,334 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | ||||||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax assets: | |||||||||||||
Deferred revenue | $ | 852,207 | $ | 1,988,509 | |||||||||
Stock-based compensation expense | 1,358,554 | 1,584,583 | |||||||||||
Tax credit carry forward | 19,967 | 194,364 | |||||||||||
Net operating loss carryforward, foreign | 2,578,640 | 2,520,746 | |||||||||||
Accrued expenses and other | 649,402 | 954,559 | |||||||||||
Inventory reserve | 283,996 | 405,302 | |||||||||||
Deferred tax asset | $ | 5,742,766 | $ | 7,648,063 | |||||||||
December 31, | |||||||||||||
2013 | 2012 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Acquisition-related Intangibles | $ | (6,056,162 | ) | $ | (6,482,404 | ) | |||||||
Depreciation | (6,964,428 | ) | (6,131,473 | ) | |||||||||
Deferred tax liability | $ | (13,020,590 | ) | $ | (12,613,877 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 34 | % | |||||||
State tax expense, net of federal benefit | 4.8 | % | 6.4 | % | 5.7 | % | |||||||
Permanent items, including nondeductible expenses | (0.2 | %) | 0.9 | % | 0.9 | % | |||||||
State investment tax credit | (0.1 | %) | (0.2 | %) | (0.2 | %) | |||||||
Federal, state and foreign research and development credits | (0.5 | %) | (1.2 | %) | (0.4 | %) | |||||||
Foreign rate differential | 0.1 | % | 2.5 | % | 0.9 | % | |||||||
Domestic production deduction | (2.4 | %) | (3.6 | %) | (2.3 | %) | |||||||
Effective income tax rate | 36.7 | % | 39.8 | % | 38.6 | % | |||||||
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | ' | ||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Unrecognized tax benefit, beginning of year | $ | 56,170 | $ | 56,170 | $ | 37,428 | |||||||
Tax positions related to current year | - | - | 38,329 | ||||||||||
Tax positions related to prior years | - | 38,329 | (19,587 | ) | |||||||||
Statute expirations | (56,170 | ) | (38,329 | ) | - | ||||||||
Unrecognized tax benefit, end of year | $ | - | $ | 56,170 | $ | 56,170 |
Note_16_Restructuring_Charges_
Note 16 - Restructuring Charges (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Costs [Table Text Block] | ' | ||||||||||||
Restructuring Accrual | |||||||||||||
Employee | Activity | Total | |||||||||||
Severance and | Termination and | ||||||||||||
Related Benefits | Facility Closure | ||||||||||||
Costs | |||||||||||||
31-Dec-12 | $ | 801,453 | $ | 132,279 | $ | 933,732 | |||||||
Cash Proceeds, Disbursements | (724,064 | ) | (46,776 | ) | (770,840 | ) | |||||||
Write Offs and Abandonments | (56,549 | ) | (82,691 | ) | (139,240 | ) | |||||||
Foreign Exchange Impact | 869 | 117 | 986 | ||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 |
Note_19_Quarterly_Financial_Da1
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | ||||||||||||||||
Year 2013 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 20,188,488 | $ | 17,023,346 | $ | 20,067,407 | $ | 14,494,489 | |||||||||
Total revenue | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | |||||||||||||
Cost of product revenue | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | |||||||||||||
Gross profit on product revenue | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | |||||||||||||
Net income | $ | 6,654,369 | $ | 4,957,258 | $ | 5,894,892 | $ | 3,068,002 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.36 | $ | 0.44 | $ | 0.23 | |||||||||
Basic common shares outstanding | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | |||||||||||||
Diluted net income per share | $ | 0.44 | $ | 0.33 | $ | 0.4 | $ | 0.21 | |||||||||
Diluted common shares outstanding | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | |||||||||||||
Year 2012 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 21,459,124 | $ | 14,055,440 | $ | 18,882,277 | $ | 13,613,328 | |||||||||
Total revenue | 22,606,465 | 14,766,611 | 19,624,769 | 14,360,660 | |||||||||||||
Cost of product revenue | 7,269,886 | 7,221,028 | 8,084,226 | 6,413,481 | |||||||||||||
Gross profit on product revenue | 14,189,238 | 6,834,412 | 10,798,051 | 7,199,847 | |||||||||||||
Net income | $ | 4,463,223 | $ | 1,645,250 | $ | 3,736,868 | $ | 1,912,119 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.33 | $ | 0.12 | $ | 0.28 | $ | 0.15 | |||||||||
Basic common shares outstanding | 13,324,942 | 13,287,463 | 13,262,023 | 13,162,824 | |||||||||||||
Diluted net income per share | $ | 0.31 | $ | 0.11 | $ | 0.26 | $ | 0.14 | |||||||||
Diluted common shares outstanding | 14,299,211 | 14,459,154 | 14,443,794 | 14,089,946 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 13, 2013 | Dec. 13, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
DePuy Mitek, Inc., Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Rivex Pharma, and Takeda/Nycomed/Biomeks [Member] | DePuy Mitek, Inc., Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Rivex Pharma, and Takeda/Nycomed/Biomeks [Member] | Computer Hardware and Software [Member] | Computer Hardware and Software [Member] | Furniture and Fixtures [Member] | Furniture and Fixtures [Member] | Leasehold Improvements [Member] | Leasehold Improvements [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | General and Administrative Expense [Member] | Anika Therapeutics S.r.l. [Member] | Trade Names [Member] | In-process research & development [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 1 [Member] | Minimum [Member] | Maximum [Member] | |||||
Customer Concentration Risk [Member] | Customer Concentration Risk [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | Computer Software, Intangible Asset [Member] | Computer Software, Intangible Asset [Member] | |||||||||||||
Accounts Receivable [Member] | Accounts Receivable [Member] | |||||||||||||||||||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Foreign Currency Transaction Gain (Loss), before Tax | ' | $259,275 | $200,452 | ($623,093) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,266,501 | 34,264,268 | ' | ' |
Long-term Debt | 9,600,000 | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Current | 337,459 | 593,023 | 337,459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allowance for Doubtful Accounts Receivable, Write-offs | ' | 0 | 135,353 | 2,047 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Provision for Doubtful Accounts | ' | 238,071 | 135,353 | 331,528 | ' | ' | ' | ' | ' | ' | ' | ' | 238,071 | 138,339 | 306,520 | ' | ' | ' | ' | ' | ' | ' |
Concentration Risk, Percentage | ' | ' | ' | ' | 67.00% | 78.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory, Net | 8,283,472 | 10,996,785 | 8,283,472 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventory Adjustments | 1,161,805 | 758,106 | 1,161,805 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property, Plant and Equipment, Useful Life | ' | ' | ' | ' | ' | ' | '3 years | '5 years | '5 years | '7 years | '6 months | '24 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Purchase Price Allocation, Goodwill, as Percentage of Total Purchase Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | 2,500,000 | -160,559 | 1,604,256 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | ' | ' | ' | ' |
Finite-Lived Intangible Asset, Useful Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '2 years | '10 years |
Impairment of Long-Lived Assets to be Disposed of | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Reportable Segments | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Balance, beginning of the year | $337,459 | $334,473 | ' |
Balance, end of the year | 593,023 | 337,459 | 334,473 |
Amounts provided | 238,071 | 135,353 | 331,528 |
Amounts written off | 0 | -135,353 | -2,047 |
Foreign Currency Spot Rate [Member] | ' | ' | ' |
Financing Receivable, Allowance for Credit Losses [Line Items] | ' | ' | ' |
Amounts provided | $255,564 | $138,339 | ' |
Note_3_Earnings_per_Share_EPS_1
Note 3 - Earnings per Share ("EPS") (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Equity Option [Member] | ' | ' | ' |
Note 3 - Earnings per Share ("EPS") (Details) [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 21,326 | 131,273 | 1,142,840 |
Issued And Outstanding Unvested Restricted Stock [Member] | ' | ' | ' |
Note 3 - Earnings per Share ("EPS") (Details) [Line Items] | ' | ' | ' |
Incremental Common Shares Attributable to Dilutive Effect of Nonvested Shares with Forfeitable Dividends | 52,339 | 54,124 | 59,196 |
Note_3_Earnings_per_Share_EPS_2
Note 3 - Earnings per Share ("EPS") (Details) - Basic and Diluted Earnings per Share | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Basic and Diluted Earnings per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares used in the calculation of Basic earnings per share | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | 13,324,942 | 13,287,463 | 13,262,023 | 13,162,824 | 14,086,912 | 13,260,739 | 13,064,051 |
Effect of dilutive securities: Stock options, SAR's, RSA's, and shares held in escrow | ' | ' | ' | ' | ' | ' | ' | ' | 738,687 | 1,083,838 | 683,762 |
Diluted shares used in the calculation of earnings per share | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | 14,299,211 | 14,459,154 | 14,443,794 | 14,089,946 | 14,825,599 | 14,344,577 | 13,747,813 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Inventories [Abstract] | ' | ' |
Raw materials | $5,926,030 | $6,109,807 |
Work-in-process | 2,308,233 | 777,056 |
Finished goods | 2,762,522 | 1,396,609 |
Total | $10,996,785 | $8,283,472 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Property, Plant and Equipment [Abstract] | ' | ' | ' |
Depreciation | $2,678,745 | $2,496,749 | $1,816,188 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment (Details) - Property and Equipment at Cost (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Property and Equipment at Cost [Abstract] | ' | ' |
Machinery and equipment | $23,326,622 | $22,863,921 |
Furniture and fixtures | 1,316,014 | 1,274,477 |
Leasehold improvements | 27,613,495 | 28,195,345 |
Construction in progress | 157,292 | 42,270 |
Subtotal | 52,413,423 | 52,376,013 |
Less accumulated depreciation | -19,474,712 | -17,263,032 |
Total | $32,938,711 | $35,112,981 |
Note_6_Acquired_Intangible_Ass2
Note 6 - Acquired Intangible Assets, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Text Block [Abstract] | ' | ' | ' |
Amortization of Intangible Assets | $2,093,746 | $2,028,498 | $2,186,203 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | $2,000,000 | ' | ' |
Note_6_Acquired_Intangible_Ass3
Note 6 - Acquired Intangible Assets, Net (Details) - Intangible Assets | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
USD ($) | USD ($) | AFN | Developed Technology Rights [Member] | Developed Technology Rights [Member] | In Process Research and Development [Member] | In Process Research and Development [Member] | Distribution Rights [Member] | Distribution Rights [Member] | Patents [Member] | Patents [Member] | Elevess Trade Name [Member] | Elevess Trade Name [Member] | |
USD ($) | AFN | USD ($) | AFN | USD ($) | AFN | USD ($) | AFN | AFN | USD ($) | ||||
Note 6 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross Value | $28,902,686 | ' | ' | $16,700,000 | ' | $5,502,686 | ' | $4,700,000 | ' | $1,000,000 | ' | ' | $1,000,000 |
Currency Translation Adjustment | -1,644,298 | ' | ' | -950,299 | ' | -216,559 | ' | -423,532 | ' | -53,908 | ' | ' | ' |
Abandonments and Other Adjustments | -8,259,979 | ' | ' | -3,996,698 | ' | ' | ' | -3,412,813 | ' | -226,518 | ' | ' | -623,950 |
Accumulated Amortization | 18,998,409 | 20,334,636 | 20,334,636 | 11,753,003 | 12,370,042 | 5,286,127 | 4,980,574 | 863,655 | 1,733,453 | 719,574 | 749,166 | 501,401 | 376,050 |
Net Book Value (in Afghanis) | $18,998,409 | $20,334,636 | 20,334,636 | $11,753,003 | 12,370,042 | $5,286,127 | 4,980,574 | $863,655 | 1,733,453 | $719,574 | 749,166 | 501,401 | $376,050 |
Useful Life | ' | ' | ' | ' | '15 years | ' | ' | ' | '5 years | ' | '16 years | '9 years | ' |
Note_7_Accrued_Expenses_Detail
Note 7 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Accrued Expenses [Abstract] | ' | ' |
Payroll and benefits | $2,728,616 | $2,477,833 |
Professional fees | 383,231 | 642,853 |
Clinical trial costs | 882,651 | 102,414 |
Research grants | 610,498 | 844,803 |
Restructuring costs | 24,638 | 933,732 |
Other | 908,247 | 835,409 |
Total | $5,537,881 | $5,837,044 |
Note_8_Deferred_Revenue_Detail
Note 8 - Deferred Revenue (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2004 | Feb. 28, 2004 | Dec. 31, 2003 | Dec. 31, 2011 |
JNJ Agreement [Member] | JNJ Agreement [Member] | JNJ Agreement [Member] | Mitek MONOVISC Agreement [Member] | |||
Ortho Biotech Products, L.P. [Member] | Ortho Biotech Products, L.P. [Member] | Ortho Biotech Products, L.P. [Member] | DePuy Mitek, Inc.[Member] | |||
Note 8 - Deferred Revenue (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Licensing and supply agreement term | ' | ' | ' | ' | '10 years | '15 years |
Proceeds from Initial Payment on Licensing and Supply Agreement | ' | ' | ' | ' | $2,000,000 | $2,500,000 |
Proceeds from Milestone Payments | ' | ' | 5,000,000 | 20,000,000 | ' | ' |
Deferred Revenue | $2,235,374 | $5,027,845 | ' | ' | ' | ' |
Note_9_Commitments_and_Conting2
Note 9 - Commitments and Contingencies (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 04, 2007 | Jan. 04, 2007 | Jan. 04, 2007 | Dec. 31, 2013 | Dec. 30, 2009 | |
First Three Renewal Options [Member] | Final Renewal Option [Member] | Bedford, Massachusetts [Member] | Bedford, Massachusetts [Member] | Abano Terme, Italy [Member] | ||||
Bedford, Massachusetts [Member] | Bedford, Massachusetts [Member] | sqft | sqft | |||||
Note 9 - Commitments and Contingencies (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Area of Leased Space (in Square Feet) | ' | ' | ' | ' | ' | ' | 134,000 | 28,000 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | ' | ' | ' | ' | '11 years | ' | '6 years |
Option to Extend Operating Lease Term, Number of Periods | ' | ' | ' | ' | ' | 4 | ' | ' |
Lessee Leasing Arrangements, Operating Leases, Renewal Term | ' | ' | ' | '5 years | '6 years | ' | ' | ' |
Operating Leases, Rent Expense (in Dollars) | $1,400,120 | $2,486,849 | $3,479,632 | ' | ' | ' | ' | ' |
Note_9_Commitments_and_Conting3
Note 9 - Commitments and Contingencies (Details) - Future Lease Commitments (USD $) | Dec. 31, 2013 |
Future Lease Commitments [Abstract] | ' |
2014 | $1,627,388 |
2015 | 1,605,742 |
2016 | 1,605,742 |
2017 | 971,500 |
2018 and thereafter | 4,695,583 |
$10,505,955 |
Note_10_Equity_Incentive_Plan_1
Note 10 - Equity Incentive Plan (Details) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 04, 2003 | Dec. 31, 2013 | Dec. 31, 2013 | Jun. 18, 2013 | Jun. 05, 2009 | Jun. 07, 2011 | Dec. 31, 2013 | |
Stock Options, SARbs and Restricted Stock Awards [Member] | Stock Options, SARbs and Restricted Stock Awards [Member] | Stock Options, SARbs and Restricted Stock Awards [Member] | Stock Options and SARs [Member] | Incentive Stock Options [Member] | Nonqualified Stock Options [Member] | Stock Appreciation Rights (SARs) [Member] | 2003 Plan [Member] | 2003 Plan [Member] | 2003 Plan [Member] | Amended 2003 Plan [Member] | Amended 2003 Plan [Member] | Second Amended 2003 Plan [Member] | 1993 Plan [Member] | ||||
Minimum [Member] | Maximum [Member] | ||||||||||||||||
Note 10 - Equity Incentive Plan (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | ' | ' | 3,800,000 | 2,350,000 | 3,150,000 | 1,266,036 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 | 850,000 | 800,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | '4 years | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,513,326 |
Volatility Assumptions, Average Stock Price Term | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | $1,268,070 | $1,151,199 | $1,190,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights Vested and Expected to Vest, Outstanding, Number (in Shares) | 1,484,786 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $7.87 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award,Options and Stock Appreciation Rights, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 28,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested and Expected to Vest, Weighted Average Remaining Contractual Term | '4 years 36 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | 1,974,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | '2 years 328 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | ' | ' | ' | ' | ' | ' | ' | 198,989 | 152,968 | 572,453 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | ' | ' | ' | ' | ' | ' | ' | $8.56 | $8.43 | $7.49 | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | '5 years 73 days | '5 years 73 days | '3 years 146 days | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested, Aggregate Intrinsic Value | 27,997,198 | 2,115,267 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingIntrinsicValue | 43,199,713 | 4,074,471 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue | 4,370,830 | 2,214,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested in Period, Fair Value | 1,088,802 | 997,194 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | 3,053,941 | 388,675 | 160,470 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | $290,704 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_10_Equity_Incentive_Plan_2
Note 10 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 10 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' | ' |
Expected volatility | ' | 57.60% | 57.60% |
Expected lives (years) | '4 years | '4 years | '4 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Note 10 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' | ' |
Risk free interest rate | 0.61% | 0.63% | 1.10% |
Expected volatility | 53.60% | ' | ' |
Maximum [Member] | ' | ' | ' |
Note 10 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' | ' |
Risk free interest rate | 1.02% | 0.64% | 1.51% |
Expected volatility | 57.60% | ' | ' |
Note_10_Equity_Incentive_Plan_3
Note 10 - Equity Incentive Plan (Details) - Stock Options and SARbs Activity (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options and SARbs Activity [Abstract] | ' | ' |
Options and SAR's outstanding at beginning of year | 1,793,685 | 2,108,003 |
Options and SAR's outstanding at beginning of year (in Dollars per share) | $8.30 | $7.26 |
Options and SAR's outstanding at end of year | 1,513,326 | 1,793,685 |
Options and SAR's outstanding at end of year (in Dollars per share) | $9.14 | $8.30 |
Granted | 413,500 | 204,000 |
Granted (in Dollars per share) | $12.55 | $12.06 |
Cancelled | -243,724 | -212,749 |
Cancelled (in Dollars per share) | $8.77 | $6.58 |
Expired | -9,928 | -7,714 |
Expired (in Dollars per share) | $9.62 | $1.68 |
Exercised | -440,207 | -297,855 |
Exercised (in Dollars per share) | $8.71 | $4.74 |
Note_10_Equity_Incentive_Plan_4
Note 10 - Equity Incentive Plan (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | ' | ' |
Note 10 - Equity Incentive Plan (Details) - Restricted Stock Activity [Line Items] | ' | ' |
Nonvested at Beginning of year | 68,956 | 59,196 |
Nonvested at Beginning of year (in Dollars per share) | $6.87 | $5.71 |
Nonvested at end of year | 79,591 | 68,956 |
Nonvested at end of year (in Dollars per share) | $11.93 | $6.87 |
Granted | 36,220 | 31,312 |
Granted (in Dollars per share) | $17 | $9.10 |
Cancelled | ' | -25 |
Cancelled (in Dollars per share) | ' | $3.05 |
Vested/Released | -25,585 | -21,527 |
Vested/Released (in Dollars per share) | $5.95 | $5.08 |
Note_11_Shareholder_Rights_Pla1
Note 11 - Shareholder Rights Plan (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 04, 2008 |
Series B Junior Participating Preferred Stock [Member] | Shareholder Rights Plan 2008 [Member] | Shareholder Rights Plan 2008 [Member] | Shareholder Rights Plan 2008 [Member] | |||
Shareholder Rights Plan 2008 [Member] | Minimum [Member] | Minimum [Member] | ||||
Note 11 - Shareholder Rights Plan (Details) [Line Items] | ' | ' | ' | ' | ' | ' |
Stockholders Rights Plan, Exercisability Threshold, Percentage | ' | ' | ' | ' | ' | 15.00% |
Stockholders Rights Plan, Exercise Percentage of Voting Stock Ownership Offer | ' | ' | ' | ' | ' | 15.00% |
Exercise Price per Right (in Dollars per share) | ' | ' | ' | $75 | ' | ' |
Redemption Price per Right (in Dollars per share) | ' | ' | ' | $0.01 | ' | ' |
Percentage of Beneficial Ownership | ' | ' | ' | ' | 50.00% | ' |
Preferred Stock, Par or Stated Value Per Share (in Dollars per share) | $0.01 | $0.01 | $0.01 | ' | ' | ' |
Preferred Stock, Capital Shares Reserved for Future Issuance (in Shares) | ' | ' | 175,000 | ' | ' | ' |
Note_12_Employee_Benefit_Plan_
Note 12 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Text Block Supplement [Abstract] | ' | ' | ' |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ' | ' |
Defined Contribution Plan, Cost Recognized | $362,150 | $326,007 | $279,816 |
Note_13_Revenue_by_Product_Gro2
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Services, Net | $3,307,424 | $3,348,336 | $2,822,249 |
Licensing Milestone Contract Revenue [Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) [Line Items] | ' | ' | ' |
Sales Revenue, Services, Net | $3,307,424 | $3,348,336 | $2,822,249 |
Note_13_Revenue_by_Product_Gro3
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Product Group (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | $20,188,488 | $17,023,346 | $20,067,407 | $14,494,489 | $21,459,124 | $14,055,440 | $18,882,277 | $13,613,328 | $71,773,730 | $68,010,169 | $61,956,386 |
Orthobiologics [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 74.00% | 64.00% |
Orthobiologics [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 55,956,068 | 49,954,112 | 39,858,139 |
Dermal [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | 6.00% |
Dermal [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 1,816,602 | 1,384,403 | 3,681,166 |
Surgical [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | 7.00% | 8.00% |
Surgical [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 5,445,715 | 5,022,456 | 4,976,261 |
Ophthalmic [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | 13.00% | 18.00% |
Ophthalmic [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 4,656,560 | 8,784,011 | 10,963,822 |
Veterinary [Member] | Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | 4.00% | 4.00% |
Veterinary [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $3,898,785 | $2,865,187 | $2,476,998 |
Sales Revenue, Segment [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Product Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
Note_13_Revenue_by_Product_Gro4
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues (Customer Concentration Risk [Member], Sales Revenue, Goods, Net [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 79.00% | 82.00% | 74.00% |
DePuy Mitek, Inc.[Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 63.00% | 61.00% | 47.00% |
Boehringer [Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 5.00% | 4.00% | 4.00% |
Bausch & Lomb Inc. [Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 5.00% | 12.00% | 16.00% |
Rivex Pharma [Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 3.00% | 2.00% | 1.00% |
Medtronic [Member] | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | ' | ' | ' |
Percent of Product Revenue by Significant Customers | 3.00% | 3.00% | 6.00% |
Note_13_Revenue_by_Product_Gro5
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (in Dollars) | $21,251,328 | $17,754,438 | $20,828,377 | $15,247,011 | $22,606,465 | $14,766,611 | $19,624,769 | $14,360,660 | $75,081,154 | $71,358,505 | $64,778,635 |
Geographic Concentration Risk [Member] | United States [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 78.00% | 81.00% | 75.00% |
Geographic Concentration Risk [Member] | Europe [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | 9.00% | 17.00% |
Geographic Concentration Risk [Member] | Other location [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 12.00% | 10.00% | 8.00% |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Total Revenue | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | 100.00% | 100.00% |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 58,490,142 | 57,976,667 | 48,366,140 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | 7,411,568 | 6,218,890 | 10,988,664 |
Other location [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue (in Dollars) | ' | ' | ' | ' | ' | ' | ' | ' | $9,179,444 | $7,162,948 | $5,423,831 |
Note_13_Revenue_by_Product_Gro6
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Net Tangible Long-lived Assets by Principal Geographic Areas (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net tangible long-lived assets | $32,938,711 | $35,112,981 |
United States [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net tangible long-lived assets | 31,999,468 | 33,792,325 |
Italy [Member] | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' |
Net tangible long-lived assets | $939,243 | $1,320,656 |
Note_14_Income_Taxes_Details
Note 14 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Unrecognized Tax Benefits, Period Increase (Decrease) | $0 | ' | ' |
Share-based Compensation | 1,268,070 | 1,151,199 | 1,190,697 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 1,984,280 | 285,068 | 219,626 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 856,830 | 452,471 | 274,190 |
Foreign Tax Authority [Member] | Italy [Member] | ' | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Operating Loss Carryforwards | 9,353,750 | ' | ' |
Internal Revenue Service (IRS) [Member] | Maximum [Member] | ' | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 856,830 | ' | ' |
Internal Revenue Service (IRS) [Member] | Minimum [Member] | ' | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ' | 452,471 | ' |
State and Local Jurisdiction [Member] | Minimum [Member] | ' | ' | ' |
Note 14 - Income Taxes (Details) [Line Items] | ' | ' | ' |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | ' | ' | $274,190 |
Note_14_Income_Taxes_Details_C
Note 14 - Income Taxes (Details) - Components of Income Before Taxes and Provision for (Benefit from) Income Taxes (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income (loss) before income taxes | ' | ' | ' |
Domestic | $33,060,976 | $26,170,313 | $15,962,992 |
Foreign | -581,445 | -6,642,892 | -2,177,978 |
32,479,531 | 19,527,421 | 13,785,014 | |
Current provision: | ' | ' | ' |
Federal | 8,024,303 | 7,594,287 | 3,327,626 |
State | 1,580,963 | 885,958 | 155,855 |
Foreign | 94,136 | -188,650 | 90,626 |
9,699,402 | 8,291,595 | 3,574,107 | |
Deferred provision: | ' | ' | ' |
Federal | 2,374,850 | 776,486 | 1,907,408 |
State | 114,546 | 602,447 | 570,869 |
Foreign | -283,788 | -1,900,567 | -734,050 |
2,205,608 | -521,634 | 1,744,227 | |
Total provision | $11,905,010 | $7,769,961 | $5,318,334 |
Note_14_Income_Taxes_Details_S
Note 14 - Income Taxes (Details) - Significant components of the Companybs deferred tax assets and liabilities consist of the following (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred tax assets: | ' | ' |
Deferred revenue | $852,207 | $1,988,509 |
Stock-based compensation expense | 1,358,554 | 1,584,583 |
Tax credit carry forward | 19,967 | 194,364 |
Net operating loss carryforward, foreign | 2,578,640 | 2,520,746 |
Accrued expenses and other | 649,402 | 954,559 |
Inventory reserve | 283,996 | 405,302 |
Deferred tax asset | 5,742,766 | 7,648,063 |
Deferred tax liabilities: | ' | ' |
Acquisition-related Intangibles | -6,056,162 | -6,482,404 |
Depreciation | -6,964,428 | -6,131,473 |
Deferred tax liability | ($13,020,590) | ($12,613,877) |
Note_14_Income_Taxes_Details_R
Note 14 - Income Taxes (Details) - Reconciliation Between U.S. Federal Statutory Rate and Effective Rate | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation Between U.S. Federal Statutory Rate and Effective Rate [Abstract] | ' | ' | ' |
Statutory federal income tax rate | 35.00% | 35.00% | 34.00% |
State tax expense, net of federal benefit | 4.80% | 6.40% | 5.70% |
Permanent items, including nondeductible expenses | -0.20% | 0.90% | 0.90% |
State investment tax credit | -0.10% | -0.20% | -0.20% |
Federal, state and foreign research and development credits | -0.50% | -1.20% | -0.40% |
Foreign rate differential | 0.10% | 2.50% | 0.90% |
Domestic production deduction | -2.40% | -3.60% | -2.30% |
Effective income tax rate | 36.70% | 39.80% | 38.60% |
Note_14_Income_Taxes_Details_R1
Note 14 - Income Taxes (Details) - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits [Abstract] | ' | ' | ' |
Unrecognized tax benefit, beginning of year | $56,170 | $56,170 | $37,428 |
Tax positions related to current year | ' | ' | 38,329 |
Tax positions related to prior years | ' | 38,329 | -19,587 |
Statute expirations | -56,170 | -38,329 | ' |
Unrecognized tax benefit, end of year | ' | $56,170 | $56,170 |
Note_15_Longterm_Debt_Details
Note 15 - Long-term Debt (Details) (USD $) | 1 Months Ended | 11 Months Ended | 1 Months Ended | 11 Months Ended | 11 Months Ended | |||||||
Nov. 30, 2013 | Dec. 31, 2008 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2008 | Dec. 31, 2015 | Dec. 31, 2008 | Jan. 31, 2008 | |
Quarterly Payment [Member] | Consent And First Amendment [Member] | Stock [Member] | London Interbank Offered Rate (LIBOR) [Member] | Term Loan [Member] | Term Loan [Member] | Revolving Credit Facility [Member] | ||||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Anika Therapeutics S.r.l. [Member] | Term Loan [Member] | |||||||||
Term Loan [Member] | Term Loan [Member] | |||||||||||
Note 15 - Long-term Debt (Details) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $16,000,000 |
Line of Credit Facility, Amount Outstanding | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment, Principal | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,200,000 | ' | ' |
Debt Instrument, Basis Spread on Variable Rate (in Basis Points) | ' | ' | ' | ' | ' | ' | 1.25% | ' | 0.75% | ' | ' | ' |
Deferred Finance Costs, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 171,000 | ' |
Percentage of Stock Pledged as Collateral | ' | ' | ' | ' | ' | ' | ' | 65.00% | ' | ' | ' | ' |
Debt Issuance Cost | ' | 74,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt | ' | ' | 9,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Current Maturities | ' | ' | 1,600,000 | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Early Repayment of Senior Debt | $8,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note_16_Restructuring_Charges_1
Note 16 - Restructuring Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Restructuring Charges (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | $2,500,000 | ($160,559) | $1,604,256 |
Restructuring Charges | ' | -286,843 | 2,537,988 |
Non-Cash Termination And Impairment Of IPR&D [Member] | ' | ' | ' |
Note 16 - Restructuring Charges (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | 1,600,000 | ' | ' |
Employee termination costs [Member] | ' | ' | ' |
Note 16 - Restructuring Charges (Details) [Line Items] | ' | ' | ' |
Restructuring and Related Cost, Expected Cost Remaining | $900,000 | ' | ' |
Note_16_Restructuring_Charges_2
Note 16 - Restructuring Charges (Details) - Restructuring Accrual Activity (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Restructuring Cost and Reserve [Line Items] | ' |
31-Dec-12 | $933,732 |
Cash Proceeds, Disbursements | -770,840 |
Write Offs and Abandonments | -139,240 |
Foreign Exchange Impact | 986 |
31-Dec-13 | 24,638 |
Employee termination costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
31-Dec-12 | 801,453 |
Cash Proceeds, Disbursements | -724,064 |
Write Offs and Abandonments | -56,549 |
Foreign Exchange Impact | 869 |
31-Dec-13 | 21,709 |
Activity Termination and Facility Closure Costs [Member] | ' |
Restructuring Cost and Reserve [Line Items] | ' |
31-Dec-12 | 132,279 |
Cash Proceeds, Disbursements | -46,776 |
Write Offs and Abandonments | -82,691 |
Foreign Exchange Impact | 117 |
31-Dec-13 | $2,929 |
Note_17_Related_Party_Details
Note 17 - Related Party (Details) (Fidia Farmaceutici S.p.A [Member]) | 1 Months Ended | ||
Dec. 30, 2009 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fidia Farmaceutici S.p.A [Member] | ' | ' | ' |
Note 17 - Related Party (Details) [Line Items] | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 1,981,192 | ' | ' |
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | 0.00% | 14.30% |
Note_18_Subsequent_Event_Detai
Note 18 - Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Mar. 10, 2014 |
Subsequent Event [Member] | ' |
Note 18 - Subsequent Event (Details) [Line Items] | ' |
Proceeds from Legal Settlements | $17.50 |
Note_19_Quarterly_Financial_Da2
Note 19 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Quarterly Financial Data (Unaudited) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Product revenue | $20,188,488 | $17,023,346 | $20,067,407 | $14,494,489 | $21,459,124 | $14,055,440 | $18,882,277 | $13,613,328 | $71,773,730 | $68,010,169 | $61,956,386 |
Total revenue | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | 22,606,465 | 14,766,611 | 19,624,769 | 14,360,660 | 75,081,154 | 71,358,505 | 64,778,635 |
Cost of product revenue | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | 7,269,886 | 7,221,028 | 8,084,226 | 6,413,481 | 22,765,404 | 28,988,621 | 26,783,738 |
Gross profit on product revenue | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | 14,189,238 | 6,834,412 | 10,798,051 | 7,199,847 | ' | ' | ' |
Net income | $6,654,369 | $4,957,258 | $5,894,892 | $3,068,002 | $4,463,223 | $1,645,250 | $3,736,868 | $1,912,119 | $20,574,521 | $11,757,460 | $8,466,680 |
Per common share information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic net income per share (in Dollars per share) | $0.47 | $0.36 | $0.44 | $0.23 | $0.33 | $0.12 | $0.28 | $0.15 | $1.46 | $0.89 | $0.65 |
Basic common shares outstanding (in Shares) | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | 13,324,942 | 13,287,463 | 13,262,023 | 13,162,824 | 14,086,912 | 13,260,739 | 13,064,051 |
Diluted net income per share (in Dollars per share) | $0.44 | $0.33 | $0.40 | $0.21 | $0.31 | $0.11 | $0.26 | $0.14 | $1.39 | $0.82 | $0.62 |
Diluted common shares outstanding (in Shares) | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | 14,299,211 | 14,459,154 | 14,443,794 | 14,089,946 | 14,825,599 | 14,344,577 | 13,747,813 |