Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 1-May-14 | |
Document and Entity Information [Abstract] | ' | ' |
Entity Registrant Name | 'Anika Therapeutics, Inc. | ' |
Document Type | '10-Q | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Common Stock, Shares Outstanding | ' | 14,421,420 |
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-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Current assets: | ' | ' |
Cash and cash equivalents | $82,160,251 | $63,333,160 |
Accounts receivable, net of reserves of $592,420 and $593,023 at March 31, 2014 and December 31, 2013, respectively | 16,466,436 | 18,736,845 |
Inventories | 12,981,495 | 10,996,785 |
Current portion deferred income taxes | 659,040 | 659,040 |
Prepaid expenses and other | 1,217,403 | 865,957 |
Total current assets | 113,484,625 | 94,591,787 |
Property and equipment, at cost | 52,768,367 | 52,413,423 |
Less: accumulated depreciation | -20,134,401 | -19,474,712 |
32,633,966 | 32,938,711 | |
Long-term deposits and other | 69,080 | 69,080 |
Intangible assets, net | 18,439,286 | 18,998,409 |
Goodwill | 9,434,289 | 9,443,894 |
Total Assets | 174,061,246 | 156,041,881 |
Current liabilities: | ' | ' |
Accounts payable | 2,742,808 | 2,793,911 |
Accrued expenses | 4,497,706 | 5,537,881 |
Deferred revenue | 46,412 | 180,433 |
Income taxes payable | 424,993 | 770,276 |
Total current liabilities | 7,711,919 | 9,282,501 |
Other long-term liabilities | 1,089,708 | 1,133,544 |
Long-term deferred revenue | 72,367 | 2,054,941 |
Deferred tax liability | 8,617,245 | 7,936,864 |
Commitments and contingencies (Note 9) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | ' | ' |
Common stock, $.01 par value; 30,000,000 shares authorized, 14,620,032 and 14,289,308 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively | 146,200 | 142,893 |
Additional paid-in-capital | 76,534,563 | 70,606,031 |
Accumulated currency translation adjustment | -1,725,211 | -1,699,095 |
Retained earnings | 81,614,455 | 66,584,202 |
Total stockholders’ equity | 156,570,007 | 135,634,031 |
Total Liabilities and Stockholders’ Equity | $174,061,246 | $156,041,881 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accounts receivable, net of reserves (in Dollars) | $592,420 | $593,023 |
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 | 14,620,032 | 14,289,308 |
Common stock,shares outstanding | 14,620,032 | 14,289,308 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Product revenue | $14,351,405 | $14,494,489 |
Licensing, milestone and contract revenue | 19,658,882 | 752,522 |
Total revenue | 34,010,287 | 15,247,011 |
Operating expenses: | ' | ' |
Cost of product revenue | 4,361,019 | 4,841,170 |
Research & development | 2,287,715 | 1,582,910 |
Selling, general & administrative | 3,490,985 | 3,947,114 |
Restructuring credits | -135,607 | -135,607 |
Total operating expenses | 10,139,719 | 10,235,587 |
Income from operations | 23,870,568 | 5,011,424 |
Interest income (expense), net | 467 | -39,558 |
Income before income taxes | 23,871,035 | 4,971,866 |
Provision for income taxes | 8,840,782 | 1,903,864 |
Net income | 15,030,253 | 3,068,002 |
Basic net income per share: | ' | ' |
Net income (in Dollars per share) | $1.04 | $0.23 |
Basic weighted average common shares outstanding (in Shares) | 14,461,367 | 13,406,952 |
Diluted net income per share: | ' | ' |
Net income (in Dollars per share) | $0.97 | $0.21 |
Diluted weighted average common shares outstanding (in Shares) | 15,499,447 | 14,357,110 |
Net income | 15,030,253 | 3,068,002 |
Other comprehensive income | ' | ' |
Foreign currency translation adjustment | -26,116 | -749,450 |
Comprehensive income | $15,004,137 | $2,318,552 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities: | ' | ' |
Net income | $15,030,253 | $3,068,002 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 1,198,799 | 1,202,208 |
Stock-based compensation expense | 427,823 | 422,959 |
Deferred income taxes | -323,669 | -139,747 |
Provision for inventory | 31,778 | 258,195 |
Tax benefit from exercise of stock options | -4,436,249 | -64,642 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 2,140,848 | 6,373,839 |
Inventories | -2,016,631 | -1,969,179 |
Prepaid expenses, other current and long-term assets | -345,415 | 705,078 |
Long-term deposits and other | ' | 8,499 |
Accounts payable | 51,712 | 1,354,318 |
Accrued expenses | -1,104,945 | -2,351,133 |
Deferred revenue | -2,113,086 | -725,067 |
Income taxes payable | 5,099,027 | -1,834,739 |
Other long-term liabilities | -43,588 | -239,737 |
Net cash provided by operating activities | 13,596,657 | 6,068,854 |
Cash flows from investing activities: | ' | ' |
Proceeds from sale of assets | ' | 135,607 |
Purchase of property and equipment | -276,513 | -35,802 |
Net cash provided by (used in) investing activities | -276,513 | 99,805 |
Cash flows from financing activities: | ' | ' |
Principal payments on debt | ' | -400,000 |
Proceeds from exercise of stock options | 1,067,767 | 1,097,016 |
Tax benefit from exercise of stock options | 4,436,249 | 64,642 |
Net cash provided by financing activities | 5,504,016 | 761,658 |
Exchange rate impact on cash | 2,931 | -32,228 |
Increase in cash and cash equivalents | 18,827,091 | 6,898,089 |
Cash and cash equivalents at beginning of period | 63,333,160 | 44,067,477 |
Cash and cash equivalents at end of period | $82,160,251 | $50,965,566 |
Note_1_Nature_of_Business
Note 1 - Nature of Business | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Nature of Operations [Text Block] | ' | |
1 | Nature of Business | |
Anika Therapeutics, Inc. (together with its subsidiaries, “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 the U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business. | ||
Note_2_Basis_of_Presentation
Note 2 - Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Disclosure Text Block [Abstract] | ' | |
Business Description and Basis of Presentation [Text Block] | ' | |
2 | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“U.S.”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from our audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of March 31, 2014, the results of its operations for the three month periods ended March 31, 2014 and 2013, and cash flows for the three month periods ended March 31, 2014 and 2013. | ||
The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2013. The results of operations for the three months ended March 31, 2014 are not necessarily indicative of the results to be expected for the year ending December 31, 2014. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. | ||
Note_3_Fair_Value_Measurements
Note 3 - Fair Value Measurements | 3 Months Ended | ||
Mar. 31, 2014 | |||
Fair Value Disclosures [Abstract] | ' | ||
Fair Value Disclosures [Text Block] | ' | ||
3 | Fair Value Measurements | ||
We measure certain assets and liabilities, such as fixed income investments, at fair value based upon exit price, representing the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. To increase the comparability of fair value measurements, the following hierarchical levels of inputs to valuation methodologies are used: | |||
• | 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 was $34,267,152 and $34,264,268 at March 31, 2014 and December 31, 2013, respectively, and were classified as Level 2 instruments. | |||
Note_4_Equity_Incentive_Plan
Note 4 - Equity Incentive Plan | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | ' | ||||||
4 | Equity Incentive Plan | ||||||
The Company estimates the fair value of stock options and stock appreciation rights using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three months ended March 31, 2014 and 2013, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Risk free interest rate | 1.20% | - | 1.33% | 0.70% | |||
Expected volatility | 53.28% | 57.60% | |||||
Expected lives (years) | 4 | 4 | |||||
Expected dividend yield | 0.00% | 0.00% | |||||
The Company recorded $427,823 and $422,959 of share-based compensation expense for the three months ended March 31, 2014 and 2013, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients. | |||||||
There were 123,240 stock options granted under the Plan during the three months ended March 31, 2014. There were 30,700 Restricted Stock Awards (“RSAs”) granted under the Plan during the three months ended March 31, 2014. 9,365 Restricted Stock Units (“RSUs”) were granted to members of the Company’s Board of Directors under the Plan during the three months ended March 31, 2014. The stock options, RSAs and RSUs granted to employees and directors become exercisable or vest ratably over four years from the date of grant. | |||||||
A portion of the stock options granted during the three months ended March 31, 2014 contained performance features, based on the level of growth in revenue and income from operations as compared to established targets, in addition to time-based vesting conditions. The compensation costs associated with these grants was estimated using the Black-Scholes valuation method factored for the estimated probability of achieving the performance goals. | |||||||
As of March 31, 2014, there was approximately $4.9 million of total unrecognized compensation cost related to non-vested stock options, stock appreciation rights (“SARs”), RSAs and RSUs granted under the Company’s incentive plans. This cost is expected to be recognized over a weighted-average period of 3.3 years. | |||||||
The total intrinsic value of stock options and SARs exercised during the three-month periods ended March 31, 2014 and 2013 was $7,131,972 and $464,241 respectively. Cash received from the exercise of stock options during the three-month periods ended March 31, 2014 and 2013 were $1,067,767 and $1,097,016, respectively. | |||||||
There were approximately 1.4 million options and SARs outstanding under the Company’s incentive plans at March 31, 2014 with a weighted-average exercise price of $11.70 per share, an aggregate intrinsic value of approximately $41.1 million, and a weighted-average remaining contractual term of 6.6 years. None of the options or SARs outstanding at March 31, 2014 or 2013, respectively, had cash-settlement features. | |||||||
The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued 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, generally become exercisable ratably over one to four years and have a ten year contractual term. | |||||||
Note_5_Earnings_Per_Share
Note 5 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Earnings Per Share [Text Block] | ' | ||||||||
5 | Earnings Per Share | ||||||||
The Company reports earnings per share in accordance with ASC 260, Earnings Per Share, which establishes standards for computing and presenting earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Under the treasury stock method, unexercised “in-the-money” stock options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period. | |||||||||
Basic and diluted earnings per share for the three months ended March 31, 2014 and 2013 are as follows: | |||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Shares used in the calculation of basic earnings per share | 14,461,367 | 13,406,952 | |||||||
Effect of dilutive securities: | |||||||||
Stock options, SARs, and RSAs | 1,038,080 | 950,158 | |||||||
Diluted shares used in the calculation of earnings per share | 15,499,447 | 14,357,110 | |||||||
Equity awards of 87,126 and 555,001 shares were outstanding for the three months ended March 31, 2014 and March 31, 2013, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. | |||||||||
Note_6_Inventories
Note 6 - Inventories | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventory Disclosure [Text Block] | ' | ||||||||
6 | Inventories | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,109,938 | $ | 5,926,030 | |||||
Work-in-process | 2,230,635 | 2,308,233 | |||||||
Finished goods | 4,640,922 | 2,762,522 | |||||||
Total | $ | 12,981,495 | $ | 10,996,785 | |||||
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. | |||||||||
Note_7_Intangible_Assets_and_G
Note 7 - Intangible Assets and Goodwill | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | ' | ||||||||||||||||||||||||
7. | Intangible Assets and Goodwill | ||||||||||||||||||||||||
In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangibles and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangibles. The in-process research and development intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition including write-off(s) for abandoned projects. Until such determination is made, they are not amortized. | |||||||||||||||||||||||||
The Company reviews its long-lived assets for impairment at least annually. Additionally, the Company will initiate a review for impairment if 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 the assets are no longer appropriate. Each impairment test will be 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. | |||||||||||||||||||||||||
Intangible assets as of March 31, 2014 and December 31, 2013 consist of the following: | |||||||||||||||||||||||||
31-Mar-14 | December 31, 2013 | ||||||||||||||||||||||||
Gross Value | Currency | Accumulated | Net Book | Net Book | Useful Life | ||||||||||||||||||||
Translation | Amortization | Value | Value | ||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (963,479 | ) | $ | (4,264,090 | ) | $ | 11,472,431 | $ | 11,753,003 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (222,625 | ) | - | 5,280,061 | 5,286,127 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (424,265 | ) | (3,637,480 | ) | 638,255 | 863,655 | 5 | |||||||||||||||||
Patents | 1,000,000 | (54,717 | ) | (241,456 | ) | 703,827 | 719,574 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (655,288 | ) | 344,712 | 376,050 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (1,665,086 | ) | $ | (8,798,314 | ) | $ | 18,439,286 | $ | 18,998,409 | |||||||||||||
The aggregate amortization expense related to intangible assets was $538,335 and $519,982 for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
Changes in the carrying value of goodwill for the three months ended March 31, 2014 were as follows: | |||||||||||||||||||||||||
For the three | |||||||||||||||||||||||||
months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Balance, beginning | $ | 9,443,894 | |||||||||||||||||||||||
Effect of foreign currency adjustments | (9,605 | ) | |||||||||||||||||||||||
Balance, ending | $ | 9,434,289 | |||||||||||||||||||||||
Note_8_Accrued_Expenses
Note 8 - Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | ' | ||||||||
8 | Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and benefits | $ | 1,464,681 | $ | 2,728,616 | |||||
Clinical trial costs | 1,259,914 | 882,651 | |||||||
Professional fees | 321,445 | 383,231 | |||||||
Research grants | 609,878 | 610,498 | |||||||
Restructuring costs | 19,759 | 24,638 | |||||||
Other | 822,029 | 908,247 | |||||||
Total | $ | 4,497,706 | $ | 5,537,881 | |||||
Note_9_Commitments_and_Conting
Note 9 - Commitments and Contingencies | 3 Months Ended | |
Mar. 31, 2014 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments and Contingencies Disclosure [Text Block] | ' | |
9 | Commitments and Contingencies | |
In certain of its 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 product. The Company may also warrant that the products it manufactures do not infringe, violate or breach any 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. Based on the Company’s historical activity in combination with its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no accrued warranties and has no history of claims paid. | ||
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 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 to dismiss with prejudice all of Genzyme’s claims against the Company and the case was terminated. | ||
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_Deferred_Revenue
Note 10 - Deferred Revenue | 3 Months Ended | |
Mar. 31, 2014 | ||
Deferred Revenue Disclosure [Abstract] | ' | |
Deferred Revenue Disclosure [Text Block] | ' | |
10 | Deferred Revenue | |
In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc., to exclusively market MONOVISC in the U.S. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without Anika’s completion of development obligations which included obtaining regulatory product approval and the resolution of patent litigation. As a result, we recognized the upfront payment over the development obligation period. During the first quarter of 2014, the Company received FDA approval of MONOVISC and resolved the patent lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized $2,200,000 which represents the remaining balance of deferred revenue relating to the initial $2,500,000 payment in accordance with current generally accepted principles on revenue recognition. The Company also received a milestone payment of $17,500,000 for MONOVISC FDA approval and patent litigation resolution. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014, as the development obligation has been completed. | ||
Note_11_Income_Taxes
Note 11 - Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Tax Disclosure [Text Block] | ' | |
11 | Income Taxes | |
Provision for income taxes increased $6,936,918 to $8,840,782 during the three-month period ended March 31, 2014, as compared to the same period ended in 2013. The increase in income taxes was due to increased net income, which reflected $19,652,778 in milestone and contract revenue associated with our U.S. license agreement for MONOVISC (see the previous discussion under Note 10). The provisions for the periods ended March 31, 2014 and 2013 were based on effective tax rates of 37% and 38%, respectively. The decrease in the effective tax rate for the period ended 2014, as compared to the same period ended in 2013, was driven primarily by the tax benefits associated with the increase in production activities combined with the benefits associated with increased stock option exercise activity. | ||
The Company files income tax returns in the U.S. on a federal basis, 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. Our 2010 through the present tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The 2009 through the present tax years remain subject to examination by the appropriate governmental authorities in Italy. | ||
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 net operating loss carryforward. We have concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, we have not recorded a valuation allowance at March 31, 2014 or December 31, 2013, respectively. | ||
Note_12_Segment_and_Geographic
Note 12 - Segment and Geographic Information | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment Reporting Disclosure [Text Block] | ' | ||||||||||||||||
12 | Segment and Geographic Information | ||||||||||||||||
The Company has one reportable operating segment, the results of which are disclosed in the accompanying unaudited condensed consolidated financial statements. | |||||||||||||||||
Product revenue by product group is as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Orthobiologics | $ | 11,572,150 | $ | 11,283,547 | |||||||||||||
Dermal | 188,651 | 241,584 | |||||||||||||||
Surgical | 1,752,020 | 988,864 | |||||||||||||||
Ophthalmic | 208,584 | 928,458 | |||||||||||||||
Veterinary | 630,000 | 1,052,036 | |||||||||||||||
Product revenue | $ | 14,351,405 | $ | 14,494,489 | |||||||||||||
Total revenue by geographic location in total and as a percentage of total revenue, for the three months ended March 31, 2014 and 2013 are as follows (prior period numbers have been reclassified to conform to current period presentation): | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revenue | Percentage of | Revenue | Percentage of | ||||||||||||||
Revenue | Revenue | ||||||||||||||||
Geographic Location: | |||||||||||||||||
United States | $ | 31,533,817 | 93 | % | $ | 12,280,079 | 80 | % | |||||||||
Europe | 1,695,816 | 5 | % | 1,583,993 | 11 | % | |||||||||||
Other | 780,654 | 2 | % | 1,382,939 | 9 | % | |||||||||||
Total revenue | $ | 34,010,287 | 100 | % | $ | 15,247,011 | 100 | % | |||||||||
Note_13_Restructuring_Credits
Note 13 - Restructuring Credits | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | ' | ||||||||||||
13 | Restructuring Credits | ||||||||||||
In December 2012, the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, effective January 1, 2013, established by the European Medicines Agency (“EMA”) for Advanced Therapy Medicinal Products. The restructuring plan involved a workforce reduction as well as associated asset abandonments. The Company recorded restructuring and impairment charges in the fourth quarter of 2012 of approximately $2.5 million. Of the total restructuring and impairment charges related to the tissue engineering operation, approximately $1.2 million related to the non-cash termination and related impairment of an IPR&D project, $0.3 million related to the disposal of property and equipment, and $0.1 million related to the disposal of inventory. We completed the restructuring plan and related activities in 2013. Certain previously impaired and written-off equipment was sold, resulting in a restructuring credit of $135,607 for the three month period ended March 31, 2013. | |||||||||||||
The following table summarizes restructuring accrual activity for the three months ended March 31, 2014: | |||||||||||||
Restructuring Accrual | |||||||||||||
Employee | Activity | Total | |||||||||||
Severance and | Termination and | ||||||||||||
Related Benefits | Facility Closure | ||||||||||||
Costs | |||||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 | |||||||
Cash Proceeds, Disbursements | (4,848 | ) | - | (4,848 | ) | ||||||||
Foreign Exchange Impact | (28 | ) | (3 | ) | (31 | ) | |||||||
31-Mar-14 | $ | 16,833 | $ | 2,926 | $ | 19,759 | |||||||
Note_14_Subsequent_Event
Note 14 - Subsequent Event | 3 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events [Text Block] | ' | |
14 | Subsequent Event | |
On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by our commercial partner, Depuy Synthes Mitek Sports Medicine. Under the terms of the Mitek MONOVISC Agreement, the Company received a milestone payment of $5 million, which will be recognized as revenue in the second quarter of 2014. | ||
Note_4_Equity_Incentive_Plan_T
Note 4 - Equity Incentive Plan (Tables) | 3 Months Ended | ||||||
Mar. 31, 2014 | |||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | ||||||
Three Months Ended | |||||||
March 31, | |||||||
2014 | 2013 | ||||||
Risk free interest rate | 1.20% | - | 1.33% | 0.70% | |||
Expected volatility | 53.28% | 57.60% | |||||
Expected lives (years) | 4 | 4 | |||||
Expected dividend yield | 0.00% | 0.00% |
Note_5_Earnings_Per_Share_Tabl
Note 5 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | ||||||||
Three months ended March 31, | |||||||||
2014 | 2013 | ||||||||
Shares used in the calculation of basic earnings per share | 14,461,367 | 13,406,952 | |||||||
Effect of dilutive securities: | |||||||||
Stock options, SARs, and RSAs | 1,038,080 | 950,158 | |||||||
Diluted shares used in the calculation of earnings per share | 15,499,447 | 14,357,110 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Schedule of Inventory, Current [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,109,938 | $ | 5,926,030 | |||||
Work-in-process | 2,230,635 | 2,308,233 | |||||||
Finished goods | 4,640,922 | 2,762,522 | |||||||
Total | $ | 12,981,495 | $ | 10,996,785 |
Note_7_Intangible_Assets_and_G1
Note 7 - Intangible Assets and Goodwill (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||||||||||||
31-Mar-14 | December 31, 2013 | ||||||||||||||||||||||||
Gross Value | Currency | Accumulated | Net Book | Net Book | Useful Life | ||||||||||||||||||||
Translation | Amortization | Value | Value | ||||||||||||||||||||||
Adjustment | |||||||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (963,479 | ) | $ | (4,264,090 | ) | $ | 11,472,431 | $ | 11,753,003 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (222,625 | ) | - | 5,280,061 | 5,286,127 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (424,265 | ) | (3,637,480 | ) | 638,255 | 863,655 | 5 | |||||||||||||||||
Patents | 1,000,000 | (54,717 | ) | (241,456 | ) | 703,827 | 719,574 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (655,288 | ) | 344,712 | 376,050 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (1,665,086 | ) | $ | (8,798,314 | ) | $ | 18,439,286 | $ | 18,998,409 | |||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||||||||||||
For the three | |||||||||||||||||||||||||
months ended | |||||||||||||||||||||||||
March 31, | |||||||||||||||||||||||||
2014 | |||||||||||||||||||||||||
Balance, beginning | $ | 9,443,894 | |||||||||||||||||||||||
Effect of foreign currency adjustments | (9,605 | ) | |||||||||||||||||||||||
Balance, ending | $ | 9,434,289 |
Note_8_Accrued_Expenses_Tables
Note 8 - Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Liabilities [Table Text Block] | ' | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Payroll and benefits | $ | 1,464,681 | $ | 2,728,616 | |||||
Clinical trial costs | 1,259,914 | 882,651 | |||||||
Professional fees | 321,445 | 383,231 | |||||||
Research grants | 609,878 | 610,498 | |||||||
Restructuring costs | 19,759 | 24,638 | |||||||
Other | 822,029 | 908,247 | |||||||
Total | $ | 4,497,706 | $ | 5,537,881 |
Note_12_Segment_and_Geographic1
Note 12 - Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | ' | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Orthobiologics | $ | 11,572,150 | $ | 11,283,547 | |||||||||||||
Dermal | 188,651 | 241,584 | |||||||||||||||
Surgical | 1,752,020 | 988,864 | |||||||||||||||
Ophthalmic | 208,584 | 928,458 | |||||||||||||||
Veterinary | 630,000 | 1,052,036 | |||||||||||||||
Product revenue | $ | 14,351,405 | $ | 14,494,489 | |||||||||||||
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | ' | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Revenue | Percentage of | Revenue | Percentage of | ||||||||||||||
Revenue | Revenue | ||||||||||||||||
Geographic Location: | |||||||||||||||||
United States | $ | 31,533,817 | 93 | % | $ | 12,280,079 | 80 | % | |||||||||
Europe | 1,695,816 | 5 | % | 1,583,993 | 11 | % | |||||||||||
Other | 780,654 | 2 | % | 1,382,939 | 9 | % | |||||||||||
Total revenue | $ | 34,010,287 | 100 | % | $ | 15,247,011 | 100 | % |
Note_13_Restructuring_Credits_
Note 13 - Restructuring Credits (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | ' | ||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | ' | ||||||||||||
Restructuring Accrual | |||||||||||||
Employee | Activity | Total | |||||||||||
Severance and | Termination and | ||||||||||||
Related Benefits | Facility Closure | ||||||||||||
Costs | |||||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 | |||||||
Cash Proceeds, Disbursements | (4,848 | ) | - | (4,848 | ) | ||||||||
Foreign Exchange Impact | (28 | ) | (3 | ) | (31 | ) | |||||||
31-Mar-14 | $ | 16,833 | $ | 2,926 | $ | 19,759 |
Note_3_Fair_Value_Measurements1
Note 3 - Fair Value Measurements (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Cash and Cash Equivalents, Fair Value Disclosure | $34,267,152 | $34,264,268 |
Note_4_Equity_Incentive_Plan_D
Note 4 - Equity Incentive Plan (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 4 - Equity Incentive Plan (Details) [Line Items] | ' | ' |
Allocated Share-based Compensation Expense | $427,823 | $422,959 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 4,900,000 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '3 years 109 days | ' |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue | 7,131,972 | 464,241 |
Proceeds from Other Equity | 1,067,767 | 1,097,016 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber (in Shares) | ' | 1,400,000 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsWeightedAverageExercisePrice (in Dollars per share) | ' | $11.70 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingIntrinsicValue | ' | $41,100,000 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm | ' | '6 years 219 days |
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTermRange | '10 years | ' |
Restricted Stock [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 30,700 | ' |
Restricted Stock Units (RSUs) [Member] | Board of Directors [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 9,365 | ' |
Minimum [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 123,240 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '1 year | ' |
Maximum [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) [Line Items] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | '4 years | ' |
Note_4_Equity_Incentive_Plan_D1
Note 4 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 4 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' |
Risk free interest rate | ' | 0.70% |
Expected volatility | 53.28% | 57.60% |
Expected lives (years) | '4 years | '4 years |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' |
Risk free interest rate | 1.20% | ' |
Maximum [Member] | ' | ' |
Note 4 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | ' | ' |
Risk free interest rate | 1.33% | ' |
Note_5_Earnings_Per_Share_Deta
Note 5 - Earnings Per Share (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 87,126 | 555,001 |
Note_5_Earnings_Per_Share_Deta1
Note 5 - Earnings Per Share (Details) - Basic and Diluted Earnings Per Share | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Basic and Diluted Earnings Per Share [Abstract] | ' | ' |
Shares used in the calculation of basic earnings per share | 14,461,367 | 13,406,952 |
Effect of dilutive securities: | ' | ' |
Stock options, SARs, and RSAs | 1,038,080 | 950,158 |
Diluted shares used in the calculation of earnings per share | 15,499,447 | 14,357,110 |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ' | ' |
Raw materials | $6,109,938 | $5,926,030 |
Work-in-process | 2,230,635 | 2,308,233 |
Finished goods | 4,640,922 | 2,762,522 |
Total | $12,981,495 | $10,996,785 |
Note_7_Intangible_Assets_and_G2
Note 7 - Intangible Assets and Goodwill (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Amortization of Intangible Assets | $538,335 | $519,982 |
Note_7_Intangible_Assets_and_G3
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets (USD $) | 12 Months Ended | 15 Months Ended |
Dec. 31, 2013 | Mar. 31, 2014 | |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | $28,902,686 |
Currency Translation Adjustment | ' | -1,665,086 |
Accumulated Amortization | ' | -8,798,314 |
Net Book Value | 18,998,409 | 18,439,286 |
Developed Technology Rights [Member] | ' | ' |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | 16,700,000 |
Currency Translation Adjustment | ' | -963,479 |
Accumulated Amortization | ' | -4,264,090 |
Net Book Value | 11,753,003 | 11,472,431 |
Useful Life | '15 years | ' |
In Process Research and Development [Member] | ' | ' |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | 5,502,686 |
Currency Translation Adjustment | ' | -222,625 |
Net Book Value | 5,286,127 | 5,280,061 |
Distribution Rights [Member] | ' | ' |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | 4,700,000 |
Currency Translation Adjustment | ' | -424,265 |
Accumulated Amortization | ' | -3,637,480 |
Net Book Value | 863,655 | 638,255 |
Useful Life | '5 years | ' |
Patents [Member] | ' | ' |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | 1,000,000 |
Currency Translation Adjustment | ' | -54,717 |
Accumulated Amortization | ' | -241,456 |
Net Book Value | 719,574 | 703,827 |
Useful Life | '16 years | ' |
Elevess Trade Name [Member] | ' | ' |
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items] | ' | ' |
Gross Value | ' | 1,000,000 |
Accumulated Amortization | ' | -655,288 |
Net Book Value | $376,050 | $344,712 |
Useful Life | '9 years | ' |
Note_7_Intangible_Assets_and_G4
Note 7 - Intangible Assets and Goodwill (Details) - Changes in Carrying Value of Goodwill (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Changes in Carrying Value of Goodwill [Abstract] | ' |
Balance, beginning | $9,443,894 |
Effect of foreign currency adjustments | -9,605 |
Balance, ending | $9,434,289 |
Note_8_Accrued_Expenses_Detail
Note 8 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Accrued Expenses [Abstract] | ' | ' |
Payroll and benefits | $1,464,681 | $2,728,616 |
Clinical trial costs | 1,259,914 | 882,651 |
Professional fees | 321,445 | 383,231 |
Research grants | 609,878 | 610,498 |
Restructuring costs | 19,759 | 24,638 |
Other | 822,029 | 908,247 |
Total | $4,497,706 | $5,537,881 |
Note_9_Commitments_and_Conting1
Note 9 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Product Warranty Accrual | $0 |
Product Warranty Expense | $0 |
Note_10_Deferred_Revenue_Detai
Note 10 - Deferred Revenue (Details) (Miltek MONOVISC Agreement [Member], USD $) | 3 Months Ended | |
Mar. 31, 2014 | Dec. 31, 2011 | |
Miltek MONOVISC Agreement [Member] | ' | ' |
Note 10 - Deferred Revenue (Details) [Line Items] | ' | ' |
Deferred Revenue | ' | $2,500,000 |
Deferred Revenue, Revenue Recognized | 2,200,000 | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | $17,500,000 | ' |
Note_11_Income_Taxes_Details
Note 11 - Income Taxes (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' |
Increase (Decrease) in Income Taxes | $6,936,918 | ' |
Income Tax Expense (Benefit) | 8,840,782 | 1,903,864 |
Sales Revenue, Services, Net | 19,658,882 | 752,522 |
Effective Income Tax Rate Reconciliation, Percent | 37.00% | 38.00% |
Milestone and Contract Revenue [Member] | ' | ' |
Note 11 - Income Taxes (Details) [Line Items] | ' | ' |
Sales Revenue, Services, Net | $19,652,778 | ' |
Note_12_Segment_and_Geographic2
Note 12 - Segment and Geographic Information (Details) | 3 Months Ended |
Mar. 31, 2014 | |
Segment Reporting [Abstract] | ' |
Number of Reportable Segments | 1 |
Note_12_Segment_and_Geographic3
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Product Group (USD $) | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | $14,351,405 | $14,494,489 | $14,351,405 | $14,494,489 |
Orthobiologics [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | 11,572,150 | 11,283,547 | ' | ' |
Dermal [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | 188,651 | 241,584 | ' | ' |
Surgical [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | 1,752,020 | 988,864 | ' | ' |
Ophthalmic [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | 208,584 | 928,458 | ' | ' |
Veterinary [Member] | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Product Revenue | $630,000 | $1,052,036 | ' | ' |
Note_12_Segment_and_Geographic4
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location [Line Items] | ' | ' |
Total revenue | $34,010,287 | $15,247,011 |
Percentage of total revenue | 100.00% | 100.00% |
United States [Member] | ' | ' |
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location [Line Items] | ' | ' |
Total revenue | 31,533,817 | 12,280,079 |
Percentage of total revenue | 93.00% | 80.00% |
Europe [Member] | ' | ' |
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location [Line Items] | ' | ' |
Total revenue | 1,695,816 | 1,583,993 |
Percentage of total revenue | 5.00% | 11.00% |
Other location [Member] | ' | ' |
Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location [Line Items] | ' | ' |
Total revenue | $780,654 | $1,382,939 |
Percentage of total revenue | 2.00% | 9.00% |
Note_13_Restructuring_Credits_1
Note 13 - Restructuring Credits (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | |
Note 13 - Restructuring Credits (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | $2,500,000 |
Restructuring Charges | -135,607 | -135,607 | ' |
Non-Cash Termination And Impairment Of IPR&D [Member] | ' | ' | ' |
Note 13 - Restructuring Credits (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | 1,200,000 |
Noncash disposal of property and equipment [Member] | ' | ' | ' |
Note 13 - Restructuring Credits (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | 300,000 |
Disposal of inventory [Member] | ' | ' | ' |
Note 13 - Restructuring Credits (Details) [Line Items] | ' | ' | ' |
Restructuring Costs and Asset Impairment Charges | ' | ' | $100,000 |
Note_13_Restructuring_Credits_2
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items] | ' |
Balance | $24,638 |
Cash Proceeds, Disbursements | -4,848 |
Foreign Exchange Impact | -31 |
Balance | 19,759 |
Employee termination costs [Member] | ' |
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items] | ' |
Balance | 21,709 |
Cash Proceeds, Disbursements | -4,848 |
Foreign Exchange Impact | -28 |
Balance | 16,833 |
Activity Termination and Facility Closure Costs [Member] | ' |
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items] | ' |
Balance | 2,929 |
Foreign Exchange Impact | -3 |
Balance | $2,926 |
Note_14_Subsequent_Event_Detai
Note 14 - Subsequent Event (Details) (Subsequent Event [Member], USD $) | 0 Months Ended |
Apr. 21, 2014 | |
Subsequent Event [Member] | ' |
Note 14 - Subsequent Event (Details) [Line Items] | ' |
Revenue Recognition, Milestone Method, Revenue Recognized | $5,000,000 |