Anika Therapeutics (ANIK) 10-Q 4 Aug 14 2014 Q2 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
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	'	14,486,485
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	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
Current assets:	'	'
Cash and cash equivalents	$84,879,562	$63,333,160
Accounts receivable, net of reserves of $587,810 and $593,023 at June 30, 2014 and December 31, 2013, respectively	19,235,039	18,736,845
Inventories	13,864,165	10,996,785
Current portion deferred income taxes	659,040	659,040
Prepaid expenses and other	878,929	865,957
Total current assets	119,516,735	94,591,787
Property and equipment, at cost	53,142,322	52,413,423
Less: accumulated depreciation	-20,754,596	-19,474,712
	32,387,726	32,938,711
Long-term deposits and other	69,077	69,080
Intangible assets, net	17,762,272	18,998,409
Goodwill	9,360,884	9,443,894
Total assets	179,096,694	156,041,881
Current liabilities:	'	'
Accounts payable	2,198,070	2,793,911
Accrued expenses	4,875,167	5,537,881
Deferred revenue	15,463	180,433
Income taxes payable	232,704	770,276
Total current liabilities	7,321,404	9,282,501
Other long-term liabilities	1,031,414	1,133,544
Long-term deferred revenue	71,446	2,054,941
Deferred tax liability	8,278,135	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 June 30, 2014 and December 31, 2013, respectively	'	'
Common stock, $.01 par value; 30,000,000 shares authorized, 14,798,147 and 14,289,308 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	147,981	142,893
Additional paid-in-capital	73,245,459	70,606,031
Accumulated currency translation adjustment	-1,915,950	-1,699,095
Retained earnings	90,916,805	66,584,202
Total stockholders’ equity	162,394,295	135,634,031
Total Liabilities and Stockholders’ Equity	$179,096,694	$156,041,881

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parentheticals) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accounts receivable, net of reserves (in Dollars)	$587,810	$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	14,798,147	14,289,308
Common stock,shares outstanding	14,798,147	14,289,308

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Product revenue	$21,267,156	$20,067,407	$35,618,561	$34,561,896
Licensing, milestone and contract revenue	5,007,504	760,970	24,666,386	1,513,492
Total revenue	26,274,660	20,828,377	60,284,947	36,075,388
Operating expenses:	'	'	'	'
Cost of product revenue	5,332,913	6,311,332	9,693,932	11,152,502
Research & development	1,873,158	1,829,052	4,160,873	3,411,962
Selling, general & administrative	3,865,876	3,400,679	7,356,861	7,347,793
Restructuring credits	'	-111,178	'	-246,785
Total operating expenses	11,071,947	11,429,885	21,211,666	21,665,472
Income from operations	15,202,713	9,398,492	39,073,281	14,409,916
Interest income (expense), net	5,935	-36,381	6,402	-75,939
Income before income taxes	15,208,648	9,362,111	39,079,683	14,333,977
Provision for income taxes	5,906,298	3,467,219	14,747,080	5,371,083
Net income	9,302,350	5,894,892	24,332,603	8,962,894
Basic net income per share:	'	'	'	'
Net income (in Dollars per share)	$0.63	$0.44	$1.67	$0.67
Basic weighted average common shares outstanding (in Shares)	14,687,747	13,510,573	14,559,917	13,459,049
Diluted net income per share:	'	'	'	'
Net income (in Dollars per share)	$0.60	$0.40	$1.57	$0.62
Diluted weighted average common shares outstanding (in Shares)	15,492,732	14,578,927	15,487,432	14,484,978
Net income	9,302,350	5,894,892	24,332,603	8,962,894
Other comprehensive income (loss)	'	'	'	'
Foreign currency translation adjustment	-190,739	340,095	-216,855	-409,355
Comprehensive income	$9,111,611	$6,234,987	$24,115,748	$8,553,539

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$24,332,603	$8,962,894
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	2,366,411	2,270,895
Stock-based compensation expense	805,782	788,326
Deferred income taxes	-357,081	-269,149
Provision for inventory	147,693	229,885
Tax benefit from exercise of stock options	-6,825,828	-7,596
Changes in operating assets and liabilities:	'	'
Accounts receivable	-191,088	1,796,522
Inventories	-3,030,077	-2,324,269
Prepaid expenses, other current and long-term assets	-10,624	703,303
Long-term deposits and other	'	16,998
Accounts payable	-943,169	878,228
Accrued expenses	-749,411	-1,270,885
Deferred revenue	-2,140,902	-1,430,484
Income taxes payable	7,014,770	-440,210
Other long-term liabilities	-99,980	-271,532
Net cash provided by operating activities	20,319,099	9,632,926
Cash flows from investing activities:	'	'
Proceeds from sale of assets	'	246,785
Purchase of property and equipment	-677,358	-109,871
Net cash provided by (used in) investing activities	-677,358	136,914
Cash flows from financing activities:	'	'
Proceeds from exercise of stock options	1,361,805	1,127,875
Tax benefit from exercise of stock options	6,825,828	7,596
Minimum tax withholding on share based awards	-6,348,900	'
Principal payments on debt	'	-800,000
Net cash provided by financing activities	1,838,733	335,471
Exchange rate impact on cash	65,928	-32,329
Increase in cash and cash equivalents	21,546,402	10,072,982
Cash and cash equivalents at beginning of period	63,333,160	44,067,477
Cash and cash equivalents at end of period	$84,879,562	$54,140,459

Note_1_Nature_of_Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 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 information and 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	6 Months Ended
	Jun. 30, 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 June 30, 2014, the results of its operations for the three and six-month periods ended June 30, 2014 and 2013, and cash flows for the six-month periods ended June 30, 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 and six-month periods ended June 30, 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	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Disclosures [Text Block]	'
	3	Fair Value Measurements
	We measure certain assets, such as fixed income investments, at fair value based upon exit price. Such valuation represents the amount that would be received on the sale of an asset in an orderly transaction between market participants. Fair value may be based on assumptions that market participants would use in pricing an asset. The Company does not have any liabilities required to be recorded at fair value.  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 were $59,273,649 and $34,266,501 at June 30, 2014 and December 31, 2013, respectively, and were classified as Level 2 instruments.  Our cash equivalents were initially valued at the transaction price, and subsequently valued, at the end of each reporting period, utilizing market observable data.

Note_4_Equity_Incentive_Plan

Note 4 - Equity Incentive Plan	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2014 and 2013, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:
			Three Months Ended
			June 30,
			2014			2013
	Risk free interest rate		1.16%	-	1.30%		0.65%
	Expected volatility			53.28%			57.60%
	Expected lives (years)			4			4
	Expected dividend yield			0.00%			0.00%
			Six Months Ended
			June 30,
			2014			2013
	Risk free interest rate		1.16%	-	1.33%	0.61%	-	0.70%
	Expected volatility			53.28%			57.60%
	Expected lives (years)			4			4
	Expected dividend yield			0.00%			0.00%
	The Company recorded $377,960 and $365,367 of share-based compensation expense for the three-month periods ended June 30, 2014 and 2013, respectively, for equity compensation awards. The Company recorded $805,782 and $788,326 of share-based compensation expense for the six-month periods ended June 30, 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 9,000 and 132,240 stock options granted under the Plan during the three and six-month periods ended June 30, 2014, respectively.   There were no Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”) granted under the Plan during the three-month period ended June 30, 2014.  There were 9,365 RSUs granted to members of the Company’s Board of Directors under the Plan during the six-month period ended June 30, 2014.  There were 30,700 RSAs granted to Company employees under the Plan during the six-month period ended June 30, 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 six-month period ended June 30, 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 June 30, 2014, there was approximately $4.6 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 plan. This cost is expected to be recognized over a weighted-average period of 3.2 years.
	The total intrinsic value of stock options and SARs exercised during the six-month periods ended June 30, 2014 and 2013 was $25,396,552 and $599,010 respectively. Cash received from the exercise of stock options during the three and six-month periods ended June 30, 2014 and 2013 were $294,106 and $30,859, and $1,361,805 and $1,127,875, respectively.  During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise, to meet minimum statutory tax withholding requirements.
	There were 979,815 options and SARs outstanding under the Company’s incentive plan as of June 30, 2014 with a weighted-average exercise price of $13.31 per share, an aggregate intrinsic value of approximately $32.4 million, and a weighted-average remaining contractual term of 6.8 years. None of the options or SARs outstanding at June 30, 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 conditions, generally become exercisable ratably over one to four years, have a ten year contractual term and sometimes contain performance conditions.

Note_5_Earnings_Per_Share

Note 5 - Earnings Per Share	6 Months Ended
	Jun. 30, 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 and six-month periods ended June 30, 2014 and 2013 are as follows:
			Three months ended June 30,				Six months ended June 30,
			2014		2013		2014		2013
	Shares used in the calculation of basic earnings per share			14,687,747		13,510,573		14,559,917		13,459,049
	Effect of dilutive securities:
	Stock options, SARs, and RSAs			804,985		1,068,354		927,515		1,025,929
	Diluted shares used in the calculation of earnings per share			15,492,732		14,578,927		15,487,432		14,484,978
	Equity awards of 67,820 and 113,301 shares were outstanding for the three and six-month periods ended June 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.  Equity awards of 469,618 and 459,969 shares were outstanding for the three and six-month periods ended June 30, 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	6 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Inventory Disclosure [Text Block]	'
	6	Inventories
	Inventories consist of the following:
			June 30,		December 31,
			2014		2013
	Raw materials		$	6,294,799	$	5,926,030
	Work-in-process			2,165,551		2,308,233
	Finished goods			5,403,815		2,762,522
	Total		$	13,864,165	$	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	6 Months Ended
	Jun. 30, 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 intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) 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 June 30, 2014 and December 31, 2013 consist of the following:
						30-Jun-14								December 31, 2013
			Gross Value			Currency			Accumulated			Net Book		Net Book		Useful Life
						Translation			Amortization			Value		Value
						Adjustment
	Developed technology		$	16,700,000		$	(1,053,173	)	$	(4,530,370	)	$	11,116,457	$	11,753,003		15
	In-process research & development			5,502,686			(264,887	)		-			5,237,799		5,286,127		Indefinite
	Distributor relationships			4,700,000			(427,583	)		(3,861,212	)		411,205		863,655		5
	Patents			1,000,000			(60,231	)		(256,332	)		683,437		719,574		16
	Elevess trade name			1,000,000			-			(686,626	)		313,374		376,050		9
	Total		$	28,902,686		$	(1,805,874	)	$	(9,334,540	)	$	17,762,272	$	18,998,409
	The aggregate amortization expense related to intangible assets was $536,226 and $514,425 for the three-month periods ended June 30, 2014 and 2013, respectively. The aggregate amortization expense related to intangible assets was $1,074,561 and $1,034,408 for the six-month periods ended June 30, 2014 and 2013, respectively.
	Changes in the carrying value of goodwill for the three and six-month periods ended June 30, 2014 were as follows:
	Goodwill		For the three			For the six
			months ended			months ended
			June 30,			June 30,
			2014			2014
	Balance, beginning		$	9,434,289		$	9,443,894
	Effect of foreign currency adjustments			(73,405	)		(83,010	)
	Balance, ending		$	9,360,884		$	9,360,884

Note_8_Accrued_Expenses

Note 8 - Accrued Expenses	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	'
	8	Accrued Expenses
	Accrued expenses consist of the following:
			June 30,		December 31,
			2014		2013
	Payroll and benefits		$	1,815,786	$	2,728,616
	Clinical trial costs			1,218,510		882,651
	Professional fees			442,740		383,231
	Research grants			605,132		610,498
	Restructuring costs			16,208		24,638
	Other			776,791		908,247
	Total		$	4,875,167	$	5,537,881

Note_9_Commitments_and_Conting

Note 9 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 to manufacture and sell 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_Mitek_Monovisc_Agreeme

Note 10 - Mitek Monovisc Agreement	6 Months Ended
	Jun. 30, 2014
Deferred Revenue Disclosure [Abstract]	'
Deferred Revenue Disclosure [Text Block]	'
	10	Mitek Monovisc Agreement
	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 approval of the product and resolving the 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 approximately $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. In the first quarter of 2014, The Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. 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 earned and collected a milestone payment of $5 million, which is fully recognized as revenue in the second quarter of 2014.

Note_11_Income_Taxes

Note 11 - Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Tax Disclosure [Abstract]	'
Income Tax Disclosure [Text Block]	'
	11	Income Taxes
	Provisions for income taxes were $5,906,298 and $14,747,080 for the three and six-month periods ended June 30, 2014, respectively, based on effective tax rates of 39% and 38%. Provisions for income taxes were $3,467,219 and $5,371,083 for the three and six-month periods ended June 30, 2013, respectively, based on effective tax rates of 37% for both periods. The increase in income taxes over the three-month period ended June 30, 2014 was primarily due to increased net income, which reflected $5,000,000 in milestone and contract revenue associated with our U.S. license agreement for MONOVISC. The increase in income taxes over the six-month period ended June 30, 2014 was primarily due to increased net income, which reflected $24,652,778 in milestone and contract revenue associated with our U.S. license agreement for MONOVISC. See the previous discussion under Note 10. The increase in the effective tax rate for each of the periods ended 2014, as compared to the same periods ended in 2013, was driven primarily by the unavailability of the federal R&D tax credit in 2014, due to its expiration on December 31, 2013, and a relative decrease to certain estimated production activities deduction.
	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 filings from 2010 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. Our filings from 2009 through the present tax year 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 June 30, 2014 or December 31, 2013.

Note_12_Segment_and_Geographic

Note 12 - Segment and Geographic Information	6 Months Ended
	Jun. 30, 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 June 30,					Six Months Ended June 30,
			2014		2013			2014		2013
	Orthobiologics		$	18,278,254	$	16,506,226		$	29,850,404	$	27,789,773
	Dermal			348,961		557,059			537,612		798,643
	Surgical			1,376,530		1,830,022			3,128,549		2,818,886
	Ophthalmic			363,411		464,340			571,996		1,392,798
	Veterinary			900,000		709,760			1,530,000		1,761,796
			$	21,267,156	$	20,067,407		$	35,618,561	$	34,561,896
	Total revenue by geographic location and as a percentage of overall total revenue, for the three and six-month periods ended June 30, 2014 and 2013 are as follows (prior period numbers have been reclassified to conform to current period presentation):
			Three Months Ended June 30,
			2014					2013
			Total		Percentage of			Total		Percentage of
			Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States		$	22,946,738		87	%	$	15,482,068		74	%
	Europe			1,793,841		7	%		1,986,195		10	%
	Other			1,534,081		6	%		3,360,114		16	%
	Total		$	26,274,660		100	%	$	20,828,377		100	%
			Six Months Ended June 30,
			2014					2013
			Total		Percentage of			Total		Percentage of
			Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States		$	54,480,556		90	%	$	27,765,515		77	%
	Europe			3,489,656		6	%		3,569,963		10	%
	Other			2,314,735		4	%		4,739,910		13	%
	Total		$	60,284,947		100	%	$	36,075,388		100	%

Note_13_Restructuring_Credits

Note 13 - Restructuring Credits	6 Months Ended
	Jun. 30, 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 Company’s inability to meet strict regulatory standards established by the European Medicines Agency (“EMA”) for Advanced Therapy Medicinal Products, which became effective on January 1, 2013. 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 was related to the non-cash termination and related impairment of an IPR&D project, $0.3 million was related to the disposal of property and equipment, and $0.1 million was 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 $111,178 and $246,785  in the three and six-month periods ended June 30, 2013, respectively.
	The following table summarizes restructuring accrual activity for the six-period ended June 30, 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			(6,827	)		(1,424	)		(8,251	)
	Foreign Exchange Impact			(159	)		(20	)		(179	)
	30-Jun-14		$	14,723		$	1,485		$	16,208

14_New_Accounting_Standards

14 - New Accounting Standards	6 Months Ended
	Jun. 30, 2014
Disclosure Text Block [Abstract]	'
Description of New Accounting Pronouncements Not yet Adopted [Text Block]	'
	14	New Accounting Standards
	In June 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-12, “Compensation - Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide that a Performance Target Could be Achieved after the Requisite Service Period”, which requires that a performance target that affects vesting, and that could be achieved after the requisite service period, be treated as a performance condition. Thus, the performance target should not be reflected in estimating the grant date fair value of the award. This update further clarifies that compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. The new guidance is effective for the Company beginning January 1, 2016. Early adoption is permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, "Revenue from Contracts with Customers." ASU 2014-09 supersedes the revenue recognition requirements in "Topic 605, Revenue Recognition" and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2016, with early application not permitted. The Company is currently evaluating the impact of this new standard on its consolidated financial statements.
	In April 2014, the FASB issued ASU No. 2014-08, "Reporting of Discontinued Operations and Disclosures of Disposals of Components of an Entity." ASU 2014-08 provides a narrower definition of discontinued operations than that provided under existing U.S. GAAP. ASU 2014-08 requires that only a disposal of a component of an entity, or a group of components of an entity, which disposal represents a strategic shift that has, or will have, a major effect on the reporting entity's operations and financial results, should be reported in the financial statements as a discontinued operation. ASU 2014-08 also provides guidance on the financial statement presentations and disclosures of discontinued operations. ASU 2014-08 is effective prospectively for disposals (or classifications as held for disposal) of components of an entity that occur in annual or interim periods beginning after December 15, 2014. The Company does not expect the adoption of ASU 2014-08 to have a material impact on its consolidated financial statements.

Note_4_Equity_Incentive_Plan_T

Note 4 - Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 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
		June 30,
		2014			2013
	Risk free interest rate	1.16%	-	1.30%		0.65%
	Expected volatility		53.28%			57.60%
	Expected lives (years)		4			4
	Expected dividend yield		0.00%			0.00%
		Six Months Ended
		June 30,
		2014			2013
	Risk free interest rate	1.16%	-	1.33%	0.61%	-	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)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	'
		Three months ended June 30,				Six months ended June 30,
		2014		2013		2014		2013
	Shares used in the calculation of basic earnings per share		14,687,747		13,510,573		14,559,917		13,459,049
	Effect of dilutive securities:
	Stock options, SARs, and RSAs		804,985		1,068,354		927,515		1,025,929
	Diluted shares used in the calculation of earnings per share		15,492,732		14,578,927		15,487,432		14,484,978

Note_6_Inventories_Tables

Note 6 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory, Current [Table Text Block]	'
		June 30,		December 31,
		2014		2013
	Raw materials	$	6,294,799	$	5,926,030
	Work-in-process		2,165,551		2,308,233
	Finished goods		5,403,815		2,762,522
	Total	$	13,864,165	$	10,996,785

Note_7_Intangible_Assets_and_G1

Note 7 - Intangible Assets and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table Text Block]	'
					30-Jun-14								December 31, 2013
		Gross Value			Currency			Accumulated			Net Book		Net Book		Useful Life
					Translation			Amortization			Value		Value
					Adjustment
	Developed technology	$	16,700,000		$	(1,053,173	)	$	(4,530,370	)	$	11,116,457	$	11,753,003		15
	In-process research & development		5,502,686			(264,887	)		-			5,237,799		5,286,127		Indefinite
	Distributor relationships		4,700,000			(427,583	)		(3,861,212	)		411,205		863,655		5
	Patents		1,000,000			(60,231	)		(256,332	)		683,437		719,574		16
	Elevess trade name		1,000,000			-			(686,626	)		313,374		376,050		9
	Total	$	28,902,686		$	(1,805,874	)	$	(9,334,540	)	$	17,762,272	$	18,998,409
Schedule of Goodwill [Table Text Block]	'
	Goodwill	For the three			For the six
		months ended			months ended
		June 30,			June 30,
		2014			2014
	Balance, beginning	$	9,434,289		$	9,443,894
	Effect of foreign currency adjustments		(73,405	)		(83,010	)
	Balance, ending	$	9,360,884		$	9,360,884

Note_8_Accrued_Expenses_Tables

Note 8 - Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2014
Payables and Accruals [Abstract]	'
Schedule of Accrued Liabilities [Table Text Block]	'
		June 30,		December 31,
		2014		2013
	Payroll and benefits	$	1,815,786	$	2,728,616
	Clinical trial costs		1,218,510		882,651
	Professional fees		442,740		383,231
	Research grants		605,132		610,498
	Restructuring costs		16,208		24,638
	Other		776,791		908,247
	Total	$	4,875,167	$	5,537,881

Note_12_Segment_and_Geographic1

Note 12 - Segment and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment [Table Text Block]	'
		Three Months Ended June 30,					Six Months Ended June 30,
		2014		2013			2014		2013
	Orthobiologics	$	18,278,254	$	16,506,226		$	29,850,404	$	27,789,773
	Dermal		348,961		557,059			537,612		798,643
	Surgical		1,376,530		1,830,022			3,128,549		2,818,886
	Ophthalmic		363,411		464,340			571,996		1,392,798
	Veterinary		900,000		709,760			1,530,000		1,761,796
		$	21,267,156	$	20,067,407		$	35,618,561	$	34,561,896
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	'
		Three Months Ended June 30,
		2014					2013
		Total		Percentage of			Total		Percentage of
		Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States	$	22,946,738		87	%	$	15,482,068		74	%
	Europe		1,793,841		7	%		1,986,195		10	%
	Other		1,534,081		6	%		3,360,114		16	%
	Total	$	26,274,660		100	%	$	20,828,377		100	%
		Six Months Ended June 30,
		2014					2013
		Total		Percentage of			Total		Percentage of
		Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States	$	54,480,556		90	%	$	27,765,515		77	%
	Europe		3,489,656		6	%		3,569,963		10	%
	Other		2,314,735		4	%		4,739,910		13	%
	Total	$	60,284,947		100	%	$	36,075,388		100	%

Note_13_Restructuring_Credits_

Note 13 - Restructuring Credits (Tables)	6 Months Ended
	Jun. 30, 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		(6,827	)		(1,424	)		(8,251	)
	Foreign Exchange Impact		(159	)		(20	)		(179	)
	30-Jun-14	$	14,723		$	1,485		$	16,208

Note_3_Fair_Value_Measurements1

Note 3 - Fair Value Measurements (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'	'
Cash and Cash Equivalents, Fair Value Disclosure	$59,273,649	$34,266,501

Note_4_Equity_Incentive_Plan_D

Note 4 - Equity Incentive Plan (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Note 4 - Equity Incentive Plan (Details) [Line Items]	'	'	'	'
Allocated Share-based Compensation Expense	$377,960	$365,367	$805,782	$788,326
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	9,000	'	132,240	'
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	4,600,000	'	4,600,000	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'	'	'3 years 73 days	'
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue	'	'	25,396,552	599,010
Proceeds from Other Equity	294,106	30,859	'	'
Proceeds from Stock Options Exercised	'	'	1,361,805	1,127,875
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber (in Shares)	'	'	979,815	'
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsWeightedAverageExercisePrice (in Dollars per share)	$13.31	'	$13.31	'
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingIntrinsicValue	$32,400,000	'	$32,400,000	'
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm	'	'	'6 years 292 days	'
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTermRange	'	'	'10 years	'
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	'
Restricted Stock Units (RSUs) [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)	0	'	'	'
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	'
Stock Appreciation Rights (SARs) [Member]	'	'	'	'
Note 4 - Equity Incentive Plan (Details) [Line Items]	'	'	'	'
Stock Repurchased and Retired During Period, Shares (in Shares)	133,774	'	'	'
Minimum [Member]	'	'	'	'
Note 4 - Equity Incentive Plan (Details) [Line Items]	'	'	'	'
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		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 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	'	0.65%	'	'
Expected volatility	53.28%	57.60%	53.28%	57.60%
Expected lives (years)	'4 years	'4 years	'4 years	'4 years
Expected dividend yield	0.00%	0.00%	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	1.16%	'	1.16%	0.61%
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	1.30%	'	1.33%	0.70%

Note_5_Earnings_Per_Share_Deta

Note 5 - Earnings Per Share (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Earnings Per Share [Abstract]	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	67,820	469,618	113,301	459,969

Note_5_Earnings_Per_Share_Deta1

Note 5 - Earnings Per Share (Details) - Basic and Diluted Earnings Per Share	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Basic and Diluted Earnings Per Share [Abstract]	'	'	'	'
Shares used in the calculation of basic earnings per share	14,687,747	13,510,573	14,559,917	13,459,049
Effect of dilutive securities:	'	'	'	'
Stock options, SARs, and RSAs	804,985	1,068,354	927,515	1,025,929
Diluted shares used in the calculation of earnings per share	15,492,732	14,578,927	15,487,432	14,484,978

Note_6_Inventories_Details_Inv

Note 6 - Inventories (Details) - Inventories (USD $)	Jun. 30, 2014	Dec. 31, 2013
Inventories [Abstract]	'	'
Raw materials	$6,294,799	$5,926,030
Work-in-process	2,165,551	2,308,233
Finished goods	5,403,815	2,762,522
Total	$13,864,165	$10,996,785

Note_7_Intangible_Assets_and_G2

Note 7 - Intangible Assets and Goodwill (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'	'	'	'
Amortization of Intangible Assets	$536,226	$514,425	$1,074,561	$1,034,408

Note_7_Intangible_Assets_and_G3

Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets (USD $)	12 Months Ended	18 Months Ended
	Dec. 31, 2013	Jun. 30, 2014
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]	'	'
Gross Value	'	$28,902,686
Currency Translation Adjustment	'	-1,805,874
Accumulated Amortization	'	-9,334,540
Net Book Value	18,998,409	17,762,272
Developed Technology Rights [Member]	'	'
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]	'	'
Gross Value	'	16,700,000
Currency Translation Adjustment	'	-1,053,173
Accumulated Amortization	'	-4,530,370
Net Book Value	11,753,003	11,116,457
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	'	-264,887
Net Book Value	5,286,127	5,237,799
Distribution Rights [Member]	'	'
Note 7 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]	'	'
Gross Value	'	4,700,000
Currency Translation Adjustment	'	-427,583
Accumulated Amortization	'	-3,861,212
Net Book Value	863,655	411,205
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	'	-60,231
Accumulated Amortization	'	-256,332
Net Book Value	719,574	683,437
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	'	-686,626
Net Book Value	$376,050	$313,374
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	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014
Changes in Carrying Value of Goodwill [Abstract]	'	'
Balance, beginning	$9,434,289	$9,443,894
Effect of foreign currency adjustments	-73,405	-83,010
Balance, ending	$9,360,884	$9,360,884

Note_8_Accrued_Expenses_Detail

Note 8 - Accrued Expenses (Details) - Accrued Expenses (USD $)	Jun. 30, 2014	Dec. 31, 2013
Accrued Expenses [Abstract]	'	'
Payroll and benefits	$1,815,786	$2,728,616
Clinical trial costs	1,218,510	882,651
Professional fees	442,740	383,231
Research grants	605,132	610,498
Restructuring costs	16,208	24,638
Other	776,791	908,247
Total	$4,875,167	$5,537,881

Note_9_Commitments_and_Conting1

Note 9 - Commitments and Contingencies (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Product Warranty Accrual	$0
Product Warranty Expense	$0

Note_10_Mitek_Monovisc_Agreeme1

Note 10 - Mitek Monovisc Agreement (Details) (Miltek MONOVISC Agreement [Member], USD $)	1 Months Ended	3 Months Ended		6 Months Ended
	Dec. 31, 2011	Jun. 30, 2014	Mar. 31, 2014	Jun. 30, 2014
Miltek MONOVISC Agreement [Member]	'	'	'	'
Note 10 - Mitek Monovisc Agreement (Details) [Line Items]	'	'	'	'
Contract Term, Years	'15 years	'	'	'
Deferred Revenue	$2,500,000	'	'	'
Revenue Recognition, Milestone Method, Revenue Recognized	'	$5,000,000	$2,200,000	$17,500,000

Note_11_Income_Taxes_Details

Note 11 - Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Note 11 - Income Taxes (Details) [Line Items]	'	'	'	'
Increase (Decrease) in Income Taxes	$5,906,298	'	'	'
Income Tax Expense (Benefit)	5,906,298	3,467,219	14,747,080	5,371,083
Effective Income Tax Rate Reconciliation, Percent	39.00%	'	38.00%	'
Milestone and Contract Revenue [Member]	'	'	'	'
Note 11 - Income Taxes (Details) [Line Items]	'	'	'	'
Effective Income Tax Rate Reconciliation, Percent	'	'	'	37.00%
Contracts Revenue	$5,000,000	'	$24,652,778	'

Note_12_Segment_and_Geographic2

Note 12 - Segment and Geographic Information (Details)	6 Months Ended
	Jun. 30, 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 $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	$21,267,156	$20,067,407	$35,618,561	$34,561,896
Orthobiologics [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	18,278,254	16,506,226	29,850,404	27,789,773
Dermal [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	348,961	557,059	537,612	798,643
Surgical [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	1,376,530	1,830,022	3,128,549	2,818,886
Ophthalmic [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	363,411	464,340	571,996	1,392,798
Veterinary [Member]	'	'	'	'
Segment Reporting Information [Line Items]	'	'	'	'
Product Revenue	$900,000	$709,760	$1,530,000	$1,761,796

Note_12_Segment_and_Geographic4

Note 12 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Geographic Location:	'	'	'	'
Total Revenue	$26,274,660	$20,828,377	$60,284,947	$36,075,388
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
United States [Member]	'	'	'	'
Geographic Location:	'	'	'	'
Total Revenue	22,946,738	15,482,068	54,480,556	27,765,515
Percentage of Revenue	87.00%	74.00%	90.00%	77.00%
Europe [Member]	'	'	'	'
Geographic Location:	'	'	'	'
Total Revenue	1,793,841	1,986,195	3,489,656	3,569,963
Percentage of Revenue	7.00%	10.00%	6.00%	10.00%
Other location [Member]	'	'	'	'
Geographic Location:	'	'	'	'
Total Revenue	$1,534,081	$3,360,114	$2,314,735	$4,739,910
Percentage of Revenue	6.00%	16.00%	4.00%	13.00%

Note_13_Restructuring_Credits_1

Note 13 - Restructuring Credits (Details) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2013	Dec. 31, 2012	Jun. 30, 2013
Note 13 - Restructuring Credits (Details) [Line Items]	'	'	'
Restructuring Costs and Asset Impairment Charges	'	$2,500,000	'
Restructuring Credit	111,178	'	246,785
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 $)	6 Months Ended
	Jun. 30, 2014
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items]	'
Balance	$24,638
Cash Proceeds, Disbursements	-8,251
Foreign Exchange Impact	-179
Balance	16,208
Employee termination costs [Member]	'
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items]	'
Balance	21,709
Cash Proceeds, Disbursements	-6,827
Foreign Exchange Impact	-159
Balance	14,723
Activity Termination and Facility Closure Costs [Member]	'
Note 13 - Restructuring Credits (Details) - Restructuring Accrual Activity [Line Items]	'
Balance	2,929
Cash Proceeds, Disbursements	-1,424
Foreign Exchange Impact	-20
Balance	$1,485