Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 09, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Anika Therapeutics, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 14,546,275 | ||
Entity Public Float | $682,060,021 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 898437 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Current assets: | ||
Cash and cash equivalents | $100,155,864 | $63,333,160 |
Investments | 6,750,000 | |
Accounts receivable, net of reserves of $146,618 and $593,023 at December 31, 2014 and 2013, respectively | 17,152,028 | 18,736,845 |
Inventories | 12,406,776 | 10,996,785 |
Prepaid income taxes | 412,301 | |
Current portion deferred income taxes | 1,188,768 | 659,040 |
Prepaid expenses and other | 959,305 | 865,957 |
Total current assets | 139,025,042 | 94,591,787 |
Property and equipment, at cost | 53,619,589 | 52,413,423 |
Less: accumulated depreciation | -21,950,706 | -19,474,712 |
31,668,883 | 32,938,711 | |
Long-term deposits and other | 69,042 | 69,080 |
Intangible assets, net | 14,894,710 | 18,998,409 |
Goodwill | 8,338,699 | 9,443,894 |
Total Assets | 193,996,376 | 156,041,881 |
Current liabilities: | ||
Accounts payable | 1,201,226 | 2,793,911 |
Accrued expenses | 4,747,526 | 5,537,881 |
Deferred revenue | 24,510 | 180,433 |
Income taxes payable | 770,276 | |
Total current liabilities | 5,973,262 | 9,282,501 |
Other long-term liabilities | 893,935 | 1,133,544 |
Long-term deferred revenue | 102,192 | 2,054,941 |
Deferred tax liabilities | 8,929,890 | 7,936,864 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at December 31, 2014 and 2013, respectively | 0 | 0 |
Common stock, $.01 par value; 30,000,000 shares authorized, 14,851,703 and 14,289,308 shares issued and outstanding at December 31, 2014 and 2013, respectively | 148,517 | 142,893 |
Additional paid-in-capital | 77,539,699 | 70,606,031 |
Accumulated currency translation adjustment | -4,494,800 | -1,699,095 |
Retained earnings | 104,903,681 | 66,584,202 |
Total stockholders’ equity | 178,097,097 | 135,634,031 |
Total Liabilities and Stockholders’ Equity | $193,996,376 | $156,041,881 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accounts receivable, net of reserves (in Dollars) | $146,618 | $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 | 14,851,703 | 14,289,308 |
Common stock,shares outstanding | 14,851,703 | 14,289,308 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Product revenue | $75,473,998 | $71,773,730 | $68,010,169 |
Licensing, milestone and contract revenue | 30,120,841 | 3,307,424 | 3,348,336 |
Total revenue | 105,594,839 | 75,081,154 | 71,358,505 |
Operating expenses: | |||
Cost of product revenue | 20,930,318 | 22,765,404 | 28,988,621 |
Research & development | 8,144,152 | 7,059,875 | 5,388,036 |
Selling, general & administrative | 15,073,485 | 12,936,001 | 14,728,662 |
Restructuring charges (credits) | -286,843 | 2,537,988 | |
Total operating expenses | 44,147,955 | 42,474,437 | 51,643,307 |
Income from operations | 61,446,884 | 32,606,717 | 19,715,198 |
Interest income (expense), net | 58,137 | -127,186 | -187,777 |
Income before income taxes | 61,505,021 | 32,479,531 | 19,527,421 |
Provision for income taxes | 23,185,542 | 11,905,010 | 7,769,961 |
Net income | 38,319,479 | 20,574,521 | 11,757,460 |
Foreign currency translation adjustment | -2,795,705 | 955,535 | 412,551 |
Basic net income per share: | |||
Net income (in Dollars per share) | $2.61 | $1.46 | $0.89 |
Basic weighted average common shares outstanding (in Shares) | 14,678,240 | 14,086,912 | 13,260,739 |
Diluted net income per share: | |||
Net income (in Dollars per share) | $2.51 | $1.39 | $0.82 |
Diluted weighted average common shares outstanding (in Shares) | 15,269,435 | 14,825,599 | 14,344,577 |
Net income | 38,319,479 | 20,574,521 | 11,757,460 |
Foreign currency translation adjustment | -2,795,705 | 955,535 | 412,551 |
Comprehensive income | $35,523,774 | $21,530,056 | $12,170,011 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders’ Equity (USD $) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Translation Adjustment [Member] | Total |
Balance at Dec. 31, 2011 | $136,305 | $63,441,433 | $34,252,221 | ($3,067,181) | $94,762,778 |
Balance (in Shares) at Dec. 31, 2011 | 13,630,607 | ||||
Issuance of common stock for employee equity awards | 2,354 | 386,321 | 388,675 | ||
Issuance of common stock for employee equity awards (in Shares) | 235,453 | ||||
Tax benefit related to stock based compensation | 452,471 | 452,471 | |||
Stock based compensation expense | 1,151,199 | 1,151,199 | |||
Net income | 11,757,460 | 11,757,460 | |||
Other comprehensive income (loss) | 412,551 | 412,551 | |||
Balance at Dec. 31, 2012 | 138,659 | 65,431,424 | 46,009,681 | -2,654,630 | 108,925,134 |
Balance (in Shares) at Dec. 31, 2012 | 13,866,060 | ||||
Issuance of common stock for employee equity awards | 4,234 | 3,049,707 | 3,053,941 | ||
Issuance of common stock for employee equity awards (in Shares) | 423,248 | ||||
Tax benefit related to stock based compensation | 856,830 | 856,830 | |||
Stock based compensation expense | 1,268,070 | 1,268,070 | |||
Net income | 20,574,521 | 20,574,521 | |||
Other comprehensive income (loss) | 955,535 | 955,535 | |||
Balance at Dec. 31, 2013 | 142,893 | 70,606,031 | 66,584,202 | -1,699,095 | 135,634,031 |
Balance (in Shares) at Dec. 31, 2013 | 14,289,308 | ||||
Issuance of common stock for employee equity awards | 6,961 | 2,047,745 | 2,054,706 | ||
Issuance of common stock for employee equity awards (in Shares) | 696,169 | ||||
Tax benefit related to stock based compensation | 9,626,064 | 9,626,064 | |||
Stock based compensation expense | 1,607,421 | 1,607,421 | |||
Retirement of common stock for minimum tax withholdings | -1,337 | -6,347,562 | -6,348,899 | ||
Retirement of common stock for minimum tax withholdings (in Shares) | -133,774 | ||||
Net income | 38,319,479 | 38,319,479 | |||
Other comprehensive income (loss) | -2,795,705 | -2,795,705 | |||
Balance at Dec. 31, 2014 | $148,517 | $77,539,699 | $104,903,681 | ($4,494,800) | $178,097,097 |
Balance (in Shares) at Dec. 31, 2014 | 14,851,703 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities: | |||
Net income | $38,319,479 | $20,574,521 | $11,757,460 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,705,602 | 4,772,491 | 4,525,247 |
Stock-based compensation expense | 1,607,421 | 1,268,070 | 1,151,199 |
Deferred income taxes | 815,169 | 2,205,608 | -10,269 |
Provision for doubtful accounts | 238,071 | 135,353 | |
Provision for inventory | 377,753 | 171,089 | 1,310,953 |
Gain on sale of assets | -126,284 | ||
Tax benefit from exercise of stock options | -9,626,064 | -856,830 | -452,471 |
Restructuring charges (credits) | -160,559 | 1,604,256 | |
Changes in operating assets and liabilities: | |||
Accounts receivable | 897,561 | 2,411,247 | -4,271,129 |
Inventories | -1,974,423 | -2,823,059 | -2,370,318 |
Prepaid expenses and other assets | 585,452 | 306,505 | 234,448 |
Prepaid income taxes | -437,833 | ||
Accounts payable | -749,601 | 622,928 | -2,879,330 |
Accrued expenses | -1,189,096 | -376,897 | 1,420,131 |
Deferred revenue | -2,014,264 | -2,795,285 | -2,858,262 |
Income taxes payable | 8,874,394 | 152,364 | 1,268,442 |
Other long-term liabilities | -213,175 | -418,979 | -17,033 |
Net cash provided by operating activities | 39,978,375 | 25,165,001 | 10,548,677 |
Cash flows from investing activities: | |||
Proceeds from maturity of investments | 20,000,000 | ||
Purchase of investments | -26,750,000 | ||
Purchase of property and equipment | -1,552,922 | -440,890 | -1,504,707 |
Proceeds from sale of assets | 187,735 | ||
Net cash used in investing activities | -8,302,922 | -253,155 | -1,504,707 |
Cash flows from financing activities: | |||
Principal payments on debt | -9,600,000 | -1,600,000 | |
Proceeds from exercise of stock options | 2,054,706 | 3,053,941 | 388,675 |
Tax benefit from exercise of equity awards | 9,626,064 | 856,830 | 452,471 |
Minimum tax withholdings on share-based awards | -6,348,899 | ||
Net cash provided by (used in) financing activities | 5,331,871 | -5,689,229 | -758,854 |
Exchange rate impact on cash | -184,620 | 43,066 | 5,139 |
Increase in cash and cash equivalents | 36,822,704 | 19,265,683 | 8,290,255 |
Cash and cash equivalents at beginning of period | 63,333,160 | 44,067,477 | 35,777,222 |
Cash and cash equivalents at end of period | 100,155,864 | 63,333,160 | 44,067,477 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 13,777,956 | 9,841,546 | 6,496,000 |
Cash paid for interest | $125,978 | $184,881 |
Note_1_Business
Note 1 - Business | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Nature of Operations [Text Block] | 1. Business |
Anika Therapeutics, Inc. (“Anika,” the “Company,” “we,” “us,” or “our”) develops, manufactures, and commercializes therapeutic products for tissue protection, healing and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells. | |
The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA and foreign regulations and approval requirements, as well as the ability to grow the Company’s business. | |
Note_2_Summary_of_Significant_
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Significant Accounting Policies [Text Block] | 2. Summary of Significant Accounting Policies | ||||||||||||
Use of Estimates | |||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Principles of Consolidation | |||||||||||||
The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. | |||||||||||||
Foreign Currency Translation | |||||||||||||
The functional currency of our foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment which resulted in a loss from foreign currency translation of $2,795,705 for the year ended December 31, 2014 and a gain from foreign currency translation of $955,535 and $412,551 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
The Company recognized a loss from foreign currency transactions of $554,241 during the year ended December 31, 2014 and gains from foreign currency transactions of $259,275 and $200,452 during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
Fair Value Measurements | |||||||||||||
Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may be used to measure fair value are: | |||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange. | ||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability. | ||||||||||||
The Company’s financial assets have been classified as Level 2. The Company’s financial assets (which include cash equivalents and investments) have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. | |||||||||||||
Allowance for Doubtful Accounts | |||||||||||||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in our customer payment terms. Our allowance for doubtful accounts on trade accounts receivable was $146,618 and $593,023 at December 31, 2014 and 2013, respectively. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of the year | $ | 593,023 | $ | 337,459 | $ | 334,473 | |||||||
Amounts provided | - | 255,564 | 138,339 | ||||||||||
Amounts written off | (446,405 | ) | - | (135,353 | ) | ||||||||
Balance, end of the year | $ | 146,618 | $ | 593,023 | $ | 337,459 | |||||||
Uncollectible trade accounts receivable written-off were $446,405, $0 and $135,353 in 2014, 2013, and 2012. There were no amounts provided for bad debt in 2014. Provisions for bad debt expense were $255,564 and $138,339 in 2013, and 2012, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||||
Revenue Recognition - General | |||||||||||||
We recognize revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. | |||||||||||||
Product Revenue | |||||||||||||
Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. | |||||||||||||
Product revenue also includes royalties. Royalty revenue is based on our distributors’ sales and recognized in the same period our distributors record their sale of products manufactured by us. On a quarterly basis we record royalty revenue based upon sales projections provided to us by our distributor customers. If necessary we adjust our estimates based upon final sales data received prior to issuing our quarterly unaudited or annual audited financial statements. | |||||||||||||
Pursuant to the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC 605-45. For the period ended December 31, 2014 and 2013, amounts included in revenues and costs of goods sold for the MDET were immaterial. | |||||||||||||
Licensing, Milestone, and Contract Revenue | |||||||||||||
Licensing, milestone, and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development and/or supply agreements with partners for the development and commercialization of the Company’s products. | |||||||||||||
The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU 2009-13, Revenue Recognition, in January 2011, which amends ASC Subtopic 605-25, Multiple Element Arrangements (“ASC 605-25”) to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC 605-25, as amended by ASU 2009-13, in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable up-front fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. The Company’s cash equivalents consist of money market funds and bank certificates of deposit with an original maturity of less than 90 days. | |||||||||||||
Investments | |||||||||||||
The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 days. The Company has designated all investments as available-for-sale and therefore, such investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in interest income (expense), net. Interest is recorded when earned. Investments with original maturities greater than approximately three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. The Company considers securities with maturities of three months or less from the purchase date to be cash equivalents. | |||||||||||||
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior the expected recovery of the investment's amortized cost basis. During the year ended December 31, 2014, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these securities before the recovery of their amortized cost basis. During the years ended December 31, 2013 and 2012 the Company did not have any investments. | |||||||||||||
Concentration of Credit Risk and Significant Customers | |||||||||||||
The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts or other foreign hedging arrangements. The Company’s cash equivalents and investments are held with two major international financial institutions. | |||||||||||||
The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. | |||||||||||||
As of December 31, 2014 and 2013, DePuy Mitek, Bausch & Lomb, Pharmascience, Inc., AT Technologies Gmbh and Soylu Medikal San ve Dis Tic Ltd., combined, represented 74% and 67%, respectively, of the Company’s accounts receivable balance. | |||||||||||||
Inventories | |||||||||||||
Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor and manufacturing overhead. | |||||||||||||
The Company’s policy is to write-down inventory when conditions exist that suggest inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for the Company’s products and market conditions. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors including, but not limited to, historical usage rates, forecasted sales or usage, product end of life dates, and estimated current or future market values. Purchasing requirements and alternative usage avenues are explored within these processes to mitigate inventory exposure. | |||||||||||||
When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory of $12,406,776 and $10,996,785 as of December 31, 2014 and 2013, respectively, is stated net of inventory reserves of $940,306 and $758,106, respectively. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those projected, additional inventory write-downs may be required. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Equipment and software are typically amortized over two to ten years, and furniture and fixtures over five to seven years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income. | |||||||||||||
Goodwill and Acquired Intangible Assets | |||||||||||||
Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that we acquire that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. | |||||||||||||
Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period, or a reduction of our market capitalization relative to net book value. | |||||||||||||
To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. We estimate the fair value for reporting units using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to, risk free rate of return on an investment, weighted average cost of capital, future revenue, operating margin, working capital, and capital expenditure needs. Our annual assessment for impairment of goodwill as of November 30, 2014 indicated that the fair value of our reporting unit exceeded the carrying value of the reporting unit. Our goodwill balance relates entirely to the 2009 acquisition of Anika S.r.l. and has been assigned to the Anika S.r.l. reporting unit. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||||||
To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. We estimate the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not limited to, estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. Our annual assessment for impairment of IPR&D indicated that the fair value of our IPR&D as of November 30, 2014 exceeded their respective carrying values. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we terminated an IPR&D project related to our tissue engineering operation and included an expense of approximately $1.2 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 18 for additional disclosure. | |||||||||||||
Long-Lived Assets | |||||||||||||
Long-lived assets primarily include property and equipment, and intangible assets with finite lives. Our intangible assets are comprised of purchased developed technologies, distributor relationships, patents and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately 5 to 16 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis. | |||||||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we disposed of long-lived assets related to our tissue engineering operation and included an expense of approximately $0.3 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 18 for additional disclosure. | |||||||||||||
Restructuring Charges | |||||||||||||
Restructuring charges primarily consisted of severance costs, activity termination costs and costs of facility closure. Restructuring charges are recorded upon approval of a formal management plan and are included in the operating results of the period in which such plan is approved and the expense becomes estimable. To estimate restructuring charges, management utilizes assumptions such as the number of employees that would be involuntarily terminated and the future costs to operate and eventually terminate, the subject activity. | |||||||||||||
Research and Development | |||||||||||||
Research and development costs consist primarily of salaries and related expenses for personnel and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone, and contract revenue. Research and development costs are expensed as incurred. | |||||||||||||
Stock-Based Compensation | |||||||||||||
We measure the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 12 for a description of the types of stock-based awards granted, the compensation expense related to such awards, and detail of equity-based awards outstanding. | |||||||||||||
For performance based awards with financial achievement targets, we recognize expense using the graded vesting methodology based on the number of shares expected to vest. Compensation expense associated with these performance based awards is adjusted to reflect subsequent changes in the estimated outcome of performance-related conditions until the date the results are determined. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of the change. If the performance targets are not achieved, no compensation cost is recognized, and any previously recognized compensation cost is reversed. There was no expense recognized on performance based awards in 2014 as satisfaction of the performance conditions were not considered probable. There were no performance based awards outstanding in 2013. | |||||||||||||
Income Taxes | |||||||||||||
Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent we establish a valuation allowance or increase or decrease this allowance in a given period, we include the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period. | |||||||||||||
Comprehensive Income | |||||||||||||
Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. For the purposes of comprehensive income disclosures, we do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to indefinitely reinvest undistributed earnings of our foreign subsidiary. Accumulated other comprehensive income (loss) is reported as a component of stockholders' equity and, as of December 31, 2014 and 2013, was comprised solely of cumulative translation adjustments. | |||||||||||||
Segment Information | |||||||||||||
Operating segments, as defined under U.S. GAAP, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reporting, the Company has one reportable operating segment, the results of which are disclosed in the accompanying consolidated financial statements. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In 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. Effective for the Company beginning on January 1, 2017, the amendment allows for two methods of adoption, a full retrospective method or a modified retrospective approach with the cumulative effect recognized at the date of initial application. Early adoption is not permitted. We are in the process of determining the method of adoption and the impact of this amendment on our consolidated financial statements. | |||||||||||||
Note_3_Investments
Note 3 - Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Cash and Cash Equivalents Disclosure [Text Block] | 3. Investments | ||||||||||||||||
All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held no investments at December 31, 2013. The Company’s investments at December 31, 2014 are invested in the following: | |||||||||||||||||
31-Dec-14 | |||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Bank certificates of deposit | $ | 6,750,000 | - | - | $ | 6,750,000 | |||||||||||
Note_4_Fair_Value_Measurements
Note 4 - Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements | ||||||||||||||||
The Company’s investments are all classified within Level 2 of the fair value hierarchy. The Company’s investments classified within Level 2 of the fair value hierarchy are valued based on matrix pricing compiled by third party pricing vendors, using observable market inputs such as interest rates, yield curves, and credit risk. | |||||||||||||||||
The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows: | |||||||||||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-Dec-14 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Cash & cash equivalents: | |||||||||||||||||
Money market funds | $ | 69,551,754 | $ | - | $ | 69,551,754 | $ | - | |||||||||
Bank certificates of deposit | 3,000,000 | - | 3,000,000 | - | |||||||||||||
Total cash & cash equivalents | $ | 72,551,754 | $ | - | $ | 72,551,754 | $ | - | |||||||||
Investments: | |||||||||||||||||
Bank certificates of deposit | $ | 6,750,000 | $ | - | $ | 6,750,000 | $ | - | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money market funds | $ | 34,266,501 | $ | - | $ | 34,266,501 | $ | - | |||||||||
We did not have any transfers between Level 1 and Level 2 or transfers in or out of Level 3 of the fair value hierarchy during the years ended December 31, 2014 and 2013. | |||||||||||||||||
Note_5_Earnings_Per_Share_EPS
Note 5 - Earnings Per Share ("EPS") | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Earnings Per Share [Text Block] | 5. Earnings per Share (“EPS”) | ||||||||||||
Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, stock appreciation rights (“SAR’s”), restricted shares, and restricted stock units using the treasury stock method. | |||||||||||||
The following table provides share information used in the calculation of the Company's basic and diluted earnings per share: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares used in the calculation of Basic earnings per share | 14,678,240 | 14,086,912 | 13,260,739 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, SAR's, RSA's, and shares held in escrow | 591,195 | 738,687 | 1,083,838 | ||||||||||
Diluted shares used in the calculation of earnings per share | 15,269,435 | 14,825,599 | 14,344,577 | ||||||||||
Stock options to purchase 129,540 shares, 21,326 shares, and 131,273 shares for 2014, 2013, and 2012, respectively, were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. | |||||||||||||
At December 31, 2014, 2013, and 2012, 30,700 shares, 52,339 shares, and 54,124 shares of issued and outstanding unvested restricted stock, respectively, were excluded from the basic earnings per share. | |||||||||||||
Note_6_Inventories
Note 6 - Inventories | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Schedule of Utility Inventory [Table Text Block] | 6. Inventories | ||||||||
Inventories consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,161,363 | $ | 5,926,030 | |||||
Work-in-process | 3,041,227 | 2,308,233 | |||||||
Finished goods | 3,204,186 | 2,762,522 | |||||||
Total | $ | 12,406,776 | $ | 10,996,785 | |||||
Note_7_Property_and_Equipment
Note 7 - Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and Equipment | ||||||||
Property and equipment is stated at cost and consists of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Equipment and software | $ | 24,175,954 | $ | 23,326,622 | |||||
Furniture and fixtures | 1,295,847 | 1,316,014 | |||||||
Leasehold improvements | 27,589,020 | 27,613,495 | |||||||
Construction in progress | 558,768 | 157,292 | |||||||
Subtotal | 53,619,589 | 52,413,423 | |||||||
Less accumulated depreciation | (21,950,706 | ) | (19,474,712 | ) | |||||
Total | $ | 31,668,883 | $ | 32,938,711 | |||||
Depreciation expense was $2,612,799, $2,678,745 and $2,496,749 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||
Note_8_Acquired_Intangible_Ass
Note 8 - Acquired Intangible Assets, Net | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Intangible Assets Disclosure [Text Block] | 8. Acquired Intangible Assets, Net | ||||||||||||||||||||||||
In November 2007, in connection with the termination of the agreement with Galderma which originally granted to Galderma the worldwide rights to commercialize, distribute, and market the ELEVESS product, the Company reacquired the worldwide rights and control of the future development and marketing of ELEVESS. The intangible asset realized during this process was the ELEVESS trade name. | |||||||||||||||||||||||||
On December 30, 2009, in connection with the acquisition of Anika S.r.l., the Company purchased various intangible assets. The Company finalized the purchase price allocation relative to this acquisition during the fourth quarter of 2010. | |||||||||||||||||||||||||
The Company completed its annual impairment review as of November 30, 2014 and concluded that no impairment in the carrying value exists as of that date with respect to both goodwill and IPR&D. Through December 31, 2014, there have not been any events or changes in circumstances that indicate that the carrying value of goodwill or acquired intangible assets may not be recoverable. The Company continues to monitor and evaluate the financial performance of the Anika S.r.l. business including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its book value. | |||||||||||||||||||||||||
Amortization expense was $2,092,803, $2,093,746, and $2,028,498 for the years ended December 31, 2014, 2013, and 2012, respectively. Amortization expense on intangible assets is expected to be approximately $1.0 million annually for the next five years and approximately $5.2 million in aggregate thereafter. | |||||||||||||||||||||||||
Intangible assets consist of the following: | |||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | ||||||||||||||||||||||||
Gross Value | Currency Translation Adjustment | Accumulated Amortization | Net Book Value | Net Book Value | Useful Life | ||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (2,255,722 | ) | $ | (5,034,341 | ) | $ | 9,409,937 | $ | 11,753,003 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (849,812 | ) | - | 4,652,874 | 5,286,127 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (415,344 | ) | (4,284,656 | ) | - | 863,655 | 5 | |||||||||||||||||
Patents | 1,000,000 | (134,315 | ) | (284,486 | ) | 581,199 | 719,574 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (749,300 | ) | 250,700 | 376,050 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (3,655,193 | ) | $ | (10,352,783 | ) | $ | 14,894,710 | $ | 18,998,409 | |||||||||||||
Changes in the carrying value of goodwill were as follows: | |||||||||||||||||||||||||
December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning | $ | 9,443,894 | $ | 9,065,891 | |||||||||||||||||||||
Effects of foreign currency adjustments | (1,105,195 | ) | 378,003 | ||||||||||||||||||||||
Balance, ending | $ | 8,338,699 | $ | 9,443,894 | |||||||||||||||||||||
Note_9_Accrued_Expenses
Note 9 - Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued Expenses | ||||||||
Accrued expenses consist of the following: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Compensation and related expenses | $ | 2,791,935 | $ | 2,870,147 | |||||
Professional fees | 553,630 | 383,231 | |||||||
Clinical trial costs | 508,042 | 882,651 | |||||||
Research grants | 539,053 | 610,498 | |||||||
Restructuring costs | 8,384 | 24,638 | |||||||
Other | 346,482 | 766,716 | |||||||
Total | $ | 4,747,526 | $ | 5,537,881 | |||||
Note_10_Deferred_Revenue
Note 10 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2014 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue Disclosure [Text Block] | 10. Deferred Revenue |
In December 2003, the Company entered into the Mitek ORTHOVISC Agreement with Ortho Biotech Products, L.P., a member of the Johnson & Johnson family of companies, to market ORTHOVISC in the U.S. In mid-2005, the agreement was assigned to Mitek. Under the Mitek ORTHOVISC Agreement, Mitek performs sales, marketing, and distribution functions, and Mitek licenses the right to further develop and commercialize ORTHOVISC, as well as other new products for the treatment of pain associated with osteoarthritis based on the Company’s viscosupplementation technology. In support of the license, the Mitek ORTHOVISC Agreement provides that Mitek will fund post-marketing clinical trials for new indications of ORTHOVISC. The Company received an initial payment of $2,000,000 upon entering into the Mitek ORTHOVISC Agreement, a milestone payment of $20,000,000 in February 2004 as a result of obtaining FDA approval of ORTHOVISC, and a milestone payment of $5,000,000 in December 2004 for planned upgrades to our manufacturing operations. The Company evaluated the terms of the Mitek ORTHOVISC Agreement and determined that the upfront fee and milestone payments did not meet the conditions to be recognized separately from the supply agreement. | |
In December 2011, the Company entered into a fifteen-year licensing 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 related patent litigation. As a result, the Company 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 represented 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, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5 million, which was fully recognized as revenue in the second quarter of 2014. On November 10, 2014, the Center for Medicare & Medicaid Services ("CMS") assigned a unique Healthcare Common Procedure Coding System ("HCPCS") code, or J-Code, to MONOVISC. The issuance of this code by CMS set national Medicare reimbursement rates for the product. The new J-Code became effective on January 1, 2015. As a result of CMS assigning the J-Code, the Company collected a milestone payment of $5,000,000, which was fully recognized as revenue in the fourth quarter of 2014. For the year ended December 31, 2014, the Company recognized a total of $29,652,778 in milestone revenue related to MONOVISC. | |
The Company had current and long-term deferred revenue of $126,702 at December 31, 2014, which consisted primarily of customer prepayments. Current and long term deferred revenue was $2,235,374 at December 31, 2013, and consisted primarily of the unamortized upfront payment from the Mitek MONOVISC Agreement. | |
Note_11_Commitments_and_Contin
Note 11 - Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 11. Commitments and Contingencies | ||||
Leasing Arrangements | |||||
The Company’s headquarters facility is located in Bedford, Massachusetts, where the Company leases approximately 134,000 square feet of administrative, manufacturing, and R&D space. This lease was entered into on January 4, 2007, and the lease commenced on May 1, 2007 for an initial term of ten and one-half years. The Company has an option under the lease to extend its terms for up to four additional periods beyond the original expiration date subject to the condition that the Company notify the landlord that the Company is exercising each option at least one year prior to the expiration of the original or then current term. The first three renewal options each extend the term an additional five years, while the final renewal option extends the term by six years. The Company’s administrative and R&D personnel moved into the Bedford facility in November of 2007. The Bedford facility was fully validated and approved by applicable regulatory authorities in 2012. | |||||
Our fully-owned subsidiary Anika S.r.l., the leases approximately 28,000 square feet of laboratory, warehouse and office space in Abano Terme, Italy. The lease commenced on December 30, 2009 for an initial term of six (6) years, with options to extend which the Company has not exercised as of December 31, 2014. | |||||
Rental expense in connection with the various facility leases totaled $1,401,317, $1,400,120, and $2,486,849, for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||
The Company’s future lease commitments as of December 31, 2014 are as follows: | |||||
2015 | $ | 1,547,414 | |||
2016 | 971,500 | ||||
2017 | 971,500 | ||||
2018 | 971,500 | ||||
2019 and thereafter | 3,724,083 | ||||
Total | $ | 8,185,997 | |||
Warranty and Guarantor Arrangements | |||||
In certain of our contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate or breach any U.S. patent or intellectual property rights, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligence or acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company has no accrued warranties at December 31, 2014 or 2013, respectively, and has no history of claims paid. | |||||
Legal Proceedings | |||||
On July 7, 2010, Genzyme Corporation filed a complaint against the Company in the United States District Court for the District of Massachusetts seeking unspecified damages and equitable relief. The complaint alleged that the Company infringed U.S. Patent No. 5,143,724 by manufacturing MONOVISC in the United States for sale outside the United States and would infringe U.S. Patent Nos. 5,143,724 and 5,399,351 if the Company manufactured and sold 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 all of Genzyme’s claims against the Company with prejudice, and the case was terminated. | |||||
In 2011, MEROGEL INJECTABLE was voluntarily withdrawn from the market due to a labeling error on the product’s packaging. The Company settled the matter related to this dispute with Medtronic in August, 2012. This labeling error related to conduct that initially occurred prior to our acquisition of Anika S.r.l. from Fidia Farmaceutici S.p.A. (“Fidia”) and, as a result, the Company made claims against Fidia for indemnification for Anika’s losses related to this issue. Fidia maintained that it did not have liability for this matter, and it asserted a counterclaim against Anika for failing to consent to the release of the remaining shares held in escrow upon the closing of the Anika S.r.l. acquisition. The Company reached agreement with Fidia in October 2013 to settle this matter without admission of liability by either party in return for a payment made by Fidia to the Company. As a result of the settlement, the arbitration with Fidia pending before the London Court of International Arbitration has been withdrawn, and the shares previously held in escrow have been released. | |||||
The Company is 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, the Company does 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_12_Equity_Incentive_Plan
Note 12 - Equity Incentive Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Equity Incentive Plan | ||||||||||||||||
The Anika Therapeutics, Inc. Stock Option and Incentive Plan, as amended, (the “2003 Plan”) provides for grants of nonqualified and incentive stock options, common stock, restricted stock, restricted stock units, and SAR’s to employees, directors, officers, and consultants. The 2003 Plan was originally approved by the Board of Directors on April 4, 2003, approved by the Company’s shareholders on June 4, 2003, and reserved 1,500,000 shares of common stock for grant pursuant to its terms. There are 1,337,192 shares available for future grant at December 31, 2014. | |||||||||||||||||
On May 29, 2009, the Board of Directors approved changes to the 2003 Plan and adopted the Amended and Restated 2003 Stock Option and Incentive Plan (the “Amended 2003 Plan”) to increase the number of shares available to grant by 850,000. The Amended 2003 Plan was approved by the Company’s shareholders on June 5, 2009, and it resulted in a total of 2,350,000 shares of common stock being reserved for issuance under the Amended 2003 Plan. | |||||||||||||||||
At the 2011 Annual Meeting of Stockholders on June 7, 2011, the shareholders of the Company approved the Anika Therapeutics, Inc. Second Amended and Restated Stock Option and Incentive Plan (the “2003 Plan”), which, among other things, increased the number of shares reserved for issuance under the Company’s predecessor stock option and incentive plan by 800,000 to 3,150,000 shares. | |||||||||||||||||
At the 2013 Annual Meeting of Stockholders on June 18, 2013, the shareholders of the Company approved an additional amendment to the Amended 2003 Plan, which, among other things, increased the number of shares reserved for issuance under the Company’s stock option and incentive plan by 650,000 to 3,800,000 shares. | |||||||||||||||||
The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either newly-issued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards contain service conditions or service and performance conditions, and they generally become exercisable ratably over one to four years. | |||||||||||||||||
The Company estimates the fair value of stock options and SAR’s using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. Key input assumptions used to estimate the fair value of stock options and SAR’s include the exercise price of the award, the expected award term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the award’s expected term, and the Company’s expected annual dividend yield. | |||||||||||||||||
The Company uses historical data on the exercise of stock options and other factors to evaluate and estimate the expected term of share-based awards. The Company also evaluates actual forfeiture rates periodically and adjusts the expected forfeiture rate assumption within the model accordingly. The expected volatility assumption is evaluated against the historical volatility of the Company’s common stock over a four year average, and it is adjusted if there are material swings in historical volatility. The risk-free interest rate assumption is based on U.S. Treasury interest rates at the time of grant. | |||||||||||||||||
The fair value of each stock option and SAR award during 2014, 2013, and 2012 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 1.16% | to | 1.39% | 0.61% | to | 1.02% | 0.63% | to | 0.64% | ||||||||
Expected volatility | 53.28% | to | 57.05% | 53.60% | to | 57.60% | 57.60% | ||||||||||
Expected lives (years) | 4 | 4 | 4 | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
The Company recorded $1,607,421, $1,268,070, and $1,151,199 of share-based compensation expense for the years ended December 31, 2014, 2013, and 2012, respectively, for stock options, SAR’s, and restricted stock awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees. | |||||||||||||||||
Combined stock options and SAR’s activity under our plans is summarized as follows for the years ended December 31, 2014 and 2013, respectively: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price Per | Price Per | ||||||||||||||||
Share | Share | ||||||||||||||||
Options and SAR's outstanding at beginning of year | 1,513,326 | $ | 9.14 | 1,793,685 | $ | 8.3 | |||||||||||
Granted | 179,240 | $ | 35.62 | 413,500 | $ | 12.55 | |||||||||||
Cancelled | (53,325 | ) | $ | 23.73 | (243,724 | ) | $ | 8.77 | |||||||||
Expired | (24,292 | ) | $ | 9.87 | (9,928 | ) | $ | 9.62 | |||||||||
Exercised | (763,662 | ) | $ | 7.95 | (440,207 | ) | $ | 8.71 | |||||||||
Options and SAR's outstanding at end of year | 851,287 | $ | 14.85 | 1,513,326 | $ | 9.14 | |||||||||||
Of the 851,287 options and SAR’s outstanding at December 31, 2014, 829,298 are vested, or are expected to vest, with a weighted-average exercise price of approximately $14.58 as well as an aggregate intrinsic value of approximately $22 million related to these awards. The weighted average remaining contractual term of the vested and expected to vest options and SAR’s was 6.7 years as of December 31, 2014. | |||||||||||||||||
As of December 31, 2014, total unrecognized compensation costs related to non-vested options and SAR’s was approximately $2,908,000 and is expected to be recognized over a weighted average period of 2.9 years. | |||||||||||||||||
There were 128,536 incentive stock options exercisable at December 31, 2014 with a weighted-average exercise price of $8.73 and a weighted-average remaining contractual term of 4.4 years for these awards. | |||||||||||||||||
There were 180,989 non-qualified stock options exercisable at December 31, 2014 with a weighted-average exercise price of $8.58 and a weighted-average remaining contractual term of 5.6 years. | |||||||||||||||||
There were 65,092 SAR’s exercisable at December 31, 2014 with a weighted-average exercise price of $8.58 and a weighted-average remaining contractual term of 3.6 years for these awards. | |||||||||||||||||
The aggregate intrinsic value of stock options and SAR’s fully vested at December 31, 2014 and 2013 was $12,028,589 and $27,997,198, respectively. The aggregate intrinsic value of stock options and SAR’s outstanding at December 31, 2014 and 2013 was $21,734,258 and $43,199,713, respectively. | |||||||||||||||||
The total intrinsic value of options and SAR’s exercised was $26,749,627 and $4,370,830 for the years ended December 31, 2014 and 2013, respectively. During the second quarter of 2014, the Company acquired, and subsequently retired, 133,774 common shares related to an employee SAR’s exercise to meet minimum statutory tax withholding requirements. | |||||||||||||||||
The total fair value of options and SAR’s vested during the years ended December 31, 2014 and 2013 was $1,148,947 and $1,088,802, respectively. | |||||||||||||||||
The Company received $2,054,706 and $3,053,941 for exercises of stock options during the years ended December 31, 2014 and 2013, respectively. | |||||||||||||||||
The restricted stock activity for the years ended December 31, 2014 and 2013 is as follows: | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at Beginning of year | 79,591 | $ | 11.93 | 68,956 | $ | 6.87 | |||||||||||
Granted | 60,098 | $ | 32.02 | 36,220 | $ | 17 | |||||||||||
Cancelled | (7,500 | ) | $ | 25.46 | - | $ | - | ||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Vested/Released | (22,575 | ) | $ | 10.01 | (25,585 | ) | $ | 5.95 | |||||||||
Nonvested at end of year | 109,614 | $ | 23.91 | 79,591 | $ | 11.93 | |||||||||||
The total fair value of restricted stock and restricted stock units vested during the year ended December 31, 2014 and 2013 was $799,006 and $290,704. | |||||||||||||||||
Note_13_Shareholder_Rights_Pla
Note 13 - Shareholder Rights Plan | 12 Months Ended | ||
Dec. 31, 2014 | |||
Stockholders' Equity Note [Abstract] | |||
Stockholders' Equity Note Disclosure [Text Block] | 13. Shareholder Rights Plan | ||
On April 4, 2008, the Board of Directors of the Company adopted a Shareholder Rights Plan (the “2008 Plan”) that replaced the Company’s former Shareholder Rights Plan. Under the 2008 Plan, the Rights generally become exercisable if: | |||
(1) | A person becomes an “Acquiring Person” by acquiring 15% or more of the Company’s common stock, or | ||
(2) | A person commences a tender offer that would result in that person owning 15% or more of the Company’s common stock. | ||
In the event that a person becomes an “Acquiring Person,” each holder of a Right (other than the Acquiring Person) would be entitled to acquire a number of shares of preferred stock equivalent to shares of the Company’s common stock having a value of twice the exercise price of the Right. If, after any such event, the Company enters into a merger or other business combination transaction with another entity, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. | |||
The current exercise price per Right is $75.00. The Rights may be redeemed in whole, but not in part, at a price of $0.01 per Right (payable in cash, shares of the Company’s common stock or other consideration deemed appropriate by the Board of Directors) by the Board of Directors only until the earlier of : | |||
(1) The time at which any person becomes an “Acquiring Person,” or | |||
(2) The Expiration Date. | |||
At any time after any person becomes an “Acquiring Person,” the Board of Directors may, at its option, exchange all or any part of the then outstanding and exercisable Rights for shares of the Company’s common stock at an exchange ratio specified in the Rights Plan. Notwithstanding the foregoing, the Board of Directors generally will not be empowered to affect such exchange at any time after any person becomes the beneficial owner of 50% or more of the Company’s common stock. | |||
In connection with the establishment of the Rights Plan, the Board of Directors approved the creation of Preferred Stock of the Company designated as Series B Junior Participating Cumulative Preferred Stock with a par value of $0.01 per share. The Board also reserved 175,000 shares of preferred stock for issuance upon exercise of the Rights. Until a Right is exercised, the holder will have no rights as a stockholder of the Company, beyond those as an existing stockholder, including the right to vote or to receive dividends. | |||
Note_14_Employee_Benefit_Plan
Note 14 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 14. Employee Benefit Plan |
U.S. employees are eligible to participate in the Company’s 401(k) savings plan. Employees may elect to contribute a percentage of their compensation to the plan, and the Company will make matching contributions up to a limit of 5% of an employee’s eligible compensation. In addition, the Company may make annual discretionary contributions. For the years ended December 31, 2014, 2013, and 2012, the Company made matching contributions of $350,049, $362,150, and $326,007, respectively. | |
Note_15_Revenue_by_Product_Gro
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Segment Reporting Disclosure [Text Block] | 15. Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information | ||||||||||||||||||||||||
Product revenue by product group is as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Percentage of Product Revenue | Revenue | Percentage of Product Revenue | Revenue | Percentage of Product Revenue | ||||||||||||||||||||
Orthobiologics | $ | 61,956,870 | 82 | % | $ | 55,956,068 | 78 | % | $ | 49,954,112 | 74 | % | |||||||||||||
Dermal | 1,334,295 | 2 | % | 1,816,602 | 3 | % | 1,384,403 | 2 | % | ||||||||||||||||
Surgical | 5,854,876 | 8 | % | 5,445,715 | 8 | % | 5,022,456 | 7 | % | ||||||||||||||||
Ophthalmic | 3,153,435 | 4 | % | 4,656,560 | 6 | % | 8,784,011 | 13 | % | ||||||||||||||||
Veterinary | 3,174,522 | 4 | % | 3,898,785 | 5 | % | 2,865,187 | 4 | % | ||||||||||||||||
$ | 75,473,998 | 100 | % | $ | 71,773,730 | 100 | % | $ | 68,010,169 | 100 | % | ||||||||||||||
Product revenue by significant customers as a percent of product revenues is as follows: | |||||||||||||||||||||||||
Percentage of Product Revenue | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
DePuy Mitek | 72 | % | 63 | % | 61 | % | |||||||||||||||||||
Boehringer | 4 | % | 5 | % | 4 | % | |||||||||||||||||||
Medtronic XoMEd | 4 | % | 3 | % | 3 | % | |||||||||||||||||||
Bausch & Lomb | 3 | % | 5 | % | 12 | % | |||||||||||||||||||
Nordic Pharma | 2 | % | 2 | % | 1 | % | |||||||||||||||||||
85 | % | 78 | % | 81 | % | ||||||||||||||||||||
Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Percentage of Total Revenue | Revenue | Percentage of Total Revenue | Revenue | Percentage of Total Revenue | ||||||||||||||||||||
United States | $ | 92,259,139 | 87 | % | $ | 58,490,142 | 78 | % | $ | 57,976,667 | 81 | % | |||||||||||||
Europe | 6,214,441 | 6 | % | 7,411,568 | 10 | % | 6,218,890 | 9 | % | ||||||||||||||||
Other | 7,121,259 | 7 | % | 9,179,444 | 12 | % | 7,162,948 | 10 | % | ||||||||||||||||
Total | $ | 105,594,839 | 100 | % | $ | 75,081,154 | 100 | % | $ | 71,358,505 | 100 | % | |||||||||||||
The Company recorded licensing, milestone and contract revenue of $30,120,841, $3,307,424, and $3,348,336 for the years ended December 31, 2014, 2013, and 2012, respectively. Substantially all licensing, milestone, and contract revenue was derived in the United States for each year presented. | |||||||||||||||||||||||||
Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas were as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States | $ | 31,058,617 | $ | 31,999,468 | |||||||||||||||||||||
Italy | 610,266 | 939,243 | |||||||||||||||||||||||
Total | $ | 31,668,883 | $ | 32,938,711 | |||||||||||||||||||||
Note_16_Income_Taxes
Note 16 - Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Tax Disclosure [Text Block] | 16. Income Taxes | ||||||||||||
Income Tax Expense | |||||||||||||
The components of the Company’s income before income taxes and our provision for (benefit from) income taxes consist of the following: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income (loss) before income taxes | |||||||||||||
Domestic | $ | 63,231,721 | $ | 33,060,976 | $ | 26,170,313 | |||||||
Foreign | (1,726,700 | ) | (581,445 | ) | (6,642,892 | ) | |||||||
$ | 61,505,021 | $ | 32,479,531 | $ | 19,527,421 | ||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision for (benefit from) income taxes: | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 18,301,334 | $ | 8,024,303 | $ | 7,594,287 | |||||||
State | 3,894,577 | 1,580,963 | 885,958 | ||||||||||
Foreign | 192,268 | 94,136 | (188,650 | ) | |||||||||
22,388,179 | 9,699,402 | 8,291,595 | |||||||||||
Deferred provision: | |||||||||||||
Federal | 1,153,024 | 2,374,850 | 776,486 | ||||||||||
State | 121,376 | 114,546 | 602,447 | ||||||||||
Foreign | (477,037 | ) | (283,788 | ) | (1,900,567 | ) | |||||||
797,363 | 2,205,608 | (521,634 | ) | ||||||||||
Total provision | $ | 23,185,542 | $ | 11,905,010 | $ | 7,769,961 | |||||||
Deferred Tax Assets and Liabilities | |||||||||||||
Significant components of the Company’s deferred tax assets and liabilities consist of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forward, foreign | $ | 2,292,023 | $ | 2,578,640 | |||||||||
Stock-based compensation expense | 755,044 | 1,358,554 | |||||||||||
Accrued expenses and other | 856,871 | 649,402 | |||||||||||
Inventory reserve | 333,842 | 283,996 | |||||||||||
Deferred revenue | 23,854 | 852,207 | |||||||||||
Tax credit carry forward | 45,621 | 19,967 | |||||||||||
Deferred tas assets | $ | 4,307,255 | $ | 5,742,766 | |||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Acquisition-related Intangibles | $ | (4,826,937 | ) | $ | (6,056,162 | ) | |||||||
Depreciation | (7,221,440 | ) | (6,964,428 | ) | |||||||||
Deferred tax liabilities | $ | (12,048,377 | ) | $ | (13,020,590 | ) | |||||||
Tax Rate | |||||||||||||
The reconciliation between the U.S. federal statutory rate and our effective rate is summarized as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax expense, net of federal benefit | 4.9 | % | 4.8 | % | 6.4 | % | |||||||
Permanent items, including nondeductible expenses | 0.1 | % | (0.2 | %) | 0.9 | % | |||||||
State investment tax credit | (0.1 | %) | (0.1 | %) | (0.2 | %) | |||||||
Federal, state and foreign research and development credits | (0.7 | %) | (0.5 | %) | (1.2 | %) | |||||||
Foreign rate differential | 0.2 | % | 0.1 | % | 2.5 | % | |||||||
Domestic production deduction | (1.7 | %) | (2.4 | %) | (3.6 | %) | |||||||
Effective income tax rate | 37.7 | % | 36.7 | % | 39.8 | % | |||||||
As of December 31, 2014, the Company had NOL’s for income tax purposes in Italy of $8,334,628 with no expiration date. | |||||||||||||
In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its NOL carry-forward. The Company has concluded that the positive evidence outweighs the negative evidence and, thus, that the deferred tax assets not otherwise subject to a valuation allowance are realizable on a “more likely than not” basis. As such, the Company has not recorded a valuation allowance at December 31, 2014 or 2013. | |||||||||||||
Accounting for Uncertainty in Income Taxes | |||||||||||||
A reconciliation of the beginning and ending amount of our unrecognized tax benefits is summarized as follows: | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefit, beginning of year | $ | - | $ | 56,170 | $ | 56,170 | |||||||
Tax positions related to current year | - | - | - | ||||||||||
Tax positions related to prior years | - | - | 38,329 | ||||||||||
Statute expirations | - | (56,170 | ) | (38,329 | ) | ||||||||
Unrecognized tax benefit, end of year | $ | - | $ | - | $ | 56,170 | |||||||
In the normal course of business, Anika and its subsidiaries may be periodically examined by various taxing authorities. The Company files income tax returns in the U.S. federal jurisdiction, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The 2011 through 2014 tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The 2010 through 2014 tax years remain subject to examination by the appropriate governmental authorities for Italy. | |||||||||||||
The Company does not anticipate experiencing any significant increases or decreases in our unrecognized tax benefits within the twelve months following December 31, 2014. | |||||||||||||
The Company incurred expenses related to stock-based compensation in 2014, 2013, and 2012 of $1,607,421, $1,268,070, and $1,151,199, respectively. Accounting for the tax effects of certain stock-based awards requires that the Company establish a deferred tax asset as the compensation expense is recognized for financial reporting prior to recognizing the related tax deduction upon exercise of the awards. The gross tax benefit recognized in the consolidated statement of operations related to stock-based compensation totaled $3,134,425, $1,984,280, and $285,068 in 2014, 2013, and 2012, respectively. | |||||||||||||
Upon the settlement of certain stock-based awards (i.e., exercise, vesting, forfeiture, or cancellation), the actual tax deduction is compared with cumulative financial reporting compensation cost and any excess tax deduction related to these awards is considered a windfall tax benefit. Such benefits are tracked in a “windfall tax benefit pool” to offset any future tax deduction shortfalls, and they will be recorded as increases to additional paid-in capital in the period when the tax deduction reduces income taxes payable. The Company follows the with-and-without approach for the direct effects of windfall/shortfall items and to determine the timing of the recognition of any related benefits. The Company recorded a net windfall of $9,626,064, $856,830 and $452,471 in 2014, 2013 and 2012, respectively. | |||||||||||||
Note_17_Longterm_Debt
Note 17 - Long-term Debt | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block [Abstract] | |
Long-term Debt [Text Block] | 17. Long-term Debt |
On January 31, 2008, the Company entered into an unsecured Credit Agreement (the “Agreement”) with Bank of America, under which the Company was provided with a revolving credit line through December 31, 2008 of up to a maximum principal amount outstanding of $16,000,000. The Company borrowed the maximum amount of $16,000,000 in 2008 to finance its new facility construction and capital project validation. On December 31, 2008, the outstanding revolving credit loans were converted into a term loan with quarterly principal payments of $400,000 and a final installment of $5,200,000 due on the maturity date of December 31, 2015. Interest on the term loan was originally payable at a rate based upon, at the Company’s election, either Bank of America’s prime rate or LIBOR plus 75 basis points. The Company recorded approximately $171,000 as deferred issuance costs to be amortized over the life of the debt facility. | |
In connection with the acquisition of Anika S.r.l., the Company entered into a Consent and First Amendment to the original loan facility with Bank of America. As part of this amendment, the interest rate for Eurodollar based loans was increased and is payable at a rate based upon, at the Company’s election, either Bank of America’s prime rate or LIBOR plus 125 basis points. In addition, the Company pledged to the lender sixty-five percent (65%) of the stock of Anika Therapeutics S.r.l. The Company also incurred $74,000 of fees charged by Bank of America, which were capitalized in accordance with ASC Subtopic 470-50, Debt – Modifications and Extinguishments, as the Consent and First Amendment represented a debt modification. | |
On November 29, 2013, the Company terminated the Credit Agreement entered into on January 31, 2008 with Bank of America, N.A. In connection with the termination, the Company pre-paid, in full, its entire outstanding debt under the Agreement of $8,400,000, plus accrued interests. All capitalized costs associated with the debt facility were recorded as interest expense upon termination and the Company did not incur any pre-payment penalties. As of December 31, 2014 and 2013, the Company had no outstanding debt. | |
Note_18_Restructuring
Note 18 - Restructuring | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Restructuring and Related Activities Disclosure [Text Block] | 18. Restructuring | ||||||||||||
On December 28, 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards established by the EMA, which became effective January 1, 2013. As a result of the plan, the Company recorded restructuring and associated impairment charges in the fourth quarter 2012 of approximately $2.5 million. Of the total restructuring and associated impairment charges, approximately $1.6 million related to the abandonment and noncash impairment of assets. The remaining $0.9 million related to cash payments anticipated to occur primarily in 2013 and to employee termination costs. | |||||||||||||
The Company completed the restructuring plan in 2013. Settlements for employee dismissals were lower than anticipated and certain previously impaired and written-off assets were sold, resulting in a restructuring credit of $286,843 for the twelve months ended December 31, 2013. The carrying value of the restructuring accrual approximated fair value at December 31, 2014 and 2013. | |||||||||||||
The following table summarizes restructuring accrual activity for the twelve months ended December 31, 2014 and 2013: | |||||||||||||
Restructuring Accrual | |||||||||||||
Employee Severance and Related Benefits | Activity Termination and Facility Closure Costs | Total | |||||||||||
31-Dec-12 | $ | 801,453 | $ | 132,279 | $ | 933,732 | |||||||
Cash Disbursements | (724,064 | ) | (46,776 | ) | (770,840 | ) | |||||||
Write Offs and Abandonments | (56,549 | ) | (82,691 | ) | (139,240 | ) | |||||||
Foreign Exchange Impact | 869 | 117 | 986 | ||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 | |||||||
Cash Disbursements | (13,240 | ) | (1,425 | ) | (14,665 | ) | |||||||
Foreign Exchange Impact | (1,407 | ) | (182 | ) | (1,589 | ) | |||||||
31-Dec-14 | $ | 7,062 | $ | 1,322 | $ | 8,384 | |||||||
Note_19_Related_Party
Note 19 - Related Party | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 19. Related Party |
In connection with the acquisition of Anika S.r.l. by Anika on December 30, 2009, Fidia Farmaceutici S.p.A ("Fidia") acquired ownership of 1,981,192 shares of the Company's common stock. Fidia sold 100% of its ownership interest in Anika Therapeutics, Inc. common stock during the third and fourth quarters of 2013. As such, Fidia owned 0%, of the outstanding shares of the Company as of December 31, 2014 and 2013, and 14.3% as of December 31, 2012. | |
Note_20_Quarterly_Financial_Da
Note 20 - Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | 20. Quarterly Financial Data (Unaudited) | ||||||||||||||||
Year 2014 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 17,880,125 | $ | 21,975,312 | $ | 21,267,156 | $ | 14,351,405 | |||||||||
Total revenue | 23,254,469 | 22,055,423 | 26,274,660 | 34,010,287 | |||||||||||||
Cost of product revenue | 5,511,586 | 5,724,800 | 5,332,913 | 4,361,019 | |||||||||||||
Gross profit on product revenue | 12,368,539 | 16,250,512 | 15,934,243 | 9,990,386 | |||||||||||||
Net income | $ | 7,816,076 | $ | 6,170,800 | $ | 9,302,350 | $ | 15,030,253 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.53 | $ | 0.42 | $ | 0.63 | $ | 1.04 | |||||||||
Basic common shares outstanding | 14,800,813 | 14,758,781 | 14,687,747 | 14,461,367 | |||||||||||||
Diluted net income per share | $ | 0.51 | $ | 0.4 | $ | 0.6 | $ | 0.97 | |||||||||
Diluted common shares outstanding | 15,277,583 | 15,434,875 | 15,492,732 | 15,499,447 | |||||||||||||
Year 2013 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 20,188,488 | $ | 17,023,346 | $ | 20,067,407 | $ | 14,494,489 | |||||||||
Total revenue | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | |||||||||||||
Cost of product revenue | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | |||||||||||||
Gross profit on product revenue | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | |||||||||||||
Net income | $ | 6,654,369 | $ | 4,957,258 | $ | 5,894,892 | $ | 3,068,002 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.36 | $ | 0.44 | $ | 0.23 | |||||||||
Basic common shares outstanding | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | |||||||||||||
Diluted net income per share | $ | 0.44 | $ | 0.33 | $ | 0.4 | $ | 0.21 | |||||||||
Diluted common shares outstanding | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | |||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Use of Estimates, Policy [Policy Text Block] | Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |||||||||||||
Consolidation, Policy [Policy Text Block] | Principles of Consolidation | ||||||||||||
The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income. | |||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation | ||||||||||||
The functional currency of our foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment which resulted in a loss from foreign currency translation of $2,795,705 for the year ended December 31, 2014 and a gain from foreign currency translation of $955,535 and $412,551 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
The Company recognized a loss from foreign currency transactions of $554,241 during the year ended December 31, 2014 and gains from foreign currency transactions of $259,275 and $200,452 during the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements | ||||||||||||
Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, we consider the principal or most advantageous market in which we would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||||||||||||
A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may be used to measure fair value are: | |||||||||||||
• | Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange. | ||||||||||||
• | Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market. | ||||||||||||
• | Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability. | ||||||||||||
The Company’s financial assets have been classified as Level 2. The Company’s financial assets (which include cash equivalents and investments) have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. | |||||||||||||
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Doubtful Accounts | ||||||||||||
We maintain allowances for doubtful accounts for estimated losses resulting from the inability of our customers to make required payments. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in our customer payment terms. Our allowance for doubtful accounts on trade accounts receivable was $146,618 and $593,023 at December 31, 2014 and 2013, respectively. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of the year | $ | 593,023 | $ | 337,459 | $ | 334,473 | |||||||
Amounts provided | - | 255,564 | 138,339 | ||||||||||
Amounts written off | (446,405 | ) | - | (135,353 | ) | ||||||||
Balance, end of the year | $ | 146,618 | $ | 593,023 | $ | 337,459 | |||||||
Uncollectible trade accounts receivable written-off were $446,405, $0 and $135,353 in 2014, 2013, and 2012. There were no amounts provided for bad debt in 2014. Provisions for bad debt expense were $255,564 and $138,339 in 2013, and 2012, respectively, and are included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||||
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition - General | ||||||||||||
We recognize revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. | |||||||||||||
Revenue Recognition, Sales of Goods [Policy Text Block] | Product Revenue | ||||||||||||
Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. | |||||||||||||
Product revenue also includes royalties. Royalty revenue is based on our distributors’ sales and recognized in the same period our distributors record their sale of products manufactured by us. On a quarterly basis we record royalty revenue based upon sales projections provided to us by our distributor customers. If necessary we adjust our estimates based upon final sales data received prior to issuing our quarterly unaudited or annual audited financial statements. | |||||||||||||
Pursuant to the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC 605-45. For the period ended December 31, 2014 and 2013, amounts included in revenues and costs of goods sold for the MDET were immaterial. | |||||||||||||
Revenue Recognition, Services, Licensing Fees [Policy Text Block] | Licensing, Milestone, and Contract Revenue | ||||||||||||
Licensing, milestone, and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development and/or supply agreements with partners for the development and commercialization of the Company’s products. | |||||||||||||
The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU 2009-13, Revenue Recognition, in January 2011, which amends ASC Subtopic 605-25, Multiple Element Arrangements (“ASC 605-25”) to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC 605-25, as amended by ASU 2009-13, in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable up-front fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents | ||||||||||||
The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three months from date of purchase to be cash equivalents. The Company’s cash equivalents consist of money market funds and bank certificates of deposit with an original maturity of less than 90 days. | |||||||||||||
Marketable Securities, Policy [Policy Text Block] | Investments | ||||||||||||
The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 days. The Company has designated all investments as available-for-sale and therefore, such investments are reported at fair value, with unrealized gains and losses recorded in accumulated other comprehensive income. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in interest income (expense), net. Interest is recorded when earned. Investments with original maturities greater than approximately three months and remaining maturities less than one year are classified as short-term investments. Investments with remaining maturities greater than one year are classified as long-term investments. The Company considers securities with maturities of three months or less from the purchase date to be cash equivalents. | |||||||||||||
All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior the expected recovery of the investment's amortized cost basis. During the year ended December 31, 2014, the Company did not record any other-than-temporary impairment charges on its available-for-sale securities because the Company does not intend to sell the securities and it is not more likely than not that the Company will be required to sell these securities before the recovery of their amortized cost basis. During the years ended December 31, 2013 and 2012 the Company did not have any investments. | |||||||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Significant Customers | ||||||||||||
The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts or other foreign hedging arrangements. The Company’s cash equivalents and investments are held with two major international financial institutions. | |||||||||||||
The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. | |||||||||||||
As of December 31, 2014 and 2013, DePuy Mitek, Bausch & Lomb, Pharmascience, Inc., AT Technologies Gmbh and Soylu Medikal San ve Dis Tic Ltd., combined, represented 74% and 67%, respectively, of the Company’s accounts receivable balance. | |||||||||||||
Inventory, Policy [Policy Text Block] | Inventories | ||||||||||||
Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor and manufacturing overhead. | |||||||||||||
The Company’s policy is to write-down inventory when conditions exist that suggest inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for the Company’s products and market conditions. The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors including, but not limited to, historical usage rates, forecasted sales or usage, product end of life dates, and estimated current or future market values. Purchasing requirements and alternative usage avenues are explored within these processes to mitigate inventory exposure. | |||||||||||||
When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory of $12,406,776 and $10,996,785 as of December 31, 2014 and 2013, respectively, is stated net of inventory reserves of $940,306 and $758,106, respectively. If actual demand for the Company’s products deteriorates, or market conditions are less favorable than those projected, additional inventory write-downs may be required. | |||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment | ||||||||||||
Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Equipment and software are typically amortized over two to ten years, and furniture and fixtures over five to seven years. Leasehold improvements are amortized over the shorter of their useful lives or the remaining terms of the related leases. Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. When an item is sold or retired, the cost and related accumulated depreciation is relieved, and the resulting gain or loss, if any, is recognized in income. | |||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Acquired Intangible Assets | ||||||||||||
Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that we acquire that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. | |||||||||||||
Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors we consider important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in our use of the acquired assets or the strategy for our overall business, significant negative industry or economic trends, a significant decline in our stock price for a sustained period, or a reduction of our market capitalization relative to net book value. | |||||||||||||
To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. We estimate the fair value for reporting units using discounted cash flow valuation models which require the use of significant estimates and assumptions including but not limited to, risk free rate of return on an investment, weighted average cost of capital, future revenue, operating margin, working capital, and capital expenditure needs. Our annual assessment for impairment of goodwill as of November 30, 2014 indicated that the fair value of our reporting unit exceeded the carrying value of the reporting unit. Our goodwill balance relates entirely to the 2009 acquisition of Anika S.r.l. and has been assigned to the Anika S.r.l. reporting unit. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||||||
To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, we record an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. We estimate the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not limited to, estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. Our annual assessment for impairment of IPR&D indicated that the fair value of our IPR&D as of November 30, 2014 exceeded their respective carrying values. There can be no assurance that, at the time future impairment tests are completed, a material impairment charge will not be recorded. | |||||||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we terminated an IPR&D project related to our tissue engineering operation and included an expense of approximately $1.2 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 18 for additional disclosure. | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived Assets | ||||||||||||
Long-lived assets primarily include property and equipment, and intangible assets with finite lives. Our intangible assets are comprised of purchased developed technologies, distributor relationships, patents and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately 5 to 16 years. We review long-lived assets for impairment when events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of those assets are no longer appropriate. Each impairment test is based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value based on a discounted cash flow analysis. | |||||||||||||
As part of the restructuring plan we adopted during the fourth quarter of 2012, we disposed of long-lived assets related to our tissue engineering operation and included an expense of approximately $0.3 million as a component of the overall restructuring charge for the year ended December 31, 2012. See “Restructuring Charges,” below, and Note 18 for additional disclosure. | |||||||||||||
Costs Associated with Exit or Disposal Activities or Restructurings, Policy [Policy Text Block] | Restructuring Charges | ||||||||||||
Restructuring charges primarily consisted of severance costs, activity termination costs and costs of facility closure. Restructuring charges are recorded upon approval of a formal management plan and are included in the operating results of the period in which such plan is approved and the expense becomes estimable. To estimate restructuring charges, management utilizes assumptions such as the number of employees that would be involuntarily terminated and the future costs to operate and eventually terminate, the subject activity. | |||||||||||||
Research and Development Expense, Policy [Policy Text Block] | Research and Development | ||||||||||||
Research and development costs consist primarily of salaries and related expenses for personnel and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone, and contract revenue. Research and development costs are expensed as incurred. | |||||||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation | ||||||||||||
We measure the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 12 for a description of the types of stock-based awards granted, the compensation expense related to such awards, and detail of equity-based awards outstanding. | |||||||||||||
For performance based awards with financial achievement targets, we recognize expense using the graded vesting methodology based on the number of shares expected to vest. Compensation expense associated with these performance based awards is adjusted to reflect subsequent changes in the estimated outcome of performance-related conditions until the date the results are determined. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of the change. If the performance targets are not achieved, no compensation cost is recognized, and any previously recognized compensation cost is reversed. There was no expense recognized on performance based awards in 2014 as satisfaction of the performance conditions were not considered probable. There were no performance based awards outstanding in 2013. | |||||||||||||
Income Tax, Policy [Policy Text Block] | Income Taxes | ||||||||||||
Our income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. We assess the likelihood that our deferred tax assets will be recovered from future taxable income and, to the extent we believe that it is more likely than not that all or a portion of deferred tax assets will not be realized, we establish a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent we establish a valuation allowance or increase or decrease this allowance in a given period, we include the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period. | |||||||||||||
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income | ||||||||||||
Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments and unrealized gains and losses on available-for-sale securities. For the purposes of comprehensive income disclosures, we do not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as we intend to indefinitely reinvest undistributed earnings of our foreign subsidiary. Accumulated other comprehensive income (loss) is reported as a component of stockholders' equity and, as of December 31, 2014 and 2013, was comprised solely of cumulative translation adjustments. | |||||||||||||
Segment Reporting, Policy [Policy Text Block] | Segment Information | ||||||||||||
Operating segments, as defined under U.S. GAAP, are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reporting, the Company has one reportable operating segment, the results of which are disclosed in the accompanying consolidated financial statements. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements | ||||||||||||
In 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. Effective for the Company beginning on January 1, 2017, the amendment allows for two methods of adoption, a full retrospective method or a modified retrospective approach with the cumulative effect recognized at the date of initial application. Early adoption is not permitted. We are in the process of determining the method of adoption and the impact of this amendment on our consolidated financial statements. |
Note_2_Summary_of_Significant_1
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Allowance for Credit Losses on Financing Receivables [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance, beginning of the year | $ | 593,023 | $ | 337,459 | $ | 334,473 | |||||||
Amounts provided | - | 255,564 | 138,339 | ||||||||||
Amounts written off | (446,405 | ) | - | (135,353 | ) | ||||||||
Balance, end of the year | $ | 146,618 | $ | 593,023 | $ | 337,459 |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Cash and Cash Equivalents [Abstract] | |||||||||||||||||
Marketable Securities [Table Text Block] | 31-Dec-14 | ||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | ||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Bank certificates of deposit | $ | 6,750,000 | - | - | $ | 6,750,000 |
Note_4_Fair_Value_Measurements1
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using | ||||||||||||||||
31-Dec-14 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Cash & cash equivalents: | |||||||||||||||||
Money market funds | $ | 69,551,754 | $ | - | $ | 69,551,754 | $ | - | |||||||||
Bank certificates of deposit | 3,000,000 | - | 3,000,000 | - | |||||||||||||
Total cash & cash equivalents | $ | 72,551,754 | $ | - | $ | 72,551,754 | $ | - | |||||||||
Investments: | |||||||||||||||||
Bank certificates of deposit | $ | 6,750,000 | $ | - | $ | 6,750,000 | $ | - | |||||||||
Fair Value Measurements at Reporting Date Using | |||||||||||||||||
31-Dec-13 | Quoted Prices in | Significant Other | Significant | ||||||||||||||
Active Markets | Observable Inputs | Unobservable Inputs | |||||||||||||||
for Identical Assets | (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Money market funds | $ | 34,266,501 | $ | - | $ | 34,266,501 | $ | - |
Note_5_Earnings_Per_Share_EPS_
Note 5 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Shares used in the calculation of Basic earnings per share | 14,678,240 | 14,086,912 | 13,260,739 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, SAR's, RSA's, and shares held in escrow | 591,195 | 738,687 | 1,083,838 | ||||||||||
Diluted shares used in the calculation of earnings per share | 15,269,435 | 14,825,599 | 14,344,577 |
Note_6_Inventories_Tables
Note 6 - Inventories (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Balance Sheet Related Disclosures [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,161,363 | $ | 5,926,030 | |||||
Work-in-process | 3,041,227 | 2,308,233 | |||||||
Finished goods | 3,204,186 | 2,762,522 | |||||||
Total | $ | 12,406,776 | $ | 10,996,785 |
Note_7_Property_and_Equipment_
Note 7 - Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Equipment and software | $ | 24,175,954 | $ | 23,326,622 | |||||
Furniture and fixtures | 1,295,847 | 1,316,014 | |||||||
Leasehold improvements | 27,589,020 | 27,613,495 | |||||||
Construction in progress | 558,768 | 157,292 | |||||||
Subtotal | 53,619,589 | 52,413,423 | |||||||
Less accumulated depreciation | (21,950,706 | ) | (19,474,712 | ) | |||||
Total | $ | 31,668,883 | $ | 32,938,711 |
Note_8_Acquired_Intangible_Ass1
Note 8 - Acquired Intangible Assets, Net (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure Text Block [Abstract] | |||||||||||||||||||||||||
Schedule Of Finite Lived And Indefinite Lived Intangible Assets By Major Class [Table Text Block] | 31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Gross Value | Currency Translation Adjustment | Accumulated Amortization | Net Book Value | Net Book Value | Useful Life | ||||||||||||||||||||
Developed technology | $ | 16,700,000 | $ | (2,255,722 | ) | $ | (5,034,341 | ) | $ | 9,409,937 | $ | 11,753,003 | 15 | ||||||||||||
In-process research & development | 5,502,686 | (849,812 | ) | - | 4,652,874 | 5,286,127 | Indefinite | ||||||||||||||||||
Distributor relationships | 4,700,000 | (415,344 | ) | (4,284,656 | ) | - | 863,655 | 5 | |||||||||||||||||
Patents | 1,000,000 | (134,315 | ) | (284,486 | ) | 581,199 | 719,574 | 16 | |||||||||||||||||
Elevess trade name | 1,000,000 | - | (749,300 | ) | 250,700 | 376,050 | 9 | ||||||||||||||||||
Total | $ | 28,902,686 | $ | (3,655,193 | ) | $ | (10,352,783 | ) | $ | 14,894,710 | $ | 18,998,409 | |||||||||||||
Schedule of Goodwill [Table Text Block] | December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Balance, beginning | $ | 9,443,894 | $ | 9,065,891 | |||||||||||||||||||||
Effects of foreign currency adjustments | (1,105,195 | ) | 378,003 | ||||||||||||||||||||||
Balance, ending | $ | 8,338,699 | $ | 9,443,894 |
Note_9_Accrued_Expenses_Tables
Note 9 - Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Liabilities [Table Text Block] | December 31, | ||||||||
2014 | 2013 | ||||||||
Compensation and related expenses | $ | 2,791,935 | $ | 2,870,147 | |||||
Professional fees | 553,630 | 383,231 | |||||||
Clinical trial costs | 508,042 | 882,651 | |||||||
Research grants | 539,053 | 610,498 | |||||||
Restructuring costs | 8,384 | 24,638 | |||||||
Other | 346,482 | 766,716 | |||||||
Total | $ | 4,747,526 | $ | 5,537,881 |
Note_11_Commitments_and_Contin1
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 | $ | 1,547,414 | ||
2016 | 971,500 | ||||
2017 | 971,500 | ||||
2018 | 971,500 | ||||
2019 and thereafter | 3,724,083 | ||||
Total | $ | 8,185,997 |
Note_12_Equity_Incentive_Plan_
Note 12 - Equity Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | December 31, | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk free interest rate | 1.16% | to | 1.39% | 0.61% | to | 1.02% | 0.63% | to | 0.64% | ||||||||
Expected volatility | 53.28% | to | 57.05% | 53.60% | to | 57.60% | 57.60% | ||||||||||
Expected lives (years) | 4 | 4 | 4 | ||||||||||||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | ||||||||||||||
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | 2014 | 2013 | |||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Exercise | Exercise | ||||||||||||||||
Price Per | Price Per | ||||||||||||||||
Share | Share | ||||||||||||||||
Options and SAR's outstanding at beginning of year | 1,513,326 | $ | 9.14 | 1,793,685 | $ | 8.3 | |||||||||||
Granted | 179,240 | $ | 35.62 | 413,500 | $ | 12.55 | |||||||||||
Cancelled | (53,325 | ) | $ | 23.73 | (243,724 | ) | $ | 8.77 | |||||||||
Expired | (24,292 | ) | $ | 9.87 | (9,928 | ) | $ | 9.62 | |||||||||
Exercised | (763,662 | ) | $ | 7.95 | (440,207 | ) | $ | 8.71 | |||||||||
Options and SAR's outstanding at end of year | 851,287 | $ | 14.85 | 1,513,326 | $ | 9.14 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | 2014 | 2013 | |||||||||||||||
Number of | Weighted | Number of | Weighted | ||||||||||||||
Shares | Average | Shares | Average | ||||||||||||||
Grant Date | Grant Date | ||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||
Nonvested at Beginning of year | 79,591 | $ | 11.93 | 68,956 | $ | 6.87 | |||||||||||
Granted | 60,098 | $ | 32.02 | 36,220 | $ | 17 | |||||||||||
Cancelled | (7,500 | ) | $ | 25.46 | - | $ | - | ||||||||||
Expired | - | $ | - | - | $ | - | |||||||||||
Vested/Released | (22,575 | ) | $ | 10.01 | (25,585 | ) | $ | 5.95 | |||||||||
Nonvested at end of year | 109,614 | $ | 23.91 | 79,591 | $ | 11.93 |
Note_15_Revenue_by_Product_Gro1
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Percentage of Product Revenue | Revenue | Percentage of Product Revenue | Revenue | Percentage of Product Revenue | ||||||||||||||||||||
Orthobiologics | $ | 61,956,870 | 82 | % | $ | 55,956,068 | 78 | % | $ | 49,954,112 | 74 | % | |||||||||||||
Dermal | 1,334,295 | 2 | % | 1,816,602 | 3 | % | 1,384,403 | 2 | % | ||||||||||||||||
Surgical | 5,854,876 | 8 | % | 5,445,715 | 8 | % | 5,022,456 | 7 | % | ||||||||||||||||
Ophthalmic | 3,153,435 | 4 | % | 4,656,560 | 6 | % | 8,784,011 | 13 | % | ||||||||||||||||
Veterinary | 3,174,522 | 4 | % | 3,898,785 | 5 | % | 2,865,187 | 4 | % | ||||||||||||||||
$ | 75,473,998 | 100 | % | $ | 71,773,730 | 100 | % | $ | 68,010,169 | 100 | % | ||||||||||||||
Schedule of Revenue by Major Customers [Table Text Block] | Percentage of Product Revenue | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
DePuy Mitek | 72 | % | 63 | % | 61 | % | |||||||||||||||||||
Boehringer | 4 | % | 5 | % | 4 | % | |||||||||||||||||||
Medtronic XoMEd | 4 | % | 3 | % | 3 | % | |||||||||||||||||||
Bausch & Lomb | 3 | % | 5 | % | 12 | % | |||||||||||||||||||
Nordic Pharma | 2 | % | 2 | % | 1 | % | |||||||||||||||||||
85 | % | 78 | % | 81 | % | ||||||||||||||||||||
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Revenue | Percentage of Total Revenue | Revenue | Percentage of Total Revenue | Revenue | Percentage of Total Revenue | ||||||||||||||||||||
United States | $ | 92,259,139 | 87 | % | $ | 58,490,142 | 78 | % | $ | 57,976,667 | 81 | % | |||||||||||||
Europe | 6,214,441 | 6 | % | 7,411,568 | 10 | % | 6,218,890 | 9 | % | ||||||||||||||||
Other | 7,121,259 | 7 | % | 9,179,444 | 12 | % | 7,162,948 | 10 | % | ||||||||||||||||
Total | $ | 105,594,839 | 100 | % | $ | 75,081,154 | 100 | % | $ | 71,358,505 | 100 | % | |||||||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
United States | $ | 31,058,617 | $ | 31,999,468 | |||||||||||||||||||||
Italy | 610,266 | 939,243 | |||||||||||||||||||||||
Total | $ | 31,668,883 | $ | 32,938,711 |
Note_16_Income_Taxes_Tables
Note 16 - Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Income (loss) before income taxes | |||||||||||||
Domestic | $ | 63,231,721 | $ | 33,060,976 | $ | 26,170,313 | |||||||
Foreign | (1,726,700 | ) | (581,445 | ) | (6,642,892 | ) | |||||||
$ | 61,505,021 | $ | 32,479,531 | $ | 19,527,421 | ||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Provision for (benefit from) income taxes: | |||||||||||||
Current provision: | |||||||||||||
Federal | $ | 18,301,334 | $ | 8,024,303 | $ | 7,594,287 | |||||||
State | 3,894,577 | 1,580,963 | 885,958 | ||||||||||
Foreign | 192,268 | 94,136 | (188,650 | ) | |||||||||
22,388,179 | 9,699,402 | 8,291,595 | |||||||||||
Deferred provision: | |||||||||||||
Federal | 1,153,024 | 2,374,850 | 776,486 | ||||||||||
State | 121,376 | 114,546 | 602,447 | ||||||||||
Foreign | (477,037 | ) | (283,788 | ) | (1,900,567 | ) | |||||||
797,363 | 2,205,608 | (521,634 | ) | ||||||||||
Total provision | $ | 23,185,542 | $ | 11,905,010 | $ | 7,769,961 | |||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carry forward, foreign | $ | 2,292,023 | $ | 2,578,640 | |||||||||
Stock-based compensation expense | 755,044 | 1,358,554 | |||||||||||
Accrued expenses and other | 856,871 | 649,402 | |||||||||||
Inventory reserve | 333,842 | 283,996 | |||||||||||
Deferred revenue | 23,854 | 852,207 | |||||||||||
Tax credit carry forward | 45,621 | 19,967 | |||||||||||
Deferred tas assets | $ | 4,307,255 | $ | 5,742,766 | |||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities: | |||||||||||||
Acquisition-related Intangibles | $ | (4,826,937 | ) | $ | (6,056,162 | ) | |||||||
Depreciation | (7,221,440 | ) | (6,964,428 | ) | |||||||||
Deferred tax liabilities | $ | (12,048,377 | ) | $ | (13,020,590 | ) | |||||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Statutory federal income tax rate | 35 | % | 35 | % | 35 | % | |||||||
State tax expense, net of federal benefit | 4.9 | % | 4.8 | % | 6.4 | % | |||||||
Permanent items, including nondeductible expenses | 0.1 | % | (0.2 | %) | 0.9 | % | |||||||
State investment tax credit | (0.1 | %) | (0.1 | %) | (0.2 | %) | |||||||
Federal, state and foreign research and development credits | (0.7 | %) | (0.5 | %) | (1.2 | %) | |||||||
Foreign rate differential | 0.2 | % | 0.1 | % | 2.5 | % | |||||||
Domestic production deduction | (1.7 | %) | (2.4 | %) | (3.6 | %) | |||||||
Effective income tax rate | 37.7 | % | 36.7 | % | 39.8 | % | |||||||
Summary of Income Tax Contingencies [Table Text Block] | Years ended December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefit, beginning of year | $ | - | $ | 56,170 | $ | 56,170 | |||||||
Tax positions related to current year | - | - | - | ||||||||||
Tax positions related to prior years | - | - | 38,329 | ||||||||||
Statute expirations | - | (56,170 | ) | (38,329 | ) | ||||||||
Unrecognized tax benefit, end of year | $ | - | $ | - | $ | 56,170 |
Note_18_Restructuring_Tables
Note 18 - Restructuring (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | Restructuring Accrual | ||||||||||||
Employee Severance and Related Benefits | Activity Termination and Facility Closure Costs | Total | |||||||||||
31-Dec-12 | $ | 801,453 | $ | 132,279 | $ | 933,732 | |||||||
Cash Disbursements | (724,064 | ) | (46,776 | ) | (770,840 | ) | |||||||
Write Offs and Abandonments | (56,549 | ) | (82,691 | ) | (139,240 | ) | |||||||
Foreign Exchange Impact | 869 | 117 | 986 | ||||||||||
31-Dec-13 | $ | 21,709 | $ | 2,929 | $ | 24,638 | |||||||
Cash Disbursements | (13,240 | ) | (1,425 | ) | (14,665 | ) | |||||||
Foreign Exchange Impact | (1,407 | ) | (182 | ) | (1,589 | ) | |||||||
31-Dec-14 | $ | 7,062 | $ | 1,322 | $ | 8,384 |
Note_20_Quarterly_Financial_Da1
Note 20 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | Year 2014 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | ||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 17,880,125 | $ | 21,975,312 | $ | 21,267,156 | $ | 14,351,405 | |||||||||
Total revenue | 23,254,469 | 22,055,423 | 26,274,660 | 34,010,287 | |||||||||||||
Cost of product revenue | 5,511,586 | 5,724,800 | 5,332,913 | 4,361,019 | |||||||||||||
Gross profit on product revenue | 12,368,539 | 16,250,512 | 15,934,243 | 9,990,386 | |||||||||||||
Net income | $ | 7,816,076 | $ | 6,170,800 | $ | 9,302,350 | $ | 15,030,253 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.53 | $ | 0.42 | $ | 0.63 | $ | 1.04 | |||||||||
Basic common shares outstanding | 14,800,813 | 14,758,781 | 14,687,747 | 14,461,367 | |||||||||||||
Diluted net income per share | $ | 0.51 | $ | 0.4 | $ | 0.6 | $ | 0.97 | |||||||||
Diluted common shares outstanding | 15,277,583 | 15,434,875 | 15,492,732 | 15,499,447 | |||||||||||||
Year 2013 | Quarter ended | Quarter ended | Quarter ended | Quarter ended | |||||||||||||
December 31, | September 30, | June 30, | March 31, | ||||||||||||||
Product revenue | $ | 20,188,488 | $ | 17,023,346 | $ | 20,067,407 | $ | 14,494,489 | |||||||||
Total revenue | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | |||||||||||||
Cost of product revenue | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | |||||||||||||
Gross profit on product revenue | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | |||||||||||||
Net income | $ | 6,654,369 | $ | 4,957,258 | $ | 5,894,892 | $ | 3,068,002 | |||||||||
Per common share information: | |||||||||||||||||
Basic net income per share | $ | 0.47 | $ | 0.36 | $ | 0.44 | $ | 0.23 | |||||||||
Basic common shares outstanding | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | |||||||||||||
Diluted net income per share | $ | 0.44 | $ | 0.33 | $ | 0.4 | $ | 0.21 | |||||||||
Diluted common shares outstanding | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 |
Note_2_Summary_of_Significant_2
Note 2 - Summary of Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | ($2,795,705) | $955,535 | $412,551 | |
Foreign Currency Transaction Gain (Loss), before Tax | -554,241 | 259,275 | 200,452 | |
Allowance for Doubtful Accounts Receivable, Current | 146,618 | 593,023 | ||
Allowance for Doubtful Accounts Receivable, Write-offs | 446,405 | 0 | 135,353 | |
Provision for Doubtful Accounts | 238,071 | 135,353 | ||
Inventory, Net | 12,406,776 | 10,996,785 | ||
Inventory Adjustments | 940,306 | 758,106 | ||
Restructuring Costs and Asset Impairment Charges | 2,500,000 | |||
Impairment of Long-Lived Assets to be Disposed of | 300,000 | |||
Number of Reportable Segments | 1 | |||
General and Administrative Expense [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Provision for Doubtful Accounts | 0 | 255,564 | 138,339 | |
Machinery and Equipment [Member] | Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 2 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 7 years | |||
DePuy Mitek, Inc., Medtronic Xomed, Soylu Medikal San ve Dis Tic Ltd., Rivex Pharma, and Takeda/Nycomed/Biomeks [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Concentration Risk, Percentage | 74.00% | 67.00% | ||
In-process research & development [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Restructuring Costs and Asset Impairment Charges | $1,200,000 | |||
Minimum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||
Maximum [Member] | ||||
Note 2 - Summary of Significant Accounting Policies (Details) [Line Items] | ||||
Finite-Lived Intangible Asset, Useful Life | 16 years |
Note_2_Summary_of_Significant_3
Note 2 - Summary of Significant Accounting Policies (Details) - Allowance for Doubtful Accounts (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Balance, beginning of the year | $593,023 | $337,459 | $334,473 |
Balance, end of the year | 146,618 | 593,023 | 337,459 |
Amounts provided | 238,071 | 135,353 | |
Amounts written off | -446,405 | 0 | -135,353 |
Foreign Currency Spot Rate [Member] | |||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||
Amounts provided | $255,564 | $138,339 |
Note_3_Investments_Details_Mar
Note 3 - Investments (Details) - Marketable Securities (Certificates of Deposit [Member], USD $) | Dec. 31, 2014 |
Certificates of Deposit [Member] | |
Note 3 - Investments (Details) - Marketable Securities [Line Items] | |
Bank certificates of deposit | $6,750,000 |
Bank certificates of deposit | $6,750,000 |
Note_4_Fair_Value_Measurements2
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | $72,551,754 | |
Bank certificates of deposit | 6,750,000 | |
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member] | ||
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | 69,551,754 | 34,266,501 |
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member] | ||
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | 3,000,000 | |
Bank certificates of deposit | 6,750,000 | |
Fair Value, Inputs, Level 2 [Member] | ||
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | 72,551,754 | |
Money Market Funds [Member] | ||
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | 69,551,754 | 34,266,501 |
Certificates of Deposit [Member] | ||
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items] | ||
Cash & cash equivalents | 3,000,000 | |
Bank certificates of deposit | $6,750,000 |
Note_5_Earnings_Per_Share_EPS_1
Note 5 - Earnings Per Share ("EPS") (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Option [Member] | |||
Note 5 - Earnings Per Share ("EPS") (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 129,540 | 21,326 | 131,273 |
Restricted Stock [Member] | |||
Note 5 - Earnings Per Share ("EPS") (Details) [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,700 | 52,339 | 54,124 |
Note_5_Earnings_Per_Share_EPS_2
Note 5 - Earnings Per Share ("EPS") (Details) - Basic and Diluted Earnings Per Share | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Basic and Diluted Earnings Per Share [Abstract] | |||||||||||
Shares used in the calculation of Basic earnings per share | 14,678,240 | 14,086,912 | 13,260,739 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, SAR's, RSA's, and shares held in escrow | 591,195 | 738,687 | 1,083,838 | ||||||||
Diluted shares used in the calculation of earnings per share | 15,277,583 | 15,434,875 | 15,492,732 | 15,499,447 | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | 15,269,435 | 14,825,599 | 14,344,577 |
Note_6_Inventories_Details_Inv
Note 6 - Inventories (Details) - Inventories (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Inventories [Abstract] | ||
Raw materials | $6,161,363 | $5,926,030 |
Work-in-process | 3,041,227 | 2,308,233 |
Finished goods | 3,204,186 | 2,762,522 |
Total | $12,406,776 | $10,996,785 |
Note_7_Property_and_Equipment_1
Note 7 - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $2,612,799 | $2,678,745 | $2,496,749 |
Note_7_Property_and_Equipment_2
Note 7 - Property and Equipment (Details) - Property and Equipment at Cost (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ||
Subtotal | $53,619,589 | $52,413,423 |
Less accumulated depreciation | -21,950,706 | -19,474,712 |
Total | 31,668,883 | 32,938,711 |
Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment and software | 24,175,954 | 23,326,622 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Furniture and fixtures | 1,295,847 | 1,316,014 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | 27,589,020 | 27,613,495 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $558,768 | $157,292 |
Note_8_Acquired_Intangible_Ass2
Note 8 - Acquired Intangible Assets, Net (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block [Abstract] | |||
Amortization of Intangible Assets | $2,092,803 | $2,093,746 | $2,028,498 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 1,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1,000,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $5,200,000 |
Note_8_Acquired_Intangible_Ass3
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | $28,902,686 | |
Currency Translation Adjustment | -3,655,193 | |
Abandonments and Other Adjustments | -10,352,783 | |
Accumulated Amortization | 14,894,710 | 18,998,409 |
Net Book Value | 14,894,710 | 18,998,409 |
Developed Technology Rights [Member] | ||
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | 16,700,000 | |
Currency Translation Adjustment | -2,255,722 | |
Abandonments and Other Adjustments | -5,034,341 | |
Accumulated Amortization | 9,409,937 | 11,753,003 |
Net Book Value | 9,409,937 | 11,753,003 |
Useful Life | 15 years | |
In Process Research and Development [Member] | ||
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | 5,502,686 | |
Currency Translation Adjustment | -849,812 | |
Accumulated Amortization | 4,652,874 | 5,286,127 |
Net Book Value | 4,652,874 | 5,286,127 |
Distribution Rights [Member] | ||
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | 4,700,000 | |
Currency Translation Adjustment | -415,344 | |
Abandonments and Other Adjustments | -4,284,656 | |
Accumulated Amortization | 863,655 | |
Net Book Value | 863,655 | |
Useful Life | 5 years | |
Patents [Member] | ||
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | 1,000,000 | |
Currency Translation Adjustment | -134,315 | |
Abandonments and Other Adjustments | -284,486 | |
Accumulated Amortization | 581,199 | 719,574 |
Net Book Value | 581,199 | 719,574 |
Useful Life | 16 years | |
Elevess Trade Name [Member] | ||
Note 8 - Acquired Intangible Assets, Net (Details) - Intangible Assets [Line Items] | ||
Gross Value | 1,000,000 | |
Abandonments and Other Adjustments | -749,300 | |
Accumulated Amortization | 250,700 | 376,050 |
Net Book Value | $250,700 | $376,050 |
Useful Life | 9 years |
Note_8_Acquired_Intangible_Ass4
Note 8 - Acquired Intangible Assets, Net (Details) - Goodwill (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill [Abstract] | ||
Balance, beginning | $9,443,894 | $9,065,891 |
Effects of foreign currency adjustments | -1,105,195 | 378,003 |
Balance, ending | $8,338,699 | $9,443,894 |
Note_9_Accrued_Expenses_Detail
Note 9 - Accrued Expenses (Details) - Accrued Expenses (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Accrued Expenses [Abstract] | ||
Compensation and related expenses | $2,791,935 | $2,870,147 |
Professional fees | 553,630 | 383,231 |
Clinical trial costs | 508,042 | 882,651 |
Research grants | 539,053 | 610,498 |
Restructuring costs | 8,384 | 24,638 |
Other | 346,482 | 766,716 |
Total | $4,747,526 | $5,537,881 |
Note_10_Deferred_Revenue_Detai
Note 10 - Deferred Revenue (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2004 | Feb. 28, 2004 | Dec. 31, 2003 | Dec. 31, 2011 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | |
Note 10 - Deferred Revenue (Details) [Line Items] | |||||||||
Deferred Revenue | $126,702 | $126,702 | $2,235,374 | ||||||
JNJ Agreement [Member] | Ortho Biotech Products, L.P. [Member] | |||||||||
Note 10 - Deferred Revenue (Details) [Line Items] | |||||||||
Proceeds from Initial Payment on Licensing and Supply Agreement | 2,000,000 | ||||||||
Proceeds from Milestone Payments | 5,000,000 | 20,000,000 | |||||||
Mitek MONOVISC Agreement [Member] | DePuy Mitek, Inc.[Member] | |||||||||
Note 10 - Deferred Revenue (Details) [Line Items] | |||||||||
Proceeds from Initial Payment on Licensing and Supply Agreement | 2,500,000 | ||||||||
Proceeds from Milestone Payments | 5,000,000 | 17,500,000 | |||||||
Deferred Revenue, Revenue Recognized | 2,200,000 | ||||||||
Mitek MONOVISC Agreement [Member] | |||||||||
Note 10 - Deferred Revenue (Details) [Line Items] | |||||||||
Revenue Recognition, Milestone Method, Revenue Recognized | $5,000,000 | $29,652,778,000,000 |
Note_11_Commitments_and_Contin2
Note 11 - Commitments and Contingencies (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 30, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 11 - Commitments and Contingencies (Details) [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 10 years | |||
Operating Leases, Rent Expense | $1,401,317 | $1,400,120 | $2,486,849 | |
Product Warranty Accrual | $0 | $0 | ||
First Three Renewal Options [Member] | Bedford, Massachusetts [Member] | ||||
Note 11 - Commitments and Contingencies (Details) [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||
Final Renewal Option [Member] | Bedford, Massachusetts [Member] | ||||
Note 11 - Commitments and Contingencies (Details) [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 6 years | |||
Bedford, Massachusetts [Member] | ||||
Note 11 - Commitments and Contingencies (Details) [Line Items] | ||||
Area of Real Estate Property (in Square Feet) | 134,000 | |||
Option to Extend Operating Lease Term, Number of Periods | 4 | |||
Abano Terme, Italy [Member] | ||||
Note 11 - Commitments and Contingencies (Details) [Line Items] | ||||
Area of Real Estate Property (in Square Feet) | 28,000 | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 6 years |
Note_11_Commitments_and_Contin3
Note 11 - Commitments and Contingencies (Details) - Future Lease Commitments (USD $) | Dec. 31, 2014 |
Future Lease Commitments [Abstract] | |
2015 | $1,547,414 |
2016 | 971,500 |
2017 | 971,500 |
2018 | 971,500 |
2019 and thereafter | 3,724,083 |
Total | $8,185,997 |
Note_12_Equity_Incentive_Plan_1
Note 12 - Equity Incentive Plan (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 18, 2013 | Jun. 05, 2009 | Jun. 07, 2011 | Jun. 04, 2003 | |
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Allocated Share-based Compensation Expense | $1,607,421 | $1,268,070 | $1,151,199 | |||||
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights Vested and Expected to Vest, Outstanding, Number (in Shares) | 829,298 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights Vested and Expected to Vest, Outstanding, Weighted Average Exercise Price (in Dollars per share) | $14.58 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award,Options and Stock Appreciation Rights, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 22,000,000 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested and Expected to Vest, Weighted Average Remaining Contractual Term | 6 years 255 days | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested, Aggregate Intrinsic Value | 12,028,589 | 27,997,198 | ||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingIntrinsicValue | 21,734,258 | 43,199,713 | ||||||
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue | 26,749,627 | 4,370,830 | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Options and Stock Appreciation Rights, Vested in Period, Fair Value | 1,148,947 | 1,088,802 | ||||||
Proceeds from Stock Options Exercised | 2,054,706 | 3,053,941 | 388,675 | |||||
Employee Stock Option [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,337,192 | |||||||
Share-based Compensation Arrangement Evaluation Of Expected Volatility Assumption To Historical Volatility Average Period | 4 years | |||||||
Stock Options, SARbs and Restricted Stock Awards [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Allocated Share-based Compensation Expense | 1,607,421 | 1,268,070 | 1,151,199 | |||||
Stock Options and SARs [Member] | 1993 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 851,287 | |||||||
Stock Options and SARs [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 2,908,000 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 328 days | |||||||
Incentive Stock Options [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 128,536 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $8.73 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 146 days | |||||||
Nonqualified Stock Options [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 180,989 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $8.58 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 5 years 219 days | |||||||
Stock Appreciation Rights (SARs) [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number (in Shares) | 65,092 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price (in Dollars per share) | $8.58 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 3 years 219 days | |||||||
Stock Repurchased and Retired During Period, Shares (in Shares) | 133,774 | |||||||
Restricted Stock and Restricted Stock Units [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $799,006 | $290,704 | ||||||
Minimum [Member] | 2003 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Maximum [Member] | 2003 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
2003 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 1,500,000 | |||||||
Amended 2003 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 3,800,000 | 2,350,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 650,000 | 850,000 | ||||||
Second Amended 2003 Plan [Member] | ||||||||
Note 12 - Equity Incentive Plan (Details) [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 3,150,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in Shares) | 800,000 |
Note_12_Equity_Incentive_Plan_2
Note 12 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 12 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | |||
Expected volatility | 57.60% | ||
Expected lives (years) | 4 years | 4 years | 4 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Note 12 - 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% | 0.61% | 0.63% |
Expected volatility | 53.28% | 53.60% | |
Maximum [Member] | |||
Note 12 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items] | |||
Risk free interest rate | 1.39% | 1.02% | 0.64% |
Expected volatility | 57.05% | 57.60% |
Note_12_Equity_Incentive_Plan_3
Note 12 - Equity Incentive Plan (Details) - Stock Options and SARbs Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options and SARbs Activity [Abstract] | ||
Options and SAR's outstanding at beginning of year | 1,513,326 | 1,793,685 |
Options and SAR's outstanding at beginning of year | $9.14 | $8.30 |
Options and SAR's outstanding at end of year | 851,287 | 1,513,326 |
Options and SAR's outstanding at end of year | $14.85 | $9.14 |
Granted | 179,240 | 413,500 |
Granted | $35.62 | $12.55 |
Cancelled | -53,325 | -243,724 |
Cancelled | $23.73 | $8.77 |
Expired | -24,292 | -9,928 |
Expired | $9.87 | $9.62 |
Exercised | -763,662 | -440,207 |
Exercised | $7.95 | $8.71 |
Note_12_Equity_Incentive_Plan_4
Note 12 - Equity Incentive Plan (Details) - Restricted Stock Activity (Restricted Stock [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Restricted Stock [Member] | ||
Note 12 - Equity Incentive Plan (Details) - Restricted Stock Activity [Line Items] | ||
Nonvested at Beginning of year | 79,591 | 68,956 |
Nonvested at Beginning of year | $11.93 | $6.87 |
Nonvested at end of year | 109,614 | 79,591 |
Nonvested at end of year | $23.91 | $11.93 |
Granted | 60,098 | 36,220 |
Granted | $32.02 | $17 |
Cancelled | -7,500 | |
Cancelled | $25.46 | |
Vested/Released | -22,575 | -25,585 |
Vested/Released | $10.01 | $5.95 |
Note_13_Shareholder_Rights_Pla1
Note 13 - Shareholder Rights Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Apr. 04, 2008 | |
Note 13 - Shareholder Rights Plan (Details) [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | 0.01 | $0.01 | |
Series B Junior Participating Preferred Stock [Member] | Shareholder Rights Plan 2008 [Member] | |||
Note 13 - Shareholder Rights Plan (Details) [Line Items] | |||
Preferred Stock, Par or Stated Value Per Share | 0.01 | ||
Preferred Stock, Capital Shares Reserved for Future Issuance | 175,000 | ||
Minimum [Member] | Shareholder Rights Plan 2008 [Member] | |||
Note 13 - Shareholder Rights Plan (Details) [Line Items] | |||
Stockholders Rights Plan, Exercisability Threshold, Percentage | 15.00% | ||
Stockholders Rights Plan, Exercise Percentage of Voting Stock Ownership Offer | 15.00% | ||
Percentage of Beneficial Ownership | 50.00% | ||
Shareholder Rights Plan 2008 [Member] | |||
Note 13 - Shareholder Rights Plan (Details) [Line Items] | |||
Exercise Price per Right | 75 | ||
Redemption Price per Right | 0.01 |
Note_14_Employee_Benefit_Plan_
Note 14 - Employee Benefit Plan (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Text Block Supplement [Abstract] | |||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $350,049 | $362,150 | $326,007 |
Note_15_Revenue_by_Product_Gro2
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting [Abstract] | |||
Sales Revenue, Services, Net | $30,120,841 | $3,307,424 | $3,348,336 |
Note_15_Revenue_by_Product_Gro3
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Product Group (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | $17,880,125 | $21,975,312 | $21,267,156 | $14,351,405 | $20,188,488 | $17,023,346 | $20,067,407 | $14,494,489 | $75,473,998 | $71,773,730 | $68,010,169 |
Orthobiologics [Member] | Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 82.00% | 78.00% | 74.00% | ||||||||
Orthobiologics [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | 61,956,870 | 55,956,068 | 49,954,112 | ||||||||
Dermal [Member] | Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 2.00% | 3.00% | 2.00% | ||||||||
Dermal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | 1,334,295 | 1,816,602 | 1,384,403 | ||||||||
Surgical [Member] | Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 8.00% | 8.00% | 7.00% | ||||||||
Surgical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | 5,854,876 | 5,445,715 | 5,022,456 | ||||||||
Ophthalmic [Member] | Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 4.00% | 6.00% | 13.00% | ||||||||
Ophthalmic [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | 3,153,435 | 4,656,560 | 8,784,011 | ||||||||
Veterinary [Member] | Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 4.00% | 5.00% | 4.00% | ||||||||
Veterinary [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product Revenue | $3,174,522 | $3,898,785 | $2,865,187 | ||||||||
Sales Revenue, Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Percentage of Product Revenue | 100.00% | 100.00% | 100.00% |
Note_15_Revenue_by_Product_Gro4
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 85.00% | 78.00% | 81.00% |
DePuy Mitek, Inc.[Member] | |||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 72.00% | 63.00% | 61.00% |
Boehringer [Member] | |||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 4.00% | 5.00% | 4.00% |
Medtronic [Member] | |||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 4.00% | 3.00% | 3.00% |
Bausch & Lomb Inc. [Member] | |||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 3.00% | 5.00% | 12.00% |
Nordic Pharma [Member] | |||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Product Revenue by Significant Customers as a Percent of Product Revenues [Line Items] | |||
Percent of Product Revenue by Significant Customers | 2.00% | 2.00% | 1.00% |
Note_15_Revenue_by_Product_Gro5
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Revenue | $23,254,469 | $22,055,423 | $26,274,660 | $34,010,287 | $21,251,328 | $17,754,438 | $20,828,377 | $15,247,011 | $105,594,839 | $75,081,154 | $71,358,505 |
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | United States [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Percentage of Total Revenue | 87.00% | 78.00% | 81.00% | ||||||||
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Europe [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Percentage of Total Revenue | 6.00% | 10.00% | 9.00% | ||||||||
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | Other location [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Percentage of Total Revenue | 7.00% | 12.00% | 10.00% | ||||||||
Sales Revenue, Net [Member] | Geographic Concentration Risk [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Percentage of Total Revenue | 100.00% | 100.00% | 100.00% | ||||||||
United States [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Revenue | 92,259,139 | 58,490,142 | 57,976,667 | ||||||||
Europe [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Revenue | 6,214,441 | 7,411,568 | 6,218,890 | ||||||||
Other location [Member] | |||||||||||
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Revenues by Geographic Location [Line Items] | |||||||||||
Revenue | $7,121,259 | $9,179,444 | $7,162,948 |
Note_15_Revenue_by_Product_Gro6
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information (Details) - Net Tangible Long-lived Assets by Principal Geographic Areas (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net tangible long-lived assets | $31,668,883 | $32,938,711 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net tangible long-lived assets | 31,058,617 | 31,999,468 |
Italy [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Net tangible long-lived assets | $610,266 | $939,243 |
Note_16_Income_Taxes_Details
Note 16 - Income Taxes (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Note 16 - Income Taxes (Details) [Line Items] | |||
Deferred Tax Assets, Valuation Allowance | $0 | $0 | |
Allocated Share-based Compensation Expense | 1,607,421 | 1,268,070 | 1,151,199 |
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense | 3,134,425 | 1,984,280 | 285,068 |
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 9,626,064 | 856,830 | 452,471 |
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2010 | ||
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2011 | ||
Earliest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2011 | ||
Latest Tax Year [Member] | Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2014 | ||
Latest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2014 | ||
Latest Tax Year [Member] | State and Local Jurisdiction [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Open Tax Year | 2014 | ||
Foreign Tax Authority [Member] | Italy [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Operating Loss Carryforwards | 8,334,628 | ||
State and Local Jurisdiction [Member] | Minimum [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 856,830 | ||
Internal Revenue Service (IRS) [Member] | Minimum [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | 9,626,064 | ||
Internal Revenue Service (IRS) [Member] | Maximum [Member] | |||
Note 16 - Income Taxes (Details) [Line Items] | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $452,471 |
Note_16_Income_Taxes_Details_C
Note 16 - Income Taxes (Details) - Components of Income Before Taxes and Provision for (Benefit from) Income Taxes (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income (loss) before income taxes | |||
Domestic | $63,231,721 | $33,060,976 | $26,170,313 |
Foreign | -1,726,700 | -581,445 | -6,642,892 |
61,505,021 | 32,479,531 | 19,527,421 | |
Current provision: | |||
Federal | 18,301,334 | 8,024,303 | 7,594,287 |
State | 3,894,577 | 1,580,963 | 885,958 |
Foreign | 192,268 | 94,136 | -188,650 |
22,388,179 | 9,699,402 | 8,291,595 | |
Deferred provision: | |||
Federal | 1,153,024 | 2,374,850 | 776,486 |
State | 121,376 | 114,546 | 602,447 |
Foreign | -477,037 | -283,788 | -1,900,567 |
797,363 | 2,205,608 | -521,634 | |
Total provision | $23,185,542 | $11,905,010 | $7,769,961 |
Note_16_Income_Taxes_Details_S
Note 16 - Income Taxes (Details) - Significant Components of Companybs Deferred Tax Assets and Liabilities (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets: | ||
Net operating loss carry forward, foreign | $2,292,023 | $2,578,640 |
Stock-based compensation expense | 755,044 | 1,358,554 |
Accrued expenses and other | 856,871 | 649,402 |
Inventory reserve | 333,842 | 283,996 |
Deferred revenue | 23,854 | 852,207 |
Tax credit carry forward | 45,621 | 19,967 |
Deferred tas assets | 4,307,255 | 5,742,766 |
Deferred tax liabilities: | ||
Acquisition-related Intangibles | -4,826,937 | -6,056,162 |
Depreciation | -7,221,440 | -6,964,428 |
Deferred tax liabilities | ($12,048,377) | ($13,020,590) |
Note_16_Income_Taxes_Details_R
Note 16 - Income Taxes (Details) - Reconciliation Between U.S. Federal Statutory Rate and Effective Rate | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation Between U.S. Federal Statutory Rate and Effective Rate [Abstract] | |||
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% |
State tax expense, net of federal benefit | 4.90% | 4.80% | 6.40% |
Permanent items, including nondeductible expenses | 0.10% | -0.20% | 0.90% |
State investment tax credit | -0.10% | -0.10% | -0.20% |
Federal, state and foreign research and development credits | -0.70% | -0.50% | -1.20% |
Foreign rate differential | 0.20% | 0.10% | 2.50% |
Domestic production deduction | -1.70% | -2.40% | -3.60% |
Effective income tax rate | 37.70% | 36.70% | 39.80% |
Note_16_Income_Taxes_Details_R1
Note 16 - Income Taxes (Details) - Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits [Abstract] | ||
Unrecognized tax benefit, beginning of year | $56,170 | $56,170 |
Tax positions related to prior years | 38,329 | |
Statute expirations | -56,170 | -38,329 |
Unrecognized tax benefit, end of year | $56,170 |
Note_17_Longterm_Debt_Details
Note 17 - Long-term Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2008 | Nov. 29, 2013 | Jan. 31, 2008 | Dec. 31, 2014 | |
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Repayments of Long-term Debt | $9,600,000 | $1,600,000 | ||||
Quarterly Payment [Member] | Term Loan [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Periodic Payment, Principal | 400,000 | |||||
First Amendment [Member] | Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.25% | |||||
First Amendment [Member] | Term Loan [Member] | Anika Therapeutics S.r.l. [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Percentage of Stock Pledged as Collateral | 65.00% | |||||
First Amendment [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Debt Issuance Cost | 74,000 | |||||
Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.75% | |||||
Term Loan [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Debt Instrument, Maturity Date | 31-Dec-15 | |||||
Debt Instrument, Periodic Payment Terms, Balloon Payment to be Paid | 5,200,000 | |||||
Deferred Finance Costs, Net | 171,000 | |||||
Revolving Credit Facility [Member] | Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 16,000,000 | |||||
Proceeds from Lines of Credit | 16,000,000 | |||||
Bank of America [Member] | ||||||
Note 17 - Long-term Debt (Details) [Line Items] | ||||||
Repayments of Long-term Debt | 8,400,000 | |||||
Long-term Debt | $0 | $0 |
Note_18_Restructuring_Details
Note 18 - Restructuring (Details) (USD $) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2012 | Dec. 31, 2013 | |
Note 18 - Restructuring (Details) [Line Items] | ||
Restructuring Costs and Asset Impairment Charges | $2,500,000 | |
Restructuring Reserve, Accrual Adjustment | -286,843 | |
Abandonment And Noncash Impairment of Assets [Member] | ||
Note 18 - Restructuring (Details) [Line Items] | ||
Restructuring Costs and Asset Impairment Charges | 1,600,000 | |
Employee termination costs [Member] | ||
Note 18 - Restructuring (Details) [Line Items] | ||
Restructuring Costs and Asset Impairment Charges | $900,000 |
Note_18_Restructuring_Details_
Note 18 - Restructuring (Details) - Restructuring Accrual Activity (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Note 18 - Restructuring (Details) - Restructuring Accrual Activity [Line Items] | ||
Balance as of | $24,638 | $933,732 |
Cash Proceeds, Disbursements | -14,665 | -770,840 |
Write Offs and Abandonments | -139,240 | |
Foreign Exchange Impact | -1,589 | 986 |
Balance as of | 8,384 | 24,638 |
Employee termination costs [Member] | ||
Note 18 - Restructuring (Details) - Restructuring Accrual Activity [Line Items] | ||
Balance as of | 21,709 | 801,453 |
Cash Proceeds, Disbursements | -13,240 | -724,064 |
Write Offs and Abandonments | -56,549 | |
Foreign Exchange Impact | -1,407 | 869 |
Balance as of | 7,062 | 21,709 |
Activity Termination And Facility Closure Costs [Member] | ||
Note 18 - Restructuring (Details) - Restructuring Accrual Activity [Line Items] | ||
Balance as of | 2,929 | 132,279 |
Cash Proceeds, Disbursements | -1,425 | -46,776 |
Write Offs and Abandonments | -82,691 | |
Foreign Exchange Impact | -182 | 117 |
Balance as of | $1,322 | $2,929 |
Note_19_Related_Party_Details
Note 19 - Related Party (Details) | 0 Months Ended | |||
Dec. 30, 2009 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fidia Farmaceutici S.p.A [Member] | ||||
Note 19 - Related Party (Details) [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 1,981,192 | |||
Equity Method Investment, Ownership Percentage | 100.00% | |||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% | 14.30% | ||
Fidia Farmaceutici S.p.A [Member] | ||||
Note 19 - Related Party (Details) [Line Items] | ||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 0.00% |
Note_20_Quarterly_Financial_Da2
Note 20 - Quarterly Financial Data (Unaudited) (Details) - Quarterly Financial Data (Unaudited) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Quarterly Financial Data (Unaudited) [Abstract] | |||||||||||
Product revenue | $17,880,125 | $21,975,312 | $21,267,156 | $14,351,405 | $20,188,488 | $17,023,346 | $20,067,407 | $14,494,489 | $75,473,998 | $71,773,730 | $68,010,169 |
Total revenue | 23,254,469 | 22,055,423 | 26,274,660 | 34,010,287 | 21,251,328 | 17,754,438 | 20,828,377 | 15,247,011 | 105,594,839 | 75,081,154 | 71,358,505 |
Cost of product revenue | 5,511,586 | 5,724,800 | 5,332,913 | 4,361,019 | 6,235,334 | 5,377,568 | 6,311,332 | 4,841,170 | 20,930,318 | 22,765,404 | 28,988,621 |
Gross profit on product revenue | 12,368,539 | 16,250,512 | 15,934,243 | 9,990,386 | 13,953,154 | 11,645,778 | 13,756,075 | 9,653,319 | |||
Net income | $7,816,076 | $6,170,800 | $9,302,350 | $15,030,253 | $6,654,369 | $4,957,258 | $5,894,892 | $3,068,002 | $38,319,479 | $20,574,521 | $11,757,460 |
Per common share information: | |||||||||||
Basic net income per share (in Dollars per share) | $0.53 | $0.42 | $0.63 | $1.04 | $0.47 | $0.36 | $0.44 | $0.23 | $2.61 | $1.46 | $0.89 |
Basic common shares outstanding (in Shares) | 14,800,813 | 14,758,781 | 14,687,747 | 14,461,367 | 14,272,606 | 13,682,449 | 13,510,573 | 13,406,952 | |||
Diluted net income per share (in Dollars per share) | $0.51 | $0.40 | $0.60 | $0.97 | $0.44 | $0.33 | $0.40 | $0.21 | $2.51 | $1.39 | $0.82 |
Diluted common shares outstanding (in Shares) | 15,277,583 | 15,434,875 | 15,492,732 | 15,499,447 | 15,084,738 | 14,958,965 | 14,578,927 | 14,357,110 | 15,269,435 | 14,825,599 | 14,344,577 |