Anika Therapeutics (ANIK) 10-Q 4 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Anika Therapeutics, Inc.
Document Type	10-Q
Current Fiscal Year End Date	-19
Entity Common Stock, Shares Outstanding		14,626,730
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-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$99,802,205	$100,155,864
Investments	12,500,000	6,750,000
Accounts receivable, net of reserves of $130,877 and $146,618 at March 31, 2015 and December 31, 2014, respectively	16,025,212	17,152,028
Inventories	12,515,787	12,406,776
Prepaid income taxes	2,555,436	412,301
Current portion deferred income taxes	1,487,846	1,188,768
Prepaid expenses and other	1,034,597	959,305
Total current assets	145,921,083	139,025,042
Property and equipment, at cost	53,666,109	53,619,589
Less: accumulated depreciation	-22,476,104	-21,950,706
	31,190,005	31,668,883
Long-term deposits and other	69,010	69,042
Intangible assets, net	13,061,379	14,894,710
Goodwill	7,443,429	8,338,699
Total assets	197,684,906	193,996,376
Current liabilities:
Accounts payable	1,774,812	1,201,226
Accrued expenses	4,242,979	4,747,526
Deferred revenue	139,535	24,510
Total current liabilities	6,157,326	5,973,262
Other long-term liabilities	829,302	893,935
Long-term deferred revenue	85,510	102,192
Deferred tax liability	8,797,200	8,929,890
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	0	0
Common stock, $.01 par value; 30,000,000 shares authorized, 15,003,069 and 14,851,703 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	150,030	148,517
Additional paid-in-capital	79,990,228	77,539,699
Accumulated other comprehensive loss	-6,743,928	-4,494,800
Retained earnings	108,419,238	104,903,681
Total stockholders’ equity	181,815,568	178,097,097
Total Liabilities and Stockholders’ Equity	$197,684,906	$193,996,376

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accounts receivable, net of reserves (in Dollars)	$130,877	$146,618
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	15,003,069	14,851,703
Common stock,shares outstanding	15,003,069	14,851,703

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Product revenue	$15,514,682	$14,351,405
Licensing, milestone and contract revenue	5,642	19,658,882
Total revenue	15,520,324	34,010,287
Operating expenses:
Cost of product revenue	4,313,440	4,361,019
Research & development	2,097,762	2,287,715
Selling, general & administrative	3,604,661	3,490,985
Total operating expenses	10,015,863	10,139,719
Income from operations	5,504,461	23,870,568
Interest income, net	23,723	467
Income before income taxes	5,528,184	23,871,035
Provision for income taxes	2,012,627	8,840,782
Net income	3,515,557	15,030,253
Other comprehensive income:
Foreign currency translation adjustment	-2,249,128	-26,116
Basic net income per share:
Net income (in Dollars per share)	$0.24	$1.04
Basic weighted average common shares outstanding (in Shares)	14,905,322	14,461,367
Diluted net income per share:
Net income (in Dollars per share)	$0.23	$0.97
Diluted weighted average common shares outstanding (in Shares)	15,330,054	15,499,447
Net income	3,515,557	15,030,253
Other comprehensive income:
Foreign currency translation adjustment	-2,249,128	-26,116
Comprehensive income	$1,266,429	$15,004,137

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$3,515,557	$15,030,253
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	913,859	1,198,799
Stock-based compensation expense	554,597	427,823
Deferred income taxes	-177,123	-323,669
Provision for inventory	29,922	31,778
Tax benefit from exercise of stock options	-933,863	-4,436,249
Changes in operating assets and liabilities:
Accounts receivable	761,041	2,140,848
Inventories	-284,016	-2,016,631
Prepaid expenses, other current and long-term assets	476,935	-345,415
Prepaid income taxes	-1,198,483
Accounts payable	632,521	51,712
Accrued expenses	-374,682	-1,104,945
Deferred revenue	111,697	-2,113,086
Income taxes payable		5,099,027
Other long-term liabilities	-44,128	-43,588
Net cash provided by operating activities	3,983,834	13,596,657
Cash flows from investing activities:
Proceeds from maturity of investments	1,500,000
Purchase of investments	-7,250,000
Purchase of property and equipment	-256,020	-276,513
Net cash used in investing activities	-6,006,020	-276,513
Cash flows from financing activities:
Proceeds from exercise of stock options	963,582	1,067,767
Tax benefit from exercise of stock options	933,863	4,436,249
Net cash provided by financing activities	1,897,445	5,504,016
Exchange rate impact on cash	-228,918	2,931
(Decrease) increase in cash and cash equivalents	-353,659	18,827,091
Cash and cash equivalents at beginning of period	100,155,864	63,333,160
Cash and cash equivalents at end of period	$99,802,205	$82,160,251

Note_1_Nature_of_Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Nature of Operations [Text Block]	1.           Nature of Business
	Anika Therapeutics, Inc. 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 U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business.

Note_2_Basis_of_Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Disclosure Text Block [Abstract]
Business Description and Basis of Presentation [Text Block]	2.           Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The year-end consolidated balance sheet is derived from the Company’s audited financial statements, but does not include all disclosures required by US GAAP. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial position of the Company as of March 31, 2015, the results of its operations for the three month periods ended March 31, 2015 and 2014, and cash flows for the three month periods ended March 31, 2015 and 2014.
	The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income.

Note_3_Investments

Note 3 - Investments	3 Months Ended
	Mar. 31, 2015
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’s investments at March 31, 2015 and December 31, 2014 are as follows:
		31-Mar-15
		Amortized		Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
	Bank certificates of deposit	$	12,500,000	$	-	$	-	$	12,500,000
		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	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Disclosures [Text Block]	4.           Fair Value Measurements
	Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three-tier fair value hierarchy, which classifies the fair value measurements based on the inputs used in measuring fair value, was established as follows: (Level 1) observable inputs such as quoted prices in active markets for identical assets or liabilities; (Level 2) significant other observable inputs that are observable either directly or indirectly; and (Level 3) significant unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company records its investments at fair value.
	The Company’s investments are all classified within Level 2 of the fair value hierarchy. These 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-Mar-15		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	$	64,321,194	$	-	$	64,321,194	$	-
	Bank certificates of deposit		2,500,000		-		2,500,000		-
	Total cash & cash equivalents	$	66,821,194	$	-	$	66,821,194	$	-
	Investments:
	Bank certificates of deposit	$	12,500,000	$	-	$	12,500,000	$	-
		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	$	-

Note_5_Equity_Incentive_Plan

Note 5 - Equity Incentive Plan	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	5.           Equity Incentive Plan
	The Company estimates the fair value of stock options and stock appreciation rights using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three month periods ended March 31, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:
		Three Months Ended
		March 31,
		2015			2014
	Risk free interest rate		1.15	%	1.20%	-	1.33%
	Expected volatility		54.65	%		53.28%
	Expected life (years)		4.5			4
	Expected dividend yield		0	%		0.00%
	The Company recorded $554,597 and $427,823 of share-based compensation expense for the three-month periods ended March 31, 2015 and 2014, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective recipients.
	There were 104,125 stock options granted under the Anika Therapeutics, Inc. Second Amended and Restated Stock Option and Incentive Plan, as amended, (the “Plan”) during the three month period ended March 31, 2015. There were 23,375 Restricted Stock Awards (“RSAs”) granted under the Plan during the three-month period ended March 31, 2015. There were 9,678 RSUs granted to non-employee members of the Company’s Board of Directors under the Plan during the three month period ended March 31, 2015. The stock options, RSAs and RSUs granted to employees and directors generally become exercisable or vest ratably over four years from the date of grant.
	A portion of the stock options granted during the three month period ended March 31, 2015 contained certain performance features, as compared to established targets, in addition to time-based vesting conditions. The compensation cost associated with these grants was estimated using the Black-Scholes valuation method factored for the estimated probability of achieving the performance goals.
	As of March 31, 2015, there was approximately $4.9 million of total unrecognized compensation cost related to non-vested stock options, stock appreciation rights (“SARs”), RSAs, and RSUs granted under the Company’s incentive plans. This cost is expected to be recognized over a weighted-average period of 3.1 years.
	The total intrinsic value of stock options and SARs exercised during the three month periods ended March 31, 2015 and 2014 was $2,975,681 and $7,131,972, respectively. Cash received from the exercise of stock options during the three month periods ended March 31, 2015 and 2014 was $963,582 and $1,067,767, respectively.
	There were 785,082 options and SARs outstanding under the Company’s incentive plans as of March 31, 2015 with a weighted-average exercise price of $18.64 per share, an aggregate intrinsic value of approximately $17.7 million, and a weighted-average remaining contractual term of 7.4 years. None of the options or SARs outstanding at March 31, 2015 or 2014, respectively, had cash-settlement features.
	The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards containing service conditions generally become exercisable ratably over one to four years, have a ten year contractual term, and sometimes contain performance conditions.

Note_6_Earnings_Per_Share_EPS

Note 6 - Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Earnings Per Share [Text Block]	6.           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:
		Three Months Ended March 31,
		2015		2014
	Shares used in the calculation of basic earnings per share		14,905,322		14,461,367
	Effect of dilutive securities:
	Stock options, SARs, and RSAs		424,732		1,038,080
	Diluted shares used in the calculation of earnings per share		15,330,054		15,499,447
	Equity awards of 133,377 and 87,126 shares were outstanding for the three month periods ended March 31, 2015 and March 31, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

Note_7_Inventories

Note 7 - Inventories	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Inventory Disclosure [Text Block]	7.           Inventories
	Inventories consist of the following:
		March 31,		December 31,
		2015		2014
	Raw materials	$	6,470,239	$	6,161,363
	Work-in-process		2,911,794		3,041,227
	Finished goods		3,133,754		3,204,186
	Total	$	12,515,787	$	12,406,776
	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. Inventory costs associated with product candidates that have not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use and future economic benefit.

Note_8_Intangible_Assets_and_G

Note 8 - Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill and Intangible Assets Disclosure [Text Block]	8.           Intangible Assets and Goodwill
	In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”), the Company acquired various intangible assets and goodwill. The Company evaluated the various intangible assets and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangible assets. The in-process research and development (“IPR&D”) intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition, including write-off(s) for abandoned projects. Until such determination is made, they are not amortized.
	The Company reviews its long-lived assets for impairment at least annually on November 30. Additionally, the Company will initiate a review for impairment if events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of the assets are no longer appropriate. Each impairment test will be based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.
	In January 2015 the Company received CE Mark approval for HYALOSPINE, an adhesion prevention gel for use after spinal surgery. As a result of this approval the Company has reclassified $400,000 from IPR&D to developed technology and began amortization on the HYALOSPINE asset.
	Intangible assets as of March 31, 2015 and December 31, 2014 consist of the following:
					31-Mar-15											31-Dec-14
		Gross Value			Completed			Currency			Accumulated			Net Book		Net Book		Useful Life
					Projects			Translation			Amortization			Value		Value
								Adjustment
	Developed technology	$	16,700,000		$	400,000		$	(3,252,179	)	$	(5,260,974	)	$	8,586,847	$	9,409,937		15
	In-process research & development		5,502,686			(400,000	)		(1,354,684	)		-			3,748,002		4,652,874		Indefinite
	Distributor Relationships		4,700,000			-			(415,344	)		(4,284,656	)		-		-		5
	Patents		1,000,000			-			(196,045	)		(296,787	)		507,168		581,199		16
	Elevess trade name		1,000,000			-			-			(780,638	)		219,362		250,700		9
	Total	$	28,902,686		$	-		$	(5,218,252	)	$	(10,623,055	)	$	13,061,379	$	14,894,710
	The aggregate amortization expense related to intangible assets was $270,272 and $538,335 for the three-month periods ended March 31, 2015 and 2014, respectively.
	Changes in the carrying value of goodwill for the periods ended March 31, 2015 and December 31, 2014 were as follows:
	Goodwill	Three			Twelve Months
		Months Ended			Months Ended
		March 31,			December 31,
		2015			2014
	Balance, beginning	$	8,338,699		$	9,443,894
	Effect of foreign currency adjustments		(895,270	)		(1,105,195	)
	Balance, ending	$	7,443,429		$	8,338,699

Note_9_Accrued_Expenses

Note 9 - Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	9.           Accrued Expenses
	Accrued expenses consist of the following:
		March 31,		December 31,
		2015		2014
	Compensation and related expenses	$	2,157,864	$	2,791,935
	Professional fees		596,018		553,630
	Clinical trial costs		562,072		508,042
	Research grants		481,179		539,053
	Other		445,846		354,866
	Total	$	4,242,979	$	4,747,526

Note_10_Commitments_and_Contin

Note 10 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	10.           Commitments and Contingencies
	In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the 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 right, 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 negligent 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 March 31, 2015 or December 31, 2014, respectively, and has no history of claims paid.
	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 its financial position, results of operations, or cash flow.

Note_11_Mitek_Monovisc_Agreeme

Note 11 - Mitek Monovisc Agreement	3 Months Ended
	Mar. 31, 2015
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	11.           Mitek Monovisc Agreement
	In December 2011, the Company entered into a fifteen-year licensing agreement (the “Mitek MONOVISC Agreement”) with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc., to exclusively market MONOVISC in the United States. The Company received an upfront payment of $2,500,000 in December 2011. This non-refundable upfront payment did not have standalone value without the Company’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 litigation 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 the Company’s commercial partner, Mitek. Under the terms of the Mitek MONOVISC Agreement, the Company earned and collected a milestone payment of $5,000,000, 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 code, or J-Code, to MONOVISC. The issuance of this J-Code by CMS allowed for the fixing of 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.

Note_12_Income_Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	12.           Income Taxes
	Provisions for income taxes were $2,012,627 and $8,840,782 for the three month periods ended March 31, 2015 and 2014, respectively, based on effective tax rates of 36.4% and 37.0%. The decrease in income taxes over the three month period ended March 31, 2014 was primarily due to decreased net income as a result of the approximately $19.7 million in milestone and contract revenue recognized for the three months ended March 31, 2014 associated with the Mitek MONOVISC Agreement. See the previous discussion under Note 11. The decrease in the effective tax rate over the three month period ended March 31, 2014 was primarily due to an increase in the expected tax benefit of the domestic production deduction.
	The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s filings from 2011 through the present tax year remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The Company’s filings from 2010 through the present tax year remain subject to examination by the appropriate governmental authorities in Italy.
	In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward. The Company concluded that the positive evidence outweighs the negative evidence and, thus, those deferred tax assets are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance at March 31, 2015 or December 31, 2014.

Note_13_Segment_and_Geographic

Note 13 - Segment and Geographic Information	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Segment Reporting Disclosure [Text Block]	13.           Segment and Geographic Information
	The Company has one reportable operating segment, for the purposes of assessing performance and deciding how to allocate resources.
	Product revenue by product group is as follows:
		Three Months Ended March 31,
		2015		2014
	Orthobiologics	$	11,972,500	$	11,572,150
	Dermal		416,183		188,651
	Surgical		1,389,595		1,752,020
	Ophthalmic		504,472		208,584
	Veterinary		1,231,932		630,000
		$	15,514,682	$	14,351,405
	Total revenue by geographic location and as a percentage of overall total revenue, for the three month periods ended March 31, 2015 and 2014 are as follows;
		Three Months Ended March 31,
		2015					2014
		Total		Percentage of			Total		Percentage of
		Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States	$	12,591,189		81	%	$	31,533,817		93	%
	Europe		1,986,324		13	%		1,695,816		5	%
	Other		942,811		6	%		780,654		2	%
	Total	$	15,520,324		100	%	$	34,010,287		100	%

Note_3_Investments_Tables

Note 3 - Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Cash and Cash Equivalents [Abstract]
Marketable Securities [Table Text Block]		31-Mar-15
		Amortized		Unrealized		Unrealized		Fair
		Cost		Gains		Losses		Value
	Bank certificates of deposit	$	12,500,000	$	-	$	-	$	12,500,000
		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)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value, Assets Measured on Recurring Basis [Table Text Block]		Fair Value Measurements at Reporting Date Using
		31-Mar-15		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	$	64,321,194	$	-	$	64,321,194	$	-
	Bank certificates of deposit		2,500,000		-		2,500,000		-
	Total cash & cash equivalents	$	66,821,194	$	-	$	66,821,194	$	-
	Investments:
	Bank certificates of deposit	$	12,500,000	$	-	$	12,500,000	$	-
		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	$	-

Note_5_Equity_Incentive_Plan_T

Note 5 - Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]		Three Months Ended
		March 31,
		2015			2014
	Risk free interest rate		1.15	%	1.20%	-	1.33%
	Expected volatility		54.65	%		53.28%
	Expected life (years)		4.5			4
	Expected dividend yield		0	%		0.00%

Note_6_Earnings_Per_Share_EPS_

Note 6 - Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]		Three Months Ended March 31,
		2015		2014
	Shares used in the calculation of basic earnings per share		14,905,322		14,461,367
	Effect of dilutive securities:
	Stock options, SARs, and RSAs		424,732		1,038,080
	Diluted shares used in the calculation of earnings per share		15,330,054		15,499,447

Note_7_Inventories_Tables

Note 7 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2015
Inventory Disclosure [Abstract]
Schedule of Inventory, Current [Table Text Block]		March 31,		December 31,
		2015		2014
	Raw materials	$	6,470,239	$	6,161,363
	Work-in-process		2,911,794		3,041,227
	Finished goods		3,133,754		3,204,186
	Total	$	12,515,787	$	12,406,776

Note_8_Intangible_Assets_and_G1

Note 8 - Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table Text Block]					31-Mar-15											31-Dec-14
		Gross Value			Completed			Currency			Accumulated			Net Book		Net Book		Useful Life
					Projects			Translation			Amortization			Value		Value
								Adjustment
	Developed technology	$	16,700,000		$	400,000		$	(3,252,179	)	$	(5,260,974	)	$	8,586,847	$	9,409,937		15
	In-process research & development		5,502,686			(400,000	)		(1,354,684	)		-			3,748,002		4,652,874		Indefinite
	Distributor Relationships		4,700,000			-			(415,344	)		(4,284,656	)		-		-		5
	Patents		1,000,000			-			(196,045	)		(296,787	)		507,168		581,199		16
	Elevess trade name		1,000,000			-			-			(780,638	)		219,362		250,700		9
	Total	$	28,902,686		$	-		$	(5,218,252	)	$	(10,623,055	)	$	13,061,379	$	14,894,710
Schedule of Goodwill [Table Text Block]	Goodwill	Three			Twelve Months
		Months Ended			Months Ended
		March 31,			December 31,
		2015			2014
	Balance, beginning	$	8,338,699		$	9,443,894
	Effect of foreign currency adjustments		(895,270	)		(1,105,195	)
	Balance, ending	$	7,443,429		$	8,338,699

Note_9_Accrued_Expenses_Tables

Note 9 - Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities [Table Text Block]		March 31,		December 31,
		2015		2014
	Compensation and related expenses	$	2,157,864	$	2,791,935
	Professional fees		596,018		553,630
	Clinical trial costs		562,072		508,042
	Research grants		481,179		539,053
	Other		445,846		354,866
	Total	$	4,242,979	$	4,747,526

Note_13_Segment_and_Geographic1

Note 13 - Segment and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment [Table Text Block]		Three Months Ended March 31,
		2015		2014
	Orthobiologics	$	11,972,500	$	11,572,150
	Dermal		416,183		188,651
	Surgical		1,389,595		1,752,020
	Ophthalmic		504,472		208,584
	Veterinary		1,231,932		630,000
		$	15,514,682	$	14,351,405
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]		Three Months Ended March 31,
		2015					2014
		Total		Percentage of			Total		Percentage of
		Revenue		Revenue			Revenue		Revenue
	Geographic Location:
	United States	$	12,591,189		81	%	$	31,533,817		93	%
	Europe		1,986,324		13	%		1,695,816		5	%
	Other		942,811		6	%		780,654		2	%
	Total	$	15,520,324		100	%	$	34,010,287		100	%

Note_3_Investments_Details_Mar

Note 3 - Investments (Details) - Marketable Securities (Certificates of Deposit [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
Certificates of Deposit [Member]
Note 3 - Investments (Details) - Marketable Securities [Line Items]
Amortized Cost	$12,500,000	$6,750,000
Fair Value	$12,500,000	$6,750,000

Note_4_Fair_Value_Measurements2

Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments (USD $)	Mar. 31, 2015	Dec. 31, 2014
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items]
Cash and Cash Equivalents	$72,551,754	$66,821,194
Marketable Securities	12,500,000	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 and Cash Equivalents	69,551,754	64,321,194
Fair Value, Inputs, Level 2 [Member] | Certificates of Deposit [Member]
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items]
Cash and Cash Equivalents	3,000,000	2,500,000
Marketable Securities	6,750,000	12,500,000
Fair Value, Inputs, Level 2 [Member]
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items]
Cash and Cash Equivalents	72,551,754	66,821,194
Money Market Funds [Member]
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items]
Cash and Cash Equivalents	69,551,754	64,321,194
Certificates of Deposit [Member]
Note 4 - Fair Value Measurements (Details) - Fair Value of Financial Instruments [Line Items]
Cash and Cash Equivalents	3,000,000	2,500,000
Marketable Securities	$6,750,000	$12,500,000

Note_5_Equity_Incentive_Plan_D

Note 5 - Equity Incentive Plan (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 5 - Equity Incentive Plan (Details) [Line Items]
Allocated Share-based Compensation Expense	$554,597	$427,823
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares)	104,125
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	4,900,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years 36 days
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue	2,975,681	7,131,972
Proceeds from Stock Options Exercised	963,582	1,067,767
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingNumber (in Shares)	785,082
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsWeightedAverageExercisePrice (in Dollars per share)	$18.64
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingIntrinsicValue	$17,700,000
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAndStockAppreciationRightsOutstandingWeightedAverageRemainingContractualTerm	7 years 146 days
ShareBasedCompensationArrangementByShareBasedPaymentAwardContractualTermRange	10 years
Restricted Stock [Member]
Note 5 - Equity Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	23,375
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Restricted Stock Units (RSUs) [Member] | Board of Directors [Member]
Note 5 - Equity Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares)	9,678
Restricted Stock Units (RSUs) [Member]
Note 5 - Equity Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years
Minimum [Member]
Note 5 - Equity Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Maximum [Member]
Note 5 - Equity Incentive Plan (Details) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	4 years

Note_5_Equity_Incentive_Plan_D1

Note 5 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 5 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items]
Risk free interest rate	1.15%
Expected volatility	54.65%	53.28%
Expected life (years)	4 years 6 months	4 years
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Note 5 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items]
Risk free interest rate		1.20%
Maximum [Member]
Note 5 - Equity Incentive Plan (Details) - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards [Line Items]
Risk free interest rate		1.33%

Note_6_Earnings_Per_Share_EPS_1

Note 6 - Earnings Per Share ("EPS") (Details)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	133,377	87,126

Note_6_Earnings_Per_Share_EPS_2

Note 6 - Earnings Per Share ("EPS") (Details) - Basic and Diluted Earnings Per Share	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Basic and Diluted Earnings Per Share [Abstract]
Shares used in the calculation of basic earnings per share	14,905,322	14,461,367
Effect of dilutive securities:
Stock options, SARs, and RSAs	424,732	1,038,080
Diluted shares used in the calculation of earnings per share	15,330,054	15,499,447

Note_7_Inventories_Details_Inv

Note 7 - Inventories (Details) - Inventories (USD $)	Mar. 31, 2015	Dec. 31, 2014
Inventories [Abstract]
Raw materials	$6,470,239	$6,161,363
Work-in-process	2,911,794	3,041,227
Finished goods	3,133,754	3,204,186
Total	$12,515,787	$12,406,776

Note_8_Intangible_Assets_and_G2

Note 8 - Intangible Assets and Goodwill (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2015
Note 8 - Intangible Assets and Goodwill (Details) [Line Items]
Amortization of Intangible Assets	$270,272	$538,335
Reclassified from In-process Research and Development [Member] | Developed Technology Rights [Member]
Note 8 - Intangible Assets and Goodwill (Details) [Line Items]
Finite-Lived Intangible Assets, Gross			$400,000

Note_8_Intangible_Assets_and_G3

Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	$28,902,686
Currency Translation Adjustment	-5,218,252
Accumulated Amortization	-10,623,055
Net Book Value	13,061,379	14,894,710
Developed Technology Rights [Member]
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	16,700,000
Completed Projects	400,000
Currency Translation Adjustment	-3,252,179
Accumulated Amortization	-5,260,974
Net Book Value	8,586,847	9,409,937
Useful Life		15 years
In Process Research and Development [Member]
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	5,502,686
Completed Projects	-400,000
Currency Translation Adjustment	-1,354,684
Net Book Value	3,748,002	4,652,874
Useful Life
Distribution Rights [Member]
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	4,700,000
Currency Translation Adjustment	-415,344
Accumulated Amortization	-4,284,656
Useful Life		5 years
Patents [Member]
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	1,000,000
Currency Translation Adjustment	-196,045
Accumulated Amortization	-296,787
Net Book Value	507,168	581,199
Useful Life		16 years
Elevess Trade Name [Member]
Note 8 - Intangible Assets and Goodwill (Details) - Intangible Assets [Line Items]
Gross Value	1,000,000
Accumulated Amortization	-780,638
Net Book Value	$219,362	$250,700
Useful Life		9 years

Note_8_Intangible_Assets_and_G4

Note 8 - Intangible Assets and Goodwill (Details) - Changes in Carrying Value of Goodwill (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Changes in Carrying Value of Goodwill [Abstract]
Balance, beginning	$8,338,699	$9,443,894
Effect of foreign currency adjustments	-895,270	-1,105,195
Balance, ending	$7,443,429	$8,338,699

Note_9_Accrued_Expenses_Detail

Note 9 - Accrued Expenses (Details) - Accrued Expenses (USD $)	Mar. 31, 2015	Dec. 31, 2014
Accrued Expenses [Abstract]
Compensation and related expenses	$2,157,864	$2,791,935
Professional fees	596,018	553,630
Clinical trial costs	562,072	508,042
Research grants	481,179	539,053
Other	445,846	354,866
Total	$4,242,979	$4,747,526

Note_10_Commitments_and_Contin1

Note 10 - Commitments and Contingencies (Details) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Commitments and Contingencies Disclosure [Abstract]
Product Warranty Accrual	$0	$0
Product Warranty Expense	$0	$0

Note_11_Mitek_Monovisc_Agreeme1

Note 11 - Mitek Monovisc Agreement (Details) (Miltek MONOVISC Agreement [Member], USD $)	1 Months Ended	3 Months Ended			12 Months Ended
	Dec. 31, 2011	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014
Miltek MONOVISC Agreement [Member]
Note 11 - Mitek Monovisc Agreement (Details) [Line Items]
Contract Term, Years	15 years
Deferred Revenue	$2,500,000
Deferred Revenue, Revenue Recognized				2,200,000
Revenue Recognition, Milestone Method, Revenue Recognized		$5,000,000	$5,000,000	$17,500,000	$29,652,778

Note_12_Income_Taxes_Details

Note 12 - Income Taxes (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Note 12 - Income Taxes (Details) [Line Items]
Income Tax Expense (Benefit)	$2,012,627	$8,840,782
Effective Income Tax Rate Reconciliation, Percent	36.40%	37.00%
Earliest Tax Year [Member] | Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member]
Note 12 - Income Taxes (Details) [Line Items]
Open Tax Year	2011
Earliest Tax Year [Member] | Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member]
Note 12 - Income Taxes (Details) [Line Items]
Open Tax Year	2010
Miltek MONOVISC Agreement [Member]
Note 12 - Income Taxes (Details) [Line Items]
Contracts Revenue	$19,700,000

Note_13_Segment_and_Geographic2

Note 13 - Segment and Geographic Information (Details)	3 Months Ended
	Mar. 31, 2015
Segment Reporting [Abstract]
Number of Reportable Segments	1

Note_13_Segment_and_Geographic3

Note 13 - Segment and Geographic Information (Details) - Product Revenue by Product Group (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Segment Reporting Information [Line Items]
Product Revenue	$15,514,682	$14,351,405
Orthobiologics [Member]
Segment Reporting Information [Line Items]
Product Revenue	11,972,500	11,572,150
Dermal [Member]
Segment Reporting Information [Line Items]
Product Revenue	416,183	188,651
Surgical [Member]
Segment Reporting Information [Line Items]
Product Revenue	1,389,595	1,752,020
Ophthalmic [Member]
Segment Reporting Information [Line Items]
Product Revenue	504,472	208,584
Veterinary [Member]
Segment Reporting Information [Line Items]
Product Revenue	$1,231,932	$630,000

Note_13_Segment_and_Geographic4

Note 13 - Segment and Geographic Information (Details) - Product Revenue by Geographic Location (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Geographic Location:
Total Revenue	$15,520,324	$34,010,287
Percentage of Revenue	100.00%	100.00%
United States [Member]
Geographic Location:
Total Revenue	12,591,189	31,533,817
Percentage of Revenue	81.00%	93.00%
Europe [Member]
Geographic Location:
Total Revenue	1,986,324	1,695,816
Percentage of Revenue	13.00%	5.00%
Other location [Member]
Geographic Location:
Total Revenue	$942,811	$780,654
Percentage of Revenue	6.00%	2.00%