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% |