Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 29, 2015 | |
Entity Registrant Name | Anika Therapeutics, Inc. | |
Entity Central Index Key | 898,437 | |
Trading Symbol | anik | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 14,637,666 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 108,469,021 | $ 100,155,864 |
Investments | 22,007,370 | 6,750,000 |
Accounts receivable, net of reserves of $135,618 and $146,618 at September 30, 2015 and December 31, 2014, respectively | 23,375,657 | 17,152,028 |
Inventories | $ 12,075,157 | 12,406,776 |
Prepaid income taxes | 412,301 | |
Current portion deferred income taxes | $ 1,409,328 | 1,188,768 |
Prepaid expenses and other | 947,119 | 959,305 |
Total current assets | 168,283,652 | 139,025,042 |
Property and equipment, at cost | 57,667,111 | 53,619,589 |
Less: accumulated depreciation | (23,869,798) | (21,950,706) |
Property and equipment, net | 33,797,313 | 31,668,883 |
Long-term deposits and other | 69,020 | 69,042 |
Intangible assets, net | 12,987,683 | 14,894,710 |
Goodwill | 7,713,039 | 8,338,699 |
Total assets | 222,850,707 | 193,996,376 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 2,220,734 | 1,201,226 |
Accrued expenses | 6,547,775 | 4,747,526 |
Deferred revenue | 33,948 | $ 24,510 |
Income taxes payable | 4,442,342 | |
Total current liabilities | 13,244,799 | $ 5,973,262 |
Other long-term liabilities | 803,571 | 893,935 |
Long-term deferred revenue | 73,964 | 102,192 |
Deferred tax liability | $ 8,974,122 | $ 8,929,890 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | $ 0 | $ 0 |
Common stock, $.01 par value; 30,000,000 shares authorized, 15,011,512 and 14,851,703 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively | 150,115 | 148,517 |
Additional paid-in-capital | 81,052,103 | 77,539,699 |
Accumulated other comprehensive loss | (6,066,627) | (4,494,800) |
Retained earnings | 124,618,660 | 104,903,681 |
Total stockholders’ equity | 199,754,251 | 178,097,097 |
Total Liabilities and Stockholders’ Equity | $ 222,850,707 | $ 193,996,376 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Accounts receivable, net of reserves | $ 135,618 | $ 146,618 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,250,000 | 1,250,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 30,000,000 | 30,000,000 |
Common stock, shares issued (in shares) | 15,011,512 | 14,851,703 |
Common stock,shares outstanding (in shares) | 15,011,512 | 14,851,703 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Product revenue | $ 23,675,696 | $ 21,975,312 | $ 62,088,410 | $ 57,593,873 |
Licensing, milestone and contract revenue | 5,561 | 80,111 | 16,732 | 24,746,497 |
Total revenue | 23,681,257 | 22,055,423 | 62,105,142 | 82,340,370 |
Operating expenses: | ||||
Cost of product revenue | 5,175,723 | 5,724,800 | 14,763,222 | 15,418,732 |
Research & development | 2,061,689 | 1,999,867 | 5,971,771 | 6,160,740 |
Selling, general & administrative | 3,308,731 | 4,044,538 | 10,301,886 | 11,401,399 |
Total operating expenses | 10,546,143 | 11,769,205 | 31,036,879 | 32,980,871 |
Income from operations | 13,135,114 | 10,286,218 | 31,068,263 | 49,359,499 |
Interest income, net | 33,667 | 9,937 | 81,297 | 16,339 |
Income before income taxes | 13,168,781 | 10,296,155 | 31,149,560 | 49,375,838 |
Provision for income taxes | 4,788,916 | 4,125,355 | 11,434,581 | 18,872,435 |
Net income | $ 8,379,865 | $ 6,170,800 | $ 19,714,979 | $ 30,503,403 |
Basic net income per share: | ||||
Net income (in dollars per share) | $ 0.56 | $ 0.42 | $ 1.32 | $ 2.09 |
Basic weighted average common shares outstanding (in shares) | 14,967,322 | 14,758,781 | 14,944,921 | 14,626,933 |
Diluted net income per share: | ||||
Net income (in dollars per share) | $ 0.55 | $ 0.40 | $ 1.29 | $ 1.97 |
Diluted weighted average common shares outstanding (in shares) | 15,315,808 | 15,434,875 | 15,310,758 | 15,469,237 |
Net income | $ 8,379,865 | $ 6,170,800 | $ 19,714,979 | $ 30,503,403 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on securities, net of tax | 2,294 | 431 | (904) | 431 |
Foreign currency translation adjustment | 257,521 | (1,679,968) | (1,570,923) | (1,896,823) |
Total other comprehensive income (loss) | 259,815 | (1,679,537) | (1,571,827) | (1,896,392) |
Comprehensive income | $ 8,639,680 | $ 4,491,263 | $ 18,143,152 | $ 28,607,011 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net income | $ 19,714,979 | $ 30,503,403 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,800,158 | 3,576,441 |
Stock-based compensation expense | 1,562,391 | $ 1,196,361 |
Deferred income taxes | (15,873) | |
Provision for inventory | 147,560 | $ 220,207 |
Tax benefit from equity awards | (876,797) | (9,236,708) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (6,549,905) | (1,840,407) |
Inventories | 82,360 | (2,923,628) |
Prepaid expenses, other current and long-term assets | 403,211 | 183,481 |
Accounts payable | 970,373 | (992,822) |
Accrued expenses | (120,334) | (989,291) |
Deferred revenue | (9,135) | (2,078,543) |
Income taxes payable | 5,756,972 | 7,771,001 |
Other long-term liabilities | (75,777) | (167,123) |
Net cash provided by operating activities | 23,790,183 | $ 25,222,372 |
Cash flows from investing activities: | ||
Proceeds from maturity of investments | 14,750,000 | |
Purchase of investments | (30,008,761) | $ (19,999,169) |
Purchase of property and equipment | (2,028,093) | (920,132) |
Net cash used in investing activities | (17,286,854) | (20,919,301) |
Cash flows from financing activities: | ||
Proceeds from exercise of equity awards | 1,074,814 | 1,379,294 |
Tax benefit from equity awards | $ 876,797 | 9,236,708 |
Minimum tax withholdings on share-based awards | (6,348,900) | |
Net cash provided by financing activities | $ 1,951,611 | 4,267,102 |
Exchange rate impact on cash | (141,783) | (131,139) |
Increase in cash and cash equivalents | 8,313,157 | 8,439,034 |
Cash and cash equivalents at beginning of period | 100,155,864 | 63,333,160 |
Cash and cash equivalents at end of period | 108,469,021 | 71,772,194 |
Noncash Investing Activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 2,197,088 | $ 215,783 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
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 | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
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 September 30, 2015, the results of its operations for the three- and nine-month periods ended September 30, 2015 and 2014, and cash flows for the nine-month periods ended September 30, 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- and nine-month periods ended September 30, 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. A revision was made to the condensed consolidated statement of cash flows for the six months ended June 30, 2014 to correctly reflect the tax benefit from the exercise of certain equity awards. This revision had an impact on the statement of cash flows as a reduction of cash provided by operating activities of approximately $2.5 million with a corresponding increase to cash provided by financing activities related to the tax benefit from exercise of stock options for the six months ended June 30, 2014 of the same amount. This revision had no impact on the statement of operations or cash position. The revision to the condensed consolidated statement of cash flows noted above represents amounts that are not deemed to be material, individually or in the aggregate, to the prior period condensed consolidated financial statements. |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In July 2015, the FASB issued ASU No. 2015-11, Inventory (Topic 330) “Simplifying the Measurement of Inventory.” |
Note 4 - Investments
Note 4 - Investments | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Investments in Debt and Marketable Equity Securities (and Certain Trading Assets) Disclosure [Text Block] | 4. 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 September 30, 2015 and December 31, 2014 are as follows: September 30, 2015 Amortized Unrealized Unrealized Fair Corporate debt securities $ 3,008,761 $ - $ (1,391 ) $ 3,007,370 Bank certificates of deposit 19,000,000 - - 19,000,000 $ 22,008,761 $ - $ (1,391 ) $ 22,007,370 December 31, 2014 Amortized Unrealized Unrealized Fair Bank certificates of deposit $ 6,750,000 $ - $ - $ 6,750,000 |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. 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 September 30, 2015 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 57,353,567 $ - $ 57,353,567 $ - Investments: Corporate debt securities $ 3,007,370 $ - $ 3,007,370 $ - Bank certificates of deposit 19,000,000 - 19,000,000 - Total investments $ 22,007,370 $ - $ 22,007,370 $ - Fair Value Measurements at Reporting December 31, 2014 Quoted Prices in Significant Other Significant 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 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. Equity Incentive Plan The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three- and nine-month periods ended September 30, 2015 and 2014, respectively, was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions: Nine Months Ended 2015 2014 Risk free interest rate 1.15% - 1.46% 1.16% - 1.39% Expected volatility 53.15% - 54.65% 53.28% Expected life (years) 4.5 4 Expected dividend yield 0.00% 0.00% The Company recorded $498,442 and $390,578 of share-based compensation expense for the three-month periods ended September 30, 2015 and 2014, respectively, for equity compensation awards. The Company recorded $1,562,391 and $1,196,361 of share-based compensation expense for the nine-month periods ended September 30, 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 no stock options, SARs, Restricted Stock Awards (“RSAs”) or Restricted Stock Units (“RSUs”) the Anika Therapeutics, Inc. Second Amended and Restated 2003 Stock Option and Incentive Plan, as amended (the “Plan”), during the three-month period ended September 30, 2015. During the nine-month period ended September 30, 2015, the Company granted under the Plan a total of 111,625 stock options, 23,375 RSAs, and 9,678 RSUs. All of the RSUs were granted to directors of the Company. 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 nine-month period ended September 30, 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 multiplied by the expected number of shares to be issued, which is adjusted based on the estimated probabilities of achieving the performance goals. As of September 30, 2015, there was approximately $4.5 million of total unrecognized compensation cost related to non-vested stock options, SARs, RSAs, and RSUs granted under the Plan. This cost is expected to be recognized over a weighted-average period of 2.73 years. The total intrinsic value of stock options and SARs exercised during the nine-month periods ended September 30, 2015 and 2014 was $3,165,838 and $25,473,089, respectively. Cash received from the exercise of stock options during the three- month periods ended September 30, 2015 and 2014 was $105,785 and $17,513, respectively. Cash received from the exercise of options during the nine-month periods ended September 30, 2015 and 2014 was $1,074,814 and $1,379,294, respectively. During the second quarter of 2014, the Company acquired and subsequently retired 133,774 common shares related to an employee SARs exercise to meet minimum statutory tax withholding requirements. There were 812,457 options and SARs outstanding under the Plan as of September 30, 2015 with a weighted-average exercise price of $17.92 per share, an aggregate intrinsic value of approximately $12.9 million, and a weighted-average remaining contractual term of 6.7 years. None of the options or SARs outstanding at September 30, 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 7 - Earnings Per Share ("E
Note 7 - Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. 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, SARs, RSAs, and RSUs using the treasury stock method. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Shares used in the calculation of basic earnings per share 14,967,322 14,758,781 14,944,921 14,626,933 Effect of dilutive securities: Stock options, SARs, and RSAs 348,486 676,094 365,837 842,304 Diluted shares used in the calculation of earnings per share 15,315,808 15,434,875 15,310,758 15,469,237 Equity awards of 230,880 and 215,723 shares were outstanding for the three- and nine-month periods ended September 30, 2015, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. Equity awards of 122,967 and 118,725 shares were outstanding for the three- and nine-month periods ended September 30, 2014, respectively, and were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive. |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories Inventories consist of the following: September 30, December 31, Raw materials $ 4,861,828 $ 6,161,363 Work-in-process 3,924,389 3,041,227 Finished goods 3,288,940 3,204,186 Total $ 12,075,157 $ 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 9 - Intangible Assets and
Note 9 - Intangible Assets and Goodwill | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. 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. In January 2015 the Company received CE Mark approval for HYALOSPINE which is an innovative adhesion prevention gel for use after spinal surgery, and was a component of the IPR&D intangible assets initially identified. 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 September 30, 2015 and December 31, 2014 consist of the following: September 30, 2015 December 31, 2014 Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life Developed technology $ 16,700,000 $ 400,000 $ (2,963,427 ) $ (5,706,488 ) $ 8,430,085 $ 9,409,937 15 In-process research & development 5,502,686 (400,000 ) (1,202,735 ) - 3,899,951 4,652,874 Indefinite Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5 Patents 1,000,000 - (178,071 ) (320,968 ) 500,961 581,199 16 Elevess trade name 1,000,000 - - (843,314 ) 156,686 250,700 9 Total $ 28,902,686 $ - $ (4,759,577 ) $ (11,155,426 ) $ 12,987,683 $ 14,894,710 The aggregate amortization expense related to intangible assets was $266,863 and $518,699 for the three-month periods ended September 30, 2015 and 2014, respectively. The aggregate amortization expense related to intangible assets was $802,643 and $1,593,260 for the nine-month periods ended September 30, 2015 and 2014, respectively. Changes in the carrying value of goodwill for the nine-month periods ended September 30, 2015 and 2014 were as follows: Goodwill Nine Twelve Balance, beginning $ 8,338,699 $ 9,443,894 Effect of foreign currency adjustments (625,660 ) (1,105,195 ) Balance, ending $ 7,713,039 $ 8,338,699 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued Expenses Accrued expenses consist of the following: September 30, December 31, Compensation and related expenses $ 2,806,699 $ 2,791,935 Facility construction costs 2,073,561 - Professional fees 524,938 553,630 Clinical trial costs 240,987 508,042 Research grants 393,085 539,053 Other 508,505 354,866 Total $ 6,547,775 $ 4,747,526 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 September 30, 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 12 - Mitek Monovisc Agreem
Note 12 - Mitek Monovisc Agreement | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 12. U.S. Monovisc Commercial Partnership 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 Orthopedic, 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 lawsuit with Genzyme Corporation. As a result of the full delivery of its development obligations under this agreement, the Company recognized approximately $2,200,000, which represented the remaining balance of deferred revenue relating to the initial $2,500,000 payment, in accordance with current generally accepted principles on revenue recognition. In the first quarter of 2014, the Company also received a milestone payment of $17,500,000 as a result of achieving FDA approval for MONOVISC and resolving the patent litigation with Genzyme. This milestone payment was fully recognized as revenue during the three months ended March 31, 2014. On April 15, 2014 the first U.S. commercial sale of MONOVISC was made by 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 Centers 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 13 - Income Taxes
Note 13 - Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes Provisions for income taxes were $4,788,916 and $11,434,581 for the three- and nine-month periods ended September 30, 2015, respectively, based on effective tax rates of 36% and 37%. Provisions for income taxes were $4,125,355 and $18,872,435 for the three- and nine-month periods ended September 30, 2014, respectively, based on effective tax rates of 40% and 38%. for each of the three- and nine-month periods ended September 30, 2015, as compared to the same periods in 2014, 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 2012 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 2011 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 September 30, 2015 or December 31, 2014. |
Note 14 - Segment and Geographi
Note 14 - Segment and Geographic Information | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 14. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Orthobiologics $ 20,461,181 $ 18,899,873 $ 51,716,600 $ 48,750,277 Dermal 412,357 401,355 1,131,657 938,966 Surgical 1,413,039 1,452,946 4,449,639 4,581,496 Ophthalmic 344,119 366,138 1,263,582 938,134 Veterinary 1,045,000 855,000 3,526,932 2,385,000 $ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873 Total revenue by geographic location and as a percentage of overall total revenue for the three- and nine-month periods ended September 30, 2015 and 2014 are as follows: Three Months Ended September 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 19,239,247 81 % $ 18,455,167 84 % Europe 1,976,751 8 % 1,784,414 8 % Other 2,465,259 11 % 1,815,842 8 % Total $ 23,681,257 100 % $ 22,055,423 100 % Nine Months Ended September 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 51,048,132 82 % $ 72,935,722 89 % Europe 6,293,965 10 % 5,274,071 6 % Other 4,763,045 8 % 4,130,577 5 % Total $ 62,105,142 100 % $ 82,340,370 100 % |
Note 15 - Subsequent Event
Note 15 - Subsequent Event | 9 Months Ended |
Sep. 30, 2015 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 15. Subsequent Event On October 9, 2015, Anika S.r.l, entered into a build-to-suit lease agreement for a new European headquarters facility, consisting of approximately 25,000 square feet of general office, research and development, training, and warehousing space located in Padova, Italy. The Lease has an initial term of fifteen years, which is expected to commence during the fourth quarter of 2016. The Lease will automatically renew for up to three additional six-year terms, subject to certain terms and conditions. The Lease provides for an initial yearly rent of €360,000. |
Note 4 - Investments (Tables)
Note 4 - Investments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Marketable Securities [Table Text Block] | September 30, 2015 Amortized Unrealized Unrealized Fair Corporate debt securities $ 3,008,761 $ - $ (1,391 ) $ 3,007,370 Bank certificates of deposit 19,000,000 - - 19,000,000 $ 22,008,761 $ - $ (1,391 ) $ 22,007,370 December 31, 2014 Amortized Unrealized Unrealized Fair Bank certificates of deposit $ 6,750,000 $ - $ - $ 6,750,000 |
Note 5 - Fair Value Measureme22
Note 5 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting September 30, 2015 Quoted Prices in Significant Other Significant Cash & cash equivalents: Money market funds $ 57,353,567 $ - $ 57,353,567 $ - Investments: Corporate debt securities $ 3,007,370 $ - $ 3,007,370 $ - Bank certificates of deposit 19,000,000 - 19,000,000 - Total investments $ 22,007,370 $ - $ 22,007,370 $ - Fair Value Measurements at Reporting December 31, 2014 Quoted Prices in Significant Other Significant 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 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended 2015 2014 Risk free interest rate 1.15% - 1.46% 1.16% - 1.39% Expected volatility 53.15% - 54.65% 53.28% Expected life (years) 4.5 4 Expected dividend yield 0.00% 0.00% |
Note 7 - Earnings Per Share (24
Note 7 - Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Shares used in the calculation of basic earnings per share 14,967,322 14,758,781 14,944,921 14,626,933 Effect of dilutive securities: Stock options, SARs, and RSAs 348,486 676,094 365,837 842,304 Diluted shares used in the calculation of earnings per share 15,315,808 15,434,875 15,310,758 15,469,237 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, Raw materials $ 4,861,828 $ 6,161,363 Work-in-process 3,924,389 3,041,227 Finished goods 3,288,940 3,204,186 Total $ 12,075,157 $ 12,406,776 |
Note 9 - Intangible Assets an26
Note 9 - Intangible Assets and Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | September 30, 2015 December 31, 2014 Gross Value Current Period Completed Projects Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Net Book Value Useful Life Developed technology $ 16,700,000 $ 400,000 $ (2,963,427 ) $ (5,706,488 ) $ 8,430,085 $ 9,409,937 15 In-process research & development 5,502,686 (400,000 ) (1,202,735 ) - 3,899,951 4,652,874 Indefinite Distributor relationships 4,700,000 - (415,344 ) (4,284,656 ) - - 5 Patents 1,000,000 - (178,071 ) (320,968 ) 500,961 581,199 16 Elevess trade name 1,000,000 - - (843,314 ) 156,686 250,700 9 Total $ 28,902,686 $ - $ (4,759,577 ) $ (11,155,426 ) $ 12,987,683 $ 14,894,710 |
Schedule of Goodwill [Table Text Block] | Goodwill Nine Twelve Balance, beginning $ 8,338,699 $ 9,443,894 Effect of foreign currency adjustments (625,660 ) (1,105,195 ) Balance, ending $ 7,713,039 $ 8,338,699 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, Compensation and related expenses $ 2,806,699 $ 2,791,935 Facility construction costs 2,073,561 - Professional fees 524,938 553,630 Clinical trial costs 240,987 508,042 Research grants 393,085 539,053 Other 508,505 354,866 Total $ 6,547,775 $ 4,747,526 |
Note 14 - Segment and Geograp28
Note 14 - Segment and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Orthobiologics $ 20,461,181 $ 18,899,873 $ 51,716,600 $ 48,750,277 Dermal 412,357 401,355 1,131,657 938,966 Surgical 1,413,039 1,452,946 4,449,639 4,581,496 Ophthalmic 344,119 366,138 1,263,582 938,134 Veterinary 1,045,000 855,000 3,526,932 2,385,000 $ 23,675,696 $ 21,975,312 $ 62,088,410 $ 57,593,873 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended September 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 19,239,247 81 % $ 18,455,167 84 % Europe 1,976,751 8 % 1,784,414 8 % Other 2,465,259 11 % 1,815,842 8 % Total $ 23,681,257 100 % $ 22,055,423 100 % Nine Months Ended September 30, 2015 2014 Total Percentage of Total Percentage of Geographic Location: United States $ 51,048,132 82 % $ 72,935,722 89 % Europe 6,293,965 10 % 5,274,071 6 % Other 4,763,045 8 % 4,130,577 5 % Total $ 62,105,142 100 % $ 82,340,370 100 % |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2014USD ($) | |
Increase to Cash Provided by Financing Activities [Member] | |
Prior Period Reclassification Adjustment | $ 2.5 |
Derease to Cash Provided by Operating Activities [Member] | |
Prior Period Reclassification Adjustment | $ (2.5) |
Note 4 - Investments - Marketab
Note 4 - Investments - Marketable Securities (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Corporate Bond Securities [Member] | ||
Amortized Cost | $ 3,008,761 | |
Unrealized Losses | (1,391) | |
Fair Value | 3,007,370 | |
Certificates of Deposit [Member] | ||
Amortized Cost | 19,000,000 | $ 6,750,000 |
Fair Value | 19,000,000 | $ 6,750,000 |
Amortized Cost | 22,008,761 | |
Unrealized Losses | (1,391) | |
Fair Value | $ 22,007,370 |
Note 5 - Fair Value Measureme31
Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash & cash equivalents: | ||
Cash & cash equivalents | $ 57,353,567 | $ 69,551,754 |
Money Market Funds [Member] | ||
Cash & cash equivalents: | ||
Cash & cash equivalents | 57,353,567 | 69,551,754 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash & cash equivalents: | ||
Cash & cash equivalents | 3,000,000 | |
Investments: | ||
Investments | 19,000,000 | 6,750,000 |
Certificates of Deposit [Member] | ||
Cash & cash equivalents: | ||
Cash & cash equivalents | 3,000,000 | |
Investments: | ||
Investments | 19,000,000 | 6,750,000 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments: | ||
Investments | 3,007,370 | |
Corporate Debt Securities [Member] | ||
Investments: | ||
Investments | 3,007,370 | |
Fair Value, Inputs, Level 2 [Member] | ||
Cash & cash equivalents: | ||
Cash & cash equivalents | 72,551,754 | |
Investments: | ||
Investments | 22,007,370 | |
Cash & cash equivalents | 72,551,754 | |
Investments | $ 22,007,370 | $ 6,750,000 |
Note 6 - Equity Incentive Pla32
Note 6 - Equity Incentive Plan (Details Textual) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | Jun. 30, 2014shares | Sep. 30, 2015USD ($)$ / sharesshares | Sep. 30, 2014USD ($)shares | |
Plan [Member] | Restricted Stock Units (RSUs) [Member] | Board of Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,678 | ||||
Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 0 | ||||
Plan [Member] | Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Plan [Member] | Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 23,375 | ||||
Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 111,625 | |||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights Outstanding, Cash Settlement Features, Number | 0 | 0 | 0 | 0 | |
Allocated Share-based Compensation Expense | $ | $ 498,442 | $ 390,578 | $ 1,562,391 | $ 1,196,361 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ | 4,500,000 | $ 4,500,000 | |||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 266 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value | $ | $ 3,165,838 | 25,473,089 | |||
Proceeds from Stock Options Exercised | $ | $ 105,785 | $ 17,513 | $ 1,074,814 | $ 1,379,294 | |
Stock Repurchased and Retired During Period, Shares | 133,774 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding Number | 812,457 | 812,457 | |||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Weighted Average Exercise Price | $ / shares | $ 17.92 | $ 17.92 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value | $ | $ 12,900,000 | $ 12,900,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm | 6 years 255 days | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Note 6 - Equity Incentive Pla33
Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Details) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Minimum [Member] | ||
Risk free interest rate | 1.15% | 1.16% |
Expected volatility | 53.15% | |
Maximum [Member] | ||
Risk free interest rate | 1.46% | 1.39% |
Expected volatility | 54.65% | |
Expected volatility | 53.28% | |
Expected life (years) | 4 years 182 days | 4 years |
Expected dividend yield | 0.00% | 0.00% |
Note 7 - Earnings Per Share (34
Note 7 - Earnings Per Share ("EPS") (Details Textual) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 230,880 | 122,967 | 215,723 | 118,725 |
Note 7 - Earnings Per Share (35
Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Shares used in the calculation of basic earnings per share (in shares) | 14,967,322 | 14,758,781 | 14,944,921 | 14,626,933 |
Effect of dilutive securities: | ||||
Stock options, SARs, and RSAs (in shares) | 348,486 | 676,094 | 365,837 | 842,304 |
Diluted shares used in the calculation of earnings per share (in shares) | 15,315,808 | 15,434,875 | 15,310,758 | 15,469,237 |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Raw materials | $ 4,861,828 | $ 6,161,363 |
Work-in-process | 3,924,389 | 3,041,227 |
Finished goods | 3,288,940 | 3,204,186 |
Total | $ 12,075,157 | $ 12,406,776 |
Note 9 - Intangible Assets an37
Note 9 - Intangible Assets and Goodwill (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Jan. 31, 2015 | |
Reclassified from in Process Research and Development [Member] | Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Assets, Gross | $ 400,000 | ||||
Amortization of Intangible Assets | $ 266,863 | $ 518,699 | $ 802,643 | $ 1,593,260 |
Note 9 - Intangible Assets an38
Note 9 - Intangible Assets and Goodwill - Intangible Assets (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Sep. 30, 2015 | |
Developed Technology Rights [Member] | ||
Gross Value | $ 16,700,000 | |
Current Period Completed Projects | 400,000 | |
Accumulated Currency Translation Adjustment | (2,963,427) | |
Accumulated Amortization | (5,706,488) | |
Net Book Value | $ 9,409,937 | 8,430,085 |
Useful Life | 15 years | |
In Process Research and Development [Member] | ||
Gross Value | 5,502,686 | |
Current Period Completed Projects | (400,000) | |
Accumulated Currency Translation Adjustment | (1,202,735) | |
Net Book Value | $ 4,652,874 | 3,899,951 |
Distribution Rights [Member] | ||
Gross Value | 4,700,000 | |
Accumulated Currency Translation Adjustment | (415,344) | |
Accumulated Amortization | (4,284,656) | |
Useful Life | 5 years | |
Patents [Member] | ||
Gross Value | 1,000,000 | |
Accumulated Currency Translation Adjustment | (178,071) | |
Accumulated Amortization | (320,968) | |
Net Book Value | $ 581,199 | 500,961 |
Useful Life | 16 years | |
Elevess Trade Name [Member] | ||
Gross Value | 1,000,000 | |
Accumulated Amortization | (843,314) | |
Net Book Value | $ 250,700 | 156,686 |
Useful Life | 9 years | |
Gross Value | 28,902,686 | |
Accumulated Currency Translation Adjustment | (4,759,577) | |
Accumulated Amortization | (11,155,426) | |
Net Book Value | $ 14,894,710 | $ 12,987,683 |
Note 9 - Intangible Assets an39
Note 9 - Intangible Assets and Goodwill - Changes in Carrying Value of Goodwill (Details) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Balance, beginning | $ 8,338,699 | $ 9,443,894 |
Effect of foreign currency adjustments | (625,660) | (1,105,195) |
Balance, ending | $ 7,713,039 | $ 8,338,699 |
Note 10 - Accrued Expenses - Ac
Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Compensation and related expenses | $ 2,806,699 | $ 2,791,935 |
Facility construction costs | 2,073,561 | |
Professional fees | 524,938 | $ 553,630 |
Clinical trial costs | 240,987 | 508,042 |
Research grants | 393,085 | 539,053 |
Other | 508,505 | 354,866 |
Total | $ 6,547,775 | $ 4,747,526 |
Note 11 - Commitments and Con41
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Sep. 30, 2015 | Dec. 31, 2014 |
Product Warranty Accrual | $ 0 | $ 0 |
Note 12 - Mitek Monovisc Agre42
Note 12 - Mitek Monovisc Agreement (Details Textual) - 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 | |
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 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Miltek MONOVISC Agreement [Member] | |||||
Contracts Revenue | $ 24,700,000 | ||||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | Domestic Tax Authority [Member] | |||||
Open Tax Year | 2,012 | ||||
Ministry of Economic Affairs and Finance, Italy [Member] | Earliest Tax Year [Member] | Foreign Tax Authority [Member] | |||||
Open Tax Year | 2,011 | ||||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | $ 0 | ||
Income Tax Expense (Benefit) | $ 4,788,916 | $ 4,125,355 | $ 11,434,581 | $ 18,872,435 | |
Effective Income Tax Rate Reconciliation, Percent | 36.00% | 40.00% | 37.00% | 38.00% |
Note 14 - Segment and Geograp44
Note 14 - Segment and Geographic Information (Details Textual) | 9 Months Ended |
Sep. 30, 2015 | |
Number of Reportable Segments | 1 |
Note 14 - Segment and Geograp45
Note 14 - Segment and Geographic Information - Product Revenue by Product Group (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Orthobiologics [Member] | ||||
Product revenue | $ 20,461,181 | $ 18,899,873 | $ 51,716,600 | $ 48,750,277 |
Dermal [Member] | ||||
Product revenue | 412,357 | 401,355 | 1,131,657 | 938,966 |
Surgical [Member] | ||||
Product revenue | 1,413,039 | 1,452,946 | 4,449,639 | 4,581,496 |
Ophthalmic [Member] | ||||
Product revenue | 344,119 | 366,138 | 1,263,582 | 938,134 |
Veterinary [Member] | ||||
Product revenue | 1,045,000 | 855,000 | 3,526,932 | 2,385,000 |
Product revenue | $ 23,675,696 | $ 21,975,312 | $ 62,088,410 | $ 57,593,873 |
Note 14 - Segment and Geograp46
Note 14 - Segment and Geographic Information - Product Revenue by Geographic Location (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
UNITED STATES | ||||
Total Revenue | $ 19,239,247 | $ 18,455,167 | $ 51,048,132 | $ 72,935,722 |
Percentage of Revenue | 81.00% | 84.00% | 82.00% | 89.00% |
Europe [Member] | ||||
Total Revenue | $ 1,976,751 | $ 1,784,414 | $ 6,293,965 | $ 5,274,071 |
Percentage of Revenue | 8.00% | 8.00% | 10.00% | 6.00% |
Other Location [Member] | ||||
Total Revenue | $ 2,465,259 | $ 1,815,842 | $ 4,763,045 | $ 4,130,577 |
Percentage of Revenue | 11.00% | 8.00% | 8.00% | 5.00% |
Total Revenue | $ 23,681,257 | $ 22,055,423 | $ 62,105,142 | $ 82,340,370 |
Percentage of Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Note 15 - Subsequent Event (Det
Note 15 - Subsequent Event (Details Textual) - European Headquarters Facility [Member] - Subsequent Event [Member] - Padova, Italy [Member] | Oct. 09, 2015EUR (€)ft² |
Area of Real Estate Property | ft² | 25,000 |
Lessee Leasing Arrangements, Term of Contract | 15 years |
Lessee Leasing Arrangements, Number of Renewal Terms | 3 |
Lessee Leasing Arrangements, Renewal Term | 6 years |
Annual Rent Expense | € 360,000 |