Anika Therapeutics (ANIK) 10-K 24 Feb 17 2016 FY Annual report Financial data

Document And Entity Information

Document And Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2016	Feb. 21, 2017	Jun. 30, 2016
Document Information [Line Items]
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	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		14,638,862
Entity Public Float			$ 769,977,665
Document Type	10-K
Document Period End Date	Dec. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 104,261	$ 110,707
Investments	20,500	27,751
Accounts receivable, net of reserves of $194 and $167 at December 31, 2016 and December 31, 2015, respectively	27,598	21,652
Inventories	15,983	14,938
Prepaid expenses and other current assets	2,098	1,385
Total current assets	170,440	176,433
Property and equipment, net	52,296	40,108
Long-term deposits and other	69	69
Intangible assets, net	10,227	11,656
Goodwill	7,214	7,482
Total assets	240,246	235,748
LIABILITIES AND STOCKHOLDERS’ EQUITY
Accounts payable	2,303	8,302
Accrued expenses and other current liabilities	6,496	4,778
Income taxes payable		4,198
Total current liabilities	8,799	17,278
Other long-term liabilities	2,078	781
Long-term deferred revenue	48	66
Deferred tax liability	6,548	6,775
Commitments and contingencies (Note 11)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively
Common stock, $0.01 par value; 60,000 and 30,000 shares authorized, 14,627 and 15,037 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively	146	150
Additional paid-in-capital	61,735	81,685
Accumulated other comprehensive loss	(7,317)	(6,649)
Retained earnings	168,209	135,662
Total stockholders’ equity	222,773	210,848
Total liabilities and stockholders’ equity	$ 240,246	$ 235,748

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Accounts receivable, net of reserves	$ 194	$ 167
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,250	1,250
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)	60,000	30,000
Common stock, shares issued (in shares)	14,627	15,037
Common stock, shares oustanding (in shares)	14,627	15,037

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Product Revenue	$ 102,932	$ 87,696	$ 75,474
Licensing, milestone and contract revenue	447	5,303	30,121
Total revenue	103,379	92,999	105,595
Operating expenses:
Cost of product revenue	24,027	21,053	20,930
Research & development	10,732	8,987	8,144
Selling, general & administrative	18,013	14,825	15,074
Total operating expenses	52,772	44,865	44,148
Income from operations	50,607	48,134	61,447
Interest income, net	263	120	58
Income before income taxes	50,870	48,254	61,505
Provision for income taxes	18,323	17,496	23,186
Net income	$ 32,547	$ 30,758	$ 38,319
Basic net income per share:
Net income (in dollars per share)	$ 2.22	$ 2.06	$ 2.61
Basic weighted average common shares outstanding (in shares)	14,682	14,934	14,678
Diluted net income per share:
Net income (in dollars per share)	$ 2.15	$ 2.01	$ 2.51
Diluted weighted average common shares outstanding (in shares)	15,116	15,321	15,269
Net income	$ 32,547	$ 30,758	$ 38,319
Other comprehensive loss:
Foreign currency translation adjustment	(668)	(2,154)	(2,796)
Comprehensive income	$ 31,879	$ 28,604	$ 35,523

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2013	14,289
Balance at Dec. 31, 2013	$ 143	$ 70,606	$ 66,585	$ (1,699)	$ 135,635
Issuance of common stock for equity awards (in shares)	697
Issuance of common stock for equity awards	$ 7	2,048			2,055
Tax benefit related to equity awards		9,626			9,626
Stock-based compensation expense		1,607			1,607
Retirement of common stock for minimum tax withholdings (in shares)	(134)
Retirement of common stock for minimum tax withholdings	$ (1)	(6,347)			(6,348)
Net income			38,319		38,319
Other comprehensive loss				(2,796)	(2,796)
Balance (in shares) at Dec. 31, 2014	14,852
Balance at Dec. 31, 2014	$ 149	77,540	104,904	(4,495)	178,098
Issuance of common stock for equity awards (in shares)	185
Issuance of common stock for equity awards	$ 1	1,073			1,074
Tax benefit related to equity awards		847			847
Stock-based compensation expense		2,225			2,225
Net income			30,758		30,758
Other comprehensive loss				(2,154)	(2,154)
Balance (in shares) at Dec. 31, 2015	15,037
Balance at Dec. 31, 2015	$ 150	81,685	135,662	(6,649)	210,848
Issuance of common stock for equity awards (in shares)	121
Issuance of common stock for equity awards	$ 1	1,006			1,007
Tax benefit related to equity awards		647			647
Stock-based compensation expense		3,392			3,392
Net income			32,547		32,547
Other comprehensive loss				(668)	(668)
Balance (in shares) at Dec. 31, 2016	14,627
Balance at Dec. 31, 2016	$ 146	61,735	$ 168,209	$ (7,317)	222,773
Repurchase of common stock (in shares)	(531)
Repurchase of common stock	$ (5)	$ (24,995)			$ (25,000)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flows from operating activities:
Net income	$ 32,547	$ 30,758	$ 38,319
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,734	3,775	4,706
Stock-based compensation expense	3,392	2,225	1,607
Deferred income taxes	(65)	(747)	815
Provision for doubtful accounts	52	38
Provision for inventory	654	210	378
Non-cash impairment charges for IPR&D		697
Tax benefit from equity awards	(647)	(847)	(9,626)
Changes in operating assets and liabilities:
Accounts receivable	(6,201)	(4,996)	898
Inventories	(1,738)	(2,939)	(1,974)
Prepaid expenses, other current and long-term assets	(898)	89	585
Accounts payable	(5,059)	5,625	(750)
Accrued expenses and other current liabilities	1,566	(199)	(1,189)
Deferred revenue	(50)	(15)	(2,014)
Income taxes payable	(3,552)	5,484	8,436
Other long-term liabilities	66	(94)	(213)
Net cash provided by operating activities	23,801	39,064	39,978
Cash flows from investing activities:
Proceeds from maturity of investments	46,500	24,250	20,000
Purchase of investments	(39,249)	(45,251)	(26,750)
Purchase of property and equipment, net	(14,014)	(9,225)	(1,553)
Net cash used in investing activities	(6,763)	(30,226)	(8,303)
Cash flows from financing activities:
Repurchase of common stock	(25,000)
Proceeds from Stock Options Exercised	1,007	1,074	2,055
Tax benefit from equity awards	647	847	9,626
Minimum tax withholdings on share-based awards			(6,349)
Net cash (used in) provided by financing activities	(23,346)	1,921	5,332
Exchange rate impact on cash	(138)	(208)	(184)
Increase (Decrease) in cash and cash equivalents	(6,446)	10,551	36,823
Cash and cash equivalents at beginning of period	110,707	100,156	63,333
Cash and cash equivalents at end of period	104,261	110,707	100,156
Supplemental disclosure of cash flow information:
Cash paid for income taxes	22,826	12,724	13,778
Non-cash Investing Activities:
Purchases of property and equipment included in accounts payable and accrued expenses	1,257	1,949	52
Build-to-suit lease agreement	$ 1,723	$ 30

Note 1 - Nature of Business

Note 1 - Nature of Business	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Nature of Operations [Text Block]	1. Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over two The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.

Note 2 - Summary of Significant

Note 2 - Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Significant Accounting Policies [Text Block]	2. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation The functional currency of the Company’s foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment which resulted in a loss from foreign currency translation of $0.7 $2.2 $2.8 December 31, 2016, 2015, 2014, The Company recognized a loss from foreign currency transactions of $0.3 $0.4 $0.6 December 31, 2016, 2015, 2014, Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 • Level 3 The Company’s financial assets have been classified as Level 2. third Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 2016 2015 2014 Balance, beginning of the year $ 167 $ 147 $ 593 Amounts provided 52 38 - Amounts written off (16 ) (3 ) (377 ) Translation adjustments (9 ) (15 ) (69 ) Balance, end of the year $ 194 $ 167 $ 147 Revenue Recognition - General The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, risk of loss has passed or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. Product Revenue Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. Product revenue also includes royalties. Royalty revenue is based on distributors’ sales and recognized in the same period distributors record their sale of products manufactured by the Company. On a quarterly basis the Company records royalty revenue based upon sales provided to it by its distributor customers. Pursuant to the Health Care and Education Reconciliation Act of 2010, January 1, 2013 605 45. December 31, 2015 2014, December 18, 2015, 2016, 2.3 January 1, 2016, December 31, 2017. Licensing, Milestone and Contract Revenue Licensing, milestone and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development, and/or supply agreements with partners for the development and commercialization of the Company’s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: 1. The consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, 2. The consideration relates solely to past performance, and 3. The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no further obligations by the Company. The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU 2009 13, Revenue Recognition January 2011, 605 25, Multiple Element Arrangements 605 25”) 605 25, 2009 13, Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three 90 Investments The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 three one one three All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior the expected recovery of the investment's amortized cost basis. During the years ended December 31, 2016 2015, Concentration of Credit Risk and Significant Customers The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company’s cash equivalents and investments are held with two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. As of December 31, 2016 2015, 66% 60%, 10% Inventories Inventories are stated at the lower of standard cost or net realizable value, with cost being determined using the first first The Company’s policy is to write-down inventory when conditions exist that suggest inventory may When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory $16.0 and $14.9 December 31, 2016 2015, $0.9 $0.9 may Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Equipment and software are typically amortized over two ten five seven December 31, 2016 2015 Goodwill and Acquired Intangible Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquires that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors the Company considers important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets or the strategy for its overall business, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period, or a reduction of its market capitalization relative to net book value. To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company’s annual assessment for impairment of goodwill as of November 30, 2016 To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. The Company estimates the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not limited to, estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. During the fourth 2015, $0.7 November 30, 2016 Long-Lived Assets Long-lived assets primarily include property and equipment, and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, distributor relationships, patents and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred. Stock-Based Compensation The Company has stock-based compensation plans under which various types of equity-based awards are granted, including restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance units, and stock options. The Company measures the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 12 For performance-based awards with financial achievement targets, the Company recognizes expense using the graded vesting methodology based on the number of shares expected to vest. 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. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of the change. If the performance targets are not achieved, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Company recorded approximately $0.3 $0.4 2016 2015, 2014 Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that it is more likely than not that all or a portion of deferred tax assets will not be realized, the Company establishes a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent the Company establishes a valuation allowance or increases or decreases this allowance in a given period, it includes the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period. Comprehensive Income Comprehensive income consists of net income and other comprehensive loss, which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, the Company does not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as it intends to indefinitely reinvest undistributed earnings of its foreign subsidiary. Accumulated other comprehensive loss is reported as a component of stockholders' equity. Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin one Contingencies In the normal course of business, we are involved in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. We record accruals for loss contingencies to the extent that we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We consider all relevant factors when making assessments regarding these contingencies. 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. Subsequent Events Events occurring subsequent to December 31, 2016 11, Commitments and Contingencies February 2, 2017 Recent Accounting Pronouncements Recently Issued In May 2014, 2014 09, 2014 09 605, July 2015, 2014 09 one December 15, 2017 2014 09, 2014 09 In February 2016, 2016 02, 842). 2016 02 2016 02 December 15, 2018. may 2016 02 In March 2016, 2016 09, 718) 2016 09 2016 09 January 1, 2017. 2016 09 In June 2016, 2016 13, 326) 2016 13 2016 13 January 1, 2020. Recently Adopted In August 2014, 2014 15, 2014 15 December 15, 2016, fourth twelve In July 2015, 2015 11, 330) 2015 11 first first 2015 11 December 15, 2016. 2015 11 March 31, 2016.

Note 3 - Investments

Note 3 - Investments	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	3. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held bank certificates of deposits of $20.5 $25.8 December 31, 2016 2015, $2.0 December 31, 2015. no December 31, 2016 2015.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. The Company’s investments are all classified within Level 2 2 third The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows: Fair Value Measurements at Reporting December 31, 2016 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 68,352 $ - $ 68,352 $ - Bank certificates of deposit 750 - 750 - Total cash equivalents 69,102 - 69,102 - Investments: Bank certificates of deposit $ 20,500 $ - $ 20,500 $ - Fair Value Measurements at Reporting December 31, 2015 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 61,385 $ - $ 61,385 $ - Bank certificates of deposit 250 - 250 - Total cash equivalents $ 61,635 $ - $ 61,635 $ - Investments: Corporate debt securities $ 2,001 $ - $ 2,001 $ - Bank certificates of deposit 25,750 - 25,750 - Total investments $ 27,751 $ - $ 27,751 $ - The Company did not have any transfers between Level 1 2 3 December 31, 2016 2015.

Note 5 - Earnings Per Share ("E

Note 5 - Earnings Per Share ("EPS")	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	5. Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested RSA’s, 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 (“SARs”), RSA’s, and RSU’s using the treasury stock method. The following table provides share information used in the calculation of the Company's basic and diluted earnings per share: Years Ended December 31, 2016 2015 2014 Shares used in the calculation of basic earnings per share 14,682 14,934 14,678 Effect of dilutive securities: Stock options, SAR's, RSA's and RSU's 434 387 591 Diluted shares used in the calculation of earnings per share 15,116 15,321 15,269 Stock options to purchase 0.4 0.2 0.1 December 31, 2016, 2015, 2014, At December 31, 2016, 2015, 2014, 0.1 0.1 30 On February 26, 2016, $25.0 $25.0 0.4 February 29, 2016 $46.40 On August 26, 2016, $7.5 August 26, 2016. 0.1 August 31, 2016. 0.5 $47.08

Note 6 - Inventories

Note 6 - Inventories	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	6. Inventories consist of the following: December 31, 2016 2015 Raw materials $ 5,884 $ 5,780 Work-in-process 5,559 5,656 Finished goods 4,540 3,502 Total $ 15,983 $ 14,938

Note 7 - Property and Equipment

Note 7 - Property and Equipment	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	7. Property and equipment is stated at cost and consists of the following: December 31, 2016 2015 Equipment and software $ 27,456 $ 24,512 Furniture and fixtures 1,126 1,240 Leasehold improvements 27,796 27,622 Construction in progress 22,695 11,274 Subtotal 79,073 64,648 Less accumulated depreciation (26,777 ) (24,540 ) Total $ 52,296 $ 40,108 The Construction in progress asset as of December 31, 2016 December 31, 2015 third Depreciation expense was $2.7 $2.7 $2.6 December 31, 2016, 2015, 2014,

Note 8 - Acquired Intangible As

Note 8 - Acquired Intangible Assets, Net	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	8. In November 2007, December 31, 2016. On December 30, 2009, fourth 2010. In January 2015, $0.4 In 2015, $0.7 fourth The Company performed an annual assessment of IPR&D intangible assets as of November 30, 2016. 2016 Total amortization expense was $1.1 $1.1 $2.1 December 31, 2016, 2015, 2014, $0.9 2017, $0.9 2021, $2.8 Intangible assets consist of the following: December 31, 2016 December 31, 2015 Gross Value Accumulated Accumulated Net Book Net Book Useful Life Developed technology $ 17,100 $ (3,442 ) $ (6,816 ) $ 6,842 $ 7,959 15 In-process research & development 4,406 (1,433 ) - 2,973 3,099 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (207 ) (381 ) 412 473 16 Elevess trade name 1,000 - (1,000 ) - 125 9 Total $ 28,206 $ (5,497 ) $ (12,482 ) $ 10,227 $ 11,656

Note 9 - Goodwill

Note 9 - Goodwill	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Goodwill Disclosure [Text Block]	9. The Company completed its annual impairment review as of November 30, 2016 December 31, 2016, may December 31, 2016 2015 Balance, beginning $ 7,482 $ 8,339 Effect of foreign currency adjustments (268 ) (857 ) Balance, ending $ 7,214 $ 7,482

Note 10 - Accrued Expenses

Note 10 - Accrued Expenses	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	10. Accrued expenses consist of the following: December 31, 2016 2015 Compensation and related expenses $ 3,089 $ 3,082 Facility construction costs 804 415 Research grants 463 381 Clinical trial costs 227 252 Professional fees 802 210 Deferred Rent 231 - Other 880 438 Total $ 6,496 $ 4,778

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	11. Leasing Arrangements The Company’s headquarters facility is located in Bedford, Massachusetts, where the Company leases approximately 134,000 January 4, 2007, May 1, 2007 ten one February 2, 2017, first November 1, 2017 October 31, 2022, $1.5 three one two five six November 2007. 2012. On October 9, 2015, 33,000 fifteen first 2017 three six six ninth $0.3 Construction of the new facility began in the first 2016 2017. December 31, 2016 $1.7 Anika S.r.l. leases approximately 28,000 December 29, 2016 December 30, 2009 March 31, 2017. Rental expense in connection with the various facility leases totaled $1.3 $1.3 $1.4 December 31, 2016, 2015 2014, The Company’s future lease commitments as of December 31, 2016 2017 $ 1,454 2018 1,878 2019 1,858 2020 1,888 2021 and thereafter 4,759 Total $ 11,837 Warranty and Guarantor Arrangements 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 third no December 31, 2016 2015, Legal Proceedings On July 7, 2010, 5,143,724 5,143,724 5,399,351 March 7, 2014, March 10, 2014, The Company is 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 - Equity Incentive Plan

Note 12 - Equity Incentive Plan	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	12. The Anika Therapeutics, Inc. Stock Option and Incentive Plan, as amended, (the “2003 2003 April 4, 2003, June 4, 2003, 1,500,000 On May 29, 2009, 2003 2003 2003 850,000. 2003 June 5, 2009, 2,350,000 2003 At the 2011 June 7, 2011, “2003 800,000 3,150,000 2003 June 7, 2011 1.9 At the 2013 June 18, 2013, 2003 650,000 3,800,000 2003 June 18, 2013 1.5 0.9 December 31, 2016. The Company may one four The Company estimates the fair value of stock options and SAR’s using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. Key input assumptions used to estimate the fair value of stock options and SAR’s include the exercise price of the award, the expected award term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the award’s expected term, and the Company’s expected annual dividend yield. The Company uses historical data on the exercise of stock options and other factors to evaluate and estimate the expected term of share-based awards. The Company also evaluates actual forfeiture rates periodically and adjusts the expected forfeiture rate assumption within the model accordingly. The expected volatility assumption is evaluated against the historical volatility of the Company’s common stock over a four The fair value of each stock option during 2016, 2015, 2014 December 31, 2016 2015 2014 Risk free interest rate 0.94% - 1.55% 1.15% - 1.46% 1.16% - 1.39% Expected volatility 47.33% - 51.61% 53.15% - 54.65% 53.28% - 57.05% Expected life (years) 4.5 4.5 4.0 Expected dividend yield 0.00% 0.00% 0.00% The Company recorded $3.4 $2.2 $1.6 December 31, 2016, 2015, 2014, December 31, 2016 2015 2014 Cost of product revenue $ 148 $ 42 $ 61 Research & development 467 269 202 Selling, general & administrative 2,777 1,914 1,344 Total stock-based compensation expense $ 3,392 $ 2,225 $ 1,607 Combined stock options and SAR’s activity under the Company’s plans is summarized as follows for the years ended December 31, 2016 2015, 2016 2015 Number of Weighted Number of Weighted Options and SAR's outstanding at beginning of year 762,260 $ 18.75 851,287 $ 14.85 Granted 354,275 $ 40.77 111,625 $ 39.25 Cancelled (58,841 ) $ 30.05 (85,349 ) $ 19.77 Expired (3,310 ) $ 11.37 (8,825 ) $ 20.03 Exercised (74,815 ) $ 15.46 (106,478 ) $ 10.96 Stock options and SAR's outstanding at end of year 979,569 $ 26.15 762,260 $ 18.75 Of the 979,569 December 31, 2016, 903,076 $24.92 $21.7 6.8 December 31, 2016. As of December 31, 2016, $5.0 2.8 There were 144,316 December 31, 2016 $10.22 4.7 There were 281,093 December 31, 2016 $15.61 5.7 There were 7,065 December 31, 2016 $39.69 8.1 There were 40,250 December 31, 2016 $6.94 2.8 The aggregate intrinsic value of stock options and SAR’s fully vested at December 31, 2016 2015 $16.7 $11.6 December 31, 2016 2015 $22.3 $15.2 The total intrinsic value of stock options and SAR’s exercised was $2.1 $3.1 December 31, 2016 2015, The total fair value of stock options and SAR’s vested during the years ended December 31, 2016 2015 $1.3 $1.1 The Company received $1.0 $1.1 December 31, 2016 2015, The RSA and RSU activity for the years ended December 31, 2016 2015 2016 2015 Number of Weighted Number of Weighted Nonvested at Beginning of year 150,384 $ 34.29 109,614 $ 23.91 Granted 87,158 $ 38.11 81,080 $ 37.84 Cancelled (4,950 ) $ 36.20 (10,635 ) $ 32.02 Expired - $ - - $ - Vested/Released (25,515 ) $ 33.35 (29,675 ) $ 19.31 Nonvested at end of year 207,077 $ 36.44 150,384 $ 34.29 The total fair value of RSA’s and RSU’s vested during the years ended December 31, 2016 2015 $1.0 $1.2

Note 13 - Shareholder Rights Pl

Note 13 - Shareholder Rights Plan	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	13. On April 4, 2008, “2008 2008 (1) 15% (2) tender 15% In the event that a person becomes an “Acquiring Person,” each holder of a Right (other than the Acquiring Person) would be entitled to acquire a number of shares of preferred stock equivalent to shares of the Company’s common stock having a value of twice the exercise price of the Right. If, after any such event, the Company enters into a merger or other business combination transaction with another entity, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. The current exercise price per Right is $75.00. may $0.01 (1) (2) At any time after any person becomes an “Acquiring Person,” the Board of Directors may, 2008 50% In connection with the establishment of the 2008 $0.01 175,000

Note 14 - Employee Benefit Plan

Note 14 - Employee Benefit Plan	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Compensation and Employee Benefit Plans [Text Block]	14. U.S. employees are eligible to participate in the Company’s 401(k) may 140% 5% may $0.6 $0.4 $0.4 December 31, 2016, 2015, 2014,

Note 15 - Revenue by Product Gr

Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	15. Product revenue by product group is as follows: Years Ended December 31, 2016 2015 2014 Revenue Percentage Revenue Percentage Revenue Percentage Orthobiologics $ 89,695 87 % $ 73,247 84 % $ 61,957 82 % Dermal 2,759 3 % 2,266 2 % 1,334 2 % Surgical 5,427 5 % 5,812 7 % 5,855 8 % Other 5,051 5 % 6,371 7 % 6,328 8 % $ 102,932 100 % $ 87,696 100 % $ 75,474 100 % Product revenue from our sole significant customer, Mitek, as a percentage of our total product revenue was 75%, 72%, 72% December 31, 2016, 2015, 2014, In December 2011, fifteen $2.5 December 2011. first 2014, $2.2 $2.5 first 2014, $17.5 three March 31, 2014. April 15, 2014 first $5 second 2014. November 10, 2014, January 1, 2015. $5.0 fourth 2014. fourth 2015, $5.0 12 $50 December 31, 2015, $5.0 December 31, 2016. Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows: Years Ended December 31, 2016 2015 2014 Total Percentage of Total Percentage of Total Percentage of Geographic Location: United States $ 83,972 81 % $ 76,621 82 % $ 92,259 87 % Europe 10,953 11 % 8,756 9 % 6,215 6 % Other 8,454 8 % 7,622 9 % 7,121 7 % Total $ 103,379 100 % $ 92,999 100 % $ 105,595 100 % The Company recorded licensing, milestone, and contract revenue of $0.4 $5.3 $30.1 December 31, 2016, 2015, 2014, Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. See Note 11, Commitments and Contingencies Years Ended December 31, 2016 2015 United States $ 49,140 $ 39,732 Italy 3,156 376 Total $ 52,296 $ 40,108

Note 16 - Income Taxes

Note 16 - Income Taxes	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Income Tax Disclosure [Text Block]	16. Income Tax Expense The components of the Company’s income before income taxes and its provision for (benefit from) income taxes consist of the following: Years ended December 31, 2016 2015 2014 Income before income taxes Domestic $ 50,181 $ 48,608 $ 63,232 Foreign 689 (354 ) (1,727 ) $ 50,870 $ 48,254 $ 61,505 Years ended December 31, 2016 2015 2014 Provision for (benefit from) income taxes: Current provision: Federal $ 14,982 $ 14,572 $ 18,301 State 3,265 3,635 3,895 Foreign 302 249 192 18,549 18,456 22,388 Deferred provision: Federal (70 ) (370 ) 1,153 State (84 ) (33 ) 122 Foreign (72 ) (557 ) (477 ) (226 ) (960 ) 798 Total provision $ 18,323 $ 17,496 $ 23,186 Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities consist of the following: December 31, 2016 2015 Deferred tax assets: Net operating loss carry forward, foreign $ 1,253 $ 1,567 Stock-based compensation expense 1,882 1,043 Foreign currency exchange 677 762 Accrued expenses and other 308 510 Inventory reserve 640 547 Deferred tax assets $ 4,760 $ 4,429 December 31, 2016 2015 Deferred tax liabilities: Acquisition-related Intangibles $ (2,932 ) $ (3,738 ) Depreciation (8,376 ) (7,466 ) Deferred tax liabilities $ (11,308 ) $ (11,204 ) Net deferred tax liabilities $ (6,548 ) $ (6,775 ) Tax Rate The reconciliation between the U.S. federal statutory rate and the Company’s effective rate is summarized as follows: Years ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax expense, net of federal benefit 4.5 % 4.8 % 4.9 % Permanent items, including nondeductible expenses 0.5 % (0.3 %) 0.1 % State investment tax credit (0.1 %) 0.0 % (0.1 %) Federal, state and foreign research and development credits (0.9 %) (0.4 %) (0.7 %) Foreign rate differential (0.1 %) 0.1 % 0.2 % Domestic production deduction (2.9 %) (2.9 %) (1.7 %) Effective income tax rate 36.0 % 36.3 % 37.7 % As of December 31, 2016, $5.2 Accounting for Uncertainty in Income Taxes The Company had no December 31, 2016 2015, In the normal course of business, Anika and its subsidiaries may 2013 2014 2010 The Company does not anticipate experiencing any significant increases or decreases in its unrecognized tax benefits within the twelve December 31, 2016. The Company incurred expenses related to stock-based compensation in 2016 2015, 2014 $3.4 $2.2 $1.6 $1.2 $1.1 $3.1 2016, 2015, 2014, Upon the settlement of certain stock-based awards (i.e., exercise, vesting, forfeiture, or cancellation), the actual tax deduction is compared with cumulative financial reporting compensation cost, and any excess tax deduction related to these awards is considered a windfall tax benefit. Such benefits are tracked in a “windfall tax benefit pool” to offset any future tax deduction shortfalls, and they will be recorded as increases to additional paid-in capital in the period when the tax deduction reduces income taxes payable. The Company follows the with-and-without approach for the direct effects of windfall/shortfall items and to determine the timing of the recognition of any related benefits. The Company recorded a net windfall of $0.6 $0.9 $9.6 2016, 2015, 2014,

Note 17 - Quarterly Financial D

Note 17 - Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Notes to Financial Statements
Quarterly Financial Information [Text Block]	17. Year 2016 Quarter ended Quarter ended Quarter ended Quarter ended Product revenue $ 28,296 $ 25,783 $ 26,575 $ 22,278 Total revenue 28,726 25,789 26,581 22,283 Cost of product revenue 7,539 4,998 6,065 5,425 Gross profit on product revenue 20,757 20,785 20,510 16,853 Net income $ 8,085 $ 8,952 $ 8,615 $ 6,895 Per common share information: Basic net income per share $ 0.56 $ 0.61 $ 0.59 $ 0.46 Basic common shares outstanding 14,538 14,625 14,679 14,875 Diluted net income per share $ 0.54 $ 0.59 $ 0.57 $ 0.45 Diluted common shares outstanding 14,979 15,077 15,111 15,307 Year 2015 Quarter ended Quarter ended Quarter ended Quarter ended Product revenue $ 25,607 $ 23,676 $ 22,898 $ 15,515 Total revenue 30,894 23,681 22,904 15,520 Cost of product revenue 6,290 5,176 5,274 4,313 Gross profit on product revenue 19,317 18,500 17,624 11,202 Net income $ 11,042 $ 8,380 $ 7,820 $ 3,516 Per common share information: Basic net income per share $ 0.74 $ 0.56 $ 0.52 $ 0.24 Basic common shares outstanding 14,965 14,967 14,961 14,905 Diluted net income per share $ 0.72 $ 0.55 $ 0.51 $ 0.23 Diluted common shares outstanding 15,353 15,316 15,336 15,330

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Consolidation, Policy [Policy Text Block]	Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation.
Foreign Currency Transactions and Translations Policy [Policy Text Block]	Foreign Currency Translation The functional currency of the Company’s foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the monthly average exchange rates prevailing throughout the year. The translation adjustments resulting from this process are included as a component of accumulated currency translation adjustment which resulted in a loss from foreign currency translation of $0.7 $2.2 $2.8 December 31, 2016, 2015, 2014, The Company recognized a loss from foreign currency transactions of $0.3 $0.4 $0.6 December 31, 2016, 2015, 2014,
Fair Value Measurement, Policy [Policy Text Block]	Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and consider assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 • Level 3 The Company’s financial assets have been classified as Level 2. third
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block]	Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 2016 2015 2014 Balance, beginning of the year $ 167 $ 147 $ 593 Amounts provided 52 38 - Amounts written off (16 ) (3 ) (377 ) Translation adjustments (9 ) (15 ) (69 ) Balance, end of the year $ 194 $ 167 $ 147
Revenue Recognition, Policy [Policy Text Block]	Revenue Recognition - General The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, risk of loss has passed or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured.
Revenue Recognition, Sales of Goods [Policy Text Block]	Product Revenue Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. Product revenue also includes royalties. Royalty revenue is based on distributors’ sales and recognized in the same period distributors record their sale of products manufactured by the Company. On a quarterly basis the Company records royalty revenue based upon sales provided to it by its distributor customers. Pursuant to the Health Care and Education Reconciliation Act of 2010, January 1, 2013 605 45. December 31, 2015 2014, December 18, 2015, 2016, 2.3 January 1, 2016, December 31, 2017.
Revenue Recognition, Services, Licensing Fees [Policy Text Block]	Licensing, Milestone and Contract Revenue Licensing, milestone and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development, and/or supply agreements with partners for the development and commercialization of the Company’s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: 1. The consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, 2. The consideration relates solely to past performance, and 3. The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no further obligations by the Company. The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU 2009 13, Revenue Recognition January 2011, 605 25, Multiple Element Arrangements 605 25”) 605 25, 2009 13,
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three 90
Marketable Securities, Policy [Policy Text Block]	Investments The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 three one one three All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not the Company will be required to sell the security prior the expected recovery of the investment's amortized cost basis. During the years ended December 31, 2016 2015,
Concentration Risk, Credit Risk, Policy [Policy Text Block]	Concentration of Credit Risk and Significant Customers The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company’s cash equivalents and investments are held with two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. As of December 31, 2016 2015, 66% 60%, 10%
Inventory, Policy [Policy Text Block]	Inventories Inventories are stated at the lower of standard cost or net realizable value, with cost being determined using the first first The Company’s policy is to write-down inventory when conditions exist that suggest inventory may When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory $16.0 and $14.9 December 31, 2016 2015, $0.9 $0.9 may
Property, Plant and Equipment, Policy [Policy Text Block]	Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives. Equipment and software are typically amortized over two ten five seven December 31, 2016 2015
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block]	Goodwill and Acquired Intangible Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquires that have not been completed at the date of acquisition or are pending regulatory approval in certain jurisdictions. The value assigned to the acquired IPR&D is determined by estimating the costs to develop the acquired technology into commercially viable products, estimating the resulting revenue from the projects, and discounting the net cash flows to present value. Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors the Company considers important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets or the strategy for its overall business, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period, or a reduction of its market capitalization relative to net book value. To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company’s annual assessment for impairment of goodwill as of November 30, 2016 To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. The Company estimates the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not limited to, estimating the timing of and expected costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows from product sales resulting from completed projects and in-process projects, and developing appropriate discount rates. During the fourth 2015, $0.7 November 30, 2016
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block]	Long-Lived Assets Long-lived assets primarily include property and equipment, and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, distributor relationships, patents and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may
Research and Development Expense, Policy [Policy Text Block]	Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation The Company has stock-based compensation plans under which various types of equity-based awards are granted, including restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance units, and stock options. The Company measures the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. See Note 12 For performance-based awards with financial achievement targets, the Company recognizes expense using the graded vesting methodology based on the number of shares expected to vest. 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. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related share-based compensation expense that will be recorded in the period of the change. If the performance targets are not achieved, no compensation cost is recognized, and any previously recognized compensation cost is reversed. The Company recorded approximately $0.3 $0.4 2016 2015, 2014
Income Tax, Policy [Policy Text Block]	Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not reported in tax returns and financial statements in the same year. The tax effects of these timing differences are reported as deferred tax assets and liabilities. Deferred tax assets are recognized for the estimated future tax effects of deductible temporary differences, tax operating losses, and tax credit carry-forwards (including investment tax credits). Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes that it is more likely than not that all or a portion of deferred tax assets will not be realized, the Company establishes a valuation allowance to reduce the deferred tax assets to the appropriate valuation. To the extent the Company establishes a valuation allowance or increases or decreases this allowance in a given period, it includes the related tax expense or tax benefit within the tax provision in the consolidated statement of operations in that period.
Comprehensive Income, Policy [Policy Text Block]	Comprehensive Income Comprehensive income consists of net income and other comprehensive loss, which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, the Company does not record tax provisions or benefits for the net changes in the foreign currency translation adjustment, as it intends to indefinitely reinvest undistributed earnings of its foreign subsidiary. Accumulated other comprehensive loss is reported as a component of stockholders' equity.
Segment Reporting, Policy [Policy Text Block]	Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin one
Commitments and Contingencies, Policy [Policy Text Block]	Contingencies In the normal course of business, we are involved in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. We record accruals for loss contingencies to the extent that we conclude that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. We consider all relevant factors when making assessments regarding these contingencies. 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.
Subsequent Events, Policy [Policy Text Block]	Subsequent Events Events occurring subsequent to December 31, 2016 11, Commitments and Contingencies February 2, 2017
New Accounting Pronouncements, Policy [Policy Text Block]	Recent Accounting Pronouncements Recently Issued In May 2014, 2014 09, 2014 09 605, July 2015, 2014 09 one December 15, 2017 2014 09, 2014 09 In February 2016, 2016 02, 842). 2016 02 2016 02 December 15, 2018. may 2016 02 In March 2016, 2016 09, 718) 2016 09 2016 09 January 1, 2017. 2016 09 In June 2016, 2016 13, 326) 2016 13 2016 13 January 1, 2020. Recently Adopted In August 2014, 2014 15, 2014 15 December 15, 2016, fourth twelve In July 2015, 2015 11, 330) 2015 11 first first 2015 11 December 15, 2016. 2015 11 March 31, 2016.

Note 2 - Summary of Significa25

Note 2 - Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Allowance for Credit Losses on Financing Receivables [Table Text Block]	December 31, 2016 2015 2014 Balance, beginning of the year $ 167 $ 147 $ 593 Amounts provided 52 38 - Amounts written off (16 ) (3 ) (377 ) Translation adjustments (9 ) (15 ) (69 ) Balance, end of the year $ 194 $ 167 $ 147

Note 4 - Fair Value Measureme26

Note 4 - Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting December 31, 2016 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 68,352 $ - $ 68,352 $ - Bank certificates of deposit 750 - 750 - Total cash equivalents 69,102 - 69,102 - Investments: Bank certificates of deposit $ 20,500 $ - $ 20,500 $ - Fair Value Measurements at Reporting December 31, 2015 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 61,385 $ - $ 61,385 $ - Bank certificates of deposit 250 - 250 - Total cash equivalents $ 61,635 $ - $ 61,635 $ - Investments: Corporate debt securities $ 2,001 $ - $ 2,001 $ - Bank certificates of deposit 25,750 - 25,750 - Total investments $ 27,751 $ - $ 27,751 $ -

Note 5 - Earnings Per Share (27

Note 5 - Earnings Per Share ("EPS") (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Years Ended December 31, 2016 2015 2014 Shares used in the calculation of basic earnings per share 14,682 14,934 14,678 Effect of dilutive securities: Stock options, SAR's, RSA's and RSU's 434 387 591 Diluted shares used in the calculation of earnings per share 15,116 15,321 15,269

Note 6 - Inventories (Tables)

Note 6 - Inventories (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	December 31, 2016 2015 Raw materials $ 5,884 $ 5,780 Work-in-process 5,559 5,656 Finished goods 4,540 3,502 Total $ 15,983 $ 14,938

Note 7 - Property and Equipme29

Note 7 - Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Property, Plant and Equipment [Table Text Block]	December 31, 2016 2015 Equipment and software $ 27,456 $ 24,512 Furniture and fixtures 1,126 1,240 Leasehold improvements 27,796 27,622 Construction in progress 22,695 11,274 Subtotal 79,073 64,648 Less accumulated depreciation (26,777 ) (24,540 ) Total $ 52,296 $ 40,108

Note 8 - Acquired Intangible 30

Note 8 - Acquired Intangible Assets, Net (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	December 31, 2016 December 31, 2015 Gross Value Accumulated Accumulated Net Book Net Book Useful Life Developed technology $ 17,100 $ (3,442 ) $ (6,816 ) $ 6,842 $ 7,959 15 In-process research & development 4,406 (1,433 ) - 2,973 3,099 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (207 ) (381 ) 412 473 16 Elevess trade name 1,000 - (1,000 ) - 125 9 Total $ 28,206 $ (5,497 ) $ (12,482 ) $ 10,227 $ 11,656

Note 9 - Goodwill (Tables)

Note 9 - Goodwill (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Goodwill [Table Text Block]	December 31, 2016 2015 Balance, beginning $ 7,482 $ 8,339 Effect of foreign currency adjustments (268 ) (857 ) Balance, ending $ 7,214 $ 7,482

Note 10 - Accrued Expenses (Tab

Note 10 - Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	December 31, 2016 2015 Compensation and related expenses $ 3,089 $ 3,082 Facility construction costs 804 415 Research grants 463 381 Clinical trial costs 227 252 Professional fees 802 210 Deferred Rent 231 - Other 880 438 Total $ 6,496 $ 4,778

Note 11 - Commitments and Con33

Note 11 - Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	2017 $ 1,454 2018 1,878 2019 1,858 2020 1,888 2021 and thereafter 4,759 Total $ 11,837

Note 12 - Equity Incentive Pl34

Note 12 - Equity Incentive Plan (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	December 31, 2016 2015 2014 Risk free interest rate 0.94% - 1.55% 1.15% - 1.46% 1.16% - 1.39% Expected volatility 47.33% - 51.61% 53.15% - 54.65% 53.28% - 57.05% Expected life (years) 4.5 4.5 4.0 Expected dividend yield 0.00% 0.00% 0.00%
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	December 31, 2016 2015 2014 Cost of product revenue $ 148 $ 42 $ 61 Research & development 467 269 202 Selling, general & administrative 2,777 1,914 1,344 Total stock-based compensation expense $ 3,392 $ 2,225 $ 1,607
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block]	2016 2015 Number of Weighted Number of Weighted Options and SAR's outstanding at beginning of year 762,260 $ 18.75 851,287 $ 14.85 Granted 354,275 $ 40.77 111,625 $ 39.25 Cancelled (58,841 ) $ 30.05 (85,349 ) $ 19.77 Expired (3,310 ) $ 11.37 (8,825 ) $ 20.03 Exercised (74,815 ) $ 15.46 (106,478 ) $ 10.96 Stock options and SAR's outstanding at end of year 979,569 $ 26.15 762,260 $ 18.75
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block]	2016 2015 Number of Weighted Number of Weighted Nonvested at Beginning of year 150,384 $ 34.29 109,614 $ 23.91 Granted 87,158 $ 38.11 81,080 $ 37.84 Cancelled (4,950 ) $ 36.20 (10,635 ) $ 32.02 Expired - $ - - $ - Vested/Released (25,515 ) $ 33.35 (29,675 ) $ 19.31 Nonvested at end of year 207,077 $ 36.44 150,384 $ 34.29

Note 15 - Revenue by Product 35

Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Years Ended December 31, 2016 2015 2014 Revenue Percentage Revenue Percentage Revenue Percentage Orthobiologics $ 89,695 87 % $ 73,247 84 % $ 61,957 82 % Dermal 2,759 3 % 2,266 2 % 1,334 2 % Surgical 5,427 5 % 5,812 7 % 5,855 8 % Other 5,051 5 % 6,371 7 % 6,328 8 % $ 102,932 100 % $ 87,696 100 % $ 75,474 100 %
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Years Ended December 31, 2016 2015 2014 Total Percentage of Total Percentage of Total Percentage of Geographic Location: United States $ 83,972 81 % $ 76,621 82 % $ 92,259 87 % Europe 10,953 11 % 8,756 9 % 6,215 6 % Other 8,454 8 % 7,622 9 % 7,121 7 % Total $ 103,379 100 % $ 92,999 100 % $ 105,595 100 %
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block]	Years Ended December 31, 2016 2015 United States $ 49,140 $ 39,732 Italy 3,156 376 Total $ 52,296 $ 40,108

Note 16 - Income Taxes (Tables)

Note 16 - Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Years ended December 31, 2016 2015 2014 Income before income taxes Domestic $ 50,181 $ 48,608 $ 63,232 Foreign 689 (354 ) (1,727 ) $ 50,870 $ 48,254 $ 61,505 Years ended December 31, 2016 2015 2014 Provision for (benefit from) income taxes: Current provision: Federal $ 14,982 $ 14,572 $ 18,301 State 3,265 3,635 3,895 Foreign 302 249 192 18,549 18,456 22,388 Deferred provision: Federal (70 ) (370 ) 1,153 State (84 ) (33 ) 122 Foreign (72 ) (557 ) (477 ) (226 ) (960 ) 798 Total provision $ 18,323 $ 17,496 $ 23,186
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]	December 31, 2016 2015 Deferred tax assets: Net operating loss carry forward, foreign $ 1,253 $ 1,567 Stock-based compensation expense 1,882 1,043 Foreign currency exchange 677 762 Accrued expenses and other 308 510 Inventory reserve 640 547 Deferred tax assets $ 4,760 $ 4,429 December 31, 2016 2015 Deferred tax liabilities: Acquisition-related Intangibles $ (2,932 ) $ (3,738 ) Depreciation (8,376 ) (7,466 ) Deferred tax liabilities $ (11,308 ) $ (11,204 ) Net deferred tax liabilities $ (6,548 ) $ (6,775 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	Years ended December 31, 2016 2015 2014 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax expense, net of federal benefit 4.5 % 4.8 % 4.9 % Permanent items, including nondeductible expenses 0.5 % (0.3 %) 0.1 % State investment tax credit (0.1 %) 0.0 % (0.1 %) Federal, state and foreign research and development credits (0.9 %) (0.4 %) (0.7 %) Foreign rate differential (0.1 %) 0.1 % 0.2 % Domestic production deduction (2.9 %) (2.9 %) (1.7 %) Effective income tax rate 36.0 % 36.3 % 37.7 %

Note 17 - Quarterly Financial37

Note 17 - Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Notes Tables
Quarterly Financial Information [Table Text Block]	Year 2016 Quarter ended Quarter ended Quarter ended Quarter ended Product revenue $ 28,296 $ 25,783 $ 26,575 $ 22,278 Total revenue 28,726 25,789 26,581 22,283 Cost of product revenue 7,539 4,998 6,065 5,425 Gross profit on product revenue 20,757 20,785 20,510 16,853 Net income $ 8,085 $ 8,952 $ 8,615 $ 6,895 Per common share information: Basic net income per share $ 0.56 $ 0.61 $ 0.59 $ 0.46 Basic common shares outstanding 14,538 14,625 14,679 14,875 Diluted net income per share $ 0.54 $ 0.59 $ 0.57 $ 0.45 Diluted common shares outstanding 14,979 15,077 15,111 15,307 Year 2015 Quarter ended Quarter ended Quarter ended Quarter ended Product revenue $ 25,607 $ 23,676 $ 22,898 $ 15,515 Total revenue 30,894 23,681 22,904 15,520 Cost of product revenue 6,290 5,176 5,274 4,313 Gross profit on product revenue 19,317 18,500 17,624 11,202 Net income $ 11,042 $ 8,380 $ 7,820 $ 3,516 Per common share information: Basic net income per share $ 0.74 $ 0.56 $ 0.52 $ 0.24 Basic common shares outstanding 14,965 14,967 14,961 14,905 Diluted net income per share $ 0.72 $ 0.55 $ 0.51 $ 0.23 Diluted common shares outstanding 15,353 15,316 15,336 15,330

Note 2 - Summary of Significa38

Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax	$ (700)	$ (2,200)	$ (2,800)
Foreign Currency Transaction Gain (Loss), before Tax	$ (300)	$ (400)	$ (600)
Concentration Risk, Percentage	100.00%	100.00%	100.00%
Inventory, Net	$ 15,983	$ 14,938
Inventory Adjustments	900	900
Allocated Share-based Compensation Expense	$ 3,392	2,225	$ 1,607
Number of Reportable Segments	1
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities	$ 0	0
Performance Shares [Member]
Allocated Share-based Compensation Expense	300	400	0
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	467	269	$ 202
In Process Research Development [Member] | Research and Development Expense [Member]
Impairment of Intangible Assets, Finite-lived	$ 700	$ 700
Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Maximum [Member]
Property, Plant and Equipment, Useful Life	16 years
Machinery and Equipment [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	2 years
Machinery and Equipment [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	10 years
Furniture and Fixtures [Member] | Minimum [Member]
Property, Plant and Equipment, Useful Life	5 years
Furniture and Fixtures [Member] | Maximum [Member]
Property, Plant and Equipment, Useful Life	7 years
Accounts Receivable [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member]
Concentration Risk, Percentage	66.00%	60.00%

Note 2 - Summary of Significa39

Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Balance, beginning of the year	$ 167	$ 147	$ 593
Provision for doubtful accounts	52	38
Amounts written off	(16)	(3)	(377)
Translation adjustments	(9)	(15)	(69)
Balance, end of the year	194	167	147
Foreign Currency Spot Rate [Member]
Provision for doubtful accounts	$ 52	$ 38

Note 3 - Investments (Details T

Note 3 - Investments (Details Textual) - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax	$ 0	$ 0
Certificates of Deposit [Member]
Available-for-sale Securities	$ 20,500,000	25,800,000
Corporate Debt Securities [Member]
Available-for-sale Securities		$ 2,000,000

Note 4 - Fair Value Measureme41

Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Cash equivalents	$ 69,102	$ 61,635
Investments	20,500	27,751
Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Investments
Fair Value, Inputs, Level 2 [Member]
Cash equivalents	69,102	61,635
Investments		27,751
Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Investments
Money Market Funds [Member]
Cash equivalents	68,352	61,385
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents	68,352	61,385
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Certificates of Deposit [Member]
Cash equivalents	750	250
Investments	20,500	25,750
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents
Investments
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents	750	250
Investments	20,500	25,750
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Investments
Corporate Debt Securities [Member]
Investments		2,001
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Investments
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Investments		2,001
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Investments

Note 5 - Earnings Per Share (42

Note 5 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Aug. 31, 2016	Feb. 29, 2016	Feb. 26, 2016	Aug. 31, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Aug. 26, 2016
Payments for Repurchase of Common Stock					$ 25,000
Common Stock [Member]
Stock Repurchased and Retired During Period, Shares							134
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member]
Payments for Repurchase of Common Stock			$ 25,000
Stock Repurchased and Retired During Period, Shares	100	400		500
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | Common Stock [Member]
Stock Repurchase Program, Authorized Amount			$ 25,000
Accelerated Share Repurchases, Initial Price Paid Per Share		$ 46.40
Accelerated Share Repurchases, Settlement (Payment) or Receipt								$ 7,500
Accelerated Share Repurchases, Final Price Paid Per Share				$ 47.08
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					400	200	100
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount					100	100	30

Note 5 - Earnings Per Share (43

Note 5 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Basic weighted average common shares outstanding (in shares)									14,682	14,934	14,678
Effect of dilutive securities:
Stock options, SAR's, RSA's and RSU's (in shares)									434	387	591
Diluted shares used in the calculation of earnings per share (in shares)	14,979	15,077	15,111	15,307	15,353	15,316	15,336	15,330	15,116	15,321	15,269

Note 6 - Inventories - Inventor

Note 6 - Inventories - Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Raw materials	$ 5,884	$ 5,780
Work-in-process	5,559	5,656
Finished goods	4,540	3,502
Total	$ 15,983	$ 14,938

Note 7 - Property and Equipme45

Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Depreciation	$ 2.7	$ 2.7	$ 2.6

Note 7 - Property and Equipme46

Note 7 - Property and Equipment - Property and Equipment at Cost (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Equipment and software	$ 27,456	$ 24,512
Furniture and fixtures	1,126	1,240
Leasehold improvements	27,796	27,622
Construction in progress	22,695	11,274
Subtotal	79,073	64,648
Less accumulated depreciation	(26,777)	(24,540)
Total	$ 52,296	$ 40,108

Note 8 - Acquired Intangible 47

Note 8 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jan. 31, 2015
Amortization of Intangible Assets	$ 1,100	$ 1,100	$ 2,100
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months	900
Finite-Lived Intangible Assets, Amortization Expense, Year Two	900
Finite-Lived Intangible Assets, Amortization Expense, after Year Five	2,800
Finite-Lived Intangible Assets, Amortization Expense, Year Three	900
Finite-Lived Intangible Assets, Amortization Expense, Year Four	900
Finite-Lived Intangible Assets, Amortization Expense, Year Five	900
In Process Research Development [Member] | Research and Development Expense [Member]
Impairment of Intangible Assets, Finite-lived	$ 700	$ 700
Developed Technology Rights [Member] | Reclassified from in Process Research and Development [Member]
Finite-Lived Intangible Assets, Gross				$ 400

Note 8 - Acquired Intangible 48

Note 8 - Acquired Intangible Assets, Net - Intangible Assets (Details) - USD ($)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2016
Gross Value		$ 28,206,000
Accumulated Currency Translation Adjustment		(5,497,000)
Accumulated Amortization		(12,482,000)
Intangible assets, net	$ 11,656,000	10,227,000
Developed Technology Rights [Member]
Gross Value		17,100,000
Accumulated Currency Translation Adjustment		(3,442,000)
Accumulated Amortization		(6,816,000)
Intangible assets, net	$ 7,959	6,842,000
Useful Life (Year)	15 years
In Process Research and Development [Member]
Gross Value		4,406,000
Accumulated Currency Translation Adjustment		(1,433,000)
Intangible assets, net	$ 3,099,000	2,973,000
Distribution Rights [Member]
Gross Value		4,700,000
Accumulated Currency Translation Adjustment		(415,000)
Accumulated Amortization		(4,285,000)
Intangible assets, net
Useful Life (Year)	5 years
Patents [Member]
Gross Value		1,000,000
Accumulated Currency Translation Adjustment		(207,000)
Accumulated Amortization		(381,000)
Intangible assets, net	$ 473,000	412,000
Useful Life (Year)	16 years
Elevess Trade Name [Member]
Gross Value		1,000,000
Accumulated Amortization		(1,000,000)
Intangible assets, net	$ 125,000
Useful Life (Year)	9 years

Note 9 - Goodwill - Changes in

Note 9 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Balance	$ 7,482	$ 8,339
Effect of foreign currency adjustments	(268)	(857)
Balance	$ 7,214	$ 7,482

Note 10 - Accrued Expenses - Ac

Note 10 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Compensation and related expenses	$ 3,089	$ 3,082
Facility construction costs	804	415
Research grants	463	381
Clinical trial costs	227	252
Professional fees	802	210
Deferred Rent	231
Other	880	438
Total	$ 6,496	$ 4,778

Note 11 - Commitments and Con51

Note 11 - Commitments and Contingencies (Details Textual)	Feb. 02, 2017USD ($)	Oct. 09, 2015ft²	Dec. 31, 2015USD ($)	Dec. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Construction in Progress, Gross			$ 11,274,000	$ 22,695,000	$ 11,274,000
Operating Leases, Rent Expense				1,300,000	1,300,000	$ 1,400,000
Standard and Extended Product Warranty Accrual			0	$ 0	$ 0
Bedford Massachusetts [Member]
Area of Real Estate Property | ft²				134,000
Lessee Leasing Arrangements, Operating Leases, Term of Contract				10 years 182 days
Option to Extend Operating Lease Term, Number of Periods				3
Bedford Massachusetts [Member] | Next Two Renewal Options [Member]
Lessee Leasing Arrangements, Operating Leases, Renewal Term				5 years
Bedford Massachusetts [Member] | Final Renewal Option [Member]
Lessee Leasing Arrangements, Operating Leases, Renewal Term				6 years
Bedford Massachusetts [Member] | Subsequent Event [Member]
Lessee Leasing Arrangements, Annual Base Rent	$ 1,500,000
European Headquarters Facility [Member]
Area of Real Estate Property | ft²		33,000
Lessee Leasing Arrangements, Term of Contract		15 years
Lessee Leasing Arrangements, Number of Renewal Terms		3
Lessee Leasing Arrangements, Renewal Term		6 years
Lessee Leasing Arrangements Ability to Withdraw With Penalty		6 years
Lessee Leasing Arrangements Ability to Withdrawn Without Penalty		9 years
Lessee Leasing Arrangements Initial Yearly Rent			$ 300,000
Construction in Progress, Gross				$ 1,700,000
Abano Terme, Italy [Member]
Area of Real Estate Property | ft²				28,000

Note 11 - Commitments and Con52

Note 11 - Commitments and Contingencies - Future Lease Commitments (Details) $ in Thousands	Dec. 31, 2016USD ($)
2,017	$ 1,454
2,018	1,878
2,019	1,858
2,020	1,888
2021 and thereafter	4,759
Total	$ 11,837

Note 12 - Equity Incentive Pl53

Note 12 - Equity Incentive Plan (Details Textual) - USD ($)	Jun. 18, 2013	Jun. 07, 2011	Jun. 05, 2009	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Jun. 04, 2003
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant				0.9
Allocated Share-based Compensation Expense				$ 3,392,000	$ 2,225,000	$ 1,607,000
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested and Expected to Vest Outstanding Number				903,076
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested and Expected to Vest Outstanding Weighted Average Exercise Price				$ 24.92
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Ppreciation Rights Vested and Expected to Vest Outstanding Aggregate Intrinsic Value				$ 21.70
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm				6 years 292 days
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested Aggregate Intrinsic Value				$ 16,700,000	11,600,000
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value				22,300,000	15,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value				2,100,000	3,100,000
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested in Period Fair Value				1,300,000	1,100,000
Proceeds from Stock Options Exercised				$ 1,007,000	1,074,000	2,055,000
Employee Stock Option [Member]
Share-based Compensation Arrangement Evaluation of Expected Volatility Assumption to Historical Volatility Average Period				4 years
Stock Options, SARs and Restricted Stock Awards [Member]
Allocated Share-based Compensation Expense				$ 3,400,000	2,200,000	1,600,000
Stock Options and SARs [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number				979,569
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized				$ 5,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 292 days
Incentive Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				144,316
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price				$ 10.22
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term				4 years 255 days
Non-qualified Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				281,093
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price				$ 15.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term				5 years 255 days
Performance Shares [Member]
Allocated Share-based Compensation Expense				$ 300,000	400,000	$ 0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				7,065
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price				$ 39.69
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term				8 years 36 days
Stock Appreciation Rights (SARs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number				40,250
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price				$ 6.94
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term				2 years 292 days
Restricted Stock and Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value				$ 1,000,000	$ 1,200,000
Amended Two Thousand Three Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant	3,800,000		2,350,000				1,500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	650,000		850,000
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs	1.5
Second Amended Two Thousand Three Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant		3,150,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized		800,000
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs		1.9
Two Thousand Three Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				1 year
Two Thousand Three Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years

Note 12 - Equity Incentive Pl54

Note 12 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Expected life (years) (Year)	4 years 182 days	4 years 182 days	4 years
Expected dividend yield	0.00%	0.00%	0.00%
Minimum [Member]
Risk free interest rate	0.94%	1.15%	1.16%
Expected volatility	47.33%	53.15%	53.28%
Maximum [Member]
Risk free interest rate	1.55%	1.46%	1.39%
Expected volatility	51.61%	54.65%	57.05%

Note 12 - Equity Incentive Pl55

Note 12 - Equity Incentive Plan - Allocation of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Stock-based compensation expenses	$ 3,392	$ 2,225	$ 1,607
Cost of Sales [Member]
Stock-based compensation expenses	148	42	61
Research and Development Expense [Member]
Stock-based compensation expenses	467	269	202
Selling, General and Administrative Expenses [Member]
Stock-based compensation expenses	$ 2,777	$ 1,914	$ 1,344

Note 12 - Equity Incentive Pl56

Note 12 - Equity Incentive Plan - Stock Options and SAR’s Activity (Details)	12 Months Ended
	Dec. 31, 2016$ / shares	Dec. 31, 2015$ / shares
Options and SAR's outstanding at beginning of year	762,260	851,287
Options and SAR's outstanding at beginning of year, Weighted Average Exercise Price Per Share (in dollars per share)	$ 18.75	$ 14.85
Options and SAR's Granted	354,275	111,625
Options and SAR's Granted, Weighted Average Exercise Price Per Share (in dollars per share)	$ 40.77	$ 39.25
Options and SAR's Cancelled	(58,841)	(85,349)
Options and SAR's Cancelled, Weighted Average Exercise Price Per Share (in dollars per share)	$ 30.05	$ 19.77
Options and SAR's Expired	(3,310)	(8,825)
Options and SAR's Expired, Weighted Average Exercise Price Per Share (in dollars per share)	$ 11.37	$ 20.03
Options and SAR's Exercised	(74,815)	(106,478)
Options and SAR's Exercised, Weighted Average Exercise Price Per Share (in dollars per share)	$ 15.46	$ 10.96
Stock options and SAR's outstanding at end of year	979,569	762,260
Stock options and SAR's outstanding at end of year (in dollars per share)	$ 26.15	$ 18.75

Note 12 - Equity Incentive Pl57

Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Nonvested at Beginning of year (in shares)	150,384	109,614
Nonvested at Beginning of year (in dollars per share)	$ 34.29	$ 23.91
Granted (in shares)	87,158	81,080
Granted (in dollars per share)	$ 38.11	$ 37.84
Cancelled (in shares)	(4,950)	(10,635)
Cancelled (in dollars per share)	$ 36.20	$ 32.02
Vested/Released (in shares)	(25,515)	(29,675)
Vested/Released (in dollars per share)	$ 33.35	$ 19.31
Nonvested at end of year (in shares)	207,077	150,384
Nonvested at end of year (in dollars per share)	$ 36.44	$ 34.29

Note 13 - Shareholder Rights 58

Note 13 - Shareholder Rights Plan (Details Textual) - Shareholder Rights Plan Two Thousand Eight [Member] - $ / shares	12 Months Ended
	Dec. 31, 2016	Apr. 04, 2008
Exercise Price per Share	$ 75
Stock Redemption Price per Share	0.01
Series B Junior Participating Preferred Stock [Member]
Exercise Price per Share	175,000
Stock Redemption Price per Share	$ 0.01
Maximum [Member]
Stock Holders Rights Plan Exercisability Threshold Percentage		15.00%
Stockholder Rights Plan Exercise Trigger Threshold Percentage Voting Stock Ownership Offer		15.00%
Percentage of Beneficial Ownership Interests	50.00%

Note 14 - Employee Benefit Pl59

Note 14 - Employee Benefit Plan (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Defined Contribution Plan, Employer Matching Contribution, Percent of Match	140.00%
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay	5.00%
Defined Contribution Plan, Employer Discretionary Contribution Amount	$ 0.6	$ 0.4	$ 0.4

Note 15 - Revenue by Product 60

Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended				12 Months Ended
	Dec. 31, 2011	Dec. 31, 2015	Dec. 31, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Concentration Risk, Percentage						100.00%	100.00%	100.00%
Sales Revenue, Services, Net						$ 447	$ 5,303	$ 30,121
Miltek MONOVISC Agreement [Member]
Contract Term Years	15 years
Deferred Revenue	$ 2,500
Deferred Revenue, Revenue Recognized					$ 2,200
Revenue Recognition, Milestone Method, Revenue Recognized		$ 5,000	$ 5,000	$ 5,000	$ 17,500		5,000
Proceeds from Milestone Payments							$ 50,000
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member]
Concentration Risk, Percentage						75.00%	72.00%	72.00%

Note 15 - Revenue by Product 61

Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information - Product Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Product Revenue	$ 28,296	$ 25,783	$ 26,575	$ 22,278	$ 25,607	$ 23,676	$ 22,898	$ 15,515	$ 102,932	$ 87,696	$ 75,474
Concentration risk, percentage									100.00%	100.00%	100.00%
Orthobiologics [Member]
Product Revenue									$ 89,695	$ 73,247	$ 61,957
Concentration risk, percentage									87.00%	84.00%	82.00%
Dermal [Member]
Product Revenue									$ 2,759	$ 2,266	$ 1,334
Concentration risk, percentage									3.00%	2.00%	2.00%
Surgical [Member]
Product Revenue									$ 5,427	$ 5,812	$ 5,855
Concentration risk, percentage									5.00%	7.00%	8.00%
Other [Member]
Product Revenue									$ 5,051	$ 6,371	$ 6,328
Concentration risk, percentage									5.00%	7.00%	8.00%

Note 15 - Revenue by Product, b

Note 15 - Revenue by Product, by Significant Customer and by Geographic Region; Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total Revenue	$ 28,726	$ 25,789	$ 26,581	$ 22,283	$ 30,894	$ 23,681	$ 22,904	$ 15,520	$ 103,379	$ 92,999	$ 105,595
Percentage of Revenue									100.00%	100.00%	100.00%
UNITED STATES
Total Revenue									$ 83,972	$ 76,621	$ 92,259
Percentage of Revenue									81.00%	82.00%	87.00%
Europe [Member]
Total Revenue									$ 10,953	$ 8,756	$ 6,215
Percentage of Revenue									11.00%	9.00%	6.00%
Other Location [Member]
Total Revenue									$ 8,454	$ 7,622	$ 7,121
Percentage of Revenue									8.00%	9.00%	7.00%

Note 15 - Revenue by Product 63

Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information - Net Tangible Long-lived Assets by Principal Geographic Areas (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property and equipment, net	$ 52,296	$ 40,108
UNITED STATES
Property and equipment, net	49,140	39,732
ITALY
Property and equipment, net	$ 3,156	$ 376

Note 16 - Income Taxes (Details

Note 16 - Income Taxes (Details Textual) - USD ($)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Operating Loss Carryforwards	$ 5,200,000
Allocated Share-based Compensation Expense	3,392,000	$ 2,225,000	$ 1,607,000
Employee Service Share-based Compensation, Tax Benefit from Compensation Expense	1,200,000	1,100,000	3,100,000
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation	647,000	847,000	$ 9,626,000
Unrecognized Tax Benefits	$ 0	$ 0
State and Local Jurisdiction [Member] | Earliest Tax Year [Member]
Open Tax Year	2,013
State and Local Jurisdiction [Member] | Latest Tax Year [Member]
Open Tax Year	2,016
Domestic Tax Authority [Member] | Earliest Tax Year [Member]
Open Tax Year	2,013
Domestic Tax Authority [Member] | Latest Tax Year [Member]
Open Tax Year	2,016

Note 16 - Income Taxes - Compon

Note 16 - Income Taxes - Components of Income Before Taxes and Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Domestic	$ 50,181	$ 48,608	$ 63,232
Foreign	689	(354)	(1,727)
Income before income taxes	50,870	48,254	61,505
Federal	14,982	14,572	18,301
State	3,265	3,635	3,895
Foreign	302	249	192
	18,549	18,456	22,388
Federal	(70)	(370)	1,153
State	(84)	(33)	122
Foreign	(72)	(557)	(477)
	(226)	(960)	798
Total provision	$ 18,323	$ 17,496	$ 23,186

Note 16 - Income Taxes - Signif

Note 16 - Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Net operating loss carry forward, foreign	$ 1,253	$ 1,567
Stock-based compensation expense	1,882	1,043
Foreign currency exchange	677	762
Accrued expenses and other	308	510
Inventory reserve	640	547
Deferred tax assets	4,760	4,429
Acquisition-related Intangibles	(2,932)	(3,738)
Depreciation	(8,376)	(7,466)
Deferred tax liabilities	(11,308)	(11,204)
Net deferred tax liabilities	$ (6,548)	$ (6,775)

Note 16 - Income Taxes - Reconc

Note 16 - Income Taxes - Reconciliation Between U.S. Federal Statutory Rate and Effective Rate (Details)	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Statutory federal income tax rate	35.00%	35.00%	35.00%
State tax expense, net of federal benefit	4.50%	4.80%	4.90%
Permanent items, including nondeductible expenses	0.50%	(0.30%)	0.10%
State investment tax credit	(0.10%)	0.00%	(0.10%)
Federal, state and foreign research and development credits	(0.90%)	(0.40%)	(0.70%)
Foreign rate differential	(0.10%)	0.10%	0.20%
Domestic production deduction	(2.90%)	(2.90%)	(1.70%)
Effective income tax rate	36.00%	36.30%	37.70%

Note 17 - Quarterly Financial68

Note 17 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Product revenue	$ 28,296	$ 25,783	$ 26,575	$ 22,278	$ 25,607	$ 23,676	$ 22,898	$ 15,515	$ 102,932	$ 87,696	$ 75,474
Total revenue	28,726	25,789	26,581	22,283	30,894	23,681	22,904	15,520	103,379	92,999	105,595
Cost of product revenue	7,539	4,998	6,065	5,425	6,290	5,176	5,274	4,313	24,027	21,053	20,930
Gross profit on product revenue	20,757	20,785	20,510	16,853	19,317	18,500	17,624	11,202
Net income	$ 8,085	$ 8,952	$ 8,615	$ 6,895	$ 11,042	$ 8,380	$ 7,820	$ 3,516	$ 32,547	$ 30,758	$ 38,319
Basic net income per share (in dollars per share)	$ 0.56	$ 0.61	$ 0.59	$ 0.46	$ 0.74	$ 0.56	$ 0.52	$ 0.24	$ 2.22	$ 2.06	$ 2.61
Basic common shares outstanding (in shares)	14,538	14,625	14,679	14,875	14,965	14,967	14,961	14,905
Diluted net income per share (in dollars per share)	$ 0.54	$ 0.59	$ 0.57	$ 0.45	$ 0.72	$ 0.55	$ 0.51	$ 0.23	$ 2.15	$ 2.01	$ 2.51
Diluted common shares outstanding (in shares)	14,979	15,077	15,111	15,307	15,353	15,316	15,336	15,330	15,116	15,321	15,269