Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 20, 2017 | |
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) | 14,658,440 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 117,874 | $ 104,261 |
Investments | 25,000 | 20,500 |
Accounts receivable, net of reserves of $210 and $194 at June 30, 2017 and December 31, 2016, respectively | 30,450 | 27,598 |
Inventories, net | 17,584 | 15,983 |
Prepaid expenses and other current assets | 1,973 | 2,098 |
Total current assets | 192,881 | 170,440 |
Property and equipment, net | 52,272 | 52,296 |
Long-term deposits and other | 1,389 | 69 |
Intangible assets, net | 10,626 | 10,227 |
Goodwill | 7,836 | 7,214 |
Total assets | 265,004 | 240,246 |
Current liabilities: | ||
Accounts payable | 5,465 | 2,303 |
Accrued expenses and other current liabilities | 5,673 | 6,496 |
Income taxes payable | 2,303 | 0 |
Total current liabilities | 13,441 | 8,799 |
Other long-term liabilities | 422 | 2,126 |
Deferred tax liability | 7,003 | 6,548 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 0 | 0 |
Common stock, $.01 par value; 60,000 shares authorized, 14,658 and 14,627 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 146 | 146 |
Additional paid-in-capital | 65,171 | 61,735 |
Accumulated other comprehensive loss | (5,736) | (7,317) |
Retained earnings | 184,557 | 168,209 |
Total stockholders’ equity | 244,138 | 222,773 |
Total liabilities and stockholders’ equity | $ 265,004 | $ 240,246 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accounts receivable, reserves | $ 210 | $ 194 |
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 | 60,000 |
Common stock, shares issued (in shares) | 14,658 | 14,627 |
Common stock, shares outstanding (in shares) | 14,658 | 14,627 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Product revenue | $ 28,340 | $ 26,575 | $ 51,721 | $ 48,853 |
Licensing, milestone and contract revenue | 5,122 | 6 | 5,127 | 11 |
Total revenue | 33,462 | 26,581 | 56,848 | 48,864 |
Operating expenses: | ||||
Cost of product revenue | 6,315 | 6,065 | 12,398 | 11,490 |
Research and development | 4,449 | 2,792 | 8,679 | 4,951 |
Selling, general and administrative | 4,972 | 4,255 | 10,039 | 8,245 |
Total operating expenses | 15,736 | 13,112 | 31,116 | 24,686 |
Income from operations | 17,726 | 13,469 | 25,732 | 24,178 |
Interest income, net | 16 | 49 | 74 | 121 |
Income before income taxes | 17,742 | 13,518 | 25,806 | 24,299 |
Provision for income taxes | 6,373 | 4,903 | 8,944 | 8,789 |
Net income | $ 11,369 | $ 8,615 | $ 16,862 | $ 15,510 |
Basic net income per share: | ||||
Net income (in dollars per share) | $ 0.78 | $ 0.59 | $ 1.16 | $ 1.05 |
Basic weighted average common shares outstanding (in shares) | 14,588 | 14,679 | 14,582 | 14,778 |
Diluted net income per share: | ||||
Net income (in dollars per share) | $ 0.76 | $ 0.57 | $ 1.12 | $ 1.02 |
Diluted weighted average common shares outstanding (in shares) | 15,044 | 15,111 | 15,046 | 15,210 |
Net income | $ 11,369 | $ 8,615 | $ 16,862 | $ 15,510 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustment | 1,289 | (536) | 1,581 | 238 |
Comprehensive income | $ 12,658 | $ 8,079 | $ 18,443 | $ 15,748 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net income | $ 16,862 | $ 15,510 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,022 | 1,901 |
Stock-based compensation expense | 2,465 | 1,478 |
Deferred income taxes | 589 | (252) |
Provision for doubtful accounts | (1) | 52 |
Provision for inventory | 287 | 181 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,449) | (2,932) |
Inventories | (1,741) | (2,438) |
Prepaid expenses, other current and long-term assets | (155) | 186 |
Accounts payable | 2,362 | (4,252) |
Accrued expenses and other current liabilities | (182) | 446 |
Income taxes | 2,303 | (3,169) |
Other long-term liabilities | (631) | 351 |
Net cash provided by operating activities | 21,731 | 7,062 |
Cash flows from investing activities: | ||
Proceeds from maturity of investments | 20,000 | 27,750 |
Purchase of investments | (24,500) | (22,499) |
Purchase of property and equipment | (3,917) | (9,869) |
Net cash used in investing activities | (8,417) | (4,618) |
Cash flows from financing activities: | ||
Repurchases of common stock | 0 | (25,000) |
Proceeds from exercise of equity awards | 209 | 922 |
Net cash provided by (used in) financing activities | 209 | (24,078) |
Exchange rate impact on cash | 90 | 52 |
Increase (decrease) in cash and cash equivalents | 13,613 | (21,582) |
Cash and cash equivalents at beginning of period | 104,261 | 110,707 |
Cash and cash equivalents at end of period | 117,874 | 89,125 |
Non-cash Investing Activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 1,193 | 2,128 |
Build-to-suit lease agreement | $ 0 | $ 482 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Anika Therapeutics, Inc. (the “Company”) 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 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2016 June 30, 2017, three six June 30, 2017 2016, six June 30, 2017 2016. The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10 December 31, 2016. six June 30, 2017 not December 31, 2017. not no |
Note 3 - Recent Accounting Pron
Note 3 - Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3. Recently Issued In May 2014, No. 2014 09, Revenue from Contracts with Customers 2014 09 605, In July 2015, one 2014 09 December 15, 2017, not January 1, 2018 not not In February 2016, No. 2016 02, Leases 842 2016 02 2016 02 December 15, 2018. may 2016 02 In June 2016, No. 2016 13, Financial Instruments 326 2016 13 not 2016 13 January 1, 2020. not In January 2017, No. 2017 04, Intangibles-Goodwill and Other 350 . 2017 04 2 2 not December 15, 2019, not Recently Adopted In March 2016, No. 2016 09, Compensation - Stock Compensation 718 2016 09 2016 09 January 1, 2017. January 1, 2017, six June 30, 2016 $0.4 $0.4 January 1, 2017, 6 14 |
Note 4 - Investments
Note 4 - Investments | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. 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 deposit of $25.0 $20.5 June 30, 2017 December 31, 2016, no June 30, 2017 December 31, 2016. |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three 1 2 3 no 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 June 30, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 66,244 $ - $ 66,244 $ - Investments: Bank certificates of deposit $ 25,000 $ - $ 25,000 $ - 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 $ - |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 6. The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) are measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the six June 30, 2017 2016, Six Months Ended June 30, 2017 2016 Risk free interest rate 1.65% - 1.78% 0.94% - 1.40% Expected volatility 42.54% - 44.30% 49.47% - 51.61% Expected life (years) 4 4.5 Expected dividend yield 0.00% 0.00% The Company recorded $1.3 $0.7 three June 30, 2017 2016, $2.5 $1.5 six June 30, 2017 2016, Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of product revenue $ 102 $ 12 $ 199 $ 25 Research and development 153 41 163 143 Selling, general and administrative 1,029 608 2,103 1,310 Total stock-based compensation expense $ 1,284 $ 661 $ 2,465 $ 1,478 On June 13, 2017, 2017 “2017 2017 2003 “2003 2017 March 31, 2017. 2017 may no 1.2 may 2017 During the three June 30, 2017, 2,500 2017 3,000 2003 six June 30, 2017, 2,500 2017 0.4 2003 three one A portion of the stock options granted under the 2003 six June 30, 2017 not no In connection with the adoption of ASU 2016 09, January 1, 2017, June 30, 2017, $0.5 |
Note 7 - Earnings Per Share ("E
Note 7 - Earnings Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Shares used in the calculation of basic earnings per share 14,588 14,679 14,582 14,778 Effect of dilutive securities: Stock options, SARs, and RSAs 456 432 464 432 Diluted shares used in the calculation of earnings per share 15,044 15,111 15,046 15,210 Equity awards of 0.7 three six June 30, 2017 not 0. three six June 30, 2016 not 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 8 - Inventories
Note 8 - Inventories | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories consist of the following: June 30, December 31, Raw materials $ 6,287 $ 5,884 Work-in-process 6,466 5,559 Finished goods 4,831 4,540 Total $ 17,584 $ 15,983 |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. Intangible assets as of June 30, 2017 December 31, 2016 June 30, 2017 December 31, 2016 Gross Value Useful Life Accumulated Accumulated Net Book Net Book Value Developed technology $ 17,100 15 $ (2,879 ) $ (7,251 ) $ 6,970 $ 6,842 In-process research & development 4,406 Indefinite (1,174 ) - 3,232 2,973 Distributor relationships 4,700 5 (415 ) (4,285 ) - - Patents 1,000 16 (172 ) (404 ) 424 412 Elevess trade name 1,000 9 - (1,000 ) - - Total $ 28,206 $ (4,640 ) $ (12,940 ) $ 10,626 $ 10,227 The aggregate amortization expense related to intangible assets was $0.2 $0.3 three June 30, 2017 2016, $0.5 $0.6 six June 30, 2017 2016, |
Note 10 - Goodwill
Note 10 - Goodwill | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10. Through June 30, 2017, not may not Six Months Twelve Months Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 622 (268 ) Balance, ending $ 7,836 $ 7,214 |
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued expenses consist of the following: June 30, December 31, Compensation and related expenses $ 2,977 $ 3,089 Facility construction costs - 804 Research grants 399 463 Professional fees 1,015 802 Clinical trial costs 659 227 Deferred Rent 68 231 Other 555 880 Total $ 5,673 $ 6,496 |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. 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 not third no June 30, 2017 December 31, 2016 no The Company is also involved in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not |
Note 13 - Leases
Note 13 - Leases | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | 13. On October 9, 2015, 33,000 fifteen March 1, 2017. three six six no ninth $0.3 Construction of the new facility commenced during the first 2016. March 1, 2017, $3.1 $0.8 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Provisions for income taxes were $6.4 $8.9 three six June 30, 2017, 35.9% 34.7%, $4.9 $8.8 three six June 30, 2016, 36.3% 36.2%, three six June 30, 2017 for the three six June 30, 2017, 2016, 2016 09 $0.3 three six June 30, 2017, 0.0% 1.2%, 2016 09 $0.1 $0.4 three six June 30, 2016, The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. The Company’s 2014 2012 In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not not not” not June 30, 2017 December 31, 2016. |
Note 15 - Depuy Synthes Mitek S
Note 15 - Depuy Synthes Mitek Sports Medicine Monovisc Agreement | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | 15. In December 2011, fifteen $5.0 $100.0 12 June 2017. |
Note 16 - Segment and Geographi
Note 16 - Segment and Geographic Information | 6 Months Ended |
Jun. 30, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 16. The Company has one Product revenue by product group is as follows: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Orthobiologics $ 24,468 $ 23,304 $ 44,695 $ 42,891 Surgical 1,335 1,433 2,631 2,751 Dermal 453 582 878 963 Other 2,084 1,256 3,517 2,248 Product Revenue $ 28,340 $ 26,575 $ 51,721 $ 48,853 Total revenue by geographic location and as a percentage of overall total revenue for the three six June 30, 2017 2016 Three Months Ended June 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 27,447 82 % $ 21,895 82 % Europe 4,060 12 % 2,977 11 % Other 1,955 6 % 1,709 7 % Total Revenue $ 33,462 100 % $ 26,581 100 % Six Months Ended June 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 46,377 82 % $ 39,906 82 % Europe 6,889 12 % 5,542 11 % Other 3,582 6 % 3,416 7 % Total Revenue $ 56,848 100 % $ 48,864 100 % |
Note 5 - Fair Value Measureme22
Note 5 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting June 30, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 66,244 $ - $ 66,244 $ - Investments: Bank certificates of deposit $ 25,000 $ - $ 25,000 $ - 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 $ - |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2017 2016 Risk free interest rate 1.65% - 1.78% 0.94% - 1.40% Expected volatility 42.54% - 44.30% 49.47% - 51.61% Expected life (years) 4 4.5 Expected dividend yield 0.00% 0.00% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Cost of product revenue $ 102 $ 12 $ 199 $ 25 Research and development 153 41 163 143 Selling, general and administrative 1,029 608 2,103 1,310 Total stock-based compensation expense $ 1,284 $ 661 $ 2,465 $ 1,478 |
Note 7 - Earnings Per Share (24
Note 7 - Earnings Per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Shares used in the calculation of basic earnings per share 14,588 14,679 14,582 14,778 Effect of dilutive securities: Stock options, SARs, and RSAs 456 432 464 432 Diluted shares used in the calculation of earnings per share 15,044 15,111 15,046 15,210 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, Raw materials $ 6,287 $ 5,884 Work-in-process 6,466 5,559 Finished goods 4,831 4,540 Total $ 17,584 $ 15,983 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | June 30, 2017 December 31, 2016 Gross Value Useful Life Accumulated Accumulated Net Book Net Book Value Developed technology $ 17,100 15 $ (2,879 ) $ (7,251 ) $ 6,970 $ 6,842 In-process research & development 4,406 Indefinite (1,174 ) - 3,232 2,973 Distributor relationships 4,700 5 (415 ) (4,285 ) - - Patents 1,000 16 (172 ) (404 ) 424 412 Elevess trade name 1,000 9 - (1,000 ) - - Total $ 28,206 $ (4,640 ) $ (12,940 ) $ 10,626 $ 10,227 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Six Months Twelve Months Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 622 (268 ) Balance, ending $ 7,836 $ 7,214 |
Note 11 - Accrued Expenses (Tab
Note 11 - Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, December 31, Compensation and related expenses $ 2,977 $ 3,089 Facility construction costs - 804 Research grants 399 463 Professional fees 1,015 802 Clinical trial costs 659 227 Deferred Rent 68 231 Other 555 880 Total $ 5,673 $ 6,496 |
Note 16 - Segment and Geograp29
Note 16 - Segment and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Orthobiologics $ 24,468 $ 23,304 $ 44,695 $ 42,891 Surgical 1,335 1,433 2,631 2,751 Dermal 453 582 878 963 Other 2,084 1,256 3,517 2,248 Product Revenue $ 28,340 $ 26,575 $ 51,721 $ 48,853 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended June 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 27,447 82 % $ 21,895 82 % Europe 4,060 12 % 2,977 11 % Other 1,955 6 % 1,709 7 % Total Revenue $ 33,462 100 % $ 26,581 100 % Six Months Ended June 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 46,377 82 % $ 39,906 82 % Europe 6,889 12 % 5,542 11 % Other 3,582 6 % 3,416 7 % Total Revenue $ 56,848 100 % $ 48,864 100 % |
Note 3 - Recent Accounting Pr30
Note 3 - Recent Accounting Pronouncements (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Reclassification from Net Cash Used in Financing Activities to Net Cash Provided by Operating Activities [Member] | Three Months Ended March 31, 2016 [Member] | |
Prior Period Reclassification Adjustment | $ 0.4 |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 0 | $ 0 |
Certificates of Deposit [Member] | ||
Available-for-sale Securities | $ 25,000 | $ 20,500 |
Note 5 - Fair Value Measureme32
Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Cash equivalents | $ 69,102 | |
Investments | $ 25,000 | 20,500 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | ||
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 69,102 | |
Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Money Market Funds [Member] | ||
Cash equivalents | 66,244 | 68,352 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 66,244 | 68,352 |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Certificates of Deposit [Member] | ||
Cash equivalents | 25,000 | 750 |
Investments | 20,500 | |
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 | 25,000 | 750 |
Investments | 20,500 | |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Investments |
Note 6 - Equity Incentive Pla33
Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 13, 2017 | Jan. 01, 2017 | |
Retained Earnings [Member] | Accounting Standards Update 2016-09 [Member] | ||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ (0.5) | |||||
The 2017 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1.2 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,500 | 2,500 | ||||
The 2003 Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,000 | 400,000 | ||||
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 | $ 1.3 | $ 0.7 | $ 2.5 | $ 1.5 | ||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year |
Note 6 - Equity Incentive Pla34
Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Details) | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Expected life (years) (Year) | 4 years | 4 years 182 days |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk free interest rate | 1.65% | 0.94% |
Expected volatility | 42.54% | 49.47% |
Maximum [Member] | ||
Risk free interest rate | 1.78% | 1.40% |
Expected volatility | 44.30% | 51.61% |
Note 6 - Equity Incentive Pla35
Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Stock-based compensation expense | $ 1,284 | $ 661 | $ 2,465 | $ 1,478 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 102 | 12 | 199 | 25 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 153 | 41 | 163 | 143 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 1,029 | $ 608 | $ 2,103 | $ 1,310 |
Note 7 - Earnings Per Share (36
Note 7 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 31, 2016 | Feb. 29, 2016 | Feb. 26, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Aug. 31, 2016 | Jun. 30, 2016 | Aug. 26, 2016 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 700,000 | 300,000 | 0.7 | 0.3 | |||||
Payments for Repurchase of Common Stock | $ 0 | $ 25,000 | |||||||
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | |||||||||
Payments for Repurchase of Common Stock | $ 25,000 | ||||||||
Stock Repurchased and Retired During Period, Shares | 100,000 | 400,000 | 500,000 | ||||||
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 |
Note 7 - Earnings Per Share (37
Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Basic weighted average common shares outstanding (in shares) | 14,588 | 14,679 | 14,582 | 14,778 |
Effect of dilutive securities: | ||||
Stock options, SARs, and RSAs (in shares) | 456 | 432 | 464 | 432 |
Diluted shares used in the calculation of earnings per share (in shares) | 15,044 | 15,111 | 15,046 | 15,210 |
Note 8 - Inventories - Inventor
Note 8 - Inventories - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Raw materials | $ 6,287 | $ 5,884 |
Work-in-process | 6,466 | 5,559 |
Finished goods | 4,831 | 4,540 |
Total | $ 17,584 | $ 15,983 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Amortization of Intangible Assets | $ 0.2 | $ 0.3 | $ 0.5 | $ 0.6 |
Note 9 - Intangible Assets - In
Note 9 - Intangible Assets - Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Intangible assets, net | $ 10,626 | $ 10,227 |
Gross Value | 28,206 | |
Accumulated Currency Translation Adjustment | (4,640) | |
Accumulated Amortization | (12,940) | |
In Process Research and Development [Member] | ||
Intangible assets, net | 3,232 | 2,973 |
Gross Value | 4,406 | |
Accumulated Currency Translation Adjustment | (1,174) | |
Developed Technology Rights [Member] | ||
Intangible assets, net | 6,970 | 6,842 |
Gross Value | $ 17,100 | |
Useful Life (Year) | 15 years | |
Accumulated Currency Translation Adjustment | $ (2,879) | |
Accumulated Amortization | (7,251) | |
Distribution Rights [Member] | ||
Intangible assets, net | ||
Gross Value | $ 4,700 | |
Useful Life (Year) | 5 years | |
Accumulated Currency Translation Adjustment | $ (415) | |
Accumulated Amortization | (4,285) | |
Patents [Member] | ||
Intangible assets, net | 424 | 412 |
Gross Value | $ 1,000 | |
Useful Life (Year) | 16 years | |
Accumulated Currency Translation Adjustment | $ (172) | |
Accumulated Amortization | (404) | |
Elevess Trade Name [Member] | ||
Intangible assets, net | ||
Gross Value | $ 1,000 | |
Useful Life (Year) | 9 years | |
Accumulated Currency Translation Adjustment | ||
Accumulated Amortization | $ (1,000) |
Note 10 - Goodwill - Changes in
Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Balance | $ 7,214 | $ 7,482 |
Effect of foreign currency adjustments | 622 | (268) |
Balance | $ 7,836 | $ 7,214 |
Note 11 - Accrued Expenses - Ac
Note 11 - Accrued Expenses - Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Compensation and related expenses | $ 2,977 | $ 3,089 |
Facility construction costs | 804 | |
Research grants | 399 | 463 |
Professional fees | 1,015 | 802 |
Clinical trial costs | 659 | 227 |
Deferred Rent | 68 | 231 |
Other | 555 | 880 |
Total | $ 5,673 | $ 6,496 |
Note 12 - Commitments and Con43
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Standard and Extended Product Warranty Accrual | $ 0 | $ 0 |
Note 13 - Leases (Details Textu
Note 13 - Leases (Details Textual) - European Headquarters Facility [Member] $ in Millions | Oct. 09, 2015ft² | Jun. 30, 2017USD ($) | Mar. 01, 2017USD ($) |
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 | $ 0.3 | ||
Construction in Progress, Gross | $ 3.1 | ||
Deposits and Other Assets, Noncurrent [Member] | |||
Lessee Leasing Arrangements, Additional Tenant Improvements | $ 0.8 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Income Tax Expense (Benefit) | $ 6,373 | $ 4,903 | $ 8,944 | $ 8,789 | |
Effective Income Tax Rate Reconciliation, Percent | 35.90% | 36.30% | 34.70% | 36.20% | |
Decrease in Effective Income Tax Rate due to Excess Tax Benefits from Share-based Compensation | 0.00% | 1.20% | |||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 100 | $ 400 | |||
Deferred Tax Assets, Valuation Allowance | $ 0 | $ 0 | $ 0 | ||
Excess Tax Benefits from Share-based Compensation | $ 300 | $ 300 |
Note 15 - Depuy Synthes Mitek46
Note 15 - Depuy Synthes Mitek Sports Medicine Monovisc Agreement (Details Textual) - Mitek MONOVISC Agreement [Member] - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Dec. 31, 2011 | Jun. 30, 2017 | |
License Agreement Term | 15 years | |
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5 | |
Revenue Recognition, Milestone Method, End User Sales Threshold | $ 100 |
Note 16 - Segment and Geograp47
Note 16 - Segment and Geographic Information (Details Textual) | 6 Months Ended |
Jun. 30, 2017 | |
Number of Reportable Segments | 1 |
Note 16 - Segment and Geograp48
Note 16 - Segment and Geographic Information - Product Revenue by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Product revenue | $ 28,340 | $ 26,575 | $ 51,721 | $ 48,853 |
Orthobiologics [Member] | ||||
Product revenue | 24,468 | 23,304 | 44,695 | 42,891 |
Surgical [Member] | ||||
Product revenue | 1,335 | 1,433 | 2,631 | 2,751 |
Dermal [Member] | ||||
Product revenue | 453 | 582 | 878 | 963 |
Other [Member] | ||||
Product revenue | $ 2,084 | $ 1,256 | $ 3,517 | $ 2,248 |
Note 16 - Segment and Geograp49
Note 16 - Segment and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Total Revenue | $ 33,462 | $ 26,581 | $ 56,848 | $ 48,864 |
Percentage of Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
UNITED STATES | ||||
Total Revenue | $ 27,447 | $ 21,895 | $ 46,377 | $ 39,906 |
Percentage of Revenue | 82.00% | 82.00% | 82.00% | 82.00% |
Europe [Member] | ||||
Total Revenue | $ 4,060 | $ 2,977 | $ 6,889 | $ 5,542 |
Percentage of Revenue | 12.00% | 11.00% | 12.00% | 11.00% |
Other Location [Member] | ||||
Total Revenue | $ 1,955 | $ 1,709 | $ 3,582 | $ 3,416 |
Percentage of Revenue | 6.00% | 7.00% | 6.00% | 7.00% |