Anika Therapeutics (ANIK) 10-Q 27 Oct 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Oct. 17, 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)		14,661,769
Document Type	10-Q
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 126,960	$ 104,261
Investments	25,750	20,500
Accounts receivable, net of reserves of $217 and $194 at September 30, 2017 and December 31, 2016, respectively	23,804	27,598
Inventories, net	20,252	15,983
Prepaid expenses and other current assets	2,268	2,098
Total current assets	199,034	170,440
Property and equipment, net	53,973	52,296
Other long-term assets	1,283	69
Intangible assets, net	10,738	10,227
Goodwill	8,104	7,214
Total assets	273,132	240,246
Current liabilities:
Accounts payable	5,189	2,303
Accrued expenses and other current liabilities	6,516	6,496
Total current liabilities	11,705	8,799
Other long-term liabilities	545	2,126
Deferred tax liability	7,593	6,548
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	0	0
Common stock, $0.01 par value; 60,000 shares authorized, 14,662 and 14,627 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively	146	146
Additional paid-in-capital	66,746	61,735
Accumulated other comprehensive loss	(5,047)	(7,317)
Retained earnings	191,444	168,209
Total stockholders’ equity	253,289	222,773
Total liabilities and stockholders’ equity	$ 273,132	$ 240,246

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Accounts receivable, reserves	$ 217	$ 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)	14,662	14,627
Common stock, shares outstanding (in shares)	14,662	14,627

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Product revenue	$ 27,178	$ 25,783	$ 78,899	$ 74,636
Licensing, milestone and contract revenue	6	6	5,133	17
Total revenue	27,184	25,789	84,032	74,653
Operating expenses:
Cost of product revenue	6,250	4,998	18,648	16,488
Research and development	5,842	2,822	14,521	7,773
Selling, general and administrative	4,823	4,280	14,862	12,525
Total operating expenses	16,915	12,100	48,031	36,786
Income from operations	10,269	13,689	36,001	37,867
Interest income, net	261	93	335	214
Income before income taxes	10,530	13,782	36,336	38,081
Provision for income taxes	3,643	4,830	12,587	13,619
Net income	$ 6,887	$ 8,952	$ 23,749	$ 24,462
Basic net income per share:
Net income (in dollars per share)	$ 0.47	$ 0.61	$ 1.63	$ 1.66
Basic weighted average common shares outstanding (in shares)	14,579	14,625	14,572	14,726
Diluted net income per share:
Net income (in dollars per share)	$ 0.46	$ 0.59	$ 1.58	$ 1.61
Diluted weighted average common shares outstanding (in shares)	15,115	15,077	15,065	15,163
Net income	$ 6,887	$ 8,952	$ 23,749	$ 24,462
Other comprehensive income:
Foreign currency translation adjustment	690	310	2,270	548
Comprehensive income	$ 7,577	$ 9,262	$ 26,019	$ 25,010

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Cash flows from operating activities:
Net income	$ 23,749	$ 24,462
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	3,224	2,777
Stock-based compensation expense	3,940	2,276
Deferred income taxes	943	(571)
Provision for doubtful accounts	(1)	52
Provision for inventory	609	259
Changes in operating assets and liabilities:
Accounts receivable	4,388	(104)
Inventories	(4,668)	(3,229)
Prepaid expenses, other current and long-term assets	(922)	355
Accounts payable	2,030	(5,390)
Accrued expenses and other current liabilities	643	1,091
Income taxes	645	(3,496)
Other long-term liabilities	(749)	(104)
Net cash provided by operating activities	33,831	18,378
Cash flows from investing activities:
Proceeds from maturity of investments	31,250	37,750
Purchase of investments	(36,500)	(32,250)
Purchase of property and equipment	(6,506)	(12,608)
Net cash used in investing activities	(11,756)	(7,108)
Cash flows from financing activities:
Repurchases of common stock	0	(25,000)
Proceeds from exercise of equity awards	310	988
Net cash provided by (used in) financing activities	310	(24,012)
Exchange rate impact on cash	314	82
Increase (decrease) in cash and cash equivalents	22,699	(12,660)
Cash and cash equivalents at beginning of period	104,261	110,707
Cash and cash equivalents at end of period	126,960	98,047
Non-cash investing activities:
Purchases of property and equipment included in accounts payable and accrued expenses	1,208	474
Build-to-suit lease agreement	$ 0	$ 1,825

Note 1 - Nature of Business

Note 1 - Nature of Business	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. 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 September 30, 2017, three nine September 30, 2017 2016, nine September 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. nine September 30, 2017 not December 31, 2017. not no

Note 3 - Recent Accounting Pron

Note 3 - Recent Accounting Pronouncements	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
New Accounting Pronouncements and Changes in Accounting Principles [Text Block]	3. Recent Accounting Pronouncements Recently Issued In May 2014, No. 2014 09, Revenue from Contracts with Customers 2014 09 605, 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 718 2016 09 2016 09 January 1, 2017. January 1, 2017, nine September 30, 2016 $0.4 $0.4 January 1, 2017, 6 14

Note 4 - Investments

Note 4 - Investments	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	4. Investments All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held bank certificates of deposit of $25.8 $20.5 September 30, 2017 December 31, 2016, no September 30, 2017 December 31, 2016.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurements Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability. As a basis for classifying the fair value measurements, a three 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 Date Using September 30, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 5,324 $ - $ 5,324 $ - Investments: Bank certificates of deposit $ 25,750 $ - $ 25,750 $ - Fair Value Measurements at Reporting Date Using 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6. Equity Incentive Plan The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock 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 nine September 30, 2017 2016, Nine Months Ended September 30, 2017 2016 Risk-free interest rate 1.60% - 1.78% 0.94% - 1.40% Expected volatility 41.36% - 44.30% 48.84% - 51.61% Expected life (years) 4.0 4.5 Expected dividend yield 0.00% 0.00% The Company recorded $1.5 $0.8 three September 30, 2017 2016, $3.9 $2.3 nine September 30, 2017 2016, Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of product revenue $ 107 $ 40 $ 306 $ 66 Research and development 177 156 340 300 Selling, general and administrative 1,190 601 3,294 1,910 Total stock-based compensation expense $ 1,474 $ 797 $ 3,940 $ 2,276 On June 13, 2017, 2017 the “2017 2017 2003 “2003 2017 March 31, 2017. 2017 may no 1.2 may 2017 During the three September 30, 2017, 60,609 14,506 2017 nine September 30, 2017, 63,109 14,506 2017 407,635 2003 three 9,970 one A portion of the stock options granted during the nine September 30, 2017 not no In connection with the adoption of ASU 2016 09, January 1, 2017, nine September 30, 2017, $0.5

Note 7 - Earnings Per Share ("E

Note 7 - Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Shares used in the calculation of basic earnings per share 14,579 14,625 14,572 14,726 Effect of dilutive securities: Stock options, SARs, and RSAs 536 452 493 437 Diluted shares used in the calculation of earnings per share 15,115 15,077 15,065 15,163 Equity awards of 0.5 0.6 three nine September 30, 2017, not 0.3 0.4 three nine September 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories Inventories consist of the following: September 30, December 31, Raw materials $ 7,867 $ 5,884 Work-in-process 6,564 5,559 Finished goods 5,821 4,540 Total $ 20,252 $ 15,983

Note 9 - Intangible Assets

Note 9 - Intangible Assets	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Intangible Assets Intangible assets as of September 30, 2017 December 31, 2016 September 30, 2017 December 31, 2016 Gross Value Useful Life Accumulated Accumulated Net Book Net Book Developed technology $ 17,100 15 $ (2,644 ) $ (7,487 ) $ 6,969 $ 6,842 In-process research & development 4,406 Indefinite (1,061 ) - 3,345 2,973 Distributor relationships 4,700 5 (415 ) (4,285 ) - - Patents 1,000 16 (158 ) (418 ) 424 412 Elevess trade name 1,000 9 - (1,000 ) - - Total $ 28,206 $ (4,278 ) $ (13,190 ) $ 10,738 $ 10,227 The aggregate amortization expense related to intangible assets was $0.2 $0.3 three September 30, 2017 2016, $0.7 $0.8 nine September 30, 2017 2016,

Note 10 - Goodwill

Note 10 - Goodwill	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Goodwill Disclosure [Text Block]	10. Goodwill Through September 30, 2017, not may not Nine Months Twelve Months Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 890 (268 ) Balance, ending $ 8,104 $ 7,214

Note 11 - Accrued Expenses

Note 11 - Accrued Expenses	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	11. Accrued Expenses Accrued expenses consist of the following: September 30, December 31, Compensation and related expenses $ 2,985 $ 3,089 Facility construction costs - 804 Research grants 413 463 Professional fees 897 802 Clinical trial costs 2,136 227 Deferred rent - 231 Other 85 880 Total $ 6,516 $ 6,496

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may not third no September 30, 2017 December 31, 2016 no The Company is also involved in various legal proceedings arising in the ordinary 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Leases of Lessee Disclosure [Text Block]	13. Leases 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	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. Income Taxes Provisions for income taxes were $3.6 $12.6 three nine September 30, 2017, 34.6% $4.8 $13.6 three nine September 30, 2016, 35.0% 35.8%, three nine September 30, 2017 for the three nine September 30, 2017, 2016, 2016 09 $0.0 $0.3 three nine September 30, 2017, 0.0% 0.9%, 2016 09 $0.0 $0.4 three nine September 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. 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 September 30, 2017 December 31, 2016.

Note 15 - Depuy Synthes Mitek S

Note 15 - Depuy Synthes Mitek Sports Medicine Agreements	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Deferred Revenue Disclosure [Text Block]	15. DePuy Synthes Mitek Sports Medicine Agreements In December 2011, fifteen $5.0 $100.0 12 June 2017. ORTHOVISC became available for sale in the United States on March 1, 2004, ten December 2003. five 2012 2017, December 20, 2023.

Note 16 - Segment and Geographi

Note 16 - Segment and Geographic Information	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	16. Segment and Geographic Information The Company has one Product revenue by product group is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Orthobiologics $ 23,990 $ 22,428 $ 68,686 $ 65,319 Surgical 1,765 1,173 4,395 3,924 Dermal 358 594 1,235 1,558 Other 1,065 1,588 4,583 3,835 Product Revenue $ 27,178 $ 25,783 $ 78,899 $ 74,636 Total revenue by geographic location and as a percentage of overall total revenue for the three nine September 30, 2017 2016 Three Months Ended September 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 22,227 82 % $ 21,126 82 % Europe 2,832 10 % 2,703 10 % Other 2,125 8 % 1,960 8 % Total Revenue $ 27,184 100 % $ 25,789 100 % Nine Months Ended September 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 68,624 82 % $ 61,032 82 % Europe 9,743 11 % 8,240 11 % Other 5,665 7 % 5,381 7 % Total Revenue $ 84,032 100 % $ 74,653 100 %

Note 17 - Subsequent Event

Note 17 - Subsequent Event	9 Months Ended
	Sep. 30, 2017
Notes to Financial Statements
Subsequent Events [Text Block]	17. Subsequent Event On October 24, 2017, five $50.0 may $50.0 $100.0 0.50%, one 1.0%, 0.25% 1.75% 0.25% five The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including financial covenants, events of default and indemnification provisions in favor of the Lenders (as defined in the Credit Agreement). The covenants include restrictions governing the Company’s leverage ratio and interest coverage ratio, its incurrence of liens and indebtedness, and its entry into certain merger and acquisition transactions or dispositions and other matters, all subject to certain exceptions. The financial covenants require us not first

Note 5 - Fair Value Measureme23

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting Date Using September 30, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market funds $ 5,324 $ - $ 5,324 $ - Investments: Bank certificates of deposit $ 25,750 $ - $ 25,750 $ - Fair Value Measurements at Reporting Date Using 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)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2017 2016 Risk-free interest rate 1.60% - 1.78% 0.94% - 1.40% Expected volatility 41.36% - 44.30% 48.84% - 51.61% Expected life (years) 4.0 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 September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Cost of product revenue $ 107 $ 40 $ 306 $ 66 Research and development 177 156 340 300 Selling, general and administrative 1,190 601 3,294 1,910 Total stock-based compensation expense $ 1,474 $ 797 $ 3,940 $ 2,276

Note 7 - Earnings Per Share (25

Note 7 - Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Shares used in the calculation of basic earnings per share 14,579 14,625 14,572 14,726 Effect of dilutive securities: Stock options, SARs, and RSAs 536 452 493 437 Diluted shares used in the calculation of earnings per share 15,115 15,077 15,065 15,163

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, Raw materials $ 7,867 $ 5,884 Work-in-process 6,564 5,559 Finished goods 5,821 4,540 Total $ 20,252 $ 15,983

Note 9 - Intangible Assets (Tab

Note 9 - Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	September 30, 2017 December 31, 2016 Gross Value Useful Life Accumulated Accumulated Net Book Net Book Developed technology $ 17,100 15 $ (2,644 ) $ (7,487 ) $ 6,969 $ 6,842 In-process research & development 4,406 Indefinite (1,061 ) - 3,345 2,973 Distributor relationships 4,700 5 (415 ) (4,285 ) - - Patents 1,000 16 (158 ) (418 ) 424 412 Elevess trade name 1,000 9 - (1,000 ) - - Total $ 28,206 $ (4,278 ) $ (13,190 ) $ 10,738 $ 10,227

Note 10 - Goodwill (Tables)

Note 10 - Goodwill (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Goodwill [Table Text Block]	Nine Months Twelve Months Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 890 (268 ) Balance, ending $ 8,104 $ 7,214

Note 11 - Accrued Expenses (Tab

Note 11 - Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, Compensation and related expenses $ 2,985 $ 3,089 Facility construction costs - 804 Research grants 413 463 Professional fees 897 802 Clinical trial costs 2,136 227 Deferred rent - 231 Other 85 880 Total $ 6,516 $ 6,496

Note 16 - Segment and Geograp30

Note 16 - Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2017
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Orthobiologics $ 23,990 $ 22,428 $ 68,686 $ 65,319 Surgical 1,765 1,173 4,395 3,924 Dermal 358 594 1,235 1,558 Other 1,065 1,588 4,583 3,835 Product Revenue $ 27,178 $ 25,783 $ 78,899 $ 74,636
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended September 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 22,227 82 % $ 21,126 82 % Europe 2,832 10 % 2,703 10 % Other 2,125 8 % 1,960 8 % Total Revenue $ 27,184 100 % $ 25,789 100 % Nine Months Ended September 30, 2017 2016 Total Percentage of Total Percentage of Geographic Location: United States $ 68,624 82 % $ 61,032 82 % Europe 9,743 11 % 8,240 11 % Other 5,665 7 % 5,381 7 % Total Revenue $ 84,032 100 % $ 74,653 100 %

Note 3 - Recent Accounting Pr31

Note 3 - Recent Accounting Pronouncements (Details Textual) $ in Millions	9 Months Ended
	Sep. 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	Sep. 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	$ 25,800	$ 20,500

Note 5 - Fair Value Measureme33

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Cash equivalents		$ 69,102
Investments	$ 25,750	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	5,324	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	5,324	68,352
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Certificates of Deposit [Member]
Cash equivalents		750
Investments	25,750	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		750
Investments	25,750	20,500
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents
Investments

Note 6 - Equity Incentive Pla34

Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 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					1,200,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	60,609		63,109
The 2003 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			407,635
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	$ 1.5	$ 0.8	$ 3.9	$ 2.3
Restricted Stock [Member] | The 2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	14,506		14,506
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			3 years
Restricted Stock Units (RSUs) [Member] | Director [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			9,970
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period			1 year

Note 6 - Equity Incentive Pla35

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	9 Months Ended
	Sep. 30, 2017	Sep. 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	1.60%	0.94%
Expected volatility	41.36%	48.84%
Maximum [Member]
Risk-free interest rate	1.78%	1.40%
Expected volatility	44.30%	51.61%

Note 6 - Equity Incentive Pla36

Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Stock-based compensation expense	$ 1,474	$ 797	$ 3,940	$ 2,276
Cost of Sales [Member]
Stock-based compensation expense	107	40	306	66
Research and Development Expense [Member]
Stock-based compensation expense	177	156	340	300
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 1,190	$ 601	$ 3,294	$ 1,910

Note 7 - Earnings Per Share (37

Note 7 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions	Aug. 31, 2016	Feb. 29, 2016	Feb. 26, 2016	Sep. 30, 2017	Sep. 30, 2016	Aug. 31, 2016	Sep. 30, 2017	Sep. 30, 2016	Aug. 26, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount				0.5	0.3		0.6	0.4
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	0.1	0.4				0.5
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 (38

Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Basic weighted average common shares outstanding (in shares)	14,579	14,625	14,572	14,726
Effect of dilutive securities:
Stock options, SARs, and RSAs (in shares)	536	452	493	437
Diluted shares used in the calculation of earnings per share (in shares)	15,115	15,077	15,065	15,163

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Raw materials	$ 7,867	$ 5,884
Work-in-process	6,564	5,559
Finished goods	5,821	4,540
Total	$ 20,252	$ 15,983

Note 9 - Intangible Assets (Det

Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Amortization of Intangible Assets	$ 0.2	$ 0.3	$ 0.7	$ 0.8

Note 9 - Intangible Assets - Su

Note 9 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Gross Value	$ 28,206
Accumulated Currency Translation Adjustment	(4,278)
Accumulated Amortization	(13,190)
Intangible assets, net	10,738	$ 10,227
In Process Research and Development [Member]
Gross Value	4,406
Accumulated Currency Translation Adjustment	(1,061)
Intangible assets, net	3,345	2,973
Developed Technology Rights [Member]
Gross Value	$ 17,100
Useful Life (Year)	15 years
Accumulated Currency Translation Adjustment	$ (2,644)
Accumulated Amortization	(7,487)
Intangible assets, net	6,969	6,842
Distribution Rights [Member]
Gross Value	$ 4,700
Useful Life (Year)	5 years
Accumulated Currency Translation Adjustment	$ (415)
Accumulated Amortization	(4,285)
Intangible assets, net
Patents [Member]
Gross Value	$ 1,000
Useful Life (Year)	16 years
Accumulated Currency Translation Adjustment	$ (158)
Accumulated Amortization	(418)
Intangible assets, net	424	412
Elevess Trade Name [Member]
Gross Value	$ 1,000
Useful Life (Year)	9 years
Accumulated Currency Translation Adjustment
Accumulated Amortization	(1,000)
Intangible assets, net

Note 10 - Goodwill - Changes in

Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2017	Dec. 31, 2016
Balance	$ 7,214	$ 7,482
Effect of foreign currency adjustments	890	(268)
Balance	$ 8,104	$ 7,214

Note 11 - Accrued Expenses - Su

Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Compensation and related expenses	$ 2,985	$ 3,089
Facility construction costs		804
Research grants	413	463
Professional fees	897	802
Clinical trial costs	2,136	227
Deferred rent		231
Other	85	880
Total	$ 6,516	$ 6,496

Note 12 - Commitments and Con44

Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 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	Sep. 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 ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Income Tax Expense (Benefit)	$ 3,643,000	$ 4,830,000	$ 12,587,000	$ 13,619,000
Effective Income Tax Rate Reconciliation, Percent	34.60%	35.00%		35.80%
Excess Tax Benefits from Share-based Compensation	$ 0		$ 300,000
Decrease in Effective Income Tax Rate due to Excess Tax Benefits from Share-based Compensation	0.00%		0.90%
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation		$ 0		$ 400,000
Deferred Tax Assets, Valuation Allowance	$ 0		$ 0		$ 0

Note 15 - Depuy Synthes Mitek47

Note 15 - Depuy Synthes Mitek Sports Medicine Agreements (Details Textual) - USD ($) $ in Millions	1 Months Ended		3 Months Ended	9 Months Ended	12 Months Ended
	Dec. 31, 2011	Dec. 31, 2003	Jun. 30, 2014	Sep. 30, 2017	Dec. 31, 2012
Mitek MONOVISC Agreement [Member]
License Agreement Term	15 years
Revenue Recognition, Milestone Method, Revenue Recognized			$ 5
Mitek ORTHOVISC Agreement [Member]
License Agreement Term		10 years
License Agreement Additional Term				5 years	5 years

Note 16 - Segment and Geograp48

Note 16 - Segment and Geographic Information (Details Textual)	9 Months Ended
	Sep. 30, 2017
Number of Reportable Segments	1

Note 16 - Segment and Geograp49

Note 16 - Segment and Geographic Information - Product Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Product revenue	$ 27,178	$ 25,783	$ 78,899	$ 74,636
Orthobiologics [Member]
Product revenue	23,990	22,428	68,686	65,319
Surgical [Member]
Product revenue	1,765	1,173	4,395	3,924
Dermal [Member]
Product revenue	358	594	1,235	1,558
Other [Member]
Product revenue	$ 1,065	$ 1,588	$ 4,583	$ 3,835

Note 16 - Segment and Geograp50

Note 16 - Segment and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Total Revenue	$ 27,184	$ 25,789	$ 84,032	$ 74,653
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
UNITED STATES
Total Revenue	$ 22,227	$ 21,126	$ 68,624	$ 61,032
Percentage of Revenue	82.00%	82.00%	82.00%	82.00%
Europe [Member]
Total Revenue	$ 2,832	$ 2,703	$ 9,743	$ 8,240
Percentage of Revenue	10.00%	10.00%	11.00%	11.00%
Other Location [Member]
Total Revenue	$ 2,125	$ 1,960	$ 5,665	$ 5,381
Percentage of Revenue	8.00%	8.00%	7.00%	7.00%

Note 17 - Subsequent Event (Det

Note 17 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Revolving Credit Facility [Member] $ in Millions	Oct. 26, 2017USD ($)
Debt Instrument, Term	5 years
Line of Credit Facility, Current Borrowing Capacity	$ 50
Line of Credit Facility, Additional Borrowing Capacity	50
Line of Credit Facility, Maximum Borrowing Capacity	$ 100
Line of Credit Facility, Commitment Fee Percentage	0.25%
Minimum [Member]
Debt Instrument, Basis Spread on Variable Rate	0.25%
Maximum [Member]
Debt Instrument, Basis Spread on Variable Rate	1.75%
Federal Funds Effective Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%