Anika Therapeutics (ANIK) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2018	May 03, 2018
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)		14,745,152
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 141,797	$ 133,256
Investments	21,250	24,000
Accounts receivable, net of reserves of $2,180 and $1,914 at March 31, 2018 and December 31, 2017, respectively	18,289	23,825
Inventories, net	22,770	22,035
Prepaid expenses and other current assets	4,081	3,211
Total current assets	208,187	206,327
Property and equipment, net	55,772	56,183
Other long-term assets	1,247	1,254
Intangible assets, net	10,678	10,635
Goodwill	8,452	8,218
Total assets	284,336	282,617
Current liabilities:
Accounts payable	6,159	6,747
Accrued expenses and other current liabilities	7,963	6,326
Total current liabilities	14,122	13,073
Other long-term liabilities	1,150	660
Deferred tax liability	5,298	5,393
Commitments and contingencies (Note 12)
Stockholders’ equity:
Preferred stock, $.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	0	0
Common stock, $.01 par value; 60,000 shares authorized, 14,745 and 14,688 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively	147	147
Additional paid-in-capital	74,958	68,617
Accumulated other comprehensive loss	(4,164)	(4,784)
Retained earnings	192,825	199,511
Total stockholders’ equity	263,766	263,491
Total liabilities and stockholders’ equity	$ 284,336	$ 282,617

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Accounts receivable, reserves	$ 2,180	$ 1,914
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)	14,745	14,688
Common stock, shares outstanding (in shares)	14,745	14,688

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 21,264	$ 23,386
Operating expenses:
Cost of product revenue	7,845	6,083
Research & development	5,161	4,230
Selling, general & administrative	16,090	5,067
Total operating expenses	29,096	15,380
Income (loss) from operations	(7,832)	8,006
Interest and other income, net	95	58
Income (loss) before income taxes	(7,737)	8,064
Provision for (benefit from) income taxes	(1,051)	2,571
Net income (loss)	$ (6,686)	$ 5,493
Basic net income (loss) per share:
Net income (loss) (in dollars per share)	$ (0.46)	$ 0.38
Basic weighted average common shares outstanding (in shares)	14,679	14,576
Diluted net income (loss) per share:
Net income (loss) (in dollars per share)	$ (0.46)	$ 0.37
Diluted weighted average common shares outstanding (in shares)	14,679	15,043
Net income (loss)	$ (6,686)	$ 5,493
Foreign currency translation adjustment	620	292
Comprehensive income (loss)	(6,066)	5,785
Product [Member]
Revenue	21,258	23,381
Service [Member]
Revenue	$ 6	$ 5

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income (loss)	$ (6,686)	$ 5,493
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	1,473	1,014
Loss on disposal of fixed assets	142
Stock-based compensation expense	7,565	1,182
Deferred income taxes	(75)	385
Provision for inventory	3,246	264
Changes in operating assets and liabilities:
Accounts receivable	5,730	6,601
Inventories	(3,924)	(431)
Prepaid expenses, other current and long-term assets	509	744
Accounts payable	(180)	2,020
Accrued expenses, other current and long-term liabilities	3,270	(1,807)
Income taxes	(1,478)	(5)
Net cash provided by operating activities	9,592	15,460
Cash flows from investing activities:
Proceeds from maturity of investments	15,250	12,500
Purchase of investments	(12,500)	(11,250)
Purchase of property and equipment	(2,543)	(1,675)
Net cash provided by (used in) investing activities	207	(425)
Cash flows from financing activities:
Cash paid for tax withheld on vested restricted stock awards	(1,735)
Proceeds from exercise of equity awards	512	41
Net cash (used in) provided by financing activities	(1,223)	41
Exchange rate impact on cash	(35)	31
Increase in cash and cash equivalents	8,541	15,107
Cash and cash equivalents at beginning of period	133,256	104,261
Cash and cash equivalents at end of period	141,797	119,368
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 207	$ 2,081

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Nature of Operations [Text Block]	1. Anika Therapeutics, Inc. (the “Company”) is a global, integrated orthopedic and regenerative 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 tissue 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	3 Months Ended
	Mar. 31, 2018
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, 2017 March 31, 2018, three March 31, 2018 2017, three March 31, 2018 2017. 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, 2017. three March 31, 2018 not December 31, 2018. Recent Accounting Pronouncements In May 2014, 2014 09, 2014 09 2014 09 2018. January 1, 2018 3 In February 2016, No. 2016 02, 842 2016 02 2016 02 December 15, 2018. may 2016 02

Note 3 - Revenue

Note 3 - Revenue	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. The Company adopted the guidance in the FASB’s Accounting Standards Codification (ASC) Revenue from Contracts with Customers (ASC 606 January 1, 2018. 606 not not Pursuant to ASC 606, five Product Revenues The Company sells its products principally to a limited number of distributors. The Company’s distributors subsequently resell the products to their customers, which includes sub-distributors and health care providers, among others. The Company recognizes revenue from product sales when the distributor obtains control of the Company’s product, which typically occurs upon shipment to the distributor. The Company’s payment terms are consistent with prevailing practice in the respective markets in which the Company does business. Distributors make payments based on contractually stated contract terms. The Company’s contracts with customers do not not To identify variable considerations and determine the transaction price, the Company has reviewed its standard terms and conditions and its customary business practices. Volume based discounts with tiered pricing are generally prospective in nature. These prospective discounts together with any free-of-charge sample units offered are evaluated as potential material rights. If the discounts or free of charge sample units are considered significant in the context of the contract, revenue deferral may When determining the transaction price of a contract, an adjustment is made if payment from a customer occurs either significantly before or after performance, resulting in a significant financing component. Applying the practical expedient in paragraph ASC 606 10 32 18, not one The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may March 31, 2018, Generally, the contracts contain Free on Board (FOB) shipping point or Ex-Works terms where the customer pays the shipping company directly for all shipping and handling costs. In those contracts in which the Company pays for the shipping and handling, the associated costs are generally recorded along with the product sale at the time of shipment in cost of product revenue when control over the products has transferred to the customer. The Company does not one 340 40 25 4. Included as a component of product revenue is sales-based royalty revenue, which represents the utilization of our intellectual property licensed by our commercial partners. The Company does not not License, Milestone and Contract Revenues The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent 76% first 2018. may 606 not The agreements with Mitek include variable consideration such as contingent development and regulatory milestones, sales-based milestones, and royalties. The Company completed the performance obligations related to granted licenses and development services under these agreements in prior years. Agreements that include a promise for future supply of product at the customer’s discretion are generally considered as options. The Company assesses if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. Variable consideration is included in the transaction price only to the extent a significant reversal in the amount of cumulative revenue recognized is not As a result of applying the modified retrospective method to adopt the new revenue guidance, there was no The following tables provide the disaggregated revenue by primary geographical market and major product group. Product revenue by product group is as follows: Three Months Ended March 31, 2018 2017 Orthobiologics $ 19,489 $ 20,227 Surgical 1,245 1,296 Dermal (539 ) 425 Other 1,063 1,433 Product Revenue $ 21,258 $ 23,381 Total revenue by geographic location and as a percentage of overall total revenue for the three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 16,910 80 % $ 18,930 81 % Europe 2,391 11 % 2,829 12 % Other 1,963 9 % 1,627 7 % Total Revenue $ 21,264 100 % $ 23,386 100 % On May 2, 2018, not no $1.1 $0.9 $0.2

Note 4 - Investments

Note 4 - Investments	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	4. All of the Company’s investments are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net of related income taxes. The Company held bank certificates of deposit of $21.3 $24.0 March 31, 2018 December 31, 2017, no March 31, 2018 December 31, 2017.

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. The Company’s investments are all classified within Levels 1 2 1 2 third not 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 March 31, 2018 Quoted Prices in Significant Other Significant Inputs Cash equivalents: Money market funds $ 6,504 $ 6,504 $ - $ - Bank certificates of deposit 2,750 - 2,750 - Total cash equivalents $ 9,254 $ 6,504 $ 2,750 $ - Investments: Bank certificates of deposit $ 21,250 $ - $ 21,250 $ - Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Inputs Cash equivalents: Money market funds $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan	3 Months Ended
	Mar. 31, 2018
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 three March 31, 2018 2017 Three Months Ended March 31, 2018 2017 Risk free interest rate 2.15% - 2 .37% 1.70% - 1.78% Expected volatility 38.74% - 40.81% 43.47% - 44.30% Expected life (years) 4.5 4.0 Expected dividend yield 0.00% 0.00% The Company recorded $7.6 $1.2 three March 31, 2018 2017, March 9, 2018, one $6.2 three March 31, 2018. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows: Three Months Ended March 31, 2018 2017 Cost of product revenue $ (216 ) $ 97 Research & development 210 10 Selling, general & administrative 7,571 1,075 Total stock-based compensation expense $ 7,565 $ 1,182 The decrease in stock-based compensation expense within the cost of product revenue line item during the three March 31, 2018 During the three March 31, 2018 2017, 192,300 392,005 four three three March 31, 2018, 64,578 8,130 9,970 January 2018 2017, one March 9, 2018, 32,541 $1.7

Note 7 - Earnings (Loss) Per Sh

Note 7 - Earnings (Loss) Per Share ("EPS")	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Earnings Per Share [Text Block]	7. Basic EPS is calculated by dividing net income (loss) 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 (loss) per share (in thousands): Three Months Ended March 31, 2018 2017 Shares used in the calculation of basic earnings (loss) per share 14,679 14,576 Effect of dilutive securities: Stock options, SARs, RSAs and RSUs - 467 Diluted shares used in the calculation of earnings (loss) per share 14,679 15,043 For the three March 31, 2018, March 31, 2018 1.0 0.6 three March 31, 2018 2017,

Note 8 - Inventories

Note 8 - Inventories	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories consist of the following: March 31, December 31, Raw materials $ 10,062 $ 11,296 Work-in-process 5,899 6,062 Finished goods 6,809 4,677 Total $ 22,770 $ 22,035 As a result of the voluntary recall more fully described in Note 3, $0.6 $1.7

Note 9 - Intangible Assets

Note 9 - Intangible Assets	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Intangible assets as of March 31, 2018 December 31, 2017 March 31, 2018 December 31, 2017 Gross Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Useful Life Developed technology $ 17,100 $ (2,358 ) $ (7,970 ) $ 6,772 $ (2,550 ) $ (7,723 ) $ 6,827 15 In-process research & development 4,406 (916 ) 3,490 (1,015 ) - 3,391 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (140 ) (444 ) 416 (152 ) (431 ) 417 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (3,829 ) $ (13,699 ) $ 10,678 $ (4,132 ) $ (13,439 ) $ 10,635 The aggregate amortization expense related to intangible assets was $0.3 $0.2 three March 31, 2018 2017,

Note 10 - Goodwill

Note 10 - Goodwill	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Goodwill Disclosure [Text Block]	10. The Company completed its annual impairment review as of November 30, 2017 no March 31, 2018, no may not March 31, Balance at January 1, 2018 $ 8,218 Effect of foreign currency adjustments 234 Balance at March 31, 2018 $ 8,452

Note 11 - Accrued Expenses

Note 11 - Accrued Expenses	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	11. Accrued expenses consist of the following: March 31, December 31, Compensation and related expenses $ 2,844 $ 2,893 Clinical trial costs 2,402 2,318 Revenue reserves and accrued expenses related to product recall 1,381 - Research grants 431 419 Professional fees 676 448 Other 229 248 Total $ 7,963 $ 6,326 Included in Compensation and related expenses as of March 31, 2018 March 9, 2018. $1.7 18 March 9, 2018, March 8, 2018 $0.3 one may February 28, 2019. 6, Revenue reserves and accrued expenses related to product recall includes amounts due to customers for estimated product returns as a result of the voluntary recall more fully described in Note 3 $0.4

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 December 31, 2017, no The Company is also involved from time-to-time 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 - Income Taxes

Note 13 - Income Taxes	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. Benefits from and (provisions for) income taxes were $1.1 $2.6 three March 31, 2018 2017, 13.6% 31.9% three March 31, 2018, 2017, 35% 21% 2018. March 9, 2018. 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 March 31, 2018 December 31, 2017. In accordance with Staff Accounting Bulletin No. 118, 2017 not

Note 14 - Business Segment

Note 14 - Business Segment	3 Months Ended
	Mar. 31, 2018
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	14. The Company operates in a single segment engaged in the discovery, development, licensing, manufacturing, and sale of innovative medical devices that improve the lives of patients with degenerative orthopedic diseases and traumatic conditions. The determination of a single segment is consistent with the financial information regularly reviewed by the Chief Executive Officer, who is the chief decision maker for the purposes of evaluating performance, allocating resources, setting incentive compensation targets and planning and forecasting future periods. For further information on product and geographic revenues, see Note 3.

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2018 2017 Orthobiologics $ 19,489 $ 20,227 Surgical 1,245 1,296 Dermal (539 ) 425 Other 1,063 1,433 Product Revenue $ 21,258 $ 23,381
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended March 31, 2018 2017 Total Percentage of Total Percentage of Geographic Location: United States $ 16,910 80 % $ 18,930 81 % Europe 2,391 11 % 2,829 12 % Other 1,963 9 % 1,627 7 % Total Revenue $ 21,264 100 % $ 23,386 100 %

Note 5 - Fair Value Measureme21

Note 5 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting Date Using March 31, 2018 Quoted Prices in Significant Other Significant Inputs Cash equivalents: Money market funds $ 6,504 $ 6,504 $ - $ - Bank certificates of deposit 2,750 - 2,750 - Total cash equivalents $ 9,254 $ 6,504 $ 2,750 $ - Investments: Bank certificates of deposit $ 21,250 $ - $ 21,250 $ - Fair Value Measurements at Reporting Date Using Quoted Prices in Significant Other Inputs Cash equivalents: Money market funds $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ -

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 2018 2017 Risk free interest rate 2.15% - 2 .37% 1.70% - 1.78% Expected volatility 38.74% - 40.81% 43.47% - 44.30% Expected life (years) 4.5 4.0 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 March 31, 2018 2017 Cost of product revenue $ (216 ) $ 97 Research & development 210 10 Selling, general & administrative 7,571 1,075 Total stock-based compensation expense $ 7,565 $ 1,182

Note 7 - Earnings (Loss) Per 23

Note 7 - Earnings (Loss) Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2018 2017 Shares used in the calculation of basic earnings (loss) per share 14,679 14,576 Effect of dilutive securities: Stock options, SARs, RSAs and RSUs - 467 Diluted shares used in the calculation of earnings (loss) per share 14,679 15,043

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, Raw materials $ 10,062 $ 11,296 Work-in-process 5,899 6,062 Finished goods 6,809 4,677 Total $ 22,770 $ 22,035

Note 9 - Intangible Assets (Tab

Note 9 - Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	March 31, 2018 December 31, 2017 Gross Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Accumulated Currency Translation Adjustment Accumulated Amortization Net Book Value Useful Life Developed technology $ 17,100 $ (2,358 ) $ (7,970 ) $ 6,772 $ (2,550 ) $ (7,723 ) $ 6,827 15 In-process research & development 4,406 (916 ) 3,490 (1,015 ) - 3,391 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (140 ) (444 ) 416 (152 ) (431 ) 417 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (3,829 ) $ (13,699 ) $ 10,678 $ (4,132 ) $ (13,439 ) $ 10,635

Note 10 - Goodwill (Tables)

Note 10 - Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Goodwill [Table Text Block]	March 31, Balance at January 1, 2018 $ 8,218 Effect of foreign currency adjustments 234 Balance at March 31, 2018 $ 8,452

Note 11 - Accrued Expenses (Tab

Note 11 - Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31, Compensation and related expenses $ 2,844 $ 2,893 Clinical trial costs 2,402 2,318 Revenue reserves and accrued expenses related to product recall 1,381 - Research grants 431 419 Professional fees 676 448 Other 229 248 Total $ 7,963 $ 6,326

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Millions	May 02, 2018	Mar. 31, 2018	Dec. 31, 2017
Inventory Recall Expense			$ 0.9
Subsequent Event [Member]
Inventory Recall Expense	$ 1.1
Inventory Recall Expense Recorded Against Outstanding Receivables	$ 0.2
DePuy Mitek Inc [Member]
Revenues From Agreements as Percent of Total Revenue		76.00%

Note 3 - Revenue - Product Reve

Note 3 - Revenue - Product Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 21,264	$ 23,386
Orthobiologics [Member]
Revenue	19,489	20,227
Surgical [Member]
Revenue	1,245	1,296
Dermal [Member]
Revenue		425
Revenue	(539)
Manufactured Product, Other [Member]
Revenue	1,063	1,433
Product [Member]
Revenue	$ 21,258	$ 23,381

Note 3 - Revenue - Total Revenu

Note 3 - Revenue - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue	$ 21,264	$ 23,386
Percentage of Revenue	100.00%	100.00%
UNITED STATES
Revenue	$ 16,910	$ 18,930
Percentage of Revenue	80.00%	81.00%
Europe [Member]
Revenue	$ 2,391	$ 2,829
Percentage of Revenue	11.00%	12.00%
Other Location [Member]
Revenue	$ 1,963	$ 1,627
Percentage of Revenue	9.00%	7.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax, Total	$ 0	$ 0
Certificates of Deposit [Member]
Available-for-sale Securities, Total	$ 21,300	$ 24,000

Note 5 - Fair Value Measureme32

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Cash equivalents:
Cash equivalents	$ 9,254	$ 6,393
Investments:
Investments	21,250	24,000
Fair Value, Inputs, Level 1 [Member]
Cash equivalents:
Cash equivalents	6,504	5,893
Fair Value, Inputs, Level 2 [Member]
Cash equivalents:
Cash equivalents	2,750	500
Fair Value, Inputs, Level 3 [Member]
Cash equivalents:
Cash equivalents
Money Market Funds [Member]
Cash equivalents:
Cash equivalents	6,504	5,893
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents:
Cash equivalents	6,504	5,893
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents:
Cash equivalents
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents:
Cash equivalents
Certificates of Deposit [Member]
Cash equivalents:
Cash equivalents	2,750	500
Investments:
Investments	21,250	24,000
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents:
Cash equivalents
Investments:
Investments
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents:
Cash equivalents	2,750	500
Investments:
Investments	21,250	24,000
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents:
Cash equivalents
Investments:
Investments

Note 6 - Equity Incentive Pla33

Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands	Mar. 09, 2018	Jan. 31, 2018	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017
Allocated Share-based Compensation Expense, Total				$ 7,565	$ 1,182
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				192,300	392,005
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				4 years	3 years
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				64,578
Shares Paid for Tax Withholding for Share Based Compensation	32,541
Adjustments Related to Tax Withholding for Share-based Compensation	$ 1,700
Chief Executive Officer [Member]
Allocated Share-based Compensation Expense, Total				$ 6,200
Director [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period		1 year	1 year
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		8,130	9,970

Note 6 - Equity Incentive Pla34

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Expected life (years) (Year)	4 years 182 days	4 years
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk free interest rate	2.15%	1.70%
Expected volatility	38.74%	43.47%
Maximum [Member]
Risk free interest rate	2.37%	1.78%
Expected volatility	40.81%	44.30%

Note 6 - Equity Incentive Pla35

Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Stock-based compensation expense	$ 7,565	$ 1,182
Cost of Sales [Member]
Stock-based compensation expense	(216)	97
Research and Development Expense [Member]
Stock-based compensation expense	210	10
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 7,571	$ 1,075

Note 7 - Earnings (Loss) Per 36

Note 7 - Earnings (Loss) Per Share ("EPS") (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Employee Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	1	0.6

Note 7 - Earnings Per Share ("E

Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Basic weighted average common shares outstanding (in shares)	14,679	14,576
Effect of dilutive securities:
Stock options, SARs, RSAs and RSUs (in shares)		467
Diluted shares used in the calculation of earnings (loss) per share (in shares)	14,679	15,043

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Inventory Write-down	$ 3,246	$ 264
HYAFF-based Products [Member]
Inventory Write-down	600
HA Powder [Member]
Inventory Write-down	$ 1,700

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Raw materials	$ 10,062	$ 11,296
Work-in-process	5,899	6,062
Finished goods	6,809	4,677
Total	$ 22,770	$ 22,035

Note 9 - Intangible Assets (Det

Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Amortization of Intangible Assets, Total	$ 0.3	$ 0.2

Note 9 - Intangible Assets - Su

Note 9 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Gross Value	$ 28,206
Accumulated Currency Translation Adjustment	(3,829)	$ (4,132)
Accumulated Amortization	(13,699)	(13,439)
Intangible assets, net	10,678	10,635
In Process Research and Development [Member]
Gross Value	4,406
Accumulated Currency Translation Adjustment	(916)	(1,015)
Intangible assets, net	3,490	3,391
Developed Technology Rights [Member]
Gross Value	17,100
Accumulated Currency Translation Adjustment	(2,358)	(2,550)
Accumulated Amortization	(7,970)	(7,723)
Intangible assets, net	$ 6,772	6,827
Useful life (Year)	15 years
Distribution Rights [Member]
Gross Value	$ 4,700
Accumulated Currency Translation Adjustment	(415)	(415)
Accumulated Amortization	(4,285)	(4,285)
Intangible assets, net
Useful life (Year)	5 years
Patents [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment	(140)	(152)
Accumulated Amortization	(444)	(431)
Intangible assets, net	$ 416	417
Useful life (Year)	16 years
Elevess Trade Name [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment
Accumulated Amortization	(1,000)	(1,000)
Intangible assets, net
Useful life (Year)	9 years

Note 10 - Goodwill (Details Tex

Note 10 - Goodwill (Details Textual) $ in Thousands	Nov. 30, 2017USD ($)
Goodwill, Impaired, Accumulated Impairment Loss	$ 0

Note 10 - Goodwill - Changes in

Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Balance	$ 8,218
Effect of foreign currency adjustments	234
Balance	$ 8,452

Note 11 - Accrued Expenses (Det

Note 11 - Accrued Expenses (Details Textual) - USD ($) $ in Millions	Mar. 09, 2018	Mar. 08, 2018	Mar. 31, 2018
Recall Payable			$ 0.4
Former Chief Executive Officer [Member]
Severance Benefit Following Retirement	$ 1.7
Severance Benefit Following Retirement, Term	1 year 180 days
Severance Benefit, For A One Year Post Retirement Consulting Agreement		$ 0.3

Note 11 - Accrued Expenses - Su

Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Compensation and related expenses	$ 2,844	$ 2,893
Clinical trial costs	2,402	2,318
Revenue reserves and accrued expenses related to product recall	1,381
Research grants	431	419
Professional fees	676	448
Other	229	248
Total	$ 7,963	$ 6,326

Note 12 - Commitments and Con46

Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Standard and Extended Product Warranty Accrual, Ending Balance	$ 0	$ 0

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017
Income Tax Expense (Benefit), Total	$ (1,051)	$ 2,571
Effective Income Tax Rate Reconciliation, Percent, Total	13.60%	(31.90%)
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				35.00%
Deferred Tax Assets, Valuation Allowance, Total	$ 0			$ 0
Scenario, Forecast [Member]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%