Anika Therapeutics (ANIK) 10-Q 28 Oct 19 2019 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2019	Oct. 17, 2019
Document Information [Line Items]
Entity Registrant Name	Anika Therapeutics, Inc.
Entity Central Index Key	0000898437
Trading Symbol	anik
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding (in shares)		14,269,367
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Amendment Flag	false
Title of 12(b) Security	Common Stock

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 103,381	$ 89,042
Investments	69,825	69,972
Accounts receivable, net of reserves of $981 and $1,525 at September 30, 2019 and December 31, 2018, respectively	23,889	20,775
Inventories, net	25,243	21,300
Prepaid expenses and other current assets	1,479	1,854
Total current assets	223,817	202,943
Property and equipment, net	51,750	54,111
Operating lease right-of-use assets	23,082
Other long-term assets	5,761	4,897
Intangible assets, net	7,680	9,191
Goodwill	7,489	7,851
Total assets	319,579	278,993
Current liabilities:
Accounts payable	2,702	3,143
Accrued expenses and other current liabilities	8,493	8,146
Total current liabilities	11,195	11,289
Other long-term liabilities	372	550
Deferred tax liability	4,727	3,542
Operating lease liabilities	21,603
Commitments and contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	0	0
Common stock, $0.01 par value; 90,000 shares authorized, 14,269 and 14,210 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively	143	142
Additional paid-in-capital	46,482	50,763
Accumulated other comprehensive loss	(6,318)	(5,526)
Retained earnings	241,375	218,233
Total stockholders’ equity	281,682	263,612
Total liabilities and stockholders’ equity	$ 319,579	$ 278,993

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Accounts receivable, reserves	$ 981	$ 1,525
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)	90,000	90,000
Common stock, shares issued (in shares)	14,269	14,210
Common stock, shares outstanding (in shares)	14,269	14,210

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 29,697	$ 26,787	$ 84,838	$ 78,599
Operating expenses:
Cost of product revenue	5,951	8,282	20,098	24,279
Research & development	4,158	4,232	12,581	14,126
Selling, general & administrative	7,539	5,700	22,713	28,207
Total operating expenses	17,648	18,214	55,392	66,612
Income from operations	12,049	8,573	29,446	11,987
Interest and other income, net	482	522	1,513	907
Income before income taxes	12,531	9,095	30,959	12,894
Provision for income taxes	3,331	1,496	7,817	1,890
Net income	$ 9,200	$ 7,599	$ 23,142	$ 11,004
Basic net income per share:
Net income (in dollars per share)	$ 0.65	$ 0.53	$ 1.65	$ 0.76
Basic weighted average common shares outstanding (in shares)	14,070	14,237	14,065	14,524
Diluted net income per share:
Net income (in dollars per share)	$ 0.64	$ 0.53	$ 1.62	$ 0.74
Diluted weighted average common shares outstanding (in shares)	14,387	14,377	14,266	14,820
Net income	$ 9,200	$ 7,599	$ 23,142	$ 11,004
Foreign currency translation adjustment	(622)	(113)	(792)	(444)
Comprehensive income	8,578	7,486	22,350	10,560
Product [Member]
Revenue	29,615	26,781	84,745	78,581
Service [Member]
Revenue	$ 82	$ 6	$ 93	$ 18

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2017	14,688
Balance at Dec. 31, 2017	$ 147	$ 68,617	$ 199,511	$ (4,784)	$ 263,491
Issuance of common stock for equity awards (in shares)	89
Issuance of common stock for equity awards	$ 1	511			512
Retirement of common stock for minimum tax withholdings (in shares)	(32)
Retirement of common stock for minimum tax withholdings	$ (1)	(1,735)			(1,736)
Stock-based compensation expense		7,565			7,565
Net income			(6,686)		(6,686)
Other comprehensive Income (loss)				620	620
Issuance of common stock for equity awards (in shares)	89
Balance (in shares) at Mar. 31, 2018	14,745
Balance at Mar. 31, 2018	$ 147	74,958	192,825	(4,164)	263,766
Balance (in shares) at Dec. 31, 2017	14,688
Balance at Dec. 31, 2017	$ 147	68,617	199,511	(4,784)	263,491
Net income					11,004
Balance (in shares) at Sep. 30, 2018	14,211
Balance at Sep. 30, 2018	$ 142	49,836	210,515	(5,228)	255,265
Balance (in shares) at Mar. 31, 2018	14,745
Balance at Mar. 31, 2018	$ 147	74,958	192,825	(4,164)	263,766
Issuance of common stock for equity awards (in shares)	273
Issuance of common stock for equity awards	$ 3	2,372			2,375
Stock-based compensation expense		1,322			1,322
Net income			10,091		10,091
Other comprehensive Income (loss)				(951)	(951)
Issuance of common stock for equity awards (in shares)	273
Repurchase of common stock (in shares)	(434)
Repurchase of common stock	$ (4)	(29,996)			(30,000)
Balance (in shares) at Jun. 30, 2018	14,584
Balance at Jun. 30, 2018	$ 146	48,656	202,916	(5,115)	246,603
Stock-based compensation expense		1,177			1,177
Net income			7,599		7,599
Other comprehensive Income (loss)				(113)	(113)
Repurchase of common stock (in shares)	(373)
Repurchase of common stock	$ (4)	3			(1)
Balance (in shares) at Sep. 30, 2018	14,211
Balance at Sep. 30, 2018	$ 142	49,836	210,515	(5,228)	255,265
Balance (in shares) at Dec. 31, 2018	14,210
Balance at Dec. 31, 2018	$ 142	50,763	218,233	(5,526)	263,612
Issuance of common stock for equity awards (in shares)	7
Issuance of common stock for equity awards		5			5
Retirement of common stock for minimum tax withholdings (in shares)	(3)
Retirement of common stock for minimum tax withholdings		(124)			(124)
Stock-based compensation expense		1,386			1,386
Net income			4,507		4,507
Other comprehensive Income (loss)				(315)	(315)
Issuance of common stock for equity awards (in shares)	7
Balance (in shares) at Mar. 31, 2019	14,214
Balance at Mar. 31, 2019	$ 142	52,030	222,740	(5,841)	269,071
Balance (in shares) at Dec. 31, 2018	14,210
Balance at Dec. 31, 2018	$ 142	50,763	218,233	(5,526)	263,612
Net income					23,142
Balance (in shares) at Sep. 30, 2019	14,269
Balance at Sep. 30, 2019	$ 143	46,482	241,375	(6,318)	281,682
Balance (in shares) at Mar. 31, 2019	14,214
Balance at Mar. 31, 2019	$ 142	52,030	222,740	(5,841)	269,071
Issuance of common stock for equity awards (in shares)	30
Issuance of common stock for equity awards	$ 1	851			852
Stock-based compensation expense		1,443			1,443
Net income			9,435		9,435
Other comprehensive Income (loss)				145	145
Issuance of common stock for equity awards (in shares)	30
Forfeiture of restricted stock (in shares)	(7)
Forfeiture of restricted stock
Repurchase of common stock (in shares)	(452)
Repurchase of common stock	$ (5)	(29,995)			(30,000)
Balance (in shares) at Jun. 30, 2019	13,785
Balance at Jun. 30, 2019	$ 138	24,329	232,175	(5,696)	250,946
Issuance of common stock for equity awards (in shares)	488
Issuance of common stock for equity awards	$ 5	20,962			20,967
Retirement of common stock for minimum tax withholdings (in shares)	(2)
Retirement of common stock for minimum tax withholdings		(120)			(120)
Stock-based compensation expense		1,311			1,311
Net income			9,200		9,200
Other comprehensive Income (loss)				(622)	(622)
Issuance of common stock for equity awards (in shares)	488
Forfeiture of restricted stock (in shares)	(2)
Forfeiture of restricted stock
Balance (in shares) at Sep. 30, 2019	14,269
Balance at Sep. 30, 2019	$ 143	$ 46,482	$ 241,375	$ (6,318)	$ 281,682

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net income	$ 23,142	$ 11,004
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	4,459	4,433
Non-cash operating lease cost	880
Loss on disposal of fixed assets	927	172
Loss on impairment of intangible asset	303
Stock-based compensation expense	4,140	10,064
Deferred income taxes	941	(1,205)
Provision (recovery) for doubtful accounts	(450)	(87)
Provision for inventory	1,062	4,073
Accretion to amortized cost of investments	(1,075)
Changes in operating assets and liabilities:
Accounts receivable	(2,751)	3,136
Inventories	(6,600)	(5,891)
Prepaid expenses, other current and long-term assets	440	1,304
Accounts payable	(335)	(2,449)
Operating lease liabilities	(796)
Accrued expenses, other current and long-term liabilities	(681)	509
Income taxes	377	(158)
Net cash provided by operating activities	23,983	24,905
Cash flows from investing activities:
Proceeds from maturity of investments	87,594	34,500
Purchase of investments	(86,368)	(77,683)
Purchase of property and equipment	(2,559)	(4,493)
Net cash (used in) provided by investing activities	(1,333)	(47,676)
Cash flows from financing activities:
Repurchases of common stock	(30,000)	(30,000)
Cash paid for tax withheld on vested restricted stock awards	(245)	(1,735)
Proceeds from exercise of equity awards	21,825	2,886
Net cash used in financing activities	(8,420)	(28,849)
Exchange rate impact on cash	109	189
Decrease in cash and cash equivalents	14,339	(51,431)
Cash and cash equivalents at beginning of period	89,042	133,256
Cash and cash equivalents at end of period	103,381	81,825
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019	24,110
Non-cash activities:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 132	$ 197

Note 1 - Nature of Business

Note 1 - Nature of Business	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business Anika Therapeutics, Inc. (the “Company”) is a global, integrated joint preservation and regenerative therapies company based in Bedford, Massachusetts. The Company is committed to delivering innovative therapies to improve the lives of patients across a continuum of care from osteoarthritis pain management to joint preservation and restoration. The Company has over two 20 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, 2019
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, 2018 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, 2018. three nine September 30, 2019 not December 31, 2019. Recent Accounting Pronouncements In February 2016, No. 2016 02, Leases 2016 02 December 15, 2018. January 1, 2019 not not 12 In August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 No. 2015 05, Customers Accounting for Fees in a Cloud Computing Agreement 2018 15 350 40 2018 15 December 15, 2019. 2018 15

Note 3 - Revenue

Note 3 - Revenue	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	3. Revenue Distribution Model 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 September 30, 2019, $28 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 71% 70% three nine September 30, 2019, may Hybrid Commercial Model The Company recently completed the implementation of a U.S.-based hybrid commercial model through which the Company launched TACTOSET, its surgically-delivered bone repair therapy, in the third 2019. The Company recognizes revenue from TACTOSET product sales when the customer obtains control or upon utilization of the Company’s product in return for agreed-upon, fixed-price consideration. Revenues were not not one not not no Product and Total Revenue Product revenue by product group was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Orthobiologics $ 26,765 $ 24,097 $ 74,975 $ 69,778 Surgical 578 1,191 4,071 3,700 Dermal 417 80 990 163 Other 1,855 1,413 4,709 4,940 Product Revenue $ 29,615 $ 26,781 $ 84,745 $ 78,581 Total revenue by geographic location was as follows: Three Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 23,512 79 % $ 21,695 81 % Europe 3,943 13 % 3,132 12 % Other 2,242 8 % 1,960 7 % Total Revenue $ 29,697 100 % $ 26,787 100 % Nine Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 66,538 78 % $ 63,377 81 % Europe 11,396 14 % 9,021 11 % Other 6,904 8 % 6,201 8 % Total Revenue $ 84,838 100 % $ 78,599 100 % On May 2, 2018, not no three March 31, 2018, $1.1 $0.9 June 30, 2018 fourth 2018, December 2018.

Note 4 - Investments

Note 4 - Investments	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Cash and Cash Equivalents Disclosure [Text Block]	4. Investments 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, net of related income taxes. The Company held investments, including U.S. treasury bills totaling $69.8 $70.0 September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018. one

Note 5 - Fair Value Measurement

Note 5 - Fair Value Measurements	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Fair Value Disclosures [Text Block]	5. Fair Value Measurements The Company’s investments are all classified within Level 1 not $1.1 $0.4 September 30, 2019 December 31, 2018. The fair value hierarchy of the Company's cash equivalents and investments at fair value was as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 6,406 $ 6,406 $ - $ - $ 6,406 Investments: U.S. treasury bills $ 69,825 $ 69,825 $ - $ - $ 69,821 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 4,984 $ 4,984 $ - $ - $ 4,984 Investments: U.S. treasury bills $ 69,972 $ 69,972 $ - $ - $ 69,972

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Share-based Payment Arrangement [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”) is measured by the grant-date price of the Company’s shares. Fair value of performance restricted stock units (“PSUs”) is measured by the grant-date price of the Company’s shares with corresponding compensation cost recognized over the requisite service period. Compensation cost is recognized based on the estimated probabilities of achieving the performance goals. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related compensation cost that will be recorded in the period of the change. If the performance targets are not no The fair value of each stock option award during the nine September 30, 2019 2018 Nine Months Ended September 30, 2019 2018 Risk free interest rate 1.41% - 2.54% 2.15% - 2.82% Expected volatility 44.27% - 46.21% 37.12% - 45.61% Expected life (years) 3.5 4.0 - 4.5 Expected dividend yield 0.00% 0.00% The Company recorded $1.3 $1.2 three September 30, 2019 2018, $4.1 $10.1 nine September 30, 2019 2018, 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 September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of product revenue $ 114 $ 39 $ 288 $ (205 ) Research & development 50 239 318 690 Selling, general & administrative 1,147 899 3,534 9,579 Total stock-based compensation expense $ 1,311 $ 1,177 $ 4,140 $ 10,064 On June 18, 2019, 2017 “2017 2017 1,500,000 1,200,000 2,700,000. No 2017 The following table sets forth share information for stock-based compensation awards granted and exercised during the three nine September 30, 2019 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Grants: Stock Options 87,250 18,500 218,867 228,300 RSAs - - - 64,578 RSUs 9,000 3,624 185,507 11,754 PSUs 9,000 - 123,500 - Exercises: Stock Options 488,586 - 511,486 284,548 SARs - - - - During the three nine September 30, 2019, three 30% 2019 70% 2021 $0.3 $0.7 three nine September 30, 2019,

Note 7 - Earnings Per Share ("E

Note 7 - Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 2019 2018 Shares used in the calculation of basic earnings per share 14,070 14,237 14,065 14,524 Effect of dilutive securities: Stock options, SARs, RSAs, RSUs and PSUs 317 140 201 296 Diluted shares used in the calculation of earnings per share 14,387 14,377 14,266 14,820 Stock options of 0.4 0.9 three September 30, 2019 2018, not 0.7 0.6 nine September 30, 2019 2018 not On May 2, 2019, $50.0 $30.0 $20.0 September 30, 2019, no May 7, 2019, $30.0 $30.0 0.5 May 8, 2019 $39.85 60% As of September 30, 2019, $12.0 first 2020. may September 30, 2019, 0.2 not

Note 8 - Inventories

Note 8 - Inventories	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Inventory Disclosure [Text Block]	8. Inventories Inventories consist of the following: September 30, December 31, 2019 2018 Raw materials $ 12,686 $ 13,688 Work-in-process 7,762 4,626 Finished goods 10,234 6,819 Total $ 30,682 $ 25,133 Inventories $ 25,243 $ 21,300 Other long-term assets $ 5,439 $ 3,833 Other long-term assets include $5.4 $3.8 one September 30, 2019 December 31, 2018,

Note 9 - Intangible Assets

Note 9 - Intangible Assets	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	9. Intangible Assets Intangible assets as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Gross Accumulated Impairment Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (3,056 ) $ (303 ) $ (9,448 ) $ 4,293 $ (2,824 ) $ (8,672 ) $ 5,604 15 In-process research & development 4,406 (1,316 ) - - 3,090 (1,168 ) - 3,238 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (184 ) - (519 ) 297 (169 ) (482 ) 349 16 Elevess trade name 1,000 - - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,971 ) $ (303 ) $ (15,252 ) $ 7,680 $ (4,576 ) $ (14,439 ) $ 9,191 The aggregate amortization expense related to intangible assets was $0.3 0.2 three September 30, 2019 2018, $0.8 nine September 30, 2019 2018. The Company recorded a $0.3 three March 31, 2019. January 2015. March 2019, not not Through September 30, 2019, not may not not $0.1

Note 10 - Goodwill

Note 10 - Goodwill	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Goodwill Disclosure [Text Block]	10. Goodwill The Company completed its annual impairment review as of November 30, 2018 no September 30, 2019, no may not September 30, 2019 Balance at January 1, 2019 $ 7,851 Effect of foreign currency adjustments (362 ) Balance at September 30, 2019 $ 7,489

Note 11 - Accrued Expenses

Note 11 - Accrued Expenses	9 Months Ended
	Sep. 30, 2019
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, 2019 2018 Compensation and related expenses $ 4,039 $ 4,446 Professional fees 1,333 1,989 Operating lease liability - current 1,109 - Income taxes payable 766 385 Research grants 381 400 Clinical trial costs 497 577 Other 368 349 Total $ 8,493 $ 8,146 The lease liability as of September 30, 2019 2016 02 January 1, 2019 12.

Note 12 - Operating Leases

Note 12 - Operating Leases	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Lessee, Operating Leases [Text Block]	12. Operating Leases The Company adopted ASU 2016 02 January 1, 2019 not no 2016 02 3” 12 no not 2016 02. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than one not not not not may The Company has two 134,000 33,000 2022 2038, 2032, 2026 The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on January 1, 2019 Incremental borrowing rate not not September 30, 2019 4.1%. Lease term. no September 30, 2019 17.1 The components of lease expense and other information are as follows: For the three months ended For the nine months ended Lease cost Operating lease cost $ 525 $ 1,568 Short-term lease cost - 6 Variable lease cost 43 155 Total lease cost $ 568 $ 1,729 Other information Operating cash flows from operating leases $ 488 $ 1,482 Future commitments due under these lease agreements as of September 30, 2019 Operating Lease Obligation As Of Years ended December 31, September 30, 2019 2019 (remaining 3 months) $ 497 2020 2,025 2021 2,024 2022 1,981 2023 1,965 Thereafter 23,530 Present value adjustment (9,310 ) Present value of lease payments 22,712 Less current portion included in Accrued expenses and other current liabilities (1,109 ) Operating lease liabilities $ 21,603 The following table summarizes the future minimum payments due for the Company’s operating leases under the prior lease guidance without the hindsight practical expedient for each of the next five December 31, 2018: Years ended December 31, 2019 $ 1,879 2020 1,917 2021 1,924 2022 1,672 2023 414 2024 and thereafter 897 Total $ 8,703

Note 13 - Commitments and Conti

Note 13 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	13. 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, 2019 December 31, 2018 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 14 - Income Taxes

Note 14 - Income Taxes	9 Months Ended
	Sep. 30, 2019
Notes to Financial Statements
Income Tax Disclosure [Text Block]	14. Income Taxes The provision for income taxes was $3.3 $7.8 three nine September 30, 2019, 26.6% 25.3%, $1.5 $1.9 three nine September 30, 2018, 16.4% 14.7%, three nine September 30, 2019, 2018, June 2018 March 9, 2018. $0.3 $0.4 three nine September 30, 2019 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 assesses whether it was more likely than not not not” not September 30, 2019 December 31, 2018.

Note 3 - Revenue (Tables)

Note 3 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Orthobiologics $ 26,765 $ 24,097 $ 74,975 $ 69,778 Surgical 578 1,191 4,071 3,700 Dermal 417 80 990 163 Other 1,855 1,413 4,709 4,940 Product Revenue $ 29,615 $ 26,781 $ 84,745 $ 78,581
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 23,512 79 % $ 21,695 81 % Europe 3,943 13 % 3,132 12 % Other 2,242 8 % 1,960 7 % Total Revenue $ 29,697 100 % $ 26,787 100 % Nine Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 66,538 78 % $ 63,377 81 % Europe 11,396 14 % 9,021 11 % Other 6,904 8 % 6,201 8 % Total Revenue $ 84,838 100 % $ 78,599 100 %

Note 5 - Fair Value Measureme_2

Note 5 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 6,406 $ 6,406 $ - $ - $ 6,406 Investments: U.S. treasury bills $ 69,825 $ 69,825 $ - $ - $ 69,821 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 4,984 $ 4,984 $ - $ - $ 4,984 Investments: U.S. treasury bills $ 69,972 $ 69,972 $ - $ - $ 69,972

Note 6 - Equity Incentive Plan

Note 6 - Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2019 2018 Risk free interest rate 1.41% - 2.54% 2.15% - 2.82% Expected volatility 44.27% - 46.21% 37.12% - 45.61% Expected life (years) 3.5 4.0 - 4.5 Expected dividend yield 0.00% 0.00%
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of product revenue $ 114 $ 39 $ 288 $ (205 ) Research & development 50 239 318 690 Selling, general & administrative 1,147 899 3,534 9,579 Total stock-based compensation expense $ 1,311 $ 1,177 $ 4,140 $ 10,064
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Grants: Stock Options 87,250 18,500 218,867 228,300 RSAs - - - 64,578 RSUs 9,000 3,624 185,507 11,754 PSUs 9,000 - 123,500 - Exercises: Stock Options 488,586 - 511,486 284,548 SARs - - - -

Note 7 - Earnings Per Share (_2

Note 7 - Earnings Per Share ("EPS") (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Shares used in the calculation of basic earnings per share 14,070 14,237 14,065 14,524 Effect of dilutive securities: Stock options, SARs, RSAs, RSUs and PSUs 317 140 201 296 Diluted shares used in the calculation of earnings per share 14,387 14,377 14,266 14,820

Note 8 - Inventories (Tables)

Note 8 - Inventories (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2019 2018 Raw materials $ 12,686 $ 13,688 Work-in-process 7,762 4,626 Finished goods 10,234 6,819 Total $ 30,682 $ 25,133 Inventories $ 25,243 $ 21,300 Other long-term assets $ 5,439 $ 3,833

Note 9 - Intangible Assets (Tab

Note 9 - Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	September 30, 2019 December 31, 2018 Gross Accumulated Impairment Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (3,056 ) $ (303 ) $ (9,448 ) $ 4,293 $ (2,824 ) $ (8,672 ) $ 5,604 15 In-process research & development 4,406 (1,316 ) - - 3,090 (1,168 ) - 3,238 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (184 ) - (519 ) 297 (169 ) (482 ) 349 16 Elevess trade name 1,000 - - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,971 ) $ (303 ) $ (15,252 ) $ 7,680 $ (4,576 ) $ (14,439 ) $ 9,191

Note 10 - Goodwill (Tables)

Note 10 - Goodwill (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Goodwill [Table Text Block]	September 30, 2019 Balance at January 1, 2019 $ 7,851 Effect of foreign currency adjustments (362 ) Balance at September 30, 2019 $ 7,489

Note 11 - Accrued Expenses (Tab

Note 11 - Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2019 2018 Compensation and related expenses $ 4,039 $ 4,446 Professional fees 1,333 1,989 Operating lease liability - current 1,109 - Income taxes payable 766 385 Research grants 381 400 Clinical trial costs 497 577 Other 368 349 Total $ 8,493 $ 8,146

Note 12 - Operating Leases (Tab

Note 12 - Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2019
Notes Tables
Lease, Cost [Table Text Block]	For the three months ended For the nine months ended Lease cost Operating lease cost $ 525 $ 1,568 Short-term lease cost - 6 Variable lease cost 43 155 Total lease cost $ 568 $ 1,729 Other information Operating cash flows from operating leases $ 488 $ 1,482
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Operating Lease Obligation As Of Years ended December 31, September 30, 2019 2019 (remaining 3 months) $ 497 2020 2,025 2021 2,024 2022 1,981 2023 1,965 Thereafter 23,530 Present value adjustment (9,310 ) Present value of lease payments 22,712 Less current portion included in Accrued expenses and other current liabilities (1,109 ) Operating lease liabilities $ 21,603
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	Years ended December 31, 2019 $ 1,879 2020 1,917 2021 1,924 2022 1,672 2023 414 2024 and thereafter 897 Total $ 8,703

Note 3 - Revenue (Details Textu

Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended	12 Months Ended
	Sep. 30, 2019	Mar. 31, 2018	Sep. 30, 2019	Dec. 31, 2017
Contract with Customer, Liability, Total	$ 28		$ 28
Inventory Recall Expense		$ 1,100		$ 900
DePuy Mitek Inc [Member]
Revenues From Agreements as Percent of Total Revenue	71.00%		70.00%

Note 3 - Revenue - Product Reve

Note 3 - Revenue - Product Revenue by Product Group (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 29,697	$ 26,787	$ 84,838	$ 78,599
Orthobiologics [Member]
Revenue	26,765	24,097	74,975	69,778
Surgical [Member]
Revenue	578	1,191	4,071	3,700
Dermal [Member]
Revenue	417	80	990	163
Manufactured Product, Other [Member]
Revenue	1,855	1,413	4,709	4,940
Product [Member]
Revenue	$ 29,615	$ 26,781	$ 84,745	$ 78,581

Note 3 - Revenue - Total Revenu

Note 3 - Revenue - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Revenue	$ 29,697	$ 26,787	$ 84,838	$ 78,599
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
UNITED STATES
Revenue	$ 23,512	$ 21,695	$ 66,538	$ 63,377
Percentage of Revenue	79.00%	81.00%	78.00%	81.00%
Europe [Member]
Revenue	$ 3,943	$ 3,132	$ 11,396	$ 9,021
Percentage of Revenue	13.00%	12.00%	14.00%	11.00%
Other Location [Member]
Revenue	$ 2,242	$ 1,960	$ 6,904	$ 6,201
Percentage of Revenue	8.00%	7.00%	8.00%	8.00%

Note 4 - Investments (Details T

Note 4 - Investments (Details Textual) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 31, 2018
US Treasury Bill Securities [Member]
Available-for-sale Securities, Total	$ 69.8	$ 70

Note 5 - Fair Value Measureme_3

Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Investment Income, Amortization of Discount	$ 1,075
Interest and Other Income, Net [Member]
Investment Income, Amortization of Discount	$ 1,100		$ 400

Note 5 - Fair Value Measureme_4

Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Investments:
Investments	$ 69,825	$ 69,972
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member]
Cash equivalents:
Cash equivalents	6,406	4,984
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents:
Cash equivalents	6,406	4,984
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents:
Cash equivalents
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents:
Cash equivalents
Money Market Funds [Member] | Reported Value Measurement [Member]
Cash equivalents:
Cash equivalents	6,406	4,984
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member]
Investments:
Investments	69,825	69,972
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Investments:
Investments	69,825	69,972
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Investments:
Investments
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Investments:
Investments
US Treasury Securities [Member] | Reported Value Measurement [Member]
Investments:
Investments	$ 69,821	$ 69,972

Note 6 - Equity Incentive Pla_2

Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands	Jun. 18, 2019	Sep. 30, 2019	Sep. 30, 2018	Mar. 31, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Share-based Payment Arrangement, Expense		$ 1,311	$ 1,177		$ 4,140	$ 10,064
Stock Options, PSUs and RSUs to Employees and RSUs to Non-employee Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					3 years
Performance Shares [Member]
Share-based Payment Arrangement, Expense		$ 300			$ 700
Performance Conditions, Business Target, Percentage of Performance Conditions Based on Achievement in Current Fiscal Year					30.00%
Performance Conditions, Financial Target, Percentage of Performance Conditions Based on Company’s Operating Results in next Fiscal Year					70.00%
The 2017 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized	1,500,000
Common Stock, Capital Shares Reserved for Future Issuance	2,700,000						1,200,000
Chief Executive Officer [Member]
Share-based Payment Arrangement, Expense				$ 6,200

Note 6 - Equity Incentive Pla_3

Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Expected life (years) (Year)	3 years 182 days
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Risk free interest rate	1.41%	2.15%
Expected volatility	44.27%	37.12%
Expected life (years) (Year)		4 years
Maximum [Member]
Risk free interest rate	2.54%	2.82%
Expected volatility	46.21%	45.61%
Expected life (years) (Year)		4 years 182 days

Note 6 - Equity Incentive Pla_4

Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Stock-based compensation expense	$ 1,311	$ 1,177	$ 4,140	$ 10,064
Cost of Sales [Member]
Stock-based compensation expense	(114)	(39)	(288)	205
Research and Development Expense [Member]
Stock-based compensation expense	50	239	318	690
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 1,147	$ 899	$ 3,534	$ 9,579

Note 6 - Equity Incentive Pla_5

Note 6 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Share-based Payment Arrangement, Option [Member]
Stock Options (in shares)	87,250	18,500	218,867	228,300
Stock Options (in shares)	488,586		511,486	284,548
Restricted Stock [Member]
Equity Instruments Other than Options (in shares)				64,578
Restricted Stock Units (RSUs) [Member]
Equity Instruments Other than Options (in shares)	9,000	3,624	185,507	11,754
Performance Restricted Stock Units [Member]
Equity Instruments Other than Options (in shares)	9,000		123,500
Stock Appreciation Rights (SARs) [Member]
SARs (in shares)

Note 7 - Earnings Per Share (_3

Note 7 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	May 08, 2019	May 07, 2019	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2019	Sep. 30, 2018	May 02, 2019
Stock Repurchase Program, Authorized Amount									$ 50,000
Payments for Repurchase of Common Stock							$ 30,000	$ 30,000
Accelerated Stock Repurchase [Member]
Stock Repurchase Program, Authorized Amount		$ 30,000							30,000
Payments for Repurchase of Common Stock		$ 30,000
Stock Repurchased During Period, Shares	500
Share Price	$ 39.85
Share Repurchased, Pecentage	60.00%
Stock Repurchase Program, Remaining Authorized Repurchase Amount			$ 12,000		$ 12,000	$ 12,000	$ 12,000
Number of Additional Shares Deliver to Company if ASR Agreement Settled					200
Repurchase from Open Market [Member]
Stock Repurchase Program, Authorized Amount									$ 20,000
Treasury Stock, Shares, Acquired						0
Share-based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount			400	900			700	600

Note 7 - Earnings Per Share (_4

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, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Basic weighted average common shares outstanding (in shares)	14,070	14,237	14,065	14,524
Effect of dilutive securities:
Stock options, SARs, RSAs, RSUs and PSUs (in shares)	317	140	201	296
Diluted shares used in the calculation of earnings per share (in shares)	14,387	14,377	14,266	14,820

Note 8 - Inventories (Details T

Note 8 - Inventories (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Inventory, Noncurrent, Total	$ 5,439	$ 3,833

Note 8 - Inventories - Summary

Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Raw materials	$ 12,686	$ 13,688
Work-in-process	7,762	4,626
Finished goods	10,234	6,819
Total	30,682	25,133
Inventories, net	25,243	21,300
Inventory, Noncurrent, Total	$ 5,439	$ 3,833

Note 9 - Intangible Assets (Det

Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Amortization of Intangible Assets, Total	$ 300		$ 200	$ 800	$ 800
Impairment of Intangible Assets, Finite-lived				303
Intangible Assets, Net (Excluding Goodwill), Total	7,680			7,680		$ 9,191
HYALOSPINE Developed Technology Asset [Member]
Impairment of Intangible Assets, Finite-lived		$ 300
MEROGEL INJECTIBLE Assets [Member]
Intangible Assets, Net (Excluding Goodwill), Total	$ 100			$ 100

Note 9 - Intangible Assets - Su

Note 9 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Gross Value	$ 28,206
Accumulated Currency Translation Adjustment	(4,971)		$ (4,576)
Impairment	(303)
Accumulated Amortization	(15,252)		(14,439)
Intangible assets, net	7,680		9,191
In Process Research and Development [Member]
Gross Value	4,406
Accumulated Currency Translation Adjustment	(1,316)		(1,168)
Impairment
Accumulated Amortization
Intangible assets, net	3,090		3,238
Developed Technology Rights [Member]
Gross Value	17,100
Accumulated Currency Translation Adjustment	(3,056)		(2,824)
Impairment	(303)
Accumulated Amortization	(9,448)		(8,672)
Intangible assets, net	$ 4,293		5,604
Useful life (Year)	15 years
Distribution Rights [Member]
Gross Value	$ 4,700
Accumulated Currency Translation Adjustment	(415)		(415)
Impairment
Accumulated Amortization	(4,285)		(4,285)
Intangible assets, net
Useful life (Year)	5 years
Patents [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment	(184)		(169)
Impairment
Accumulated Amortization	(519)		(482)
Intangible assets, net	$ 297		349
Useful life (Year)	16 years
Elevess Trade Name [Member]
Gross Value	$ 1,000
Accumulated Currency Translation Adjustment
Impairment
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, 2018USD ($)
Goodwill, Impaired, Accumulated Impairment Loss	$ 0

Note 10 - Goodwill - Changes in

Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019USD ($)
Balance	$ 7,851
Effect of foreign currency adjustments	(362)
Balance	$ 7,489

Note 11 - Accrued Expenses - Su

Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Compensation and related expenses	$ 4,039	$ 4,446
Professional fees	1,333	1,989
Operating lease liability - current	1,109
Income taxes payable	766	385
Research grants	381	400
Clinical trial costs	497	577
Other	368	349
Total	$ 8,493	$ 8,146

Note 12 - Operating Leases (Det

Note 12 - Operating Leases (Details Textual)	Sep. 30, 2019ft²
Operating Lease, Weighted Average Discount Rate, Percent	4.10%
Operating Lease, Weighted Average Remaining Lease Term	17 years 36 days
Administrative, Research and Development, and Manufacturing Space in Bedford, MA [Member]
Area of Real Estate Property	134,000
Office, Research and Development, Training, and Warehousing Space in Padova, Italy [Member]
Area of Real Estate Property	33,000

Note 12 - Operating Leases - Le

Note 12 - Operating Leases - Lease Expense and Other Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2019
Operating lease cost	$ 525	$ 1,568
Short-term lease cost		6
Variable lease cost	43	155
Total lease cost	568	1,729
Operating cash flows from operating leases	$ 488	$ 1,482

Note 12 - Operating Leases - Fu

Note 12 - Operating Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
2019 (remaining 3 months)	$ 497
2020	2,025
2021	2,024
2022	1,981
2023	1,965
Thereafter	23,530
Present value adjustment	(9,310)
Present value of lease payments	22,712
Less current portion included in Accrued expenses and other current liabilities	(1,109)
Operating lease liabilities	$ 21,603

Note 12 - Operating Leases - _2

Note 12 - Operating Leases - Future Lease Commitments Under ASU 840 (Details) $ in Thousands	Dec. 31, 2018USD ($)
2019	$ 1,879
2020	1,917
2021	1,924
2022	1,672
2023	414
2024 and thereafter	897
Total	$ 8,703

Note 13 - Commitments and Con_2

Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Standard and Extended Product Warranty Accrual, Ending Balance	$ 0	$ 0

Note 14 - Income Taxes (Details

Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Income Tax Expense (Benefit), Total	$ 3,331	$ 1,496	$ 7,817	$ 1,890
Effective Income Tax Rate Reconciliation, Percent, Total	26.60%	16.40%	25.30%	14.70%
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount	$ 300		$ 400
Deferred Tax Assets, Valuation Allowance, Total	$ 0		$ 0		$ 0