Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | May 19, 2020 | |
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 Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 14,202,273 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 65,833 | $ 157,463 |
Investments | 26,452 | 27,480 |
Accounts receivable, net of reserves of $935 and $962 at March 31, 2020 and December 31, 2019, respectively | 28,101 | 23,079 |
Inventories, net | 35,081 | 21,995 |
Prepaid expenses and other current assets | 5,659 | 4,289 |
Total current assets | 161,126 | 234,306 |
Property and equipment, net | 54,232 | 50,783 |
Right-of-use assets | 23,528 | 22,864 |
Other long-term assets | 27,507 | 7,478 |
Intangible assets, net | 98,718 | 7,585 |
Goodwill | 33,802 | 7,694 |
Total assets | 398,913 | 330,710 |
Current liabilities: | ||
Accounts payable | 9,906 | 3,832 |
Accrued expenses and other current liabilities | 16,282 | 12,445 |
Total current liabilities | 26,188 | 16,277 |
Other long-term liabilities | 1,019 | 357 |
Contingent consideration | 40,251 | |
Deferred tax liability | 16,030 | 4,331 |
Lease liabilities | 21,731 | 21,367 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 0 | 0 |
Common stock, $0.01 par value; 90,000 shares authorized, 14,198 and 14,308 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively | 142 | 143 |
Additional paid-in-capital | 48,360 | 48,707 |
Accumulated other comprehensive loss | (6,027) | (5,898) |
Retained earnings | 251,219 | 245,426 |
Total stockholders’ equity | 293,694 | 288,378 |
Total liabilities and stockholders’ equity | $ 398,913 | $ 330,710 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, reserves | $ 935 | $ 962 |
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) | 14,198 | 14,308 |
Common stock, shares outstanding (in shares) | 14,198 | 14,308 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 35,397 | $ 24,723 |
Operating expenses: | ||
Cost of product revenue | 14,200 | 7,311 |
Research & development | 6,050 | 4,258 |
Selling, general & administrative | 14,431 | 7,672 |
Goodwill impairment | 18,144 | |
Change in fair value of contingent consideration | (24,522) | |
Total operating expenses | 28,303 | 19,241 |
Income from operations | 7,094 | 5,482 |
Interest and other income, net | 279 | 498 |
Income before income taxes | 7,373 | 5,980 |
Provision for income taxes | 1,580 | 1,473 |
Net income | $ 5,793 | $ 4,507 |
Basic net income per share: | ||
Net income (in dollars per share) | $ 0.41 | $ 0.32 |
Basic weighted average common shares outstanding (in shares) | 14,202 | 14,185 |
Diluted net income per share: | ||
Net income (in dollars per share) | $ 0.40 | $ 0.31 |
Diluted weighted average common shares outstanding (in shares) | 14,353 | 14,314 |
Net income | $ 5,793 | $ 4,507 |
Foreign currency translation adjustment | (129) | (315) |
Comprehensive income | 5,664 | 4,192 |
Product [Member] | ||
Revenue | 35,397 | 24,717 |
Service [Member] | ||
Revenue | $ 6 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Restricted Stock Units (RSUs) [Member]Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
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) | ||||
Net income | 4,507 | 4,507 | ||||
Other comprehensive income | (315) | (315) | ||||
Stock-based compensation expense | 1,386 | 1,386 | ||||
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, 2019 | 14,308 | |||||
Balance at Dec. 31, 2019 | $ 143 | 48,707 | 245,426 | (5,898) | 288,378 | |
Issuance of common stock for equity awards (in shares) | ||||||
Issuance of common stock for equity awards | ||||||
Vesting of restricted stock units (in shares) | 42 | |||||
Forfeiture of restricted stock awards (in shares) | (9) | |||||
Forfeiture of restricted stock awards | ||||||
Stock-based compensation expense | (207) | (207) | ||||
Retirement of common stock for minimum tax withholdings (in shares) | (4) | |||||
Retirement of common stock for minimum tax withholdings | (141) | (141) | ||||
Repurchase of common stock (in shares) | (139) | |||||
Repurchase of common stock | $ (1) | 1 | ||||
Net income | 5,793 | 5,793 | ||||
Other comprehensive income | (129) | (129) | ||||
Balance (in shares) at Mar. 31, 2020 | 14,198 | |||||
Balance at Mar. 31, 2020 | $ 142 | $ 48,360 | $ 251,219 | $ (6,027) | $ 293,694 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 5,793 | $ 4,507 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 2,761 | 1,477 |
Non-cash operating lease cost | 340 | 297 |
Goodwill impairment | 18,144 | |
Change in fair value of contingent consideration | (24,522) | |
Loss on disposal of fixed assets | 721 | |
Loss on impairment of intangible asset | 318 | 281 |
Stock-based compensation expense | (207) | 1,386 |
Deferred income taxes | 550 | (124) |
Provision (recovery) for doubtful accounts | (15) | |
Provision for inventory | 831 | 381 |
Amortization of acquisition related inventory step-up | 2,081 | |
Amortization of premium and accretion of discount on investments and cash equivalents | (363) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,004 | 2,489 |
Inventories | (3,632) | (1,617) |
Prepaid expenses, other current and long-term assets | (445) | (182) |
Accounts payable | 421 | 496 |
Operating lease liabilities | (310) | (269) |
Accrued expenses, other current and long-term liabilities | (3,233) | (1,928) |
Income taxes | 166 | 910 |
Net cash provided by operating activities | 1,045 | 8,462 |
Cash flows from investing activities: | ||
Acquisition of Parcus Medical and Arthrosurface, net of cash acquired | (92,983) | |
Proceeds from maturities of investments | 14,990 | 58,094 |
Purchases of investments | (13,787) | (58,981) |
Purchases of property and equipment | (723) | (1,030) |
Net cash used in investing activities | (92,503) | (1,917) |
Cash flows from financing activities: | ||
Cash paid for tax withheld on vested restricted stock awards | (141) | (124) |
Proceeds from exercises of equity awards | 5 | |
Net cash used in financing activities | (141) | (119) |
Exchange rate impact on cash | (31) | 46 |
Increase (decrease) in cash and cash equivalents | (91,630) | 6,472 |
Cash and cash equivalents at beginning of period | 157,463 | 89,042 |
Cash and cash equivalents at end of period | 65,833 | 95,514 |
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | 544 | 497 |
Non-cash Investing Activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 55 | 246 |
Consideration for acquisitions included in accounts payable and accrued expenses | 2,085 | |
Acquisition related contingent consideration | 69,076 | |
Accounting Standards Update 2016-02 [Member] | ||
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | $ 24,110 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2020 | |
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 aims to be the global leader in its space with innovative technologies that exceed its customers’ expectations. The Company is committed to delivering therapies to improve the lives of patients across a continuum of care from joint pain management to orthopedic joint preservation and restoration. The Company has nearly thirty twenty two In early 2020, The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not There are many uncertainties regarding the current pandemic of the novel coronavirus (“COVID- 19” 19 19 may may 19 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
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, 2019 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, 2019. three March 31, 2020 not December 31, 2020. Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its interim President and Chief Executive Officer as of March 31, 2020. 280, Segment Reportin one Recent Accounting Adoptions 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 using the prospective method January 1, 2020. not In June 2016, No. 2016 13, Financial Instruments - Credit Losses 2016 13 December 15, 2019 2016 13 January 1, 2020. not not |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations Parcus Medical, LLC On January 24, 2020, ( January 4, 2020 ( The acquisition of Parcus Medical has been accounted for as a business combination under ASC 805. 805, fair value as of the acquisition date. no one three March 31, 2020, January 24, 2020 March 31, 2020. Consideration Transferred Pursuant to the Parcus Medical Merger Agreement, the Company acquired all outstanding $75.1 $32.8 $1.6 $40.7 The total preliminary purchase consideration is as follows: Cash consideration $ 32,794 Deferred consideration 1,642 Estimated fair value of contingent consideration 40,700 Estimated total purchase consideration $ 75,136 The deferred consideration is related to certain purchase price holdbacks which will be resolved within one March 31, 2020. may $60.0 2020 2022. Acquisition related costs are not $1.9 first 2020. Fair Value of Net Assets Acquired The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not may hose estimates and assumptions are subject to change as the Company obtains additional information related to those estimates during the applicable measurement periods (up to one The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of January 24, 2020, Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 196 Accounts receivable 2,029 Inventories 9,088 Prepaid expenses and other current assets 364 Property and equipment, net 1,099 Right-of-use assets 944 Intangible assets 44,000 Accounts payable, accrued expenses and other current liabilities (2,763 ) Other long-term liabilities (594 ) Lease liabilities (735 ) Net assets acquired 53,628 Excess purchase price over fair value of net assets acquired 21,508 Estimated total purchase consideration $ 75,136 The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill and assigned to the newly established reporting unit for Parcus Medical and Arthrosurface. The goodwill is attributable to the workforce of the business and the value of future technologies expected to arise after the acquisition. Goodwill will not January 24, 2020 Intangible assets acquired consist of: Developed Technology $ 41,100 Trade Name 1,800 Customer Relationships 1,100 Total Intangible Assets $ 44,000 The preliminary fair value of the developed technology intangible assets has been estimated using the multi-period excess earnings method, which is based on the principle that the value of an intangible asset is equal to the present value of the incremental after-tax cash flow attributable to the asset, after charges for other assets employed by the business. The preliminary fair value of the customer relationships has been estimated using the avoided costs/lost profits method, which is based on the principle that the value of an intangible asset is based on consideration of the total costs that would be avoided by having this asset in place. The preliminary fair value of the trade name has been estimated using the relief from royalty method of the income approach, which is based on the principle that the value of an intangible asset is equal to the present value of the after-tax royalty savings attributable to owning the intangible asset. Key estimates and assumptions used in these models are projected revenues and expenses related to the asset, estimated contributory asset charges, estimated costs to recreate the asset, and a risk-adjusted discount rate used to calculate the present value of the future expected cash inflows or cash outflows avoided from the asset. The final fair value determination of the identified intangible assets may $44.0 $41.1 15 $1.1 10 $1.8 5 Revenue, Net Loss and Pro Forma Presentation The Company recorded revenue from Parcus Medical of $2.6 $0.9 January 24, 2020 March 31, 2020. three March 31, 2020 2019 January 1, 2019 These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense for the $44.0 842, Leases not The following table presents unaudited supplemental pro forma information: For the Three Months Ended March 31, 2020 2019 Total revenue $ 32,103 $ 27,934 Net income 5,510 3,105 Earnings per share: Basic $ 0.39 $ 0.22 Diluted 0.38 0.22 Arthrosurface Incorporated On February 3, 2020, ( January 4, 2020 ( The acquisition of Arthrosurface has been accounted for as a business combination under ASC 805. 805, no one three March 31, 2020, February 3, 2020 March 31, 2020. Consideration Transferred Pursuant to the Arthrosurface Merger Agreement, the Company acquired all outstanding equity of Arthrosurface for estimated total purchase consideration of $90.3 $61.9 $28.4 The total preliminary purchase consideration is as follows: Cash consideration $ 61,909 Estimated fair value of contingent consideration 28,376 Estimated total purchase consideration $ 90,285 The cash consideration includes $0.4 March 31, 2020. may $40.0 2020 2021. 2020 2021 Acquisition related costs are not $2.2 Fair Value of Net Assets Acquired The preliminary estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not may one The preliminary allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on preliminary estimates of fair value as of February 3, 2020, Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,072 Accounts receivable 5,368 Inventories 15,652 Prepaid expenses and other current assets 535 Property, plant and equipment 3,394 Other long-term assets 7,548 Intangible assets 48,900 Accounts payable, accrued expenses and other liabilities (3,929 ) Deferred tax liabilities (11,147 ) Net assets acquired 67,393 Excess purchase price over fair value of net assets acquired 22,892 Estimated total purchase consideration $ 90,285 The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill and assigned to the newly established reporting unit for Parcus Medical and Arthrosurface. The goodwill is attributable to the workforce of the business and the value of future technologies expected to arise after the acquisition. Goodwill will not not Intangible assets acquired consist of: Developed Technology $ 37,000 Trade Name 3,400 Customer Relationships 7,900 IPR&D 600 Total Intangible Assets $ 48,900 The preliminary fair value of the developed technology intangible assets has been estimated using the multi-period excess earnings method, which is based on the principle that the value of an intangible asset is equal to the present value of the incremental after-tax cash flow attributable to the asset, after charges for other assets employed by the business. The preliminary fair value of the customer relationships has been estimated using the avoided costs/lost profits method, which is based on the principle that the value of an intangible asset is based on consideration of the total costs that would be avoided by having this asset in place. The preliminary fair value of the trade name has been estimated using the relief from royalty method of the income approach, which is based on the principle that the value of an intangible asset is equal to the present value of the after-tax royalty savings attributable to owning the intangible asset. Key estimates and assumptions used in these models are projected revenues and expenses related to the asset, estimated contributory asset charges, estimated costs to recreate the asset, and a risk-adjusted discount rate used to calculate the present value of the future expected cash inflows or cash outflows avoided from the asset. The final fair value determination of the identified intangible assets may $48.9 $37.0 15 $7.9 10 $3.4 5 $0.6 Revenue, Net Loss and Pro Forma Presentation The Company recorded revenue from Arthrosurface of $4.2 $4.0 February 3, 2020 March 31, 2020. three March 31, 2020 2019 January 1, 2019 These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense for the $48.9 25%. may not The following table presents unaudited supplemental pro forma information (in thousands, except per share amounts): For the Three Months Ended March 31, 2020 2019 Total revenue $ 35,819 $ 31,494 Net income 1,601 22 Earnings per share: Basic $ 0.11 $ 0.00 Diluted 0.11 0.00 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements The Company held U.S. treasury bills of $25.2 $1.3 March 31, 2020. $27.5 December 31, 2019. March 31, 2020 December 31, 2019, The Company’s investments are all classified within Levels 1 2 1 2 third not 3 The fair value hierarchy of the Company's cash equivalents, investments and liabilities 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 March 31, 2020 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Bank Certificates of Deposit $ 250 $ - $ 250 $ - $ 250 Money Market Funds 51,682 51,682 51,682 Total Cash equivalents $ 51,932 $ 51,682 $ 250 $ - $ 51,932 Investments: Bank Certificates of Deposit $ 1,250 $ - $ 1,250 $ - $ 1,250 U.S. Treasury Bills 25,202 25,202 - - 25,027 Total Investments $ 26,452 $ 25,202 $ 1,250 $ - $ 26,277 Other current and long-term liabilities: Contingent Consideration - Short Term $ 4,303 $ - $ - $ 4,303 $ 4,303 Contingent Consideration - Long Term 40,251 - - 40,251 40,251 Total Other current and long-term liabilities $ 44,554 $ - $ - $ 44,554 $ 44,554 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 48,971 $ 48,971 $ - $ - $ 48,971 Investments: U.S. Treasury Bills $ 27,480 $ 27,480 $ - $ - $ 27,479 During fiscal years 2020 2019, no Contingent Consideration The following table provides a rollforward of the contingent consideration related to business acquisitions discussed in Note 3. March 31, 2020 Balance, beginning $ - Additions 69,076 Payments - Change in fair value (24,522 ) Balance, ending $ 44,554 Under the Parcus Medical and Arthrosurface merger agreements, there are earn-out milestones totaling $100 2020 2022. 2020 2022, 2020 2021. The unobservable inputs used in the fair value measurement of the Company’s contingent consideration are the probabilities of successful achievement, the weighted average cost of capital used for the Monte Carlo simulation, discount rate and the periods in which the milestones are expected to be achieved. The discount rate used for the net sales and regulatory earn-out milestones was 6.1% 60% 90% March 31, 2020. 11.5% 13.5% 14.5% 16.0% The fair value of contingent consideration is assessed on a quarterly basis. The $24.5 March 31, 2020 19 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: March 31, December 31, 2020 2019 Raw materials $ 10,846 $ 12,058 Work-in-process 13,997 8,330 Finished goods 37,310 8,777 Total $ 62,153 $ 29,165 Inventories $ 35,081 $ 21,995 Other long-term assets 27,072 7,170 The increase in inventories for the three March 31, 2020 $24.7 January February 2020 3. |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Intangible Assets Intangible assets as of March 31, 2020 December 31, 2019 Three months ended March 31, 2020 Gross Less: Accumulated Less: Less: Net Book Weighted Developed technology $ 93,953 $ (2,986 ) $ (318 ) $ (9,958 ) $ 80,691 15 In-process research & development 5,006 (1,296 ) - - 3,710 Indefinite Customer relationships 9,000 - - (99 ) 8,901 10 Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (182 ) - (543 ) 275 16 Tradenames 5,200 - - (59 ) 5,141 5 Total $ 118,859 $ (4,879 ) $ (318 ) $ (14,944 ) $ 98,718 13 December 31, 2019 Gross Less: Accumulated Less: Less: Net Book Weighted Developed technology $ 17,100 $ (2,934 ) $ (389 ) $ (9,657 ) $ 4,120 15 In-process research & development 4,406 (1,234 ) – – 3,172 Indefinite Distributor relationships 4,700 (415 ) – (4,285 ) – 5 Patents 1,000 (176 ) – (531 ) 293 16 Elevess tradename 1,000 – – (1,000 ) – 9 Total $ 28,206 $ (4,759 ) $ (389 ) $ (15,473 ) $ 7,585 11 The aggregate amortization expense related to intangible assets was $1.3 $0.3 three March 31, 2020 2019, In the first 2020, 3, $92.9 March 31, 2020, not $0.3 three March 31, 2020. The Company assessed the recoverability of intangible and long-lived assets besides goodwill and concluded no March 31, 2020. not |
Note 7 - Goodwill
Note 7 - Goodwill | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7. Goodwill The Company assesses goodwill for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may may first not may not not not no As of December 31, 2019, 2019 Changes in the carrying value of goodwill for the three March 31, 2020 Three Months Ended March 31, 2020 Twelve Months Ended December 31, 2019 Balance, beginning $ 7,694 $ 7,851 Effect of foreign currency adjustments (148 ) (157 ) Acquisitions 44,400 - Impairment loss (18,144 ) - Balance, ending $ 33,802 $ 7,694 The increase in goodwill for the three March 31, 2020 January February 2020 3. two one The widespread economic volatility resulting from the COVID- 19 first 2020, 1 2 3 not not not March 31, 2020. U.S. government policy responses to the COVID- 19 March 31, 2020. This approach incorporates significant estimates and assumptions related to the forecasted results including revenues, expenses, the achievement of certain cost synergies, terminal growth rates and discount rates to estimate future cash flows. While assumptions utilized are subject to a high degree of judgment and complexity, the Company made reasonable assumptions to best estimate future cash flows under a high degree of economic uncertainty that existed as of March 31, 2020. The results of the interim impairment test indicated that the estimated fair value of the Parcus and Arthrosurface reporting unit was less than its carrying value. This is primarily due to decreases in near term revenue and related cash flows as a result of the temporary suspension of domestic elective procedures which directly impact the Parcus and Arthrosurface reporting unit. Consequently, a non-cash goodwill impairment charge was recorded as reflected in the table above. If the pandemic's economic impact is more severe, or if the economic recovery takes longer to materialize or does not |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | 8. Leases The components of lease expense and other information are as follows: For the three months ended March 31, 2020 March 31, 2019 Amortization of ROU Assets $ 37 $ - Interest on finance lease liabilities 7 - Finance lease expense $ 44 $ - Operating lease expense 574 522 Short-term lease expense - 2 Variable lease expense 63 52 Total lease expense $ 681 $ 576 For the three months ended March 31, 2020 March 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 16.4 17.6 Financing leases 3.8 - Weighted Average Discount Rate Operating leases 4.1 % 4.1 % Financing leases 5.1 % - Other information Operating cash flows from operating leases $ 544 $ 497 Operating cash flows from financing leases $ 51 $ - Future commitments due under these lease agreements as of March 31, 2020 Years ended December 31, Operating Leases Financing Leases Total 2020 (Remaining 9 months) $ 1,793 $ 204 $ 1,997 2021 2,304 174 2,478 2022 2,240 166 2,406 2023 2,123 160 2,283 2024 2,059 44 2,103 Thereafter 21,374 - 21,374 Present value adjustment (8,681 ) (66 ) (8,630 ) Present value of lease payments 23,212 682 23,894 Less current portion included in accrued expenses and other current liabilities (1,481 ) (214 ) (1,695 ) Total lease liabilities $ 21,731 $ 468 $ 22,199 |
Note 9 - Accrued Expenses
Note 9 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued Expenses Accrued expenses consist of the following: March 31, December 31, Compensation and related expenses $ 2,707 $ 5,830 Professional fees 4,908 3,850 Operating lease liability - current 1,481 1,141 Clinical trial costs 1,528 788 Acquisition related contingent consideration 4,303 - Financing lease liability - current 214 - Other 1,141 836 Total $ 16,282 $ 12,445 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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 March 31, 2020 December 31, 2019 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 11 - Revenue
Note 11 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11. Revenue 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, 2020, $0.1 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 54% three March 31, 2020. may Product and Total Revenue Historically, the Company categorized our product offerings into four March 31, 2020, three Product revenue by product family was as follows: Three Months Ended March 31, 2020 2019 Joint Pain Management $ 25,483 $ 22,850 Orthopedic Joint Preservation and Restoration 7,896 163 Other 2,018 1,704 $ 35,397 $ 24,717 Total revenue by geographic location was as follows: Three Months Ended March 31, 2020 2019 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 26,306 74 % $ 20,089 81 % Europe 5,276 15 % 2,526 10 % Other 3,815 11 % 2,108 9 % Total $ 35,397 100 % $ 24,723 100 % |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 12. 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 three March 31, 2020 2019 Three Months Ended 2020 2019 Risk free interest rate 0.35% - 1.59% 2.44% - 2.54% Expected volatility 46.48% - 49.39% 44.34% - 44.41% Expected life (years) 4.0 3.5 Expected dividend yield 0.00% 0.00% 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 2020 2019 Cost of product revenue $ 146 $ 92 Research & development 196 177 Selling, general & administrative (549 ) 1,117 Total stock-based compensation expense $ (207 ) $ 1,386 On January 29, 2020, 2017 “2017 one $1.8 three March 31, 2020 The following table sets forth share information for stock-based compensation awards granted and exercised during the three March 31, 2020 2019: Three Months Ended 2020 2019 Grants: Stock options 210,775 104,292 RSUs 100,631 165,507 PSUs 57,400 114,500 Exercises: Stock options - 500 Forfeitures: Stock options 33,478 909 RSAs 8,574 3,333 RSUs 63,683 250 PSUs 63,000 - Expirations: Stock options 363 16,007 During the three March 31, 2020, three 40% 2020 2022 60% 2020 2022 $0.5 three March 31, 2020. |
Note 13 - Earnings Per Share ("
Note 13 - Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 13. 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 March 31, 2020 2019 Shares used in the calculation of basic earnings per share 14,202 14,185 Effect of dilutive securities: Stock options, RSAs, PSUs and RSUs 151 129 Diluted shares used in the calculation of earnings per share 14,353 14,314 Stock options of 0.6 1.0 three March 31, 2020 2019, not |
Note 14 - Accelerated Share Rep
Note 14 - Accelerated Share Repurchases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Accelerated Share Repurchases Disclosure [Text Block] | 14. Accelerated Share Repurchase In May 2019, $50.0 $30.0 $20.0 May 7, 2019, $30.0 May 2019 January 2020, 0.6 $50.78 January 14, 2020. March 31, 2020, no |
Note 15 - Income Taxes
Note 15 - Income Taxes | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 15. Income Taxes In response to the COVID- 19 March 2020. not The provision for income taxes was $1.6 three March 31, 2020, 21.4%. $1.5 three March 31, 2019, 24.6%. three March 31, 2020, 2019, $1.9 $2.0 first 2020. $0.4 three March 31, 2020 mpany recognized a net deferred tax liability of $11.2 3 . 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 March 31, 2020 December 31, 2019. |
Note 16 - Subsequent Event - Re
Note 16 - Subsequent Event - Revolving Credit Agreement | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 16. Subsequent Event - Revolving Credit Agreement As of March 31, 2020, no April 8, 2020, $50.0 2.08%. October 2022, may may The existing credit facility was entered into on October 24, 2017. five $50.0 may $50.0 $100.0 0.50%, one 1.0%, 0.25% 1.75% 0.25% five December 31, 2019 2018, no not first |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 32,794 Deferred consideration 1,642 Estimated fair value of contingent consideration 40,700 Estimated total purchase consideration $ 75,136 Cash consideration $ 61,909 Estimated fair value of contingent consideration 28,376 Estimated total purchase consideration $ 90,285 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 196 Accounts receivable 2,029 Inventories 9,088 Prepaid expenses and other current assets 364 Property and equipment, net 1,099 Right-of-use assets 944 Intangible assets 44,000 Accounts payable, accrued expenses and other current liabilities (2,763 ) Other long-term liabilities (594 ) Lease liabilities (735 ) Net assets acquired 53,628 Excess purchase price over fair value of net assets acquired 21,508 Estimated total purchase consideration $ 75,136 Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,072 Accounts receivable 5,368 Inventories 15,652 Prepaid expenses and other current assets 535 Property, plant and equipment 3,394 Other long-term assets 7,548 Intangible assets 48,900 Accounts payable, accrued expenses and other liabilities (3,929 ) Deferred tax liabilities (11,147 ) Net assets acquired 67,393 Excess purchase price over fair value of net assets acquired 22,892 Estimated total purchase consideration $ 90,285 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Intangible assets acquired consist of: Developed Technology $ 41,100 Trade Name 1,800 Customer Relationships 1,100 Total Intangible Assets $ 44,000 Intangible assets acquired consist of: Developed Technology $ 37,000 Trade Name 3,400 Customer Relationships 7,900 IPR&D 600 Total Intangible Assets $ 48,900 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Three Months Ended March 31, 2020 2019 Total revenue $ 32,103 $ 27,934 Net income 5,510 3,105 Earnings per share: Basic $ 0.39 $ 0.22 Diluted 0.38 0.22 For the Three Months Ended March 31, 2020 2019 Total revenue $ 35,819 $ 31,494 Net income 1,601 22 Earnings per share: Basic $ 0.11 $ 0.00 Diluted 0.11 0.00 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
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 March 31, 2020 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Bank Certificates of Deposit $ 250 $ - $ 250 $ - $ 250 Money Market Funds 51,682 51,682 51,682 Total Cash equivalents $ 51,932 $ 51,682 $ 250 $ - $ 51,932 Investments: Bank Certificates of Deposit $ 1,250 $ - $ 1,250 $ - $ 1,250 U.S. Treasury Bills 25,202 25,202 - - 25,027 Total Investments $ 26,452 $ 25,202 $ 1,250 $ - $ 26,277 Other current and long-term liabilities: Contingent Consideration - Short Term $ 4,303 $ - $ - $ 4,303 $ 4,303 Contingent Consideration - Long Term 40,251 - - 40,251 40,251 Total Other current and long-term liabilities $ 44,554 $ - $ - $ 44,554 $ 44,554 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 48,971 $ 48,971 $ - $ - $ 48,971 Investments: U.S. Treasury Bills $ 27,480 $ 27,480 $ - $ - $ 27,479 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | March 31, 2020 Balance, beginning $ - Additions 69,076 Payments - Change in fair value (24,522 ) Balance, ending $ 44,554 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2020 2019 Raw materials $ 10,846 $ 12,058 Work-in-process 13,997 8,330 Finished goods 37,310 8,777 Total $ 62,153 $ 29,165 Inventories $ 35,081 $ 21,995 Other long-term assets 27,072 7,170 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Three months ended March 31, 2020 Gross Less: Accumulated Less: Less: Net Book Weighted Developed technology $ 93,953 $ (2,986 ) $ (318 ) $ (9,958 ) $ 80,691 15 In-process research & development 5,006 (1,296 ) - - 3,710 Indefinite Customer relationships 9,000 - - (99 ) 8,901 10 Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (182 ) - (543 ) 275 16 Tradenames 5,200 - - (59 ) 5,141 5 Total $ 118,859 $ (4,879 ) $ (318 ) $ (14,944 ) $ 98,718 13 December 31, 2019 Gross Less: Accumulated Less: Less: Net Book Weighted Developed technology $ 17,100 $ (2,934 ) $ (389 ) $ (9,657 ) $ 4,120 15 In-process research & development 4,406 (1,234 ) – – 3,172 Indefinite Distributor relationships 4,700 (415 ) – (4,285 ) – 5 Patents 1,000 (176 ) – (531 ) 293 16 Elevess tradename 1,000 – – (1,000 ) – 9 Total $ 28,206 $ (4,759 ) $ (389 ) $ (15,473 ) $ 7,585 11 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Three Months Ended March 31, 2020 Twelve Months Ended December 31, 2019 Balance, beginning $ 7,694 $ 7,851 Effect of foreign currency adjustments (148 ) (157 ) Acquisitions 44,400 - Impairment loss (18,144 ) - Balance, ending $ 33,802 $ 7,694 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the three months ended March 31, 2020 March 31, 2019 Amortization of ROU Assets $ 37 $ - Interest on finance lease liabilities 7 - Finance lease expense $ 44 $ - Operating lease expense 574 522 Short-term lease expense - 2 Variable lease expense 63 52 Total lease expense $ 681 $ 576 For the three months ended March 31, 2020 March 31, 2019 Weighted Average Remaining Lease Term (in years) Operating leases 16.4 17.6 Financing leases 3.8 - Weighted Average Discount Rate Operating leases 4.1 % 4.1 % Financing leases 5.1 % - Other information Operating cash flows from operating leases $ 544 $ 497 Operating cash flows from financing leases $ 51 $ - |
Lessee, Operating Lease and Finance Lease, Liability, Maturity [Table Text Block] | Years ended December 31, Operating Leases Financing Leases Total 2020 (Remaining 9 months) $ 1,793 $ 204 $ 1,997 2021 2,304 174 2,478 2022 2,240 166 2,406 2023 2,123 160 2,283 2024 2,059 44 2,103 Thereafter 21,374 - 21,374 Present value adjustment (8,681 ) (66 ) (8,630 ) Present value of lease payments 23,212 682 23,894 Less current portion included in accrued expenses and other current liabilities (1,481 ) (214 ) (1,695 ) Total lease liabilities $ 21,731 $ 468 $ 22,199 |
Note 9 - Accrued Expenses (Tabl
Note 9 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, Compensation and related expenses $ 2,707 $ 5,830 Professional fees 4,908 3,850 Operating lease liability - current 1,481 1,141 Clinical trial costs 1,528 788 Acquisition related contingent consideration 4,303 - Financing lease liability - current 214 - Other 1,141 836 Total $ 16,282 $ 12,445 |
Note 11 - Revenue (Tables)
Note 11 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2020 2019 Joint Pain Management $ 25,483 $ 22,850 Orthopedic Joint Preservation and Restoration 7,896 163 Other 2,018 1,704 $ 35,397 $ 24,717 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2020 2019 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 26,306 74 % $ 20,089 81 % Europe 5,276 15 % 2,526 10 % Other 3,815 11 % 2,108 9 % Total $ 35,397 100 % $ 24,723 100 % |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended 2020 2019 Risk free interest rate 0.35% - 1.59% 2.44% - 2.54% Expected volatility 46.48% - 49.39% 44.34% - 44.41% Expected life (years) 4.0 3.5 Expected dividend yield 0.00% 0.00% |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended 2020 2019 Cost of product revenue $ 146 $ 92 Research & development 196 177 Selling, general & administrative (549 ) 1,117 Total stock-based compensation expense $ (207 ) $ 1,386 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three Months Ended 2020 2019 Grants: Stock options 210,775 104,292 RSUs 100,631 165,507 PSUs 57,400 114,500 Exercises: Stock options - 500 Forfeitures: Stock options 33,478 909 RSAs 8,574 3,333 RSUs 63,683 250 PSUs 63,000 - Expirations: Stock options 363 16,007 |
Note 13 - Earnings Per Share _2
Note 13 - Earnings Per Share ("EPS") (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2020 2019 Shares used in the calculation of basic earnings per share 14,202 14,185 Effect of dilutive securities: Stock options, RSAs, PSUs and RSUs 151 129 Diluted shares used in the calculation of earnings per share 14,353 14,314 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2020 | Jan. 24, 2020 | Mar. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years | 11 years | |||
Developed Technology Rights [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | 15 years | |||
Customer Relationships [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Trade Names [Member] | |||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Parcus Medical [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 75,136 | ||||
Payments to Acquire Businesses, Gross | 32,794 | ||||
Business Combination, Consideration Transferred, Deferred Consideration | 1,642 | ||||
Business Combination, Contingent Consideration, Liability, Total | 40,700 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 60,000 | ||||
Business Combination, Acquisition Related Costs | 1,900 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 44,000 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 2,600 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | (900) | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets, Total | $ 44,000 | $ 44,000 | |||
Business Combination, Consideration Transferred, Liabilities Incurred | 40,700 | ||||
Parcus Medical [Member] | Developed Technology Rights [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 41,100 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Parcus Medical [Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,100 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Parcus Medical [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 1,800 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Arthrosurface [Member] | |||||
Business Combination, Consideration Transferred, Total | $ 90,285 | ||||
Payments to Acquire Businesses, Gross | 61,909 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 40,000 | ||||
Business Combination, Acquisition Related Costs | 2,200 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 48,900 | ||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 4,200 | ||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (4,000) | ||||
Business Combination, Consideration Transferred, Liabilities Incurred | 28,376 | ||||
Business Combination, Consideration Transferred, Final Settlement Amount Recorded in Accounts Payable | 400 | ||||
Arthrosurface [Member] | Developed Technology Rights [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 37,000 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||
Arthrosurface [Member] | Customer Relationships [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 7,900 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||
Arthrosurface [Member] | Trade Names [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 3,400 | ||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||
Arthrosurface [Member] | In Process Research and Development [Member] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 600 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Consideration Transferred (Details) - USD ($) $ in Thousands | Feb. 03, 2020 | Jan. 24, 2020 |
Parcus Medical [Member] | ||
Cash consideration | $ 32,794 | |
Deferred consideration | 1,642 | |
Estimated fair value of contingent consideration | 40,700 | |
Estimated total purchase consideration | $ 75,136 | |
Arthrosurface [Member] | ||
Cash consideration | $ 61,909 | |
Estimated fair value of contingent consideration | 28,376 | |
Estimated total purchase consideration | $ 90,285 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Feb. 03, 2020 | Jan. 24, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Excess purchase price over fair value of net assets acquired | $ 33,802 | $ 7,694 | $ 7,694 | $ 7,851 | ||
Parcus Medical [Member] | ||||||
Cash and cash equivalents | $ 196 | |||||
Accounts receivable | 2,029 | |||||
Inventories | 9,088 | |||||
Prepaid expenses and other current assets | 364 | |||||
Property and equipment, net | 1,099 | |||||
Right-of-use assets | 944 | |||||
Intangible assets | 44,000 | |||||
Accounts payable, accrued expenses and other current liabilities | (2,763) | |||||
Other long-term liabilities | (594) | |||||
Lease liabilities | (735) | |||||
Net assets acquired | 53,628 | |||||
Excess purchase price over fair value of net assets acquired | 21,508 | |||||
Estimated total purchase consideration | $ 75,136 | |||||
Arthrosurface [Member] | ||||||
Cash and cash equivalents | $ 1,072 | |||||
Accounts receivable | 5,368 | |||||
Inventories | 15,652 | |||||
Prepaid expenses and other current assets | 535 | |||||
Property and equipment, net | 3,394 | |||||
Intangible assets | 48,900 | |||||
Accounts payable, accrued expenses and other current liabilities | (3,929) | |||||
Net assets acquired | 67,393 | |||||
Excess purchase price over fair value of net assets acquired | 22,892 | |||||
Estimated total purchase consideration | 90,285 | |||||
Other long-term assets | 7,548 | |||||
Deferred tax liabilities | $ (11,147) |
Note 3 - Business Combination_5
Note 3 - Business Combinations - Intangible Assets Acquired (Details) - USD ($) $ in Millions | Feb. 03, 2020 | Jan. 24, 2020 |
Parcus Medical [Member] | ||
Intangible assets | $ 44 | |
Arthrosurface [Member] | ||
Intangible assets | $ 48.9 | |
Developed Technology Rights [Member] | Parcus Medical [Member] | ||
Intangible assets | 41.1 | |
Developed Technology Rights [Member] | Arthrosurface [Member] | ||
Intangible assets | 37 | |
Trade Names [Member] | Parcus Medical [Member] | ||
Intangible assets | 1.8 | |
Trade Names [Member] | Arthrosurface [Member] | ||
Intangible assets | 3.4 | |
Customer Relationships [Member] | Parcus Medical [Member] | ||
Intangible assets | $ 1.1 | |
Customer Relationships [Member] | Arthrosurface [Member] | ||
Intangible assets | 7.9 | |
In Process Research and Development [Member] | Arthrosurface [Member] | ||
Intangible assets | $ 0.6 |
Note 3 - Business Combination_6
Note 3 - Business Combinations - Pro Forma Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Parcus Medical [Member] | ||
Total revenue | $ 32,103 | $ 27,934 |
Net income | $ 5,510 | $ 3,105 |
Basic (in dollars per share) | $ 0.39 | $ 0.22 |
Diluted (in dollars per share) | $ 0.38 | $ 0.22 |
Arthrosurface [Member] | ||
Total revenue | $ 35,819 | $ 31,494 |
Net income | $ 1,601 | $ 22 |
Basic (in dollars per share) | $ 0.11 | $ 0 |
Diluted (in dollars per share) | $ 0.11 | $ 0 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | Feb. 03, 2020USD ($) | Jan. 24, 2020USD ($) | Mar. 31, 2020USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) |
Certificates of Deposit, at Carrying Value | $ 1,300 | ||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (24,522) | ||||
COVID-19 Pandemic [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (24,500) | ||||
Parcus Medical and Arthrosurface Acquisitions [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 100,000 | ||||
Arthrosurface [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 40,000 | ||||
Arthrosurface [Member] | Measurement Input, Discount Rate [Member] | Regulatory Earn Out Milestone [Member] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.061 | ||||
Arthrosurface [Member] | Probability of Achievement [Member] | Regulatory Earn Out Milestone [Member] | Minimum [Member] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.6 | ||||
Arthrosurface [Member] | Probability of Achievement [Member] | Regulatory Earn Out Milestone [Member] | Maximum [Member] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.9 | ||||
Arthrosurface [Member] | Measurement Input, Weighted Average Cost of Capital [Member] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.135 | 0.115 | |||
Parcus Medical [Member] | |||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 60,000 | ||||
Parcus Medical [Member] | Measurement Input, Weighted Average Cost of Capital [Member] | |||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.16 | 0.145 | |||
US Treasury Bill Securities [Member] | |||||
Debt Securities, Available-for-sale, Total | $ 25,200 | $ 27,500 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Contingent Consideration - Short Term | $ 4,303 | |
Contingent Consideration - Long Term | 40,251 | |
Estimate of Fair Value Measurement [Member] | ||
Cash equivalents | 51,932 | |
Investments | 26,452 | |
Contingent Consideration - Short Term | 4,303 | |
Contingent Consideration - Long Term | 40,251 | |
Business Combination, Contingent Consideration, Liability, Total | 44,554 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 51,682 | |
Investments | 25,202 | |
Contingent Consideration - Short Term | ||
Contingent Consideration - Long Term | ||
Business Combination, Contingent Consideration, Liability, Total | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 250 | |
Investments | 1,250 | |
Contingent Consideration - Short Term | ||
Contingent Consideration - Long Term | ||
Business Combination, Contingent Consideration, Liability, Total | ||
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Investments | ||
Contingent Consideration - Short Term | 4,303 | |
Contingent Consideration - Long Term | 40,251 | |
Business Combination, Contingent Consideration, Liability, Total | 44,554 | |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | ||
Cash equivalents | 250 | |
Investments | 1,250 | |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | ||
Investments | ||
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 250 | |
Investments | 1,250 | |
Estimate of Fair Value Measurement [Member] | Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Investments | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | ||
Cash equivalents | 51,682 | 48,971 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 51,682 | 48,971 |
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Estimate of Fair Value Measurement [Member] | US Treasury Securities [Member] | ||
Investments | 25,202 | 27,480 |
Estimate of Fair Value Measurement [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 25,202 | 27,480 |
Estimate of Fair Value Measurement [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | ||
Estimate of Fair Value Measurement [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | ||
Reported Value Measurement [Member] | ||
Cash equivalents | 51,932 | |
Investments | 26,277 | |
Contingent Consideration - Short Term | 4,303 | |
Contingent Consideration - Long Term | 40,251 | |
Business Combination, Contingent Consideration, Liability, Total | 44,554 | |
Reported Value Measurement [Member] | Certificates of Deposit [Member] | ||
Cash equivalents | 250 | |
Investments | 1,250 | |
Reported Value Measurement [Member] | Money Market Funds [Member] | ||
Cash equivalents | 51,682 | |
Reported Value Measurement [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 48,971 | |
Reported Value Measurement [Member] | US Treasury Securities [Member] | ||
Investments | $ 25,027 | |
Reported Value Measurement [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | $ 27,479 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Balance, beginning | |
Additions | 69,076 |
Payments | |
Change in fair value | (24,522) |
Balance, ending | $ 44,554 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Inventory, Net, Total | $ 35,081 | $ 21,995 |
Inventory Acquired from Acquisition [Member] | ||
Inventory, Net, Total | $ 24,700 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 10,846 | $ 12,058 |
Work-in-process | 13,997 | 8,330 |
Finished goods | 37,310 | 8,777 |
Total | 62,153 | 29,165 |
Inventories, net | 35,081 | 21,995 |
Other long-term assets | $ 27,072 | $ 7,170 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Amortization of Intangible Assets, Total | $ 1,300 | $ 300 | |
Impairment of Intangible Assets, Finite-lived | 318 | $ 281 | $ 389 |
Asset Impairment Charges, Total | 0 | ||
Parcus Medical and Arthrosurface [Member] | |||
Finite-lived Intangible Assets Acquired | 92,900 | ||
Parcus Medical and Arthrosurface [Member] | Selling, General and Administrative Expenses [Member] | |||
Impairment of Intangible Assets, Finite-lived | $ 300 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Gross Value | $ 118,859 | $ 28,206 | |
Accumulated Currency Translation Adjustment | (4,879) | (4,759) | |
Impairment | (318) | $ (281) | (389) |
Accumulated Amortization | (14,944) | (15,473) | |
Intangible assets, net | $ 98,718 | $ 7,585 | |
Useful life (Year) | 13 years | 11 years | |
In Process Research and Development [Member] | |||
Gross Value | $ 5,006 | $ 4,406 | |
Accumulated Currency Translation Adjustment | (1,296) | (1,234) | |
Impairment | |||
Accumulated Amortization | |||
Intangible assets, net | 3,710 | 3,172 | |
Developed Technology Rights [Member] | |||
Gross Value | 93,953 | 17,100 | |
Accumulated Currency Translation Adjustment | (2,986) | (2,934) | |
Impairment | (318) | (389) | |
Accumulated Amortization | (9,958) | (9,657) | |
Intangible assets, net | $ 80,691 | $ 4,120 | |
Useful life (Year) | 15 years | 15 years | |
Customer Relationships [Member] | |||
Gross Value | $ 9,000 | ||
Accumulated Currency Translation Adjustment | |||
Impairment | |||
Accumulated Amortization | (99) | ||
Intangible assets, net | $ 8,901 | ||
Useful life (Year) | 10 years | ||
Distribution Rights [Member] | |||
Gross Value | $ 4,700 | $ 4,700 | |
Accumulated Currency Translation Adjustment | (415) | (415) | |
Impairment | |||
Accumulated Amortization | (4,285) | (4,285) | |
Intangible assets, net | |||
Useful life (Year) | 5 years | 5 years | |
Patents [Member] | |||
Gross Value | $ 1,000 | $ 1,000 | |
Accumulated Currency Translation Adjustment | (182) | (176) | |
Impairment | |||
Accumulated Amortization | (543) | (531) | |
Intangible assets, net | $ 275 | $ 293 | |
Useful life (Year) | 16 years | 16 years | |
Elevess Trade Name [Member] | |||
Gross Value | $ 1,000 | ||
Accumulated Currency Translation Adjustment | |||
Impairment | |||
Accumulated Amortization | (1,000) | ||
Intangible assets, net | |||
Useful life (Year) | 9 years | ||
Trade Names [Member] | |||
Gross Value | $ 5,200 | ||
Accumulated Currency Translation Adjustment | |||
Impairment | |||
Accumulated Amortization | (59) | ||
Intangible assets, net | $ 5,141 | ||
Useful life (Year) | 5 years |
Note 7 - Goodwill (Details Text
Note 7 - Goodwill (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reporting Units | 2 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance | $ 7,694 | $ 7,851 |
Effect of foreign currency adjustments | (148) | (157) |
Acquisitions | 44,400 | |
Impairment loss | (18,144) | |
Balance | $ 33,802 | $ 7,694 |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Amortization of ROU Assets | $ 37 | |
Interest on finance lease liabilities | 7 | |
Finance lease expense | 44 | |
Operating lease expense | 574 | 522 |
Short-term lease expense | 2 | |
Variable lease expense | 63 | 52 |
Total lease expense | $ 681 | $ 576 |
Operating leases (Year) | 16 years 146 days | 17 years 219 days |
Financing leases (Year) | 3 years 292 days | |
Operating leases | 4.10% | 4.10% |
Financing leases | 5.10% | |
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | $ 544 | $ 497 |
Operating cash flows from financing leases | $ 51 |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
2020 (Remaining 9 months), operating leases | $ 1,793 | |
2020 (Remaining 9 months), financing leases | 204 | |
2020 (Remaining 9 months) | 1,997 | |
2021, operating leases | 2,304 | |
2021, financing leases | 174 | |
2021 | 2,478 | |
2022, operating leases | 2,240 | |
2022, financing leases | 166 | |
2022 | 2,406 | |
2023, operating leases | 2,123 | |
2023, financing leases | 160 | |
2023 | 2,283 | |
2024, operating leases | 2,059 | |
2024, financing leases | 44 | |
2024 | 2,103 | |
Thereafter, operating leases | 21,374 | |
Thereafter, financing leases | ||
Thereafter | 21,374 | |
Present value adjustment, operating leases | (8,681) | |
Present value adjustment, financing leases | (66) | |
Present value adjustment | (8,630) | |
Less current portion included in Accrued expenses and other current liabilities, operating leases | (1,481) | $ (1,141) |
Less current portion included in Accrued expenses and other current liabilities, financing leases | (214) | |
Total lease liabilities, operating leases | 21,731 | $ 21,367 |
Total lease liabilities, financing leases | 468 | |
Total lease liabilities | 22,199 | |
Liabilities [Member] | ||
Present value of lease payments, operating leases | 23,212 | |
Present value of lease payments, financing leases | 682 | |
Present value of lease payments | 23,894 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Less current portion included in Accrued expenses and other current liabilities, operating leases | (1,481) | |
Less current portion included in Accrued expenses and other current liabilities, financing leases | (214) | |
Less current portion included in accrued expenses and other current liabilities | $ (1,695) |
Note 9 - Accrued Expenses - Sum
Note 9 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Compensation and related expenses | $ 2,707 | $ 5,830 |
Professional fees | 4,908 | 3,850 |
Operating lease liability - current | 1,481 | 1,141 |
Clinical trial costs | 1,528 | 788 |
Acquisition related contingent consideration | 4,303 | |
Financing lease liability - current | 214 | |
Other | 1,141 | 836 |
Total | $ 16,282 | $ 12,445 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 11 - Revenue (Details Text
Note 11 - Revenue (Details Textual) $ in Millions | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Contract with Customer, Liability, Total | $ 0.1 |
Mitek [Member] | |
Revenues From Agreements as Percent of Total Revenue | 54.00% |
Note 11 - Revenue - Product Rev
Note 11 - Revenue - Product Revenue by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 35,397 | $ 24,723 |
Joint Pain Management Therapies [Member] | ||
Revenue | 25,483 | 22,850 |
Orthopedic Joint Preservation and Restoration Care [Member] | ||
Revenue | 7,896 | 163 |
Manufactured Product, Other [Member] | ||
Revenue | 2,018 | 1,704 |
Product [Member] | ||
Revenue | $ 35,397 | $ 24,717 |
Note 11 - Revenue - Total Reven
Note 11 - Revenue - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenue | $ 35,397 | $ 24,723 |
Percentage of Revenue | 100.00% | 100.00% |
UNITED STATES | ||
Revenue | $ 26,306 | $ 20,089 |
Percentage of Revenue | 74.00% | 81.00% |
Europe [Member] | ||
Revenue | $ 5,276 | $ 2,526 |
Percentage of Revenue | 15.00% | 10.00% |
Other Location [Member] | ||
Revenue | $ 3,815 | $ 2,108 |
Percentage of Revenue | 11.00% | 9.00% |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands | Jan. 29, 2020 | Mar. 31, 2020 | Mar. 31, 2019 |
Share-based Compensation, One-time Benefit for Unexpected Death of Former President | $ 1,800 | ||
Share-based Payment Arrangement, Expense | $ (207) | $ 1,386 | |
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 (Year) | 3 years | ||
Performance Shares [Member] | |||
Performance Conditions, Business Target, Percentage of Performance Conditions Based on Achievement in Current Fiscal Year | 40.00% | ||
Performance Conditions, Financial Target, Percentage of Performance Conditions Based on Company’s Operating Results in next Fiscal Year | 60.00% | ||
Share-based Payment Arrangement, Expense | $ 500 |
Note 12 - Equity Incentive Pl_4
Note 12 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Expected volatility | ||
Expected life (years) (Year) | 4 years | 3 years 182 days |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk free interest rate | 0.35% | 2.44% |
Expected volatility | 46.48% | 44.34% |
Maximum [Member] | ||
Risk free interest rate | 1.59% | 2.54% |
Expected volatility | 49.39% | 44.41% |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Stock-based compensation expense | $ (207) | $ 1,386 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 146 | 92 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 196 | 177 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ (549) | $ 1,117 |
Note 12 - Equity Incentive Pl_6
Note 12 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Grants (in shares) | 210,775 | 104,292 |
Exercises (in shares) | 500 | |
Forfeitures (in shares) | 33,478 | 909 |
Expirations (in shares) | 363 | 16,007 |
Restricted Stock Units (RSUs) [Member] | ||
Grants (in shares) | 100,631 | 165,507 |
Forfeitures (in shares) | 63,683 | 250 |
Performance Restricted Stock Units [Member] | ||
Grants (in shares) | 57,400 | 114,500 |
Forfeitures (in shares) | 63,000 | |
Restricted Stock [Member] | ||
Forfeitures (in shares) | 8,574 | 3,333 |
Note 13 - Earnings Per Share _3
Note 13 - Earnings Per Share ("EPS") (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.6 | 1 |
Note 13 - Earnings Per Share _4
Note 13 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Basic weighted average common shares outstanding (in shares) | 14,202 | 14,185 |
Stock options, RSAs, PSUs and RSUs (in shares) | 151 | 129 |
Diluted shares used in the calculation of earnings per share (in shares) | 14,353 | 14,314 |
Note 14 - Accelerated Share R_2
Note 14 - Accelerated Share Repurchases (Details Textual) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Jan. 17, 2020 | May 07, 2019 | May 02, 2019 |
Stock Repurchase Program, Authorized Amount | $ 50 | ||
Accelerated Stock Repurchase [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 30 | 30 | |
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | |||
Stock Repurchased and Retired During Period, Shares (in shares) | 0.6 | ||
Accelerated Share Repurchases, Final Price Paid Per Share (in dollars per share) | $ 50.78 | ||
Repurchase from Open Market [Member] | |||
Stock Repurchase Program, Authorized Amount | $ 20 |
Note 15 - Income Taxes (Details
Note 15 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Income Tax Expense (Benefit), Total | $ 1,580 | $ 1,473 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 21.40% | 24.60% | |
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Impairment Losses, Amount | $ 1,900 | ||
Effective Income Tax Rate Reconciliation,Change in Fair Value of Business Acquisition Contingent Consideration Liabilities, Amount | (2,000) | ||
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-based Payment Arrangement, Amount | 400 | ||
Deferred Income Tax Liabilities, Net, Total | 16,030 | $ 4,331 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 |
Note 16 - Subsequent Event - _2
Note 16 - Subsequent Event - Revolving Credit Agreement (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Oct. 24, 2017 | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument, Term (Year) | 5 years | |||
Line of Credit Facility, Current Borrowing Capacity | $ 50,000 | |||
Line of Credit Facility, Additional Borrowing Capacity | 50,000 | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |||
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |||
Long-term Line of Credit, Total | $ 0 | $ 0 | ||
Minimum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||
Maximum [Member] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |||
Fed Funds Effective Rate Overnight Index 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% | |||
Forecast [Member] | ||||
Proceeds from Long-term Lines of Credit | $ 50,000 | |||
Debt Instrument, Interest Rate, Stated Percentage | 2.08% |