Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000898437 | ||
Entity Registrant Name | Anika Therapeutics, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-14027 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 04-3145961 | ||
Entity Address, Address Line One | 32 Wiggins Avenue | ||
Entity Address, City or Town | Bedford | ||
Entity Address, State or Province | MA | ||
Entity Address, Postal Zip Code | 01730 | ||
City Area Code | 781 | ||
Local Phone Number | 457-9000 | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Trading Symbol | ANIK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 530,765,794 | ||
Entity Common Stock, Shares Outstanding | 14,329,618 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 95,817 | $ 157,463 |
Investments | 2,501 | 27,480 |
Accounts receivable, net of reserves of $1,523 and $962 at December 31, 2020 and December 31, 2019, respectively | 24,102 | 23,079 |
Inventories, net | 46,209 | 21,995 |
Prepaid expenses and other current assets | 8,754 | 4,289 |
Total current assets | 177,383 | 234,306 |
Property and equipment, net | 50,613 | 50,783 |
Right-of-use assets | 22,619 | 22,864 |
Other long-term assets | 15,420 | 7,478 |
Intangible assets, net | 91,157 | 7,585 |
Goodwill | 8,413 | 7,694 |
Total assets | 365,605 | 330,710 |
Current liabilities: | ||
Accounts payable | 8,984 | 3,832 |
Accrued expenses and other current liabilities | 14,793 | 12,445 |
Contingent consideration – current portion | 13,090 | 0 |
Total current liabilities | 36,867 | 16,277 |
Other long-term liabilities | 1,244 | 357 |
Contingent consideration – long term portion | 22,320 | 0 |
Deferred tax liability | 11,895 | 4,331 |
Lease liabilities | 20,879 | 21,367 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 0 | 0 |
Common stock, $.01 par value; 90,000 shares authorized, 14,329 and 14,308 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively | 143 | 143 |
Additional paid-in-capital | 55,355 | 48,707 |
Accumulated other comprehensive loss | (4,542) | (5,898) |
Retained earnings | 221,444 | 245,426 |
Total stockholders’ equity | 272,400 | 288,378 |
Total liabilities and stockholders’ equity | $ 365,605 | $ 330,710 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, reserves | $ 1,523 | $ 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) | 14,329 | 14,308 |
Common stock, shares outstanding (in shares) | 14,329 | 14,308 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 130,457 | $ 114,610 | $ 105,555 |
Cost of revenue | 61,431 | 28,747 | 31,280 |
Gross profit | 69,026 | 85,863 | 74,275 |
Operating expenses: | |||
Research & development | 23,431 | 16,665 | 18,190 |
Selling, general & administrative | 60,063 | 34,950 | 34,336 |
Goodwill impairment charge | 42,520 | 0 | 0 |
Change in fair value of contingent consideration | (28,666) | 0 | 0 |
Total operating expenses | 97,348 | 51,615 | 52,526 |
Income (loss) from operations | (28,322) | 34,248 | 21,749 |
Interest and other (expense) income, net | (302) | 1,873 | 1,458 |
Income before income taxes | (28,624) | 36,121 | 23,207 |
Provision (benefit) for income taxes | (4,642) | 8,928 | 4,485 |
Net income (loss) | $ (23,982) | $ 27,193 | $ 18,722 |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ (1.69) | $ 1.93 | $ 1.30 |
Diluted (in dollars per share) | $ (1.69) | $ 1.89 | $ 1.27 |
Weighted average common shares outstanding: | |||
Basic (in shares) | 14,222,163 | 14,120,584 | 14,441,536 |
Diluted (in shares) | 14,222,163 | 14,373,783 | 14,689,041 |
Net income (loss) | $ (23,982) | $ 27,193 | $ 18,722 |
Foreign currency translation adjustment | 1,356 | (372) | (742) |
Comprehensive income (loss) | (22,626) | 26,821 | 17,980 |
Product [Member] | |||
Revenue | 130,457 | 114,512 | 105,531 |
Service [Member] | |||
Revenue | $ 0 | $ 98 | $ 24 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 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) | 362 | |||||
Issuance of common stock for equity awards | $ 4 | 2,882 | 0 | 0 | 2,886 | |
Retirement of common stock for minimum tax withholdings (in shares) | (34) | |||||
Retirement of common stock for minimum tax withholdings | $ (1) | (1,790) | 0 | 0 | (1,791) | |
Stock-based compensation expense | $ 0 | 11,046 | 0 | 0 | 11,046 | |
Repurchase of common stock (in shares) | (806) | |||||
Repurchase of common stock | $ (8) | (29,992) | 0 | 0 | (30,000) | |
Net income (loss) | 0 | 0 | 18,722 | 0 | 18,722 | |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (742) | (742) | |
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) | 551 | |||||
Issuance of common stock for equity awards | $ 6 | 22,145 | 0 | 0 | 22,151 | |
Retirement of common stock for minimum tax withholdings (in shares) | (5) | |||||
Retirement of common stock for minimum tax withholdings | $ 0 | (293) | 0 | 0 | (293) | |
Stock-based compensation expense | $ 0 | 6,087 | 0 | 0 | 6,087 | |
Repurchase of common stock (in shares) | (452) | |||||
Repurchase of common stock | $ (5) | (29,995) | 0 | 0 | (30,000) | |
Net income (loss) | 0 | 0 | 27,193 | 0 | 27,193 | |
Other comprehensive income (loss) | $ 0 | 0 | 0 | (372) | (372) | |
Vesting of restricted stock units (in shares) | 17 | |||||
Forfeiture of restricted stock awards (in shares) | (13) | |||||
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) | 123 | |||||
Issuance of common stock for equity awards | $ 1 | 1,523 | 0 | 0 | 1,524 | |
Retirement of common stock for minimum tax withholdings (in shares) | (8) | |||||
Retirement of common stock for minimum tax withholdings | $ 0 | (262) | 0 | 0 | (262) | |
Stock-based compensation expense | $ 0 | 5,386 | 0 | 0 | 5,386 | |
Repurchase of common stock (in shares) | (139) | |||||
Repurchase of common stock | $ (1) | 1 | 0 | 0 | 0 | |
Net income (loss) | 0 | 0 | (23,982) | 0 | (23,982) | |
Other comprehensive income (loss) | $ 0 | 0 | 0 | 1,356 | 1,356 | |
Vesting of restricted stock units (in shares) | 54 | |||||
Forfeiture of restricted stock awards (in shares) | (9) | |||||
Balance (in shares) at Dec. 31, 2020 | 14,329 | |||||
Balance at Dec. 31, 2020 | $ 143 | $ 55,355 | $ 221,444 | $ (4,542) | $ 272,400 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (23,982) | $ 27,193 | $ 18,722 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 13,464 | 5,991 | 5,910 |
Interest expense | (25) | 0 | 0 |
Non-cash operating lease cost | 1,531 | 1,179 | 0 |
Goodwill impairment charge | 42,520 | 0 | 0 |
Change in fair value of contingent consideration | (28,666) | 0 | 0 |
Loss on disposal of fixed assets | 265 | 927 | 152 |
Loss on impairment of intangible asset | 2,439 | 389 | 0 |
Stock-based compensation expense | 5,386 | 6,087 | 11,046 |
Deferred income taxes | (3,543) | 794 | (1,817) |
Provision (recovery) for doubtful accounts | 549 | (499) | 57 |
Provision for inventory | 5,490 | 1,612 | 4,419 |
Amortization of acquisition related inventory step-up | 11,082 | 0 | 0 |
Amortization of premium and accretion of discount on investments and cash equivalents | 13 | (25) | (371) |
Changes in operating assets and liabilities: | |||
Accounts receivable | 5,855 | (1,839) | 2,914 |
Inventories | (14,177) | (5,585) | (7,577) |
Prepaid expenses, other current and long-term assets | (1,783) | (1,641) | 899 |
Accounts payable | 822 | 767 | (1,671) |
Operating lease liabilities | (1,439) | (1,065) | 0 |
Accrued expenses, other current and long-term liabilities | (142) | 3,805 | 1,313 |
Income taxes | (2,072) | (1,085) | 922 |
Contingent consideration | (522) | 0 | 0 |
Net cash provided by operating activities | 13,065 | 37,005 | 34,918 |
Cash flows from investing activities: | |||
Acquisition of Parcus Medical and Arthrosurface, net of cash acquired | (94,601) | 0 | 0 |
Proceeds from maturities of investments | 45,000 | 146,366 | 46,000 |
Purchases of investments | (20,035) | (103,848) | (91,601) |
Purchases of property and equipment | (1,628) | (2,827) | (4,656) |
Net cash provided by (used in) investing activities | (71,264) | 39,691 | (50,257) |
Cash flows from financing activities: | |||
Payments made on finance leases | (208) | 0 | 0 |
Proceeds from long term debt | 50,000 | 0 | 0 |
Repayments of long term debt | (50,350) | 0 | 0 |
Repurchases of common stock | 0 | (30,000) | (30,000) |
Cash paid for tax withheld on vested restricted stock awards | (262) | (293) | (1,790) |
Proceeds from exercises of equity awards | 1,524 | 22,151 | 2,886 |
Contingent consideration paid | (4,478) | 0 | 0 |
Net cash provided by (used in) provided by financing activities | (3,774) | (8,142) | (28,904) |
Exchange rate impact on cash | 327 | (133) | 29 |
Increase (decrease) in cash and cash equivalents | (61,646) | 68,421 | (44,214) |
Cash and cash equivalents at beginning of period | 157,463 | 89,042 | 133,256 |
Cash and cash equivalents at end of period | 95,817 | 157,463 | 89,042 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 993 | 9,257 | 5,560 |
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | 2,340 | 1,980 | |
Non-cash investing activities: | |||
Purchases of property and equipment included in accounts payable and accrued expenses | 17 | 137 | 351 |
Consideration for acquisitions included in accounts payable and accrued expenses | 476 | 0 | 0 |
Contingent consideration fair value on acquisition date | 69,076 | 0 | 0 |
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 | $ 0 | $ 24,110 | $ 0 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Anika Therapeutics, Inc. (“the Company”) is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care, including in the areas of osteoarthritis (“OA”) pain management, regenerative solutions, soft tissue repair and bone preserving joint technologies. In early 2020, 30 There continue to be uncertainties regarding the pandemic of the novel coronavirus (“COVID- 19” 19 19 may may 19. The Company is also subject to risks common to companies in the biotechnology and medical device industries including, but not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc., Anika Therapeutics S.r.l. (“Anika S.r.l.”), Anika Therapeutics Limited, Parcus Medical and Arthrosurface. All intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation The functional currency of Anika S.r.l. is the Euro, and the functional currency of Anika Therapeutics Limited is the British Pound Sterling. Assets and liabilities of the foreign subsidiaries are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the average exchange rates for the period. The translation adjustments resulting from this process are included in stockholders’ equity as a component of accumulated other comprehensive income (loss) which resulted in a gain (loss) from foreign currency translation of $1.3 million, ($0.4) million, and ($0.7) million for the years ended December 31, 2020, 2019, 2018, Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of operations. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of operations. The Company recognized a gain (loss) from foreign currency transactions of $0.3 million, ($0.3) million, and ($0.4) million during the years ended December 31, 2020, 2019, 2018, Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current and reasonable and supportable forecasts of future economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 20 20 201 9 201 8 Balance, beginning of the year $ 962 $ 1,525 $ 1,914 Amounts provided 635 6 57 Amounts recovered (86 ) (505 ) (360 ) Amounts written off (78 ) (33 ) – Translation adjustments 90 (31 ) (86 ) Balance, end of the year $ 1,523 $ 962 $ 1,525 Revenue Recognition Pursuant to ASC 606, five Product Revenue The Company generate sales principally through three For commercial partnership sales, the Company sells its products directly to these partners, who perform the vast majority of the downstream sales and marketing activities to customers and end-users. These arrangements may December 31, 2020 2019 2016 no may not not For sales to hospitals and surgery centers, which generally pairs an in-house team of regional sales directors with local or regional distributors, the inventory is generally consigned to sales agents so that products are available when needed for surgical procedures. No For distributor sales, the Company sells its products principally to a number of distributors, generally outside the United States, who subsequently resell the products to sub-distributors and health care providers, among others. The Company recognizes revenue from product sales when the distributor obtains control of the Company’s product, which typically occurs upon shipment to the distributor, in return for agreed-upon, fixed-price consideration. Performance obligations are generally settled quickly after purchase order acceptance; therefore, the value of unsatisfied performance obligations at the end of any reporting period is generally insignificant. The Company sells to a diversified base of distributors and, therefore, believes there is no The Company’s payment terms are consistent with prevailing practice in the respective markets in which the Company does business. Most of the Company’s customers make payments based on contract terms, which are not one not not Some of the Company’s distributor agreements have volume-based discounts with tiered pricing which are generally prospective in nature. These prospective discounts together with any free-of-charge sample units offered are evaluated as potential material rights. If the prospective discounts or free-of-charge sample units are considered material rights, these would be separate performance obligations and a portion of the sales transaction price is allocated to the material right. Revenue allocated to the material right is recognized when the additional goods are transferred to the customer or when the option expires. During 2020, not 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 December 31, 2020 2019, Generally, customer contracts contain Free on Board (FOB) or Ex-Works (EXW) shipping point terms where the customer pays the shipping company directly for all shipping and handling costs. In those contracts in which the Company pays for the shipping and handling, the associated costs are generally recorded along with the product sale at the time of shipment in cost of revenue when control over the products has transferred to the customer. Value-add and other taxes collected by the Company concurrently with revenue-producing activities are excluded from revenue. The Company’s general product warranty does not not one 340 40 25 4. Licensing, Milestone and Contract Revenue The agreements with Mitek include variable consideration such as contingent development and regulatory milestones. Since 2016, no not Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within 90 Investments All of the Company’s investments are classified as available-for-sale which consist of U.S. treasury bills and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net of related income taxes. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in interest and other income, net. Interest is recorded when earned. Investments with original maturities greater than approximately three one one December 31, 2020 2019. All of the Company’s investments are subject to a periodic impairment review. For available-for-sale debt securities in an unrealized loss position we first not not During the years ended December 31, 2020, 2019 2018, not not not Concentration of Credit Risk and Significant Customers The Company has no two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. Mitek represented 49% and 71% of total revenues for the years-ended December 31, 2020 2019 December 31, 2020 2019, no 10% Inventories Inventories are primarily stated at the lower of standard cost and net realizable value, with approximate cost determined using the first first not The Company’s policy is to write-down inventory when conditions exist that suggest inventory may not When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. If actual demand for the Company’s products deteriorates, or if market conditions are less favorable than those projected, additional inventory write-downs may one Leases The Company adopted Leases 842 January 1, 2019 not not 842 3” 12 no not 842. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present and evaluates whether the lease is an operating lease or a finance lease at the commencement date. Operating and finance leases with a term greater than one not not not not may Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are typically: Asset Estimated useful life Computer equipment and software 3 - 10 Furniture and fixtures 5 - 7 Equipment 5 - 20 Leasehold improvements Shorter of useful life or term of lease Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. Fully depreciated assets are retained in the accounts until they are no no Construction-in-process is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. Construction-in-process is not Goodwill and IPR&D Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired In-Process Research and Development (“IPR&D”) represents the fair value assigned to research and development assets that the Company acquires that have not Goodwill and IPR&D are not one 2020 Under the US GAAP, the Company has the option to perform a qualitative assessment to determine if it is necessary to perform the impairment test. If the Company concludes, based on a qualitative assessment, it is not not not To conduct quantitative impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value, not November 30, 2020 December 31, 2020. 8 Goodwill not December 31, 2019. Long-Lived Assets Long-lived assets primarily include property and equipment and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, patents, trade names, customer relationships and distributor relationships. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may not no In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 not • Level 3 not The Company’s financial assets have been classified as Level 1. third 3. 4 Fair Value Measurement s third Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers. Research and development costs are expensed as incurred. Stock-Based Compensation The Company has stock-based compensation plans under which it grants various types of equity-based awards, the cost of which is based on the grant-date fair value of the underlying award and recognized over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. For performance-equity awards with market-based conditions, compensation cost is measured at the date of the award and is recorded over the vesting period, regardless of the likelihood of achievement of the market-based performance criteria. For performance-based equity awards with financial and business milestone achievement targets, compensation cost is based on the probable outcome of the performance conditions. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related stock-based compensation expense that will be recorded in the period of the change. If the performance targets are not no See Note 13 Equity Incentive Plan Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not not not Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income (loss) disclosures, the Company does not 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 President and Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin Contingencies In the normal course of business, the Company is involved from time-to-time in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. The Company records accruals for loss contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company considers all relevant factors when making assessments regarding these contingencies. Although the outcomes of any potential legal proceedings are inherently difficult to predict, the Company does not Recent Accounting Pronouncements 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 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 Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. Upon adopting ASU 2016 13, not January 1, 2020 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2 2017 04, not January 1, 2020. In August 2018, 2018 13, Fair Value Measurement (Topic 820 1 2 3 January 1, 2020, not 4 Fair Value Measurements In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. not December 31, 2020, |
Note 3 - Business Combinations
Note 3 - Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. 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, January 24, 2020 Consideration Transferred Pursuant to the Parcus Medical Merger Agreement, the Company acquired all outstanding equity of Parcus Medical for estimated total purchase consideration of $75.1 million, as of January 24, 2020 Cash consideration $ 32,794 Deferred consideration 1,642 Estimated fair value of contingent consideration 40,700 Estimated total purchase consideration $ 75,136 Contingent consideration represents additional payments that the Company may 2020 2022. one December 31, 2020. 4, Fair Value Measurements December 31, 2020. Acquisition-related costs are not three March 31, 2020. March 31, 2020 Fair Value of Net Assets Acquired The estimate of fair value as of the acquisition date required the use of significant assumptions and estimates. Critical estimates included, but were not may The allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on 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 10,968 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 55,508 Goodwill 19,628 Estimated total purchase consideration $ 75,136 Subsequent to the acquisition date, during the three September 30, 2020, January 24, 2020 not The acquired intangible assets based on estimates of fair value as of January 24, 2020 Developed technology $ 41,100 Trade name 1,800 Customer relationships 1,100 Total acquired intangible assets $ 44,000 The 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 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 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 fair value of developed technology will be amortized over a useful life of 15 years, the fair value of customer relationships over 10 years, and the fair value of the trade name over 5 years. 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 8, Goodwill Revenue and Net Loss The Company recorded revenue from Parcus Medical of $11.6 million and a net loss of ($7.7) million in the period from January 24, 2020 December 31, 2020, Arthrosurface, Inc. On February 3, 2020, January 4, 2020 ( The acquisition of Arthrosurface has been accounted for as a business combination under ASC 805. 805, February 3, 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 million, as of February 3, 2020 Cash consideration $ 61,909 Estimated fair value of contingent consideration 28,376 Estimated total purchase consideration $ 90,285 The Company may 2020 2021. 4, Fair Value Measurements December 31, 2020. Acquisition-related costs are not three March 31, 2020. March 31, 2020 Fair Value of Net Assets Acquired The estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not may The allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on 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 Goodwill 22,892 Estimated total purchase consideration $ 90,285 Intangible assets acquired consist of: Developed technology $ 37,000 Trade name 3,400 Customer relationships 7,900 IPR&D 600 Total acquired intangible assets $ 48,900 The 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 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 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 fair value of developed technology that will be amortized over an estimated useful life of 15 years, the fair value of customer relationships over 10 years, and the fair value of trade names over 5 years. A total of $0.6 million represents the fair value of IPR&D with an indefinite useful life that will be evaluated for impairment annually, or more frequently if events or changes in circumstances indicate that the asset might be impaired. 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 8, Goodwill Revenue and Net Loss The Company recorded revenue from Arthrosurface of $23.9 million and a net loss of ($10.7) million in the period from February 3, 2020 December 31, 2020, Pro forma Information The Parcus Medical and Arthrosurface acquisitions were both completed in the first 2020. The unaudited pro forma information for the year ended December 31, 2020 2019 January 1, 2019 These pro forma adjustments include: (i) a net increase in amortization expense to record amortization expense for the aforementioned acquired identifiable intangible assets, (ii) an adjustment to cost of revenue based on the preliminary inventory step-up and the anticipated inventory turnover, (iii) a net decrease in interest expense as a result of eliminating interest expense and interest income related to borrowings that were settled in accordance with the respective Parcus Medical Merger Agreement and Arthrosurface Merger Agreement, (iv) an adjustment to record the acquisition-related transaction costs in the period required, and (v) the tax effect of the pro forma adjustments using the anticipated effective tax rate. The effective tax rate of the combined company could be materially different from the rate presented in this unaudited pro forma combined financial information. As a result of the transaction, the combined company may not The following table presents unaudited supplemental pro forma information: For the Years Ended December 31, 2020 2019 Total revenue $ 134,410 $ 157,728 Net income (loss) $ (22,984 ) $ 7,144 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. The Company held U.S. treasury bills of $2.5 million and $27.5 million at December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019, The Company’s investments are all classified within Levels 1 not 3 The classification of the Company’s cash equivalents and investments within the fair value hierarchy is as follows: Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 74,522 $ 74,522 $ - $ - $ 74,522 Investments: U.S. Treasury Bills $ 2,501 $ 2,501 $ - $ - $ 2,524 Other current and long-term liabilities: Contingent Consideration - Short Term $ 13,090 $ - $ - $ 13,090 $ - Contingent Consideration - Long Term 22,320 - - 22,320 - Total other current and long-term liabilities $ 35,410 $ - $ - $ 35,410 $ - 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 There were no 2020 2019. Contingent Consideration The following table provides a rollforward of the contingent consideration related to business acquisitions discussed in Note 3, Business Combinations . Year Ended December 31, 2020 Balance, beginning January 1, 2020 $ - Additions 69,076 Payments (5,000 ) Change in fair value (28,666 ) Balance, ending December 31, 2020 $ 35,410 Under the Parcus Medical Merger Agreement and Arthrosurface Merger Agreement, there are earn-out milestones totaling $100 million payable from 2020 2022. 2020 2022, 2020 2021. December 31, 2020, December 31, 2020, December 31, 2020. In October 2020, December 31, 2020 19 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories consist of the following: December 31, 20 20 201 9 Raw materials $ 14,852 $ 12,058 Work-in-process 12,811 8,330 Finished goods 33,347 8,777 Total $ 61,010 $ 29,165 Inventories $ 46,209 $ 21,995 Other long-term assets 14,801 7,170 Inventory is stated net of inventory reserves of approximately $6.9 million and $3.0 million, as of December 31, 2020 2019, The increase in inventories for the year ended December 31, 2020 January February 2020, 3 Business Combinations The Company recorded an inventory reserve of $2.8 million in 2020 not not |
Note 6 - Property and Equipment
Note 6 - Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6 . Property and Equipment Property and equipment is stated at cost and consists of the following: December 31, 20 20 201 9 Equipment and software $ 48,316 $ 42,733 Furniture and fixtures 2,496 2,204 Leasehold improvements 34,056 33,797 Construction in progress 432 559 Subtotal 85,300 79,293 Less accumulated depreciation (34,687 ) (28,510 ) Total $ 50,613 $ 50,783 Depreciation expense was $6.1 million, $5.0 million, and $4.9 million for the years ended December 31, 2020, 2019, 2018, |
Note 7 - Acquired Intangible As
Note 7 - Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 7 . Acquired Intangible Assets, Net Intangible assets consist of the following: Year Ended December 31, 2020 Gross Value Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Weighted Average Useful Life Developed technology $ 93,953 $ (2,648 ) $ (1,025 ) $ (14,381 ) $ 75,899 15 IPR&D 5,006 (1,005 ) (1,414 ) - 2,587 Indefinite Customer relationships 9,000 - - (827 ) 8,173 10 Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (159 ) - (582 ) 259 16 Tradenames 5,200 - - (961 ) 4,239 5 Total $ 118,859 $ (4,227 ) $ (2,439 ) $ (21,036 ) $ 91,157 13 Year Ended December 31, 2019 Gross Value Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Weighted Average Useful Life Developed technology $ 17,100 $ (2,934 ) $ (389 ) $ (9,657 ) $ 4,120 15 IPR&D 4,406 (1,234 ) - - 3,172 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (176 ) - (531 ) 293 16 Tradename 1,000 - - (1,000 ) - 9 Total $ 28,206 $ (4,759 ) $ (389 ) $ (15,473 ) $ 7,585 11 The increase of $90.6 million of gross value in acquired intangible assets is primarily due to the acquisition of Parcus Medical and Arthrosurface in the first 2020, 3 Business Combinations Total amortization expense with respect to the definite-lived acquired intangible assets was $7.4 million, $1.0 million and $1.0 million for the years ended December 31, 2020, 2019, 2018. During the fourth 2020, not no The Company performed its annual assessment of the remaining IPR&D intangible assets as of November 30, 2020. November 30, 2020. During 2020, not 2020. 2019, not not 2020 2019 |
Note 8 - Goodwill
Note 8 - Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 8 . Goodwill The following table provides a rollforward of goodwill for the years ended December 31, 2020 2019: Year Ended December 31, 2020 Year Ended December 31, 2019 Balance, beginning $ 7,694 $ 7,851 Effect of foreign currency adjustments 719 (157 ) Acquisitions 42,520 - Impairment (42,520 ) - Balance, ending $ 8,413 $ 7,694 In January February 2020, 3, Busine s s Combinations one U.S. and international government policy responses to the COVID- 19 first 2020, fourth 2020. The Company estimated the fair value of the reporting units using a discounted cash flow method, which is based on the present value of projected cash flows and a terminal value, which represents the expected normalized cash flows of the reporting units beyond the cash flows from the discrete projection period. The Company determined that a discounted cash flow model provided the best approximation of fair value of the reporting units for the purpose of performing the impairment test. 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 its best estimate of future cash flows under a high degree of economic uncertainty that existed as of November 30, 2020. For the legacy Anika reporting unit, the Company performed a qualitative assessment including consideration of (i) general macroeconomic factors, (ii) industry and market conditions, and (iii) the extent of the excess of the fair value over the carrying value indicated in prior impairment testing. The Company determined it was not not not March 31, 2020. November 30, 2020, not December 31, 2020. For its newly created reporting unit, which includes Parcus Medical and Arthrosurface, the Company also performed an interim quantitative assessment of goodwill impairment as of March 31, 2020. first 2020. November 30, 2020. 19 fourth 2020. December 31, 2020. |
Note 9 - Leases
Note 9 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | 9. The Company leases its buildings and manufacturing facilities under operating leases. As of December 31, 2020, 2022 2038, 2032, 2026 As a result of the acquisition of Parcus Medical and Arthrosurface, the Company acquired operating and finance leases for corporate offices, manufacturing and warehouse facilities and machineries. The operating leases consist of two 2021, 2024 may The significant assumptions in recognizing the right-of-use asset and lease liability are as follows: Incremental borrowing rate not not December 31, 2020 Lease term. not The components of lease expense and other information are as follows: For the Years Ended December 31 2020 2019 Finance lease amortization of right-of-use assets $ 185 $ - Interest on finance lease liabilities 25 - Finance lease expense 210 - Operating lease expense 2,383 2,087 Short-term lease expense - 6 Variable lease expense 264 216 Total lease expense $ 2,857 $ 2,309 For the Years Ended December 31 2020 2019 Weighted Average Remaining Lease Term (in years) Operating leases 15.6 16.8 Financing leases 3.2 - Weighted Average Discount Rate Operating leases 4.1 % 4.1 % Financing leases 5.0 % - Other information Operating cash flows from operating leases $ 2,340 $ 1,980 Operating cash flows from financing leases $ 162 $ - Future commitments due under these lease agreements as of December 31, 2020 Years ended December 31, Operating Leases Financing Leases Total 2021 $ 2,304 $ 166 $ 2,470 2022 2,240 166 2,406 2023 2,123 160 2,283 2024 2,059 44 2,103 2025 1,924 - 1,924 Thereafter 19,450 - 19,450 Present value adjustment (7,784 ) (32 ) (7,816 ) Present value of lease payments 22,316 504 22,820 Less current portion included in accrued expenses and other current liabilities (1,437 ) (148 ) (1,585 ) Total lease liabilities $ 20,879 $ 356 $ 21,235 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued expenses consist of the following: December 31, December 31, Compensation and related expenses $ 7,345 $ 5,830 Professional fees 3,438 3,850 Operating lease liability - current 1,437 1,141 Clinical trial costs 1,429 788 Finance lease liability - current 148 - Other 996 836 Total $ 14,793 $ 12,445 |
Note 11 - Revolving Credit Agre
Note 11 - Revolving Credit Agreement | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 1 1 . Revolving Credit Agreement On April 8, 2020, December 31, 2020 three September 30, 2020, three December 31, 2020, The existing credit facility was entered into on October 24, 2017. five may one five December 31, 2020 2019, The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including financial covenants, events of default, and indemnification provisions in favor of the Lenders. These include restrictive covenants that require the Company not first |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 1 2 . Commitments and Contingencies Warranty and Guarantor Arrangements 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 December 31, 2020 2019, no Legal Proceedings The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not |
Note 13 - Revenue by Product Gr
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 1 3 . Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information The Company categorizes its product portfolio into three January 24, 2020 February 3, 2020 Product revenue by product group is as follows: Years Ended December 31, 20 20 201 9 201 8 Revenue Percentage of Revenue Percentage of Revenue Percentage of Joint Pain Management $ 83,029 64 % $ 103,466 90 % $ 96,719 92 % Joint Preservation and Restoration 39,368 30 % 2,070 2 % 1,127 1 % Other 8,060 6 % 8,976 8 % 7,685 7 % $ 130,457 100 % $ 114,512 100 % $ 105,531 100 % Product revenue from the Company’s sole significant customer, Mitek, as a percentage of the Company’s total product revenue was 49%, 71%, and 73% for the years ended December 31, 2020, 2019, 2018, Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows: Years Ended December 31, 20 20 201 9 201 8 Total Percentage of Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Revenue Revenue Geographic Location: United States $ 103,182 79 % $ 90,302 79 % $ 85,351 81 % Europe 14,179 11 % 14,744 13 % 11,730 11 % Other 13,096 10 % 9,564 8 % 8,474 8 % Total $ 130,457 100 % $ 114,610 100 % $ 105,555 100 % On May 2, 2018, not no 2018, December 31, 2020 2019. Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas are as follows: Years Ended December 31, 20 20 201 9 United States $ 48,611 $ 48,635 Italy 2,002 2,148 Total $ 50,613 $ 50,783 |
Note 14 - Equity Incentive Plan
Note 14 - Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 1 4 . Equity Incentive Plan Equity Incentive Plan The Anika Therapeutics, Inc. 2017 “2017 June 13, 2017 may 2017 no may 2017 June 18, 2019, 2017 2017 1.2 No 2017 June 16, 2020, 2017 2017 No 2017 December 31, 2020. The Company may one four ten The following table sets forth share information for stock-based compensation awards granted and exercised during the periods ended December 31, 2020 2019: December 31, 20 20 201 9 Grants: Stock options 546,496 254,517 RSUs 218,804 189,507 PSUs 162,297 123,500 Exercises: Stock options 123,063 518,991 SARs - 35,250 Stock Options The combined stock options activity for the year ended December 31, 2020 Weighted Average Exercise Number of Price Per Shares Share Options outstanding at beginning of year 690,968 $ 41.65 Granted 546,496 $ 37.78 Cancelled (112,660 ) $ 50.15 Expired (104,922 ) $ 46.33 Exercised (123,063 ) $ 12.43 Options outstanding at end of year 896,819 $ 41.50 During the second 2020, may December 31, 2020. All stock options outstanding at December 31, 2020 December 31, 2020. As of December 31, 2020, The options exercisable at December 31, 2020 Number Weighted Avg Weighted Average Incentive stock options 109,581 $ 45.43 6.5 Non-qualified stock options 341,927 $ 41.63 4.5 Performance awards 11,210 $ 53.87 2.9 The total intrinsic value of stock options and SARs exercised was $2.8 million, $8.5 million and $8.5 million for the years ended December 31, 2020, 2019 2018, 2019 December 31, 2019. The total grant-date fair value of stock options and SARs vested during the years ended December 31, 2020, 2019 2018 Restricted Stock The RSA, RSU and PSU activity for the year ended December 31, 2020 Weighted Average Number of Grant Date Shares Fair Value Unvested at beginning of year 289,098 $ 34.53 Granted 381,101 $ 37.66 Cancelled (200,418 ) $ 35.38 Vested/Released (58,245 ) $ 35.91 Unvested at end of year 411,536 $ 36.82 The total fair value of restricted stock-based awards (including RSAs, RSUs, and PSUs) vested during the years ended December 31, 2020, 2019 2018 December 31, 2020, 2019 2018 As of December 31, 2020, Stock Compensation Expense The Company estimates the fair value of stock options and SARs using the Black-Scholes valuation model. The Company estimates the fair value of TSRs using Monte-Carlo simulation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The PSUs granted to employees in 2019 2019 2021 2020 not 2020 2021 2022 The Company recorded $0.1 million, $1.2 million, and $0.7 million related to performance-based units and options in the years ending 2020, 2019, 2018, Key input assumptions used to estimate the fair value of stock options and SARs include the exercise price of the award, the expected award term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the award’s expected term, and the Company’s expected annual dividend yield. The expected volatility assumption is evaluated against the historical volatility of the Company’s common stock over a 4-year average, except for TSRs which is evaluated over 6.3 years, and it is adjusted if there are material changes in historical volatility. The risk free interest rate assumption is based on U.S. Treasury interest rates at the time of grant. The weighted-average grant-date fair value per share of stock options granted in 2020, 2019 2018 2020, 2019, 2018 20 20 201 9 201 8 Risk free interest rate 0.21% - 1.59% 1.41% - 2.54% 2.15% - 2.82% Expected volatility 46.48% - 54.06% 44.27% - 48.52% 37.12% - 45.61% Expected term (years) 4.0 3.5 4.0 - 4.5 Expected dividend yield 0.00% 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: 20 20 201 9 201 8 Cost of revenue $ 719 $ 412 $ (160 ) Research and development 713 424 851 Selling, general and administrative 3,954 5,251 10,355 Total stock-based compensation expense $ 5,386 $ 6,087 $ 11,046 For the years ended December 31, 2020, 2019 2018, The Company’s former President and Chief Executive Officer, Joseph Darling, passed away unexpectedly in January 2020. 2017 one three March 31, 2020 The decrease in stock-based compensation expense within the cost of revenue line item for the year ended December 31, 2019 March 9, 2018, one three March 31, 2018. |
Note 15 - Employee Benefit Plan
Note 15 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 1 5 . Employee Benefit Plan The Company’s U.S. employees are eligible to participate in the Company’s 401 may may December 31, 2020, 2019, 2018, |
Note 16 - Accelerated Share Rep
Note 16 - Accelerated Share Repurchases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Accelerated Share Repurchases Disclosure [Text Block] | 1 6 . Accelerated Share Repurchases On May 2, 2019, December 31, 2019, May 7, 2019, May 8, 2019 On January 14, 2020, January 14, 2020. January 17, 2020. not On May 24, 2018, May 24, 2018 On July 16, 2018, July 16, 2018. July 19, 2018. not |
Note 17 - Income Taxes
Note 17 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 1 7 . Income Taxes Income Tax Expense The components of the Company’s income (loss) before income taxes and its provision for (benefit from) income taxes consist of the following: Years ended December 31, 2020 2019 2018 Income (loss) before income taxes Domestic $ (25,722 ) $ 38,299 $ 26,227 Foreign (2,902 ) (2,178 ) (3,020 ) $ (28,624 ) $ 36,121 $ 23,207 Years ended December 31, 2020 2019 2018 Provision for (benefit from) income taxes: Current: Federal $ 357 $ 6,245 $ 4,783 State (1,970 ) 1,884 1,644 Foreign 49 202 405 Total current (1,564 ) 8,331 6,832 Deferred: Federal (1,980 ) 1,086 (992 ) State (1,070 ) 324 (152 ) Foreign (28 ) (813 ) (1,203 ) Total deferred (3,078 ) 597 (2,347 ) Total provision $ (4,642 ) $ 8,928 $ 4,485 Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities consist of the following: December 31, 2020 2019 Deferred tax assets: Lease liability $ 5,147 $ 5,206 Inventory reserve 2,004 1,187 Net operating loss carry forwards 4,775 1,812 Stock-based compensation expense 1,742 1,901 Tax credits 2,485 - Foreign currency exchange 229 346 Accrued expenses and other 156 1,076 Gross deferred tax assets 16,538 11,528 Less: valuation allowance (857 ) - Deferred tax assets $ 15,681 $ 11,528 December 31, 2020 2019 Deferred tax liabilities: Acquisition-related intangibles $ (13,972 ) $ (2,023 ) Depreciation (8,493 ) (8,665 ) Right of use asset (5,111 ) (5,171 ) Deferred tax liabilities $ (27,576 ) $ (15,859 ) Net deferred tax liabilities $ (11,895 ) $ (4,331 ) The Company recognized a total net deferred tax liability of $11.9 million, of which $11.2 million is due to the intangible assets and inventory step up offset by net operating loss (“NOL”) carryforwards and research and development tax credits associated with the Arthrosurface acquisition discussed in Note 3. As of December 31, 2020, 2025 2028 2040 2017 not 80% not December 31, 2020, 2023. The Company evaluated the likelihood that it would realize the deferred income taxes to offset future taxable income and concluded that it is more likely than not December 31, 2020, Tax Rate The reconciliation between the U.S. federal statutory rate and the Company’s effective rate is summarized as follows: Years ended December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State tax expense, net of federal benefit 1.5 % 5.5 % 5.5 % Stock compensation and Section 162(m) limitation (2.2 %) 0.9 % (0.5 %) Goodwill impairment (16.8 %) 0.0 % 0.0 % Change in fair value of contingent consideration 6.7 % 0.0 % 0.0 % Change in state apportionment 4.9 % 0.0 % 0.0 % Federal, state and foreign tax credits 2.2 % (1.5 %) (3.6 %) Valuation allowance (3.0 %) 0.0 % 0.0 % Other permanent items 1.9 % (1.2 %) (3.1 %) Effective income tax rate 16.2 % 24.7 % 19.3 % Accounting for Uncertainty in Income Taxes The Company had no unrecognized tax benefits for the years ended December 31, 2020 2019, not twelve December 31, 2020. In the normal course of business, Anika and its subsidiaries may no 2017. Upon the settlement of certain stock-based awards (i.e., exercise, vesting, forfeiture, or cancellation), the actual tax deduction is compared with cumulative financial reporting compensation cost, and any excess tax deduction related to these awards is considered a windfall tax benefit. With the adoption of ASU 2016 09 2017, 2020 2019 2018. |
Note 18 - Earnings Per Share ("
Note 18 - Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 1 8 . Earnings per Share (“EPS”) Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested RSAs, 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: Years Ended December 31, 20 20 201 9 201 8 Shares used in the calculation of basic earnings per share 14,222,163 14,120,584 14,441,536 Effect of dilutive securities: Stock options, SARs, RSAs and RSUs - 253,199 247,505 Diluted shares used in the calculation of earnings per share 14,222,163 14,373,783 14,689,041 In 2020, December 31, 2019 2018, 2019 2018 At December 31, 2020 December 31, 2019, 2018 |
Note 19 - Quarterly Financial D
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 1 9 . Quarterly Financial Data (Unaudited) (U.S. Dollars, in thousands, except per share data) Quarter ended Year 2020 December 31 (4) September 30 (3) June 30 (2) March 31 (1) Total revenue $ 32,688 $ 31,694 $ 30,678 $ 35,397 Gross profit 16,745 17,343 13,742 21,196 Net income (loss) $ (15,657 ) $ (6,411 ) $ (7,708 ) $ 5,794 Basic net income (loss) per share $ (1.10 ) $ (0.45 ) $ (0.54 ) $ 0.41 Diluted net income (loss) per share $ (1.10 ) $ (0.45 ) $ (0.54 ) $ 0.40 Basic common shares outstanding 14,275 14,205 14,199 14,202 Diluted common shares outstanding 14,275 14,205 14,199 14,353 ( 1 March 31, 2020, 2 June 30, 2020, 3 September 30, 2020, 4 December 31, 2020, (U.S. Dollars, in thousands, except per share data) Quarter ended Year 20 19 December 31 September 30 June 30 March 31 Total revenue $ 29,772 $ 29,697 $ 30,418 $ 24,723 Gross profit 21,123 23,746 23,582 17,412 Net income $ 4,051 $ 9,200 $ 9,435 $ 4,507 Basic net income per share $ 0.28 $ 0.65 $ 0.68 $ 0.32 Diluted net income per share $ 0.28 $ 0.66 $ 0.67 $ 0.31 Basic common shares outstanding 14,280 14,070 13,916 14,185 Diluted common shares outstanding 14,621 14,387 14,088 14,314 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc., Anika Therapeutics S.r.l. (“Anika S.r.l.”), Anika Therapeutics Limited, Parcus Medical and Arthrosurface. All intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of Anika S.r.l. is the Euro, and the functional currency of Anika Therapeutics Limited is the British Pound Sterling. Assets and liabilities of the foreign subsidiaries are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the average exchange rates for the period. The translation adjustments resulting from this process are included in stockholders’ equity as a component of accumulated other comprehensive income (loss) which resulted in a gain (loss) from foreign currency translation of $1.3 million, ($0.4) million, and ($0.7) million for the years ended December 31, 2020, 2019, 2018, Gains and losses resulting from foreign currency transactions are recognized in the consolidated statements of operations. Recorded balances that are denominated in a currency other than the functional currency are remeasured to the functional currency using the exchange rate at the balance sheet date and gains or losses are recorded in the statements of operations. The Company recognized a gain (loss) from foreign currency transactions of $0.3 million, ($0.3) million, and ($0.4) million during the years ended December 31, 2020, 2019, 2018, |
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current and reasonable and supportable forecasts of future economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 20 20 201 9 201 8 Balance, beginning of the year $ 962 $ 1,525 $ 1,914 Amounts provided 635 6 57 Amounts recovered (86 ) (505 ) (360 ) Amounts written off (78 ) (33 ) – Translation adjustments 90 (31 ) (86 ) Balance, end of the year $ 1,523 $ 962 $ 1,525 |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition Pursuant to ASC 606, five Product Revenue The Company generate sales principally through three For commercial partnership sales, the Company sells its products directly to these partners, who perform the vast majority of the downstream sales and marketing activities to customers and end-users. These arrangements may December 31, 2020 2019 2016 no may not not For sales to hospitals and surgery centers, which generally pairs an in-house team of regional sales directors with local or regional distributors, the inventory is generally consigned to sales agents so that products are available when needed for surgical procedures. No For distributor sales, the Company sells its products principally to a number of distributors, generally outside the United States, who subsequently resell the products to sub-distributors and health care providers, among others. The Company recognizes revenue from product sales when the distributor obtains control of the Company’s product, which typically occurs upon shipment to the distributor, in return for agreed-upon, fixed-price consideration. Performance obligations are generally settled quickly after purchase order acceptance; therefore, the value of unsatisfied performance obligations at the end of any reporting period is generally insignificant. The Company sells to a diversified base of distributors and, therefore, believes there is no The Company’s payment terms are consistent with prevailing practice in the respective markets in which the Company does business. Most of the Company’s customers make payments based on contract terms, which are not one not not Some of the Company’s distributor agreements have volume-based discounts with tiered pricing which are generally prospective in nature. These prospective discounts together with any free-of-charge sample units offered are evaluated as potential material rights. If the prospective discounts or free-of-charge sample units are considered material rights, these would be separate performance obligations and a portion of the sales transaction price is allocated to the material right. Revenue allocated to the material right is recognized when the additional goods are transferred to the customer or when the option expires. During 2020, not 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 December 31, 2020 2019, Generally, customer contracts contain Free on Board (FOB) or Ex-Works (EXW) shipping point terms where the customer pays the shipping company directly for all shipping and handling costs. In those contracts in which the Company pays for the shipping and handling, the associated costs are generally recorded along with the product sale at the time of shipment in cost of revenue when control over the products has transferred to the customer. Value-add and other taxes collected by the Company concurrently with revenue-producing activities are excluded from revenue. The Company’s general product warranty does not not one 340 40 25 4. Licensing, Milestone and Contract Revenue The agreements with Mitek include variable consideration such as contingent development and regulatory milestones. Since 2016, no not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within 90 |
Investment, Policy [Policy Text Block] | Investments All of the Company’s investments are classified as available-for-sale which consist of U.S. treasury bills and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income (loss), net of related income taxes. For securities sold prior to maturity, the cost of securities sold is based on the specific identification method. Realized gains and losses on the sale of investments are recorded in interest and other income, net. Interest is recorded when earned. Investments with original maturities greater than approximately three one one December 31, 2020 2019. All of the Company’s investments are subject to a periodic impairment review. For available-for-sale debt securities in an unrealized loss position we first not not During the years ended December 31, 2020, 2019 2018, not not not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Significant Customers The Company has no two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. Mitek represented 49% and 71% of total revenues for the years-ended December 31, 2020 2019 December 31, 2020 2019, no 10% |
Inventory, Policy [Policy Text Block] | Inventories Inventories are primarily stated at the lower of standard cost and net realizable value, with approximate cost determined using the first first not The Company’s policy is to write-down inventory when conditions exist that suggest inventory may not When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. If actual demand for the Company’s products deteriorates, or if market conditions are less favorable than those projected, additional inventory write-downs may one |
Lessee, Leases [Policy Text Block] | Leases The Company adopted Leases 842 January 1, 2019 not not 842 3” 12 no not 842. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present and evaluates whether the lease is an operating lease or a finance lease at the commencement date. Operating and finance leases with a term greater than one not not not not may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are typically: Asset Estimated useful life Computer equipment and software 3 - 10 Furniture and fixtures 5 - 7 Equipment 5 - 20 Leasehold improvements Shorter of useful life or term of lease Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. Fully depreciated assets are retained in the accounts until they are no no Construction-in-process is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. Construction-in-process is not |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and IPR&D Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired In-Process Research and Development (“IPR&D”) represents the fair value assigned to research and development assets that the Company acquires that have not Goodwill and IPR&D are not one 2020 Under the US GAAP, the Company has the option to perform a qualitative assessment to determine if it is necessary to perform the impairment test. If the Company concludes, based on a qualitative assessment, it is not not not To conduct quantitative impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value, not November 30, 2020 December 31, 2020. 8 Goodwill not December 31, 2019. |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets primarily include property and equipment and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, patents, trade names, customer relationships and distributor relationships. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may not no In determining the useful lives of intangible assets, we consider the expected use of the assets and the effects of obsolescence, demand, competition, anticipated technological advances, changes in surgical techniques, market influences and other economic factors. For technology-based intangible assets, we consider the expected life cycles of products, absent unforeseen technological advances, which incorporate the corresponding technology. |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 not • Level 3 not The Company’s financial assets have been classified as Level 1. third 3. 4 Fair Value Measurement s third |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers. Research and development costs are expensed as incurred. |
Share-based Payment Arrangement [Policy Text Block] | Stock-Based Compensation The Company has stock-based compensation plans under which it grants various types of equity-based awards, the cost of which is based on the grant-date fair value of the underlying award and recognized over the period during which an employee is required to provide service in exchange for the award, which is generally the vesting period. For performance-equity awards with market-based conditions, compensation cost is measured at the date of the award and is recorded over the vesting period, regardless of the likelihood of achievement of the market-based performance criteria. For performance-based equity awards with financial and business milestone achievement targets, compensation cost is based on the probable outcome of the performance conditions. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related stock-based compensation expense that will be recorded in the period of the change. If the performance targets are not no See Note 13 Equity Incentive Plan |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not not not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income (loss) and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income (loss) disclosures, the Company does not |
Segment Reporting, Policy [Policy Text Block] | 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 President and Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies In the normal course of business, the Company is involved from time-to-time in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. The Company records accruals for loss contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company considers all relevant factors when making assessments regarding these contingencies. Although the outcomes of any potential legal proceedings are inherently difficult to predict, the Company does not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements 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 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 Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. Upon adopting ASU 2016 13, not January 1, 2020 In January 2017, 2017 04, Intangibles—Goodwill and Other (Topic 350 2 2017 04, not January 1, 2020. In August 2018, 2018 13, Fair Value Measurement (Topic 820 1 2 3 January 1, 2020, not 4 Fair Value Measurements In March 2020, 2020 04, Reference Rate Reform (Topic 848 March 12, 2020 December 31, 2022. not December 31, 2020, |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | December 31, 20 20 201 9 201 8 Balance, beginning of the year $ 962 $ 1,525 $ 1,914 Amounts provided 635 6 57 Amounts recovered (86 ) (505 ) (360 ) Amounts written off (78 ) (33 ) – Translation adjustments 90 (31 ) (86 ) Balance, end of the year $ 1,523 $ 962 $ 1,525 |
Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Asset Estimated useful life Computer equipment and software 3 - 10 Furniture and fixtures 5 - 7 Equipment 5 - 20 Leasehold improvements Shorter of useful life or term of lease |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 12 Months Ended |
Dec. 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 10,968 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 55,508 Goodwill 19,628 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 Goodwill 22,892 Estimated total purchase consideration $ 90,285 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Developed technology $ 41,100 Trade name 1,800 Customer relationships 1,100 Total acquired 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 acquired intangible assets $ 48,900 |
Business Acquisition, Pro Forma Information [Table Text Block] | For the Years Ended December 31, 2020 2019 Total revenue $ 134,410 $ 157,728 Net income (loss) $ (22,984 ) $ 7,144 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2020 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 74,522 $ 74,522 $ - $ - $ 74,522 Investments: U.S. Treasury Bills $ 2,501 $ 2,501 $ - $ - $ 2,524 Other current and long-term liabilities: Contingent Consideration - Short Term $ 13,090 $ - $ - $ 13,090 $ - Contingent Consideration - Long Term 22,320 - - 22,320 - Total other current and long-term liabilities $ 35,410 $ - $ - $ 35,410 $ - 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] | Year Ended December 31, 2020 Balance, beginning January 1, 2020 $ - Additions 69,076 Payments (5,000 ) Change in fair value (28,666 ) Balance, ending December 31, 2020 $ 35,410 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 20 20 201 9 Raw materials $ 14,852 $ 12,058 Work-in-process 12,811 8,330 Finished goods 33,347 8,777 Total $ 61,010 $ 29,165 Inventories $ 46,209 $ 21,995 Other long-term assets 14,801 7,170 |
Note 6 - Property and Equipme_2
Note 6 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 20 20 201 9 Equipment and software $ 48,316 $ 42,733 Furniture and fixtures 2,496 2,204 Leasehold improvements 34,056 33,797 Construction in progress 432 559 Subtotal 85,300 79,293 Less accumulated depreciation (34,687 ) (28,510 ) Total $ 50,613 $ 50,783 |
Note 7 - Acquired Intangible _2
Note 7 - Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Year Ended December 31, 2020 Gross Value Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Weighted Average Useful Life Developed technology $ 93,953 $ (2,648 ) $ (1,025 ) $ (14,381 ) $ 75,899 15 IPR&D 5,006 (1,005 ) (1,414 ) - 2,587 Indefinite Customer relationships 9,000 - - (827 ) 8,173 10 Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (159 ) - (582 ) 259 16 Tradenames 5,200 - - (961 ) 4,239 5 Total $ 118,859 $ (4,227 ) $ (2,439 ) $ (21,036 ) $ 91,157 13 Year Ended December 31, 2019 Gross Value Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Weighted Average Useful Life Developed technology $ 17,100 $ (2,934 ) $ (389 ) $ (9,657 ) $ 4,120 15 IPR&D 4,406 (1,234 ) - - 3,172 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - 5 Patents 1,000 (176 ) - (531 ) 293 16 Tradename 1,000 - - (1,000 ) - 9 Total $ 28,206 $ (4,759 ) $ (389 ) $ (15,473 ) $ 7,585 11 |
Note 8 - Goodwill (Tables)
Note 8 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 Balance, beginning $ 7,694 $ 7,851 Effect of foreign currency adjustments 719 (157 ) Acquisitions 42,520 - Impairment (42,520 ) - Balance, ending $ 8,413 $ 7,694 |
Note 9 - Leases (Tables)
Note 9 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the Years Ended December 31 2020 2019 Finance lease amortization of right-of-use assets $ 185 $ - Interest on finance lease liabilities 25 - Finance lease expense 210 - Operating lease expense 2,383 2,087 Short-term lease expense - 6 Variable lease expense 264 216 Total lease expense $ 2,857 $ 2,309 For the Years Ended December 31 2020 2019 Weighted Average Remaining Lease Term (in years) Operating leases 15.6 16.8 Financing leases 3.2 - Weighted Average Discount Rate Operating leases 4.1 % 4.1 % Financing leases 5.0 % - Other information Operating cash flows from operating leases $ 2,340 $ 1,980 Operating cash flows from financing leases $ 162 $ - |
Lessee, Operating Lease and Finance Lease, Liability, Maturity [Table Text Block] | Years ended December 31, Operating Leases Financing Leases Total 2021 $ 2,304 $ 166 $ 2,470 2022 2,240 166 2,406 2023 2,123 160 2,283 2024 2,059 44 2,103 2025 1,924 - 1,924 Thereafter 19,450 - 19,450 Present value adjustment (7,784 ) (32 ) (7,816 ) Present value of lease payments 22,316 504 22,820 Less current portion included in accrued expenses and other current liabilities (1,437 ) (148 ) (1,585 ) Total lease liabilities $ 20,879 $ 356 $ 21,235 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, December 31, Compensation and related expenses $ 7,345 $ 5,830 Professional fees 3,438 3,850 Operating lease liability - current 1,437 1,141 Clinical trial costs 1,429 788 Finance lease liability - current 148 - Other 996 836 Total $ 14,793 $ 12,445 |
Note 13 - Revenue by Product _2
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 20 20 201 9 201 8 Revenue Percentage of Revenue Percentage of Revenue Percentage of Joint Pain Management $ 83,029 64 % $ 103,466 90 % $ 96,719 92 % Joint Preservation and Restoration 39,368 30 % 2,070 2 % 1,127 1 % Other 8,060 6 % 8,976 8 % 7,685 7 % $ 130,457 100 % $ 114,512 100 % $ 105,531 100 % |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Years Ended December 31, 20 20 201 9 201 8 Total Percentage of Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Revenue Revenue Geographic Location: United States $ 103,182 79 % $ 90,302 79 % $ 85,351 81 % Europe 14,179 11 % 14,744 13 % 11,730 11 % Other 13,096 10 % 9,564 8 % 8,474 8 % Total $ 130,457 100 % $ 114,610 100 % $ 105,555 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31, 20 20 201 9 United States $ 48,611 $ 48,635 Italy 2,002 2,148 Total $ 50,613 $ 50,783 |
Note 14 - Equity Incentive Pl_2
Note 14 - Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | December 31, 20 20 201 9 Grants: Stock options 546,496 254,517 RSUs 218,804 189,507 PSUs 162,297 123,500 Exercises: Stock options 123,063 518,991 SARs - 35,250 |
Share-based Payment Arrangement, Option and Stock Appreciation Rights, Activity [Table Text Block] | Weighted Average Exercise Number of Price Per Shares Share Options outstanding at beginning of year 690,968 $ 41.65 Granted 546,496 $ 37.78 Cancelled (112,660 ) $ 50.15 Expired (104,922 ) $ 46.33 Exercised (123,063 ) $ 12.43 Options outstanding at end of year 896,819 $ 41.50 |
Schedule of Share-based Compensation, Exercisable Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | Number Weighted Avg Weighted Average Incentive stock options 109,581 $ 45.43 6.5 Non-qualified stock options 341,927 $ 41.63 4.5 Performance awards 11,210 $ 53.87 2.9 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Weighted Average Number of Grant Date Shares Fair Value Unvested at beginning of year 289,098 $ 34.53 Granted 381,101 $ 37.66 Cancelled (200,418 ) $ 35.38 Vested/Released (58,245 ) $ 35.91 Unvested at end of year 411,536 $ 36.82 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 20 20 201 9 201 8 Risk free interest rate 0.21% - 1.59% 1.41% - 2.54% 2.15% - 2.82% Expected volatility 46.48% - 54.06% 44.27% - 48.52% 37.12% - 45.61% Expected term (years) 4.0 3.5 4.0 - 4.5 Expected dividend yield 0.00% 0.00% 0.00% |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | 20 20 201 9 201 8 Cost of revenue $ 719 $ 412 $ (160 ) Research and development 713 424 851 Selling, general and administrative 3,954 5,251 10,355 Total stock-based compensation expense $ 5,386 $ 6,087 $ 11,046 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2020 2019 2018 Income (loss) before income taxes Domestic $ (25,722 ) $ 38,299 $ 26,227 Foreign (2,902 ) (2,178 ) (3,020 ) $ (28,624 ) $ 36,121 $ 23,207 Years ended December 31, 2020 2019 2018 Provision for (benefit from) income taxes: Current: Federal $ 357 $ 6,245 $ 4,783 State (1,970 ) 1,884 1,644 Foreign 49 202 405 Total current (1,564 ) 8,331 6,832 Deferred: Federal (1,980 ) 1,086 (992 ) State (1,070 ) 324 (152 ) Foreign (28 ) (813 ) (1,203 ) Total deferred (3,078 ) 597 (2,347 ) Total provision $ (4,642 ) $ 8,928 $ 4,485 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred tax assets: Lease liability $ 5,147 $ 5,206 Inventory reserve 2,004 1,187 Net operating loss carry forwards 4,775 1,812 Stock-based compensation expense 1,742 1,901 Tax credits 2,485 - Foreign currency exchange 229 346 Accrued expenses and other 156 1,076 Gross deferred tax assets 16,538 11,528 Less: valuation allowance (857 ) - Deferred tax assets $ 15,681 $ 11,528 December 31, 2020 2019 Deferred tax liabilities: Acquisition-related intangibles $ (13,972 ) $ (2,023 ) Depreciation (8,493 ) (8,665 ) Right of use asset (5,111 ) (5,171 ) Deferred tax liabilities $ (27,576 ) $ (15,859 ) Net deferred tax liabilities $ (11,895 ) $ (4,331 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2020 2019 2018 Statutory federal income tax rate 21.0 % 21.0 % 21.0 % State tax expense, net of federal benefit 1.5 % 5.5 % 5.5 % Stock compensation and Section 162(m) limitation (2.2 %) 0.9 % (0.5 %) Goodwill impairment (16.8 %) 0.0 % 0.0 % Change in fair value of contingent consideration 6.7 % 0.0 % 0.0 % Change in state apportionment 4.9 % 0.0 % 0.0 % Federal, state and foreign tax credits 2.2 % (1.5 %) (3.6 %) Valuation allowance (3.0 %) 0.0 % 0.0 % Other permanent items 1.9 % (1.2 %) (3.1 %) Effective income tax rate 16.2 % 24.7 % 19.3 % |
Note 18 - Earnings Per Share _2
Note 18 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 20 20 201 9 201 8 Shares used in the calculation of basic earnings per share 14,222,163 14,120,584 14,441,536 Effect of dilutive securities: Stock options, SARs, RSAs and RSUs - 253,199 247,505 Diluted shares used in the calculation of earnings per share 14,222,163 14,373,783 14,689,041 |
Note 19 - Quarterly Financial_2
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | (U.S. Dollars, in thousands, except per share data) Quarter ended Year 2020 December 31 (4) September 30 (3) June 30 (2) March 31 (1) Total revenue $ 32,688 $ 31,694 $ 30,678 $ 35,397 Gross profit 16,745 17,343 13,742 21,196 Net income (loss) $ (15,657 ) $ (6,411 ) $ (7,708 ) $ 5,794 Basic net income (loss) per share $ (1.10 ) $ (0.45 ) $ (0.54 ) $ 0.41 Diluted net income (loss) per share $ (1.10 ) $ (0.45 ) $ (0.54 ) $ 0.40 Basic common shares outstanding 14,275 14,205 14,199 14,202 Diluted common shares outstanding 14,275 14,205 14,199 14,353 (U.S. Dollars, in thousands, except per share data) Quarter ended Year 20 19 December 31 September 30 June 30 March 31 Total revenue $ 29,772 $ 29,697 $ 30,418 $ 24,723 Gross profit 21,123 23,746 23,582 17,412 Net income $ 4,051 $ 9,200 $ 9,435 $ 4,507 Basic net income per share $ 0.28 $ 0.65 $ 0.68 $ 0.32 Diluted net income per share $ 0.28 $ 0.66 $ 0.67 $ 0.31 Basic common shares outstanding 14,280 14,070 13,916 14,185 Diluted common shares outstanding 14,621 14,387 14,088 14,314 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 01, 2020USD ($) | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Total | $ 1,300 | $ (400) | $ (700) | |||
Foreign Currency Transaction Gain (Loss), before Tax, Total | 300 | (300) | (400) | |||
Contract with Customer, Liability, Total | $ 200 | 200 | 0 | |||
Debt Securities, Available-for-sale, Noncurrent | 0 | $ 0 | 0 | |||
Number of Reporting Units | 2 | |||||
Goodwill, Impairment Loss | $ 24,400 | $ 18,100 | $ 42,520 | $ 0 | $ 0 | |
Number of Operating Segments | 1 | |||||
Number of Reportable Segments | 1 | |||||
Accounting Standards Update 2016-13 [Member] | ||||||
Debt Securities, Available-for-sale, Allowance for Credit Loss, Ending Balance | $ 0 | |||||
Minimum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||
Maximum [Member] | ||||||
Property, Plant and Equipment, Useful Life (Year) | 16 years | |||||
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member] | ||||||
Concentration Risk, Percentage | 49.00% | 71.00% | ||||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member] | ||||||
Concentration Risk, Percentage | 44.00% | 70.00% | ||||
DePuy Mitek Inc [Member] | ||||||
Revenues From Agreements as Percent of Total Revenue | 49.00% | 71.00% |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, beginning of the year | $ 962 | $ 1,525 | $ 1,914 |
Amounts provided | 635 | 6 | 57 |
Amounts recovered | (86) | (505) | (360) |
Amounts written off | (78) | (33) | 0 |
Translation adjustments | 90 | (31) | (86) |
Balance, end of the year | $ 1,523 | $ 962 | $ 1,525 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Maximum [Member] | |
Estimated useful life (Year) | 16 years |
Computer Equipment and Software [Member] | Minimum [Member] | |
Estimated useful life (Year) | 3 years |
Computer Equipment and Software [Member] | Maximum [Member] | |
Estimated useful life (Year) | 10 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Estimated useful life (Year) | 7 years |
Equipment [Member] | Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Equipment [Member] | Maximum [Member] | |
Estimated useful life (Year) | 20 years |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | Feb. 03, 2020 | Jan. 24, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 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 | 9 years | |||||
Parcus Medical [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 75,136 | ||||||
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, Inventory | 10,968 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 11,600 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (7,700) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 44,000 | ||||||
Parcus Medical [Member] | Developed Technology Rights [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Parcus Medical [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||
Parcus Medical [Member] | Trade Names [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||||||
Parcus Medical [Member] | Trunk Stock [Member] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory | $ 1,900 | ||||||
Arthrosurface [Member] | |||||||
Business Combination, Consideration Transferred, Total | $ 90,285 | ||||||
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, Inventory | 15,652 | ||||||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $ 23,900 | ||||||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $ (10,700) | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 48,900 | ||||||
Arthrosurface [Member] | Developed Technology Rights [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | ||||||
Arthrosurface [Member] | Customer Relationships [Member] | |||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | ||||||
Arthrosurface [Member] | Trade Names [Member] | |||||||
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, Finite-Lived Intangibles | $ 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 | Dec. 31, 2020 | Feb. 03, 2020 | Jan. 24, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill | $ 8,413 | $ 7,694 | $ 7,851 | ||
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 | ||||
Goodwill | 22,892 | ||||
Estimated total purchase consideration | 90,285 | ||||
Other long-term assets | 7,548 | ||||
Deferred tax liabilities | $ (11,200) | $ (11,147) | |||
Parcus Medical [Member] | |||||
Cash and cash equivalents | $ 196 | ||||
Accounts receivable | 2,029 | ||||
Inventories | 10,968 | ||||
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 | 55,508 | ||||
Goodwill | 19,628 | ||||
Estimated total purchase consideration | $ 75,136 |
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 ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Total revenue | $ 134,410 | $ 157,728 |
Net income (loss) | $ (22,984) | $ 7,144 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements (Details Textual) $ in Thousands | Oct. 15, 2020USD ($) | Feb. 03, 2020USD ($) | Jan. 24, 2020USD ($) | Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Payment for Contingent Consideration Liability, Financing Activities | $ 5,000 | $ 4,478 | $ 0 | $ 0 | ||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (12,500) | $ 4,100 | $ 4,200 | $ (24,500) | (28,666) | 0 | $ 0 | |||
COVID 19 [Member] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | (28,700) | |||||||||
Parcus Medical and Arthrosurface Acquisitions [Member] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 100,000 | |||||||||
Parcus Medical and Arthrosurface Acquisitions [Member] | Measurement Input, Discount Rate [Member] | Regulatory Earn Out Milestone [Member] | Minimum [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.020 | 0.020 | ||||||||
Parcus Medical and Arthrosurface Acquisitions [Member] | Measurement Input, Discount Rate [Member] | Regulatory Earn Out Milestone [Member] | Maximum [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.025 | 0.025 | ||||||||
Arthrosurface [Member] | ||||||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | $ 40,000 | |||||||||
Arthrosurface [Member] | Probability of Achievement [Member] | Regulatory Earn Out Milestone [Member] | Minimum [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.60 | 0.60 | 0.60 | |||||||
Arthrosurface [Member] | Probability of Achievement [Member] | Regulatory Earn Out Milestone [Member] | Maximum [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.90 | 0.75 | 0.75 | |||||||
Arthrosurface [Member] | Measurement Input, Weighted Average Cost of Capital [Member] | ||||||||||
Business Combination, Contingent Consideration, Liability, Measurement Input | 0.115 | 0.114 | 0.114 | |||||||
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 | 0.145 | 0.114 | 0.114 | |||||||
US Treasury Bill Securities [Member] | ||||||||||
Debt Securities, Available-for-sale, Total | $ 2,500 | $ 2,500 | $ 27,500 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Contingent Consideration - Short Term | $ 13,090 | $ 0 |
Contingent Consideration - Long Term | 22,320 | 0 |
Estimate of Fair Value Measurement [Member] | ||
Contingent Consideration - Short Term | 13,090 | |
Contingent Consideration - Long Term | 22,320 | |
Total other current and long-term liabilities | 35,410 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 48,971 | |
Investments | 27,480 | |
Contingent Consideration - Short Term | 0 | |
Contingent Consideration - Long Term | 0 | |
Total other current and long-term liabilities | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Contingent Consideration - Short Term | 0 | |
Contingent Consideration - Long Term | 0 | |
Total other current and long-term liabilities | 0 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Contingent Consideration - Short Term | 13,090 | |
Contingent Consideration - Long Term | 22,320 | |
Total other current and long-term liabilities | 35,410 | |
Reported Value Measurement [Member] | ||
Contingent Consideration - Short Term | 0 | |
Contingent Consideration - Long Term | 0 | |
Total other current and long-term liabilities | 0 | |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash equivalents | 74,522 | 48,971 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 74,522 | |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Reported Value Measurement [Member] | ||
Cash equivalents | 74,522 | 48,971 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Investments | 2,501 | 27,480 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments | 2,501 | |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments | 0 | 0 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments | 0 | 0 |
US Treasury Securities [Member] | Reported Value Measurement [Member] | ||
Investments | $ 2,524 | $ 27,479 |
Note 4 - Fair Value Measureme_5
Note 4 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Balance, beginning January 1, 2020 | $ 0 |
Additions | 69,076 |
Payments | (5,000) |
Change in fair value | (28,666) |
Balance, ending December 31, 2020 | $ 35,410 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Valuation Reserves, Ending Balance | $ 6,900 | $ 3,000 | |
Inventory Write-down | 5,490 | $ 1,612 | $ 4,419 |
Nonsaleable Inventory [Member] | |||
Inventory Write-down | $ 2,800 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 14,852 | $ 12,058 |
Work-in-process | 12,811 | 8,330 |
Finished goods | 33,347 | 8,777 |
Total | 61,010 | 29,165 |
Inventories | 46,209 | 21,995 |
Other long-term assets | $ 14,801 | $ 7,170 |
Note 6 - Property and Equipme_3
Note 6 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 6.1 | $ 5 | $ 4.9 |
Note 6 - Property and Equipme_4
Note 6 - Property and Equipment - Property and Equipment at Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 85,300 | $ 79,293 |
Less accumulated depreciation | (34,687) | (28,510) |
Total | 50,613 | 50,783 |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 48,316 | 42,733 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 2,496 | 2,204 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 34,056 | 33,797 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 432 | $ 559 |
Note 7 - Acquired Intangible _3
Note 7 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 7,400 | $ 1,000 | $ 1,000 | |||
Impairment of Intangible Assets, Finite-lived | 2,439 | 389 | $ 0 | |||
In Process Research and Development [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 0 | |||||
Impairment of Intangible Assets, Finite-lived | 1,414 | 0 | ||||
Developed Technology Rights [Member] | ||||||
Impairment of Intangible Assets, Finite-lived | 1,025 | 389 | ||||
Selling, General and Administrative Expenses [Member] | ||||||
Impairment of Intangible Assets, Finite-lived | 400 | |||||
Selling, General and Administrative Expenses [Member] | Developed Technology Rights [Member] | ||||||
Impairment of Intangible Assets, Finite-lived | $ 1,000 | $ 300 | ||||
Parcus Medical and Arthrosurface [Member] | ||||||
Finite-lived Intangible Assets Acquired | $ 90,600 | |||||
Parcus Medical and Arthrosurface [Member] | Research and Development Expense [Member] | ||||||
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) | $ 1,400 |
Note 7 - Acquired Intangible _4
Note 7 - Acquired Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross value | $ 118,859 | $ 28,206 | |
Accumulated Currency Translation Adjustment | (4,227) | (4,759) | |
Current period impairment charge | (2,439) | (389) | $ 0 |
Accumulated Amortization | (21,036) | (15,473) | |
Net book value | $ 91,157 | $ 7,585 | |
Useful life (Year) | 13 years | 11 years | |
Developed Technology Rights [Member] | |||
Gross value | $ 93,953 | $ 17,100 | |
Accumulated Currency Translation Adjustment | (2,648) | (2,934) | |
Current period impairment charge | (1,025) | (389) | |
Accumulated Amortization | (14,381) | (9,657) | |
Net book value | $ 75,899 | $ 4,120 | |
Useful life (Year) | 15 years | 15 years | |
In Process Research and Development [Member] | |||
Gross value | $ 5,006 | $ 4,406 | |
Accumulated Currency Translation Adjustment | (1,005) | (1,234) | |
Current period impairment charge | (1,414) | 0 | |
Accumulated Amortization | 0 | 0 | |
Net book value | 2,587 | 3,172 | |
Customer Relationships [Member] | |||
Gross value | 9,000 | ||
Accumulated Currency Translation Adjustment | 0 | ||
Current period impairment charge | 0 | ||
Accumulated Amortization | (827) | ||
Net book value | $ 8,173 | ||
Useful life (Year) | 10 years | ||
Distribution Rights [Member] | |||
Gross value | $ 4,700 | 4,700 | |
Accumulated Currency Translation Adjustment | (415) | (415) | |
Current period impairment charge | 0 | 0 | |
Accumulated Amortization | (4,285) | (4,285) | |
Net book value | $ 0 | $ 0 | |
Useful life (Year) | 5 years | 5 years | |
Patents [Member] | |||
Gross value | $ 1,000 | $ 1,000 | |
Accumulated Currency Translation Adjustment | (159) | (176) | |
Current period impairment charge | 0 | 0 | |
Accumulated Amortization | (582) | (531) | |
Net book value | $ 259 | $ 293 | |
Useful life (Year) | 16 years | 16 years | |
Trade Names [Member] | |||
Gross value | $ 5,200 | $ 1,000 | |
Accumulated Currency Translation Adjustment | 0 | 0 | |
Current period impairment charge | 0 | 0 | |
Accumulated Amortization | (961) | (1,000) | |
Net book value | $ 4,239 | $ 0 | |
Useful life (Year) | 5 years | 9 years |
Note 8 - Goodwill (Details Text
Note 8 - Goodwill (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Reporting Units | 2 | ||||
Goodwill, Impairment Loss | $ 24,400 | $ 18,100 | $ 42,520 | $ 0 | $ 0 |
Note 8 - Goodwill - Changes in
Note 8 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance | $ 7,694 | $ 7,694 | $ 7,851 | ||
Effect of foreign currency adjustments | 719 | (157) | |||
Acquisitions | 42,520 | 0 | |||
Impairment | $ (24,400) | $ (18,100) | (42,520) | 0 | $ 0 |
Balance | $ 8,413 | $ 8,413 | $ 7,694 | $ 7,851 |
Note 9 - Leases (Details Textua
Note 9 - Leases (Details Textual) | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.10% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | 0.00% |
Note 9 - Leases - Lease Expense
Note 9 - Leases - Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease amortization of right-of-use assets | $ 185 | $ 0 |
Interest on finance lease liabilities | 25 | 0 |
Finance lease expense | 210 | 0 |
Operating lease expense | 2,383 | 2,087 |
Short-term lease expense | 0 | 6 |
Variable lease expense | 264 | 216 |
Total lease expense | $ 2,857 | $ 2,309 |
Operating leases (Year) | 15 years 7 months 6 days | 16 years 9 months 18 days |
Financing leases (Year) | 3 years 2 months 12 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% | 4.10% |
Finance Lease, Weighted Average Discount Rate, Percent | 5.00% | 0.00% |
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | $ 2,340 | $ 1,980 |
Operating cash flows from financing leases | $ 162 | $ 0 |
Note 9 - Leases - Future Minimu
Note 9 - Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
2021, operating leases | $ 2,304 | |
2021, financing leases | 166 | |
2021 | 2,470 | |
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 | |
2025, operating leases | 1,924 | |
2025, financing leases | 0 | |
2025 | 1,924 | |
Thereafter, operating leases | 19,450 | |
Thereafter, financing leases | 0 | |
Thereafter | 19,450 | |
Present value adjustment, operating leases | (7,784) | |
Present value adjustment, financing leases | (32) | |
Present value adjustment | (7,816) | |
Less current portion included in Accrued expenses and other current liabilities, financing leases | (148) | $ 0 |
Total lease liabilities, operating leases | 20,879 | 21,367 |
Total lease liabilities, financing leases | 356 | |
Total lease liabilities | 21,235 | |
Liabilities [Member] | ||
Present value of lease payments, operating leases | 22,316 | |
Present value of lease payments, financing leases | 504 | |
Present value of lease payments | 22,820 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Less current portion included in Accrued expenses and other current liabilities, operating leases | (1,437) | $ (1,141) |
Less current portion included in Accrued expenses and other current liabilities, financing leases | (148) | |
Less current portion included in accrued expenses and other current liabilities | $ (1,585) |
Note 10 - Accrued Expenses - Su
Note 10 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Compensation and related expenses | $ 7,345 | $ 5,830 |
Professional fees | 3,438 | 3,850 |
Clinical trial costs | 1,429 | 788 |
Finance lease liability - current | 148 | 0 |
Other | 996 | 836 |
Total | 14,793 | 12,445 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Operating lease liability - current | 1,437 | $ 1,141 |
Finance lease liability - current | $ 148 |
Note 11 - Revolving Credit Ag_2
Note 11 - Revolving Credit Agreement (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Apr. 08, 2020 | Oct. 24, 2017 | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Proceeds from Long-term Lines of Credit | $ 50,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 2.08% | |||||
Interest Expense, Debt, Total | $ 800 | |||||
Repayments of Lines of Credit | $ 25,000 | $ 25,000 | ||||
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 | $ 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% |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 13 - Revenue by Product _3
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Recall Expense | $ 1,100 | $ 900 | ||
Inventory Recall Reserve | $ 0 | $ 0 | ||
Mitek [Member] | ||||
Revenues From Agreements as Percent of Total Revenue | 49.00% | 71.00% | 73.00% |
Note 13 - Revenue by Product _4
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information - Product Revenue by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [2] | Jun. 30, 2020 | [3] | Mar. 31, 2020 | [4] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 32,688 | $ 31,694 | $ 30,678 | $ 35,397 | $ 29,772 | $ 29,697 | $ 30,418 | $ 24,723 | $ 130,457 | $ 114,610 | $ 105,555 | ||||
Percentage of Revenue | 100.00% | 100.00% | 100.00% | ||||||||||||
Joint Pain Management Therapies [Member] | |||||||||||||||
Revenue | $ 83,029 | $ 103,466 | $ 96,719 | ||||||||||||
Percentage of Revenue | 64.00% | 90.00% | 92.00% | ||||||||||||
Joint Preservation and Restoration [Member] | |||||||||||||||
Revenue | $ 39,368 | $ 2,070 | $ 1,127 | ||||||||||||
Percentage of Revenue | 30.00% | 2.00% | 1.00% | ||||||||||||
Manufactured Product, Other [Member] | |||||||||||||||
Revenue | $ 8,060 | $ 8,976 | $ 7,685 | ||||||||||||
Percentage of Revenue | 6.00% | 8.00% | 7.00% | ||||||||||||
Product [Member] | |||||||||||||||
Revenue | $ 130,457 | $ 114,512 | $ 105,531 | ||||||||||||
Percentage of Revenue | 100.00% | 100.00% | 100.00% | ||||||||||||
[1] | In the quarter ended December 31, 2020, we recorded a pre-tax goodwill impairment charge of $24.4 million and we recognized a pre-tax benefit of $12.5 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[2] | In the quarter ended September 30, 2020, we recorded a pre-tax expense in the amount of $4.1 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[3] | In the quarter ended June 30, 2020, we recorded a pre-tax expense in the amount of $4.2 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[4] | In the quarter ended March 31, 2020, we recorded a pre-tax goodwill impairment charge of $18.1 million and we recognized a pre-tax benefit of $24.5 million related to a change in the fair value of our contingent consideration liability. |
Note 13 - Revenue by Product _5
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [2] | Jun. 30, 2020 | [3] | Mar. 31, 2020 | [4] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 32,688 | $ 31,694 | $ 30,678 | $ 35,397 | $ 29,772 | $ 29,697 | $ 30,418 | $ 24,723 | $ 130,457 | $ 114,610 | $ 105,555 | ||||
Percentage of Revenue | 100.00% | 100.00% | 100.00% | ||||||||||||
UNITED STATES | |||||||||||||||
Revenue | $ 103,182 | $ 90,302 | $ 85,351 | ||||||||||||
Percentage of Revenue | 79.00% | 79.00% | 81.00% | ||||||||||||
Europe [Member] | |||||||||||||||
Revenue | $ 14,179 | $ 14,744 | $ 11,730 | ||||||||||||
Percentage of Revenue | 11.00% | 13.00% | 11.00% | ||||||||||||
Other Location [Member] | |||||||||||||||
Revenue | $ 13,096 | $ 9,564 | $ 8,474 | ||||||||||||
Percentage of Revenue | 10.00% | 8.00% | 8.00% | ||||||||||||
[1] | In the quarter ended December 31, 2020, we recorded a pre-tax goodwill impairment charge of $24.4 million and we recognized a pre-tax benefit of $12.5 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[2] | In the quarter ended September 30, 2020, we recorded a pre-tax expense in the amount of $4.1 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[3] | In the quarter ended June 30, 2020, we recorded a pre-tax expense in the amount of $4.2 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[4] | In the quarter ended March 31, 2020, we recorded a pre-tax goodwill impairment charge of $18.1 million and we recognized a pre-tax benefit of $24.5 million related to a change in the fair value of our contingent consideration liability. |
Note 13 - Revenue by Product _6
Note 13 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information - Net Tangible Long-lived Assets by Principal Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and equipment, net | $ 50,613 | $ 50,783 |
UNITED STATES | ||
Property and equipment, net | 48,611 | 48,635 |
ITALY | ||
Property and equipment, net | $ 2,002 | $ 2,148 |
Note 14 - Equity Incentive Pl_3
Note 14 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 16, 2020 | Jun. 18, 2019 | Jun. 30, 2020 | Mar. 31, 2020 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 13, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,600,000 | ||||||||
Share-based Payment Arrangement, Expense | $ 5,386 | $ 6,087 | $ 11,046 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price, Ending Balance (in dollars per share) | $ 41.50 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $ 5,500 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 5 years 4 months 24 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value | $ 2,800 | $ 8,500 | 8,500 | ||||||
Shares Issued, Share, Share-based Payment Arrangement Non-Option Equity Instruments, Exercised (in shares) | 31,541 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested in Period Fair Value | $ 2,500 | $ 2,700 | $ 6,700 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | 3 years 6 months | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 16.31 | $ 14.73 | $ 20.01 | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 200 | $ 100 | $ 1,500 | ||||||
Selling, General and Administrative Expenses [Member] | |||||||||
Share-based Payment Arrangement, Expense | 3,954 | $ 5,251 | 10,355 | ||||||
Share-based Payment Arrangement, Expense, Tax Benefit | $ 1,800 | ||||||||
Chief Executive Officer [Member] | |||||||||
Share-based Payment Arrangement, Expense | $ 6,200 | ||||||||
Total Shareholder Return ("TSRs") Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years 8 months 12 days | ||||||||
Share-based Payment Arrangement, Expense | $ 600 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months 18 days | ||||||||
Total Shareholder Return ("TSRs") Options [Member] | President and Chief Executive Officer [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total (in shares) | 104,638 | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8,400 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | ||||||||
Stock Appreciation Rights (SARs) [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 0 | 35,250 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number, Ending Balance (in shares) | 0 | ||||||||
RSAs, RSUs, and PSUs [Member] | |||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 6,600 | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,300 | $ 1,400 | $ 6,800 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 37.66 | $ 33.64 | $ 58.84 | ||||||
Performance Restricted Stock Units [Member] | |||||||||
Share-based Payment Arrangement, Expense | $ 100 | $ 1,200 | $ 700 | ||||||
Share-based Compensation, Performance Shares Measured by Business Targets | 40.00% | 30.00% | |||||||
Share-based Compensation, Performance Shares Measured by Financial Targets | 60.00% | 70.00% | |||||||
Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years | ||||||||
Minimum [Member] | Total Shareholder Return ("TSRs") Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number | 0.00% | ||||||||
Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years 6 months | ||||||||
Maximum [Member] | Total Shareholder Return ("TSRs") Options [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number | 150.00% | ||||||||
The 2017 Plan [Member] | |||||||||
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs (in shares) | 2 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 2,700,000 | 1,200,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 1,500,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance, Number of Shares Increased (in shares) | 800,000 | ||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 3,500,000 | 2,700,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | ||||||||
The 2017 Plan [Member] | Minimum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | ||||||||
The 2017 Plan [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years |
Note 14 - Equity Incentive Pl_4
Note 14 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement, Option [Member] | ||
Grants: | ||
Stock options (in shares) | 546,496 | 254,517 |
Exercises: | ||
Stock options (in shares) | 123,063 | 518,991 |
Restricted Stock Units (RSUs) [Member] | ||
Grants: | ||
Restricted stock grants (in shares) | 218,804 | 189,507 |
Performance Restricted Stock Units [Member] | ||
Grants: | ||
Restricted stock grants (in shares) | 162,297 | 123,500 |
Stock Appreciation Rights (SARs) [Member] | ||
Exercises: | ||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Exercised (in shares) | 0 | 35,250 |
Note 14 - Equity Incentive Pl_5
Note 14 - Equity Incentive Plan - Stock Options and SAR's Activity (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Options and SARs outstanding (in shares) | shares | 690,968 |
Options and SAR's outstanding, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 41.65 |
Options and SAR's Granted (in shares) | shares | 546,496 |
Options and SAR's Granted, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 37.78 |
Options and SAR's Cancelled (in shares) | shares | (112,660) |
Options and SAR's Cancelled, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 50.15 |
Options and SAR's Expired (in shares) | shares | (104,922) |
Options and SAR's Expired, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 46.33 |
Options and SAR's Exercised (in shares) | shares | (123,063) |
Options and SAR's Exercised, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 12.43 |
Options and SARs outstanding (in shares) | shares | 896,819 |
Options and SAR's outstanding, Weighted Average Exercise Price Per Share (in dollars per share) | $ / shares | $ 41.50 |
Note 14 - Equity Incentive Pl_6
Note 14 - Equity Incentive Plan - Summary of Exercisable Options and SAR's (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Incentive Stock Options [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 109,581 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 45.43 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 6 years 6 months |
Non-qualified Stock Options [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 341,927 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 41.63 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 4 years 6 months |
Performance Shares [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 11,210 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 53.87 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 2 years 10 months 24 days |
Note 14 - Equity Incentive Pl_7
Note 14 - Equity Incentive Plan - Restricted Stock Activity (Details) - RSAs, RSUs, and PSUs [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unvested at beginning of year (in shares) | 289,098 | ||
Unvested at Beginning of year, weighted average grant date fair value (in dollars per share) | $ 34.53 | ||
Granted (in shares) | 381,101 | ||
Granted, weighted average grant date fair value (in dollars per share) | $ 37.66 | $ 33.64 | $ 58.84 |
Cancelled (in shares) | (200,418) | ||
Cancelled, weighted average grant date fair value (in dollars per share) | $ 35.38 | ||
Vested/Released (in shares) | (58,245) | ||
Vested/Released, weighted average grant date fair value (in dollars per share) | $ 35.91 | ||
Unvested at end of year (in shares) | 411,536 | 289,098 | |
Unvested at end of year, weighted average grant date fair value (in dollars per share) | $ 36.82 | $ 34.53 |
Note 14 - Equity Incentive Pl_8
Note 14 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expected term (years) (Year) | 4 years | 3 years 6 months | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Risk free interest rate | 0.21% | 1.41% | 2.15% |
Expected volatility | 46.48% | 44.27% | 37.12% |
Expected term (years) (Year) | 4 years | ||
Maximum [Member] | |||
Risk free interest rate | 1.59% | 2.54% | 2.82% |
Expected volatility | 54.06% | 48.52% | 45.61% |
Expected term (years) (Year) | 4 years 6 months |
Note 14 - Equity Incentive Pl_9
Note 14 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Stock-based compensation expense | $ 5,386 | $ 6,087 | $ 11,046 |
Cost of Sales [Member] | |||
Stock-based compensation expense | 719 | 412 | (160) |
Research and Development Expense [Member] | |||
Stock-based compensation expense | 713 | 424 | 851 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation expense | $ 3,954 | $ 5,251 | $ 10,355 |
Note 15 - Employee Benefit Pl_2
Note 15 - Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 140.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Amount | $ 1.7 | $ 0.8 | $ 0.8 |
Note 16 - Accelerated Share R_2
Note 16 - Accelerated Share Repurchases (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | Jan. 17, 2020 | Jan. 17, 2020 | May 08, 2019 | May 07, 2019 | Jul. 19, 2018 | Jul. 19, 2018 | May 24, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 14, 2020 | May 02, 2019 | Jul. 16, 2018 |
Stock Repurchase Program, Authorized Amount | $ 50,000 | |||||||||||||
Payments for Repurchase of Common Stock | $ 0 | $ 30,000 | $ 30,000 | |||||||||||
Common Stock [Member] | ||||||||||||||
Stock Repurchased During Period, Shares (in shares) | 139 | 452 | 806 | |||||||||||
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 (in shares) | 500 | |||||||||||||
Share Price (in dollars per share) | $ 39.85 | |||||||||||||
Share Repurchased, Pecentage | 60.00% | |||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000 | |||||||||||||
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | ||||||||||||||
Payments for Repurchase of Common Stock | $ 30,000 | |||||||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000 | |||||||||||||
Number of Additional Shares Deliver to Company if ASR Agreement Settled (in shares) | 100 | 400 | ||||||||||||
Stock Repurchased and Retired During Period, Shares (in shares) | 600 | 800 | 400 | |||||||||||
Accelerated Share Repurchases, Final Price Paid Per Share (in dollars per share) | $ 50.78 | |||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 37.18 | |||||||||||||
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | Common Stock [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | |||||||||||||
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share) | $ 41.41 | |||||||||||||
Repurchase from Open Market [Member] | ||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | |||||||||||||
Treasury Stock, Shares, Acquired (in shares) | 0 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 03, 2020 | |
Deferred Tax Liabilities, Net, Total | $ 11,895 | |||
Unrecognized Tax Benefits, Ending Balance | 0 | $ 0 | ||
Income Tax Expense (Benefit), Total | (4,642) | $ 8,928 | $ 4,485 | |
Accounting Standards Update 2016-09 [Member] | ||||
Income Tax Expense (Benefit), Total | 200 | $ 1,500 | ||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | ||||
Operating Loss Carryforwards, Total | 8,600 | |||
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 1,900 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards, Total | 3,000 | |||
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward, Amount | 70 | |||
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | ||||
Operating Loss Carryforwards, Total | 8,500 | |||
Operating Loss Carryforwards, Valuation Allowance, Total | 900 | |||
Arthrosurface [Member] | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Deferred Tax Liabilities | $ 11,200 | $ 11,147 |
Note 17 - Income Taxes - Compon
Note 17 - Income Taxes - Components of Income Before Taxes and Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Domestic | $ (25,722) | $ 38,299 | $ 26,227 |
Foreign | (2,902) | (2,178) | (3,020) |
Income before income taxes | (28,624) | 36,121 | 23,207 |
Federal | 357 | 6,245 | 4,783 |
State | (1,970) | 1,884 | 1,644 |
Foreign | 49 | 202 | 405 |
Total current | (1,564) | 8,331 | 6,832 |
Federal | (1,980) | 1,086 | (992) |
State | (1,070) | 324 | (152) |
Foreign | (28) | (813) | (1,203) |
Total deferred | (3,078) | 597 | (2,347) |
Total provision | $ (4,642) | $ 8,928 | $ 4,485 |
Note 17 - Income Taxes - Signif
Note 17 - Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Lease liability | $ 5,147 | $ 5,206 |
Inventory reserve | 2,004 | 1,187 |
Net operating loss carry forwards | 4,775 | 1,812 |
Stock-based compensation expense | 1,742 | 1,901 |
Tax credits | 2,485 | 0 |
Foreign currency exchange | 229 | 346 |
Accrued expenses and other | 156 | 1,076 |
Gross deferred tax assets | 16,538 | 11,528 |
Less: valuation allowance | (857) | 0 |
Deferred tax assets | 15,681 | 11,528 |
Acquisition-related intangibles | (13,972) | (2,023) |
Depreciation | (8,493) | (8,665) |
Right of use asset | (5,111) | (5,171) |
Deferred tax liabilities | (27,576) | $ (15,859) |
Net deferred tax liabilities | $ (11,895) |
Note 17 - Income Taxes - Reconc
Note 17 - Income Taxes - Reconciliation Between U.S. Federal Statutory Rate and Effective Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statutory federal income tax rate | 21.00% | 21.00% | 21.00% |
State tax expense, net of federal benefit | 1.50% | 5.50% | 5.50% |
Stock compensation and Section 162(m) limitation | (2.20%) | 0.90% | (0.50%) |
Goodwill impairment | (16.80%) | 0.00% | 0.00% |
Change in fair value of contingent consideration | 6.70% | 0.00% | 0.00% |
Change in state apportionment | 4.90% | 0.00% | 0.00% |
Federal, state and foreign tax credits | 2.20% | (1.50%) | (3.60%) |
Valuation allowance | (3.00%) | 0.00% | 0.00% |
Other permanent items | 1.90% | (1.20%) | (3.10%) |
Effective income tax rate | 16.20% | 24.70% | 19.30% |
Note 18 - Earnings Per Share _3
Note 18 - Earnings Per Share ("EPS") (Details Textual) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 500,000 | 700,000 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 13,000 | 42,000 |
Note 18 - Earnings Per Share _4
Note 18 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [2] | Jun. 30, 2020 | [3] | Mar. 31, 2020 | [4] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic (in shares) | 14,222,163 | 14,120,584 | 14,441,536 | ||||||||||||
Stock options, SARs, RSAs and RSUs (in shares) | 0 | 253,199 | 247,505 | ||||||||||||
Diluted shares used in the calculation of earnings per share (in shares) | 14,275,000 | 14,205,000 | 14,199,000 | 14,353,000 | 14,621,000 | 14,387,000 | 14,088,000 | 14,314,000 | 14,222,163 | 14,373,783 | 14,689,041 | ||||
[1] | In the quarter ended December 31, 2020, we recorded a pre-tax goodwill impairment charge of $24.4 million and we recognized a pre-tax benefit of $12.5 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[2] | In the quarter ended September 30, 2020, we recorded a pre-tax expense in the amount of $4.1 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[3] | In the quarter ended June 30, 2020, we recorded a pre-tax expense in the amount of $4.2 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[4] | In the quarter ended March 31, 2020, we recorded a pre-tax goodwill impairment charge of $18.1 million and we recognized a pre-tax benefit of $24.5 million related to a change in the fair value of our contingent consideration liability. |
Note 19 - Quarterly Financial_3
Note 19 - Quarterly Financial Data (Unaudited) (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Goodwill, Impairment Loss | $ 24,400 | $ 18,100 | $ 42,520 | $ 0 | $ 0 | ||
Business Combination, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ (12,500) | $ 4,100 | $ 4,200 | $ (24,500) | $ (28,666) | $ 0 | $ 0 |
Note 19 - Quarterly Financial_4
Note 19 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | [1] | Sep. 30, 2020 | [2] | Jun. 30, 2020 | [3] | Mar. 31, 2020 | [4] | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 32,688 | $ 31,694 | $ 30,678 | $ 35,397 | $ 29,772 | $ 29,697 | $ 30,418 | $ 24,723 | $ 130,457 | $ 114,610 | $ 105,555 | ||||
Gross profit | 16,745 | 17,343 | 13,742 | 21,196 | 21,123 | 23,746 | 23,582 | 17,412 | 69,026 | 85,863 | 74,275 | ||||
Net income (loss) | $ (15,657) | $ (6,411) | $ (7,708) | $ 5,794 | $ 4,051 | $ 9,200 | $ 9,435 | $ 4,507 | $ (23,982) | $ 27,193 | $ 18,722 | ||||
Basic (in dollars per share) | $ (1.10) | $ (0.45) | $ (0.54) | $ 0.41 | $ 0.28 | $ 0.65 | $ 0.68 | $ 0.32 | $ (1.69) | $ 1.93 | $ 1.30 | ||||
Diluted (in dollars per share) | $ (1.10) | $ (0.45) | $ (0.54) | $ 0.40 | $ 0.28 | $ 0.66 | $ 0.67 | $ 0.31 | $ (1.69) | $ 1.89 | $ 1.27 | ||||
Basic common shares outstanding (in shares) | 14,275,000 | 14,205,000 | 14,199,000 | 14,202,000 | 14,280,000 | 14,070,000 | 13,916,000 | 14,185,000 | |||||||
Diluted common shares outstanding (in shares) | 14,275,000 | 14,205,000 | 14,199,000 | 14,353,000 | 14,621,000 | 14,387,000 | 14,088,000 | 14,314,000 | 14,222,163 | 14,373,783 | 14,689,041 | ||||
[1] | In the quarter ended December 31, 2020, we recorded a pre-tax goodwill impairment charge of $24.4 million and we recognized a pre-tax benefit of $12.5 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[2] | In the quarter ended September 30, 2020, we recorded a pre-tax expense in the amount of $4.1 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[3] | In the quarter ended June 30, 2020, we recorded a pre-tax expense in the amount of $4.2 million related to a change in the fair value of our contingent consideration liability. | ||||||||||||||
[4] | In the quarter ended March 31, 2020, we recorded a pre-tax goodwill impairment charge of $18.1 million and we recognized a pre-tax benefit of $24.5 million related to a change in the fair value of our contingent consideration liability. |