Anika Therapeutics (ANIK) 10-Q 4 Aug 22 2022 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2022	Jul. 29, 2022
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	Q2
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
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 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 Common Stock, Shares Outstanding		14,599,937

Consolidated Balance Sheets (Cu

Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 91,392	$ 94,386
Accounts receivable, less allowance for credit losses of $1,405 and $1,442 at June 30, 2022 and December 31, 2021, respectively	32,172	29,843
Inventories, net	35,336	36,010
Prepaid expenses and other current assets	8,956	8,289
Total current assets	167,856	168,528
Property and equipment, net	48,087	47,602
Right-of-use assets	31,607	20,957
Other long-term assets	20,914	20,285
Intangible assets, net	78,490	82,382
Goodwill	7,169	7,781
Total assets	354,123	347,535
Current liabilities:
Accounts payable	8,165	7,633
Accrued expenses and other current liabilities	16,951	17,847
Contingent consideration	4,315	4,315
Total current liabilities	29,431	29,795
Other long-term liabilities	587	1,258
Deferred tax liability	8,220	10,157
Lease liabilities	29,732	19,240
Commitments and contingencies (Note 10)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively		0
Common stock, $0.01 par value; 90,000 shares authorized, 14,598 and 14,441 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	146	144
Additional paid-in-capital	72,851	67,081
Accumulated other comprehensive loss	(6,646)	(5,718)
Retained earnings	219,802	225,578
Total stockholders’ equity	286,153	287,085
Total liabilities and stockholders’ equity	$ 354,123	$ 347,535

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accounts receivable, reserves	$ 1,405	$ 1,442
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)	14,598	14,441
Common stock, shares outstanding (in shares)	14,598	14,441

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 39,657	$ 38,145	$ 76,350	$ 72,437
Cost of product revenue	14,795	17,333	29,684	30,651
Gross Profit	24,862	20,812	46,666	41,786
Operating expenses:
Research & development	6,975	7,293	13,132	13,654
Selling, general & administrative	21,268	17,989	40,469	36,164
Change in fair value of contingent consideration	0	(13,650)	0	(18,470)
Total operating expenses	28,243	11,632	53,601	31,348
(Loss) income from operations	(3,381)	9,180	(6,935)	10,438
Interest and other income (expense), net	96	(50)	(58)	(93)
(Loss) income before income taxes	(3,285)	9,130	(6,993)	10,345
(Benefit from) provision for income taxes	(442)	2,599	(1,217)	976
Net (loss) income	$ (2,843)	$ 6,531	$ (5,776)	$ 9,369
Basic (in dollars per share)	$ (0.20)	$ 0.45	$ (0.40)	$ 0.65
Diluted (in dollars per share)	$ (0.20)	$ 0.45	$ (0.40)	$ 0.64
Basic (in shares)	14,555	14,393	14,511	14,368
Diluted (in shares)	14,555	14,627	14,511	14,583
Net (loss) income	$ (2,843)	$ 6,531	$ (5,776)	$ 9,369
Foreign currency translation adjustment	(847)	199	(928)	(310)
Comprehensive (loss) income	$ (3,690)	$ 6,730	$ (6,704)	$ 9,059

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Restricted Stock Units (RSUs) [Member] Common Stock [Member]	Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2020			14,329
Balance at Dec. 31, 2020			$ 143	$ 55,355	$ 221,444	$ (4,542)	$ 272,400
Issuance of common stock for equity awards (in shares)			0
Issuance of common stock for equity awards			$ 0	1			1
Vesting of restricted stock units (in shares)	46
Vesting of restricted stock units	$ 1	$ (1)
Stock-based compensation expense				2,259			2,259
Retirement of common stock for minimum tax withholdings (in shares)			(9)
Retirement of common stock for minimum tax withholdings			$ 0	(333)			(333)
Net (loss) income					2,838		2,838
Other comprehensive income						(509)	(509)
Forfeiture of restricted stock awards							0
Repurchase of common stock							0
Balance (in shares) at Mar. 31, 2021			14,366
Balance at Mar. 31, 2021			$ 144	57,281	224,282	(5,051)	276,656
Balance (in shares) at Dec. 31, 2020			14,329
Balance at Dec. 31, 2020			$ 143	55,355	221,444	(4,542)	272,400
Net (loss) income							9,369
Balance (in shares) at Jun. 30, 2021			14,418
Balance at Jun. 30, 2021			$ 144	60,699	230,813	(4,852)	286,804
Balance (in shares) at Mar. 31, 2021			14,366
Balance at Mar. 31, 2021			$ 144	57,281	224,282	(5,051)	276,656
Issuance of common stock for equity awards (in shares)			18
Issuance of common stock for equity awards			$ 0	640	0	0	640
Vesting of restricted stock units (in shares)			35
Vesting of restricted stock units			$ 0	0			0
Stock-based compensation expense				2,797			2,797
Retirement of common stock for minimum tax withholdings (in shares)			(1)
Retirement of common stock for minimum tax withholdings			$ 0	(19)			(19)
Net (loss) income					6,531		6,531
Other comprehensive income						199	199
Balance (in shares) at Jun. 30, 2021			14,418
Balance at Jun. 30, 2021			$ 144	60,699	230,813	(4,852)	286,804
Balance (in shares) at Dec. 31, 2021			14,441
Balance at Dec. 31, 2021			$ 144	67,081	225,578	(5,718)	287,085
Issuance of common stock for equity awards (in shares)			1
Issuance of common stock for equity awards			$ 0	15			15
Vesting of restricted stock units (in shares)	106
Vesting of restricted stock units	$ 1	$ (1)
Stock-based compensation expense				2,545			2,545
Retirement of common stock for minimum tax withholdings (in shares)			(30)
Retirement of common stock for minimum tax withholdings			$ 0	(844)			(844)
Net (loss) income					(2,933)		(2,933)
Other comprehensive income						(81)	(81)
Balance (in shares) at Mar. 31, 2022			14,518
Balance at Mar. 31, 2022			$ 145	68,796	222,645	(5,799)	285,787
Balance (in shares) at Dec. 31, 2021			14,441
Balance at Dec. 31, 2021			$ 144	67,081	225,578	(5,718)	287,085
Net (loss) income							(5,776)
Balance (in shares) at Jun. 30, 2022			14,598
Balance at Jun. 30, 2022			$ 146	72,851	219,802	(6,646)	286,153
Balance (in shares) at Mar. 31, 2022			14,518
Balance at Mar. 31, 2022			$ 145	68,796	222,645	(5,799)	285,787
Vesting of restricted stock units (in shares)			61
Vesting of restricted stock units			$ 1	(1)			0
Stock-based compensation expense				4,081			4,081
Retirement of common stock for minimum tax withholdings (in shares)			(1)
Retirement of common stock for minimum tax withholdings			$ 0	(25)			(25)
Net (loss) income					(2,843)		(2,843)
Other comprehensive income						(847)	(847)
Issuance of ESPP shares (in shares)			20
Issuance of ESPP shares			$ 0	0			0
Balance (in shares) at Jun. 30, 2022			14,598
Balance at Jun. 30, 2022			$ 146	$ 72,851	$ 219,802	$ (6,646)	$ 286,153

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net (loss) income	$ (5,776)	$ 9,369
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,435	3,086
Amortization of acquisition related intangible assets	3,891	3,925
Amortization of acquisition related inventory step-up	0	4,786
Non-cash operating lease cost	797	912
Change in fair value of contingent consideration	0	(18,470)
Loss on disposal of fixed assets	0	831
Stock-based compensation expense	6,626	5,056
Deferred income taxes	(2,020)	1,196
Provision (recovery) for doubtful accounts	175	(26)
Provision for inventory	675	2,404
Changes in operating assets and liabilities:
Accounts receivable	(3,103)	(5,347)
Inventories	(1,541)	(6,796)
Prepaid expenses, other current and long-term assets	(948)	1,608
Accounts payable	284	(642)
Operating lease liabilities	(764)	(849)
Accrued expenses, other current and long-term liabilities	(1,169)	2,307
Income taxes	657	(1,487)
Net cash provided by operating activities	1,219	1,863
Cash flows from investing activities:
Acquisition of Parcus Medical and Arthrosurface, net of cash acquired	0	(352)
Proceeds from maturities of investments	0	2,501
Purchases of property and equipment	(3,266)	(2,732)
Net cash used in investing activities	(3,266)	(583)
Cash flows from financing activities:
Payments made on finance leases	(53)	(147)
Cash paid for tax withheld on vested restricted stock awards	(870)	(353)
Proceeds from exercises of equity awards	15	643
Net cash (used in) provided by financing activities	(908)	143
Exchange rate impact on cash	(39)	(59)
(Decrease)/Increase in cash and cash equivalents	(2,994)	1,364
Cash and cash equivalents at beginning of period	94,386	95,817
Cash and cash equivalents at end of period	91,392	97,181
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	680	263
Accounting Standards Update 2016-02 [Member]
Supplemental disclosure of cash flow information:
Right-of-use assets obtained in exchange for operating lease liabilities	$ 11,589	$ 220

Note 1 - Nature of Business

Note 1 - Nature of Business	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Nature of Operations [Text Block]	1. Nature of Business 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 The Company is subject to risks common to companies in the life sciences industry including, but not There continue to be uncertainties regarding the pandemic of the novel coronavirus (“COVID- 19” 19 19 may may 19.

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2021 The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10 December 31, 2021. three six June 30, 2022, not December 31, 2022 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 as of June 30, 2022. 280, Segment Reportin one

Note 3 - Business Combinations

Note 3 - Business Combinations	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Business Combination Disclosure [Text Block]	3. Business Combinations Parcus Medical, LLC On January 24, 2020, January 4, 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 Pursuant to the Parcus Medical Merger Agreement, contingent consideration represents additional payments that the Company may 2020 2022. The fair value of contingent consideration related to net sales as of January 24, 2020, June 30, 2022, not Acquisition-related costs were 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 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 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 was impaired in 2020 no December 31, 2020. Arthrosurface, Inc. On February 3, 2020, January 4, 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 Pursuant to the Arthrosurface Merger Agreement, the Company could be required to make future payments of up to $40.0 million depending on the achievement of regulatory milestones and the level of net sales of Arthrosurface products from 2020 2021. February 3, 2020 February 3, 2020 October 2020 July 2021 two June 30, 2022, no Acquisition-related costs were 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 developed technology 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 which was impaired during the quarter ended December 31, 2021. 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 was impaired in 2020 no December 31, 2020.

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Fair Value Disclosures [Text Block]	4. Fair Value Measurements The Company has certain cash equivalents in money market funds that are classified within Level 1 not 3 no six June 30, 2022 2021. 3, Business Combinations June 30, 2022. Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,112 $ 67,112 $ - $ - $ 67,112 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,046 $ 67,046 $ - $ - $ 67,046 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Contingent Consideration The following table provides a rollforward of the contingent consideration related to business acquisitions discussed in Note 3, Business Combinations Six Months Ended June 30, 2022 2021 Balance, beginning $ 4,315 $ 35,410 Change in fair value - (18,470 ) Balance, ending $ 4,315 $ 16,940

Note 5 - Inventories

Note 5 - Inventories	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories Inventories consist of the following: June 30, December 31, 2022 2021 Raw materials $ 16,766 $ 16,881 Work-in-process 14,170 11,442 Finished goods 24,583 26,731 Total $ 55,519 $ 55,054 Inventories $ 35,336 $ 36,010 Other long-term assets 20,183 19,044 Total $ 55,519 $ 55,054 Inventories are stated net of inventory reserves of $7.2 million and $9.1 million as of June 30, 2022 December 31, 2021,

Note 6 - Intangible Assets

Note 6 - Intangible Assets	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Intangible Assets Six Months Ended June 30, 2022 December 31, 2021 Gross Value Less: Accumulated Currency Translation Adjustment Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 89,580 $ (1,608 ) $ (20,789 ) $ 67,183 $ 70,081 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,177 ) 6,823 7,273 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (656 ) 155 179 16 Tradenames 5,200 - (2,521 ) 2,679 3,199 5 Total $ 112,136 $ (3,218 ) $ (30,428 ) $ 78,490 $ 82,382 13 The aggregate amortization expense related to intangible assets was $1.9 million and $2.0 million for the three June 30, 2022 2021, six June 30, 2022 2021.

Note 7 - Goodwill

Note 7 - Goodwill	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Goodwill Disclosure [Text Block]	7. Goodwill The Company assesses goodwill for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may Changes in the carrying value of goodwill for the six June 30, 2022 Six Month Ended June 30, 2022 Balance, beginning $ 7,781 Effect of foreign currency adjustments (612 ) Balance, ending $ 7,169

Note 8 - Leases

Note 8 - Leases	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Lessee, Operating Leases and Finance Leases [Text Block]	8. Leases The Company leases its buildings and manufacturing facilities under operating leases. As of June 30, 2022, In June 2022, two 2027 2038 two 2027 may 2025 2023 2032, The following table summarizes the Company’s significant commitments under lease agreements as of June 30, 2022: Operating Leases Financing Leases Total 2022 (Remainder of Year) $ 1,304 $ 66 $ 1,370 2023 3,081 132 3,213 2024 3,026 43 3,069 2025 3,066 - 3,066 2026 2,760 - 2,760 Thereafter 27,873 - 27,873 Present value adjustment (9,636 ) (2 ) (9,638 ) Present value of lease payments 31,474 239 31,713 Less current portion included in accrued expenses and other current liabilities (1,742 ) (132 ) (1,874 ) Total lease liabilities $ 29,732 $ 107 $ 29,839 During the three six June 30, 2022, three six June 30, 2021, June 30, 2022,

Note 9 - Accrued Expenses and O

Note 9 - Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	9. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: June 30, 2022 December 31, 2021 Compensation and related expenses $ 8,816 $ 9,523 Professional fees 3,154 3,590 Operating lease liability – current 1,742 1,526 Clinical trial costs 2,074 1,961 Financing lease liability – current 132 188 Other 1,033 1,059 Total $ 16,951 $ 17,847

Note 10 - Commitments and Conti

Note 10 - Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	10. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may not third June 30, 2022 December 31, 2021 no The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not On October 21, 2021, not 2022.

Note 11 - Revenue and Geographi

Note 11 - Revenue and Geographic Information	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	11. Revenue and Geographic Information Revenue by product family was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OA Pain Management $ 25,741 $ 24,321 $ 48,474 $ 43,637 Joint Preservation and Restoration 12,095 11,884 24,234 24,103 Non-Orthopedics 1,821 1,940 3,642 4,697 $ 39,657 $ 38,145 $ 76,350 $ 72,437 Revenue from the Company’s sole significant customer, DePuy Synthes Mitek Sports Medicine (“Mitek”), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 45% and 46% for the three June 30, 2022 2021, six June 30, 2022 2021, The Company receives payments from our customers based on billing schedules established in each contract. Up-front payments are recorded as deferred revenue upon receipt or when due and may June 30, 2022 December 31, 2021, Total revenue by geographic location was as follows: Three Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,686 75 % $ 30,069 79 % Europe 5,292 13 % 5,089 13 % Other 4,679 12 % 2,987 8 % Total $ 39,657 100 % $ 38,145 100 % Six Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 56,459 73 % $ 55,074 76 % Europe 11,088 15 % 10,570 15 % Other 8,803 12 % 6,793 9 % Total $ 76,350 100 % $ 72,437 100 %

Note 12 - Equity Incentive Plan

Note 12 - Equity Incentive Plan	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	12. Equity Incentive Plan Equity Incentive Plan The Anika Therapeutics, Inc. 2017 “2017 June 13, 2017 June 18, 2019, June 16, 2020, June 16, 2021 June 8, 2022. June 8, 2022, 2017 2017 may 2017 no 4.85 may 2017 June 30, 2022 2017 The Anika Therapeutics, Inc. 2021 November 4, 2021. may not 2017 June 30, 2022 The Company may three ten 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 (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product revenue $ 227 $ 214 $ 403 $ 343 Research & development 503 402 870 643 Selling, general & administrative 3,351 2,181 5,323 4,070 Total stock-based compensation expense $ 4,081 $ 2,797 $ 6,626 $ 5,056 Stock Options Stock options are granted to purchase common shares at prices that are equal to the fair market value of the shares on the date the options are granted or, in the case of premium options, are granted with an exercise price at 110% of the market price of the Company’s common stock on the date of grant. Options generally vest in equal annual installments over a period of three The following summarizes the activity under the Company’s stock option plans: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 1,175,993 $ 39.56 Granted 464,775 $ 23.21 Exercised (437 ) $ 9.10 $ 10 Forfeited and canceled (130,925 ) $ 44.25 Outstanding as of June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 Vested, June 30, 2022 459,732 $ 40.07 7.5 $ 7 Vested or expected to vest, June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 The aggregate intrinsic value of options exercised for the six June 30, 2022 The Company granted 464,775 stock options during the six June 30, 2022, As of June 30, 2022, The Company uses the Black-Scholes pricing model to determine the fair value of options granted. The calculation of the fair value of stock options is affected by the stock price on the grant date, the expected volatility of the Company’s common stock over the expected term of the award, the expected life of the award, the risk-free interest rate and the dividend yield. The Company estimates the fair value of TSRs using Monte-Carlo simulation model where the expected volatility assumption is evaluated over 6.3 years. The actual number of TSR options that may June 30, 2022. The assumptions used in the Black-Scholes pricing model for options granted during the six June 30, 2022 2021, Six Months Ended June 30, 2022 2021 Risk free interest rate 1.3% - 3.0% 0.3% - 0.6% Expected volatility 53.8% - 55.2% 54.8% - 55.9% Expected life (years) 4.5 4.0 Expected dividend yield 0.0% 0.0% Fair value per option 11.28 14.19 Restricted Stock Units RSUs generally vest in equal annual installments over a three RSU activity for the six June 30, 2022 Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 412,658 $ 36.33 Granted 498,189 $ 25.18 Vested (149,365 ) $ 36.26 Forfeited and cancelled (41,095 ) $ 33.75 Outstanding as of June 30, 2022 720,387 $ 28.78 The weighted-average grant-date fair value per share of RSUs granted was $34.99 for the six June 30, 2021. six June 30, 2022 2021, As of June 30, 2022, Performance Stock Units PSU activity for the six June 30, 2022 Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 158,297 $ 37.44 Performance factor adjustment 2,125 $ 32.53 Vested (19,125 ) $ 32.53 Forfeited and cancelled (23,400 ) $ 41.86 Outstanding as of June 30, 2022 117,897 $ 34.98 The total fair value of PSUs vested was $0.6 million and $0 for the six June 30, 2022 2021, June 30, 2022, none

Note 13 - Income Taxes

Note 13 - Income Taxes	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	13. Income Taxes The Company recorded an income tax benefit of $0.4 million and $1.2 million for the three six June 30, 2022, three six June 30, 2021, The decrease in the effective tax rate for the three June 30, 2022 , 2021 , second 2021 second 2022 six June 30, 2022 , 2021 , 2021 six June 30, 2021. The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in certain foreign jurisdictions. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate, which varies by jurisdiction. In connection with the preparation of the financial statements, the Company assessed whether it is more likely than not not December 31, 2021, not June 30, 2022.

Note 14 - Earnings Per Share ("

Note 14 - Earnings Per Share ("EPS")	6 Months Ended
	Jun. 30, 2022
Notes to Financial Statements
Earnings Per Share [Text Block]	14. 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 restricted shares, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands): Three Month Period Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares used in the calculation of basic earnings per share 14,555 14,393 14,511 14,368 Effect of dilutive securities: Share-based payment awards - 234 - 215 Diluted shares used in the calculation of earnings per share 14,555 14,627 14,511 14,583 The Company had a net loss during the three six June 30, 2022, six June 30, 2021, not

Note 3 - Business Combinations

Note 3 - Business Combinations (Tables)	6 Months Ended
	Jun. 30, 2022
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 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
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

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,112 $ 67,112 $ - $ - $ 67,112 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,046 $ 67,046 $ - $ - $ 67,046 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ -
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Six Months Ended June 30, 2022 2021 Balance, beginning $ 4,315 $ 35,410 Change in fair value - (18,470 ) Balance, ending $ 4,315 $ 16,940

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, December 31, 2022 2021 Raw materials $ 16,766 $ 16,881 Work-in-process 14,170 11,442 Finished goods 24,583 26,731 Total $ 55,519 $ 55,054 Inventories $ 35,336 $ 36,010 Other long-term assets 20,183 19,044 Total $ 55,519 $ 55,054

Note 6 - Intangible Assets (Tab

Note 6 - Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	Six Months Ended June 30, 2022 December 31, 2021 Gross Value Less: Accumulated Currency Translation Adjustment Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 89,580 $ (1,608 ) $ (20,789 ) $ 67,183 $ 70,081 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,177 ) 6,823 7,273 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (656 ) 155 179 16 Tradenames 5,200 - (2,521 ) 2,679 3,199 5 Total $ 112,136 $ (3,218 ) $ (30,428 ) $ 78,490 $ 82,382 13

Note 7 - Goodwill (Tables)

Note 7 - Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Goodwill [Table Text Block]	Six Month Ended June 30, 2022 Balance, beginning $ 7,781 Effect of foreign currency adjustments (612 ) Balance, ending $ 7,169

Note 8 - Leases (Tables)

Note 8 - Leases (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Lessee, Operating Lease and Finance Lease, Liability, Maturity [Table Text Block]	Operating Leases Financing Leases Total 2022 (Remainder of Year) $ 1,304 $ 66 $ 1,370 2023 3,081 132 3,213 2024 3,026 43 3,069 2025 3,066 - 3,066 2026 2,760 - 2,760 Thereafter 27,873 - 27,873 Present value adjustment (9,636 ) (2 ) (9,638 ) Present value of lease payments 31,474 239 31,713 Less current portion included in accrued expenses and other current liabilities (1,742 ) (132 ) (1,874 ) Total lease liabilities $ 29,732 $ 107 $ 29,839

Note 9 - Accrued Expenses and_2

Note 9 - Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	June 30, 2022 December 31, 2021 Compensation and related expenses $ 8,816 $ 9,523 Professional fees 3,154 3,590 Operating lease liability – current 1,742 1,526 Clinical trial costs 2,074 1,961 Financing lease liability – current 132 188 Other 1,033 1,059 Total $ 16,951 $ 17,847

Note 11 - Revenue and Geograp_2

Note 11 - Revenue and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OA Pain Management $ 25,741 $ 24,321 $ 48,474 $ 43,637 Joint Preservation and Restoration 12,095 11,884 24,234 24,103 Non-Orthopedics 1,821 1,940 3,642 4,697 $ 39,657 $ 38,145 $ 76,350 $ 72,437
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,686 75 % $ 30,069 79 % Europe 5,292 13 % 5,089 13 % Other 4,679 12 % 2,987 8 % Total $ 39,657 100 % $ 38,145 100 % Six Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 56,459 73 % $ 55,074 76 % Europe 11,088 15 % 10,570 15 % Other 8,803 12 % 6,793 9 % Total $ 76,350 100 % $ 72,437 100 %

Note 12 - Equity Incentive Pl_2

Note 12 - Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product revenue $ 227 $ 214 $ 403 $ 343 Research & development 503 402 870 643 Selling, general & administrative 3,351 2,181 5,323 4,070 Total stock-based compensation expense $ 4,081 $ 2,797 $ 6,626 $ 5,056
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 1,175,993 $ 39.56 Granted 464,775 $ 23.21 Exercised (437 ) $ 9.10 $ 10 Forfeited and canceled (130,925 ) $ 44.25 Outstanding as of June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 Vested, June 30, 2022 459,732 $ 40.07 7.5 $ 7 Vested or expected to vest, June 30, 2022 1,509,406 $ 35.53 8.5 $ 21
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Six Months Ended June 30, 2022 2021 Risk free interest rate 1.3% - 3.0% 0.3% - 0.6% Expected volatility 53.8% - 55.2% 54.8% - 55.9% Expected life (years) 4.5 4.0 Expected dividend yield 0.0% 0.0% Fair value per option 11.28 14.19
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 412,658 $ 36.33 Granted 498,189 $ 25.18 Vested (149,365 ) $ 36.26 Forfeited and cancelled (41,095 ) $ 33.75 Outstanding as of June 30, 2022 720,387 $ 28.78
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 158,297 $ 37.44 Performance factor adjustment 2,125 $ 32.53 Vested (19,125 ) $ 32.53 Forfeited and cancelled (23,400 ) $ 41.86 Outstanding as of June 30, 2022 117,897 $ 34.98

Note 14 - Earnings Per Share _2

Note 14 - Earnings Per Share ("EPS") (Tables)	6 Months Ended
	Jun. 30, 2022
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Month Period Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares used in the calculation of basic earnings per share 14,555 14,393 14,511 14,368 Effect of dilutive securities: Share-based payment awards - 234 - 215 Diluted shares used in the calculation of earnings per share 14,555 14,627 14,511 14,583

Note 3 - Business Combination_2

Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands			1 Months Ended		3 Months Ended	6 Months Ended
	Feb. 03, 2020	Jan. 24, 2020	Jul. 31, 2021	Oct. 31, 2020	Mar. 31, 2020	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Business Combination, Contingent Consideration, Liability, Current						$ 4,315		$ 4,315
Finite-Lived Intangible Asset, Useful Life (Year)						13 years
Developed Technology Rights [Member]
Finite-Lived Intangible Asset, Useful Life (Year)						15 years
Customer Relationships [Member]
Finite-Lived Intangible Asset, Useful Life (Year)						10 years
Trade Names [Member]
Finite-Lived Intangible Asset, Useful Life (Year)						5 years
Parcus Medical [Member]
Business Combination, Consideration Transferred, Total		$ 75,136
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High		60,000
Business Combination, Contingent Consideration, Liability, Current							$ 4,300
Business Combination, Acquisition Related Costs					$ 1,900
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory		1,900
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
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
Payment for Contingent Consideration Liability, Financing Activities			$ 10,000	$ 5,000
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	Jun. 30, 2022	Dec. 31, 2021	Feb. 03, 2020	Jan. 24, 2020
Goodwill	$ 7,169	$ 7,781
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
Intangible assets				44,000
Parcus Medical [Member] | Developed Technology Rights [Member]
Intangible assets				41,100
Parcus Medical [Member] | Trade Names [Member]
Intangible assets				1,800
Parcus Medical [Member] | Customer Relationships [Member]
Intangible assets				$ 1,100
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			(11,147)
Intangible assets			48,900
Arthrosurface [Member] | Developed Technology Rights [Member]
Intangible assets			37,000
Arthrosurface [Member] | Trade Names [Member]
Intangible assets			3,400
Arthrosurface [Member] | Customer Relationships [Member]
Intangible assets			7,900
Arthrosurface [Member] | In Process Research and Development [Member]
Intangible assets		$ 600
Intangible assets			$ 600

Note 3 - Business Combination_5

Note 3 - Business Combinations - Intangible Assets Acquired (Details) - Parcus Medical [Member] $ in Millions	Jan. 24, 2020 USD ($)
Intangible assets	$ 44
Developed Technology Rights [Member]
Intangible assets	41.1
Trade Names [Member]
Intangible assets	1.8
Customer Relationships [Member]
Intangible assets	$ 1.1

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Business Combination, Contingent Consideration, Liability, Current	$ 4,315	$ 4,315
Estimate of Fair Value Measurement [Member]
Business Combination, Contingent Consideration, Liability, Current	4,315	4,315
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Business Combination, Contingent Consideration, Liability, Current	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Business Combination, Contingent Consideration, Liability, Current	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Business Combination, Contingent Consideration, Liability, Current	4,315	4,315
Reported Value Measurement [Member]
Business Combination, Contingent Consideration, Liability, Current	0	0
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member]
Cash equivalents	67,112	67,046
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	67,112	67,046
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	$ 67,112	$ 67,046

Note 4 - Fair Value Measureme_4

Note 4 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Balance	$ 4,315	$ 35,410
Change in fair value	0	(18,470)
Balance	$ 4,315	$ 16,940

Note 5 - Inventories (Details T

Note 5 - Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2022	Dec. 31, 2021
Inventory Valuation Reserves	$ 7.2	$ 9.1

Note 5 - Inventories - Summary

Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Raw materials	$ 16,766	$ 16,881
Work-in-process	14,170	11,442
Finished goods	24,583	26,731
Total	55,519	55,054
Inventories	35,336	36,010
Other long-term assets	$ 20,183	$ 19,044

Note 6 - Intangible Assets (Det

Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Amortization of Intangible Assets	$ 1.9	$ 2	$ 3.9	$ 3.9

Note 6 - Intangible Assets - Su

Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Gross value	$ 112,136
Accumulated Currency Translation Adjustment	(3,218)
Accumulated Amortization	(30,428)
Net book value	$ 78,490	$ 82,382
Useful life (Year)	13 years
Developed Technology Rights [Member]
Gross value	$ 89,580
Accumulated Currency Translation Adjustment	(1,608)
Accumulated Amortization	(20,789)
Net book value	$ 67,183	70,081
Useful life (Year)	15 years
In Process Research and Development [Member]
Gross value	$ 2,656
Accumulated Currency Translation Adjustment	(1,006)
Accumulated Amortization	0
Net book value	1,650	1,650
Customer Relationships [Member]
Gross value	9,000
Accumulated Currency Translation Adjustment	0
Accumulated Amortization	(2,177)
Net book value	$ 6,823	7,273
Useful life (Year)	10 years
Distribution Rights [Member]
Gross value	$ 4,700
Accumulated Currency Translation Adjustment	(415)
Accumulated Amortization	(4,285)
Net book value	$ 0	0
Useful life (Year)	5 years
Patents [Member]
Gross value	$ 1,000
Accumulated Currency Translation Adjustment	(189)
Accumulated Amortization	(656)
Net book value	$ 155	179
Useful life (Year)	16 years
Trade Names [Member]
Gross value	$ 5,200
Accumulated Currency Translation Adjustment	0
Accumulated Amortization	(2,521)
Net book value	$ 2,679	$ 3,199
Useful life (Year)	5 years

Note 7 - Goodwill - Changes in

Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Balance	$ 7,781
Effect of foreign currency adjustments	(612)
Balance	$ 7,169

Note 8 - Leases (Details Textua

Note 8 - Leases (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating Lease, Expense	$ 0.6	$ 0.7	$ 1.3	$ 1.3
Operating Lease, Weighted Average Remaining Lease Term (Year)	15 years 2 months 12 days		15 years 2 months 12 days
Operating Lease, Weighted Average Discount Rate, Percent	3.60%		3.60%

Note 8 - Leases - Future Minimu

Note 8 - Leases - Future Minimum Rental Payments for Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
2022 (Remainder of Year), operating leases	$ 1,304
2022 (Remainder of Year), financing leases	66
2022 (Remainder of Year)	1,370
2023, operating leases	3,081
2023, financing leases	132
2023	3,213
2024, operating leases	3,026
2024, financing leases	43
2024	3,069
2025, operating leases	3,066
2025, financing leases	0
2025	3,066
2026, operating leases	2,760
2026, financing leases	0
2026	2,760
Thereafter, operating leases	27,873
Thereafter, financing leases	0
Thereafter	27,873
Present value adjustment, operating leases	(9,636)
Present value adjustment, financing leases	(2)
Present value adjustment	(9,638)
Total lease liabilities, operating leases	29,732	$ 19,240
Total lease liabilities	29,839
Liabilities [Member]
Present value of lease payments, operating leases	31,474
Present value of lease payments, financing leases	239
Present value of lease payments	31,713
Total lease liabilities, financing leases	107
Accrued Expenses and Other Current Liabilities [Member]
Less current portion included in Accrued expenses and other current liabilities, operating leases	(1,742)	(1,526)
Less current portion included in Accrued expenses and other current liabilities, financing leases	(132)	$ (188)
Less current portion included in accrued expenses and other current liabilities	$ (1,874)

Note 9 - Accrued Expenses and_3

Note 9 - Accrued Expenses and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Compensation and related expenses	$ 8,816	$ 9,523
Professional fees	3,154	3,590
Clinical trial costs	2,074	1,961
Other	1,033	1,059
Total	16,951	17,847
Accrued Expenses and Other Current Liabilities [Member]
Operating lease liability – current	1,742	1,526
Financing lease liability – current	$ 132	$ 188

Note 10 - Commitments and Con_2

Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Standard and Extended Product Warranty Accrual, Ending Balance	$ 0	$ 0

Note 11 - Revenue and Geograp_3

Note 11 - Revenue and Geographic Information (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Revenues From Agreements as Percent of Total Revenue	45%	46%	42%	44%
Contract with Customer, Liability, Total	$ 0.3		$ 0.3		$ 1

Note 11 - Revenue and Geograp_4

Note 11 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 39,657	$ 38,145	$ 76,350	$ 72,437
OA Pain Management [member]
Revenue	25,741	24,321	48,474	43,637
Joint Preservation and Restoration [Member]
Revenue	12,095	11,884	24,234	24,103
Non-Orthopedic [Member]
Revenue	$ 1,821	$ 1,940	$ 3,642	$ 4,697

Note 11 - Revenue and Geograp_5

Note 11 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 39,657	$ 38,145	$ 76,350	$ 72,437
Percentage of Revenue	100%	100%	100%	100%
UNITED STATES
Revenue	$ 29,686	$ 30,069	$ 56,459	$ 55,074
Percentage of Revenue	75%	79%	73%	76%
Europe [Member]
Revenue	$ 5,292	$ 5,089	$ 11,088	$ 10,570
Percentage of Revenue	13%	13%	15%	15%
Other Location [Member]
Revenue	$ 4,679	$ 2,987	$ 8,803	$ 6,793
Percentage of Revenue	12%	8%	12%	9%

Note 12 - Equity Incentive Pl_3

Note 12 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		6 Months Ended
	Jun. 08, 2022	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Nov. 04, 2021	Jun. 13, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		464,775
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)		4 years 6 months	4 years
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		1,509,406		1,175,993
Premium-Priced Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Premium Priced Options, Exercise Price as Percentage of Market Price		110%
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		382,201
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 10,400
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years
Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
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 Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)		6 years 3 months 18 days
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)		104,638
Total Shareholder Return ("TSRs") Options [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number		0%
Total Shareholder Return ("TSRs") Options [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number		150%
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 600	$ 0
Performance Shares [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total		$ 17,600
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 2 months 12 days
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)		$ 25.18	$ 34.99
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 5,400	$ 3,500
The 2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	250,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	4,850,000					4,600,000
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 Available for Grant (in shares)		1,200,000
The 2021 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		4,883
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					125,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years

Note 12 - Equity Incentive Pl_4

Note 12 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Stock-based compensation expense	$ 4,081	$ 2,797	$ 6,626	$ 5,056
Cost of Sales [Member]
Stock-based compensation expense	227	214	403	343
Research and Development Expense [Member]
Stock-based compensation expense	503	402	870	643
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 3,351	$ 2,181	$ 5,323	$ 4,070

Note 12 - Equity Incentive Pl_5

Note 12 - Equity Incentive Plan - Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($) $ / shares shares
Outstanding, shares (in shares) | shares	1,175,993
Outstanding, Weighted Average Exercise (in dollars per share) | $ / shares	$ 39.56
Granted, shares (in shares) | shares	464,775
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 23.21
Exercised, shares (in shares) | shares	(437)
Exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 9.10
Exercised, Aggregate Intrinsic Value | $	$ 10
Forfeited and canceled, shares (in shares) | shares	(130,925)
Forfeited and canceled, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 44.25
Outstanding, shares (in shares) | shares	1,509,406
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 35.53
Outstanding, Weighted Average Remaining Contractual Term (Year)	8 years 6 months
Outstanding, Aggregate Intrinsic Value | $	$ 21
Vested, shares (in shares) | shares	459,732
Vested, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 40.07
Vested, Weighted Average Remaining Contractual Term (Year)	7 years 6 months
Vested, Aggregate Intrinsic Value | $	$ 7
Vested and expected to vest, shares (in shares) | shares	1,509,406
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ / shares	$ 35.53
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	8 years 6 months
Vested and expected to vest, Aggregate Intrinsic Value | $	$ 21

Note 12 - Equity Incentive Pl_6

Note 12 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Expected life (years) (Year)	4 years 6 months	4 years
Expected dividend yield	0%	0%
Fair value per option	0.1128	0.1419
Minimum [Member]
Risk free interest rate	1.30%	0.30%
Expected volatility	53.80%	54.80%
Maximum [Member]
Risk free interest rate	3%	0.60%
Expected volatility	55.20%	55.90%

Note 12 - Equity Incentive Pl_7

Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Outstanding, shares (in shares)	412,658
Outstanding, weighted average grant date fair value (in dollars per share)	$ 36.33
Granted (in shares)	498,189
Granted, weighted average grant date fair value (in dollars per share)	$ 25.18	$ 34.99
Vested, shares (in shares)	(149,365)
Vested, weighted average grant date fair value (in dollars per share)	$ 36.26
Forfeited and cancelled, shares (in shares)	(41,095)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share)	$ 33.75
Outstanding, shares (in shares)	720,387
Outstanding, weighted average grant date fair value (in dollars per share)	$ 28.78

Note 12 - Equity Incentive Pl_8

Note 12 - Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares [Member]	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Outstanding, shares (in shares) | shares	158,297
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 37.44
Performance factor adjustment (in shares) | shares	2,125
Performance factor adjustment (in dollars per share) | $ / shares	$ 32.53
Vested, shares (in shares) | shares	(19,125)
Vested, weighted average grant date fair value (in dollars per share) | $ / shares	$ 32.53
Forfeited and cancelled, shares (in shares) | shares	(23,400)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ / shares	$ 41.86
Outstanding, shares (in shares) | shares	117,897
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares	$ 34.98

Note 13 - Income Taxes (Details

Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021	Mar. 31, 2022
Income Tax Expense (Benefit), Total	$ (442)	$ 2,599	$ (1,217)	$ 976
Effective Income Tax Rate Reconciliation, Percent, Total	13.50%	28.50%	17.40%	9.40%
Income Tax Expense (Benefit), Change in Fair Value of Contingent Consideration		$ 700		$ 1,100
Income Tax Expense (Benefit), Stock-based Compensation	$ 600
Unrecognized Tax Benefits, Ending Balance						$ 0
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member]
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount					$ (900)

Note 14 - Earnings Per Share _3

Note 14 - Earnings Per Share ("EPS") (Details Textual) shares in Millions	6 Months Ended
	Jun. 30, 2021 shares
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1.1

Note 14 - Earnings Per Share _4

Note 14 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Shares used in the calculation of basic earnings per share (in shares)	14,555	14,393	14,511	14,368
Share-based payment awards (in shares)	0	234	0	215
Diluted shares used in the calculation of earnings per share (in shares)	14,555	14,627	14,511	14,583