Anika Therapeutics (ANIK) 10-Q 9 May 23 2023 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 30, 2023
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	Q1
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
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		14,757,151

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 79,737	$ 86,327
Accounts receivable, net	30,629	34,627
Inventories, net	41,319	39,765
Prepaid expenses and other current assets	8,646	8,828
Total current assets	160,331	169,547
Property and equipment, net	48,803	48,279
Right-of-use assets	30,175	30,696
Other long-term assets	18,131	17,219
Deferred tax assets	1,519	1,449
Intangible assets, net	72,653	74,599
Goodwill	7,462	7,339
Total assets	339,074	349,128
Current liabilities:
Accounts payable	8,948	9,074
Accrued expenses and other current liabilities	19,745	18,840
Total current liabilities	28,693	27,914
Other long-term liabilities	399	398
Deferred tax liability	4,114	6,436
Lease liabilities	28,280	28,817
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.01 par value; 90,000 shares authorized, 14,741 and 14,625 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	147	146
Additional paid-in-capital	83,243	81,141
Accumulated other comprehensive loss	(6,171)	(6,443)
Retained earnings	200,369	210,719
Total stockholders’ equity	277,588	285,563
Total liabilities and stockholders’ equity	$ 339,074	$ 349,128

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Mar. 31, 2023	Dec. 31, 2022
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)	14,741	14,625
Common stock, shares outstanding (in shares)	14,741	14,625

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 37,924	$ 36,693
Cost of revenue	15,081	14,889
Gross Profit	22,843	21,804
Operating expenses:
Research and development	8,400	6,157
Selling, general and administrative	26,996	19,201
Total operating expenses	35,396	25,358
Loss from operations	(12,553)	(3,554)
Interest and other income (expense), net	539	(154)
Loss before income taxes	(12,014)	(3,708)
Benefit from income taxes	(1,664)	(775)
Net loss	$ (10,350)	$ (2,933)
Basic (in dollars per share)	$ (0.71)	$ (0.20)
Diluted (in dollars per share)	$ (0.71)	$ (0.20)
Basic (in shares)	14,653	14,466
Diluted (in shares)	14,653	14,466
Net loss	$ (10,350)	$ (2,933)
Foreign currency translation adjustment	272	(81)
Comprehensive loss	$ (10,078)	$ (3,014)

Condensed Consolidated Statem_2

Condensed 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]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
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	0	0	15
Vesting of restricted stock units (in shares)	106
Vesting of restricted stock units	$ 1	$ (1)	$ 0	$ 0	$ 0
Stock-based compensation expense						$ 0	2,545	0	0	2,545
Retirement of common stock for minimum tax withholdings (in shares)						(30)
Retirement of common stock for minimum tax withholdings						$ 0	(844)	0	0	(844)
Net loss						0	0	(2,933)	0	(2,933)
Other comprehensive income (loss)						$ 0	0	0	(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, 2022						14,625
Balance at Dec. 31, 2022						$ 146	81,141	210,719	(6,443)	285,563
Issuance of common stock for equity awards (in shares)						1
Issuance of common stock for equity awards						$ 0	7	0	0	7
Vesting of restricted stock units (in shares)	177
Vesting of restricted stock units	$ 2	$ (2)	$ 0	$ 0	$ 0
Stock-based compensation expense						$ 0	3,717	0	0	3,717
Retirement of common stock for minimum tax withholdings (in shares)						(62)
Retirement of common stock for minimum tax withholdings						$ (1)	(1,620)	0	0	(1,621)
Net loss						0	0	(10,350)	0	(10,350)
Other comprehensive income (loss)						$ 0	0	0	272	272
Balance (in shares) at Mar. 31, 2023						14,741
Balance at Mar. 31, 2023						$ 147	$ 83,243	$ 200,369	$ (6,171)	$ 277,588

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (10,350)	$ (2,933)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	1,605	1,671
Amortization of acquisition related intangible assets	1,946	1,946
Non-cash operating lease cost	542	403
Stock-based compensation expense	3,717	2,545
Deferred income taxes	(2,373)	(273)
Provision for credit losses	24	5
Provision for inventory	629	586
Changes in operating assets and liabilities:
Accounts receivable	4,057	383
Inventories	(3,063)	(602)
Prepaid expenses, other current and long-term assets	(462)	(1,189)
Accounts payable	(713)	(473)
Operating lease liabilities	(523)	(387)
Accrued expenses, other current and long-term liabilities	665	(2,929)
Income taxes	681	(622)
Net cash used in operating activities	(3,618)	(1,869)
Cash flows from investing activities:
Purchases of property and equipment	(1,389)	(1,326)
Net cash used in investing activities	(1,389)	(1,326)
Cash flows from financing activities:
Cash paid for tax withheld on vested restricted stock awards	(1,620)	(846)
Proceeds from exercises of equity awards	7	15
Payments made on finance leases	0	(31)
Net cash used in financing activities	(1,613)	(862)
Exchange rate impact on cash	30	(4)
Decrease in cash and cash equivalents	(6,590)	(4,061)
Cash and cash equivalents at beginning of period	86,327	94,386
Cash and cash equivalents at end of period	79,737	90,325
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 729	$ 728

Note 1 - Nature of Business

Note 1 - Nature of Business	3 Months Ended
	Mar. 31, 2023
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, sports medicine and Arthrosurface joint solutions. In early 2020, 30 The Company is subject to risks common to companies in the life sciences industry including, but not

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Business Description and Basis of Presentation [Text Block]	2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“U.S. 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 U.S. GAAP have been or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2022 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, 2022. three March 31, 2023 not December 31, 2023. 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 as of March 31, 2023 280, Segment Reportin one

Note 3 - Accounts Receivable

Note 3 - Accounts Receivable	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounts and Nontrade Receivable [Text Block]	3. Accounts Receivable The Company estimates an allowance for credit losses with its accounts receivable 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, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current and reasonable and supportable forecasts of future economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. The components of the Company’s accounts receivable are as follows: As of As of March 31, December 31, 2023 2022 Accounts Receivable $ 32,166 $ 36,235 Allowance for credit losses 1,537 1,608 Net balance, end of period 30,629 34,627 A summary of activity in the allowance for credit losses is as follows: As of March 31, 2023 2022 Balance, beginning of the period $ 1,608 $ 1,442 Amounts provided 102 33 Amounts recovered (78 ) (28 ) Amounts written off (106 ) (79 ) Translation adjustments 11 (18 ) Balance, end of period $ 1,537 $ 1,350

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
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 no three March 31, 2023 2022. The classification of the Company’s cash equivalents within the fair value hierarchy was as follows: March 31, Active Significant Significant Amortized 2023 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 63,450 $ 63,450 $ - $ - $ 63,450 December 31, Active Significant Significant Amortized 2022 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 67,801 $ 67,801 $ - $ - $ 67,801

Note 5 - Inventories

Note 5 - Inventories	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories Inventories consist of the following: March 31, December 31, 2023 2022 Raw materials $ 19,027 $ 20,535 Work-in-process 14,974 10,648 Finished goods 24,946 25,306 Total $ 58,947 $ 56,489 Inventories $ 41,319 $ 39,765 Other long-term assets 17,628 16,724 Total $ 58,947 $ 56,489 Inventories are stated net of inventory reserves of approximately $11.3 million and $9.9 million, as of March 31, 2023 December 31, 2022,

Note 6 - Acquired Intangible As

Note 6 - Acquired Intangible Assets, Net	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Intangible Assets Intangible assets as of March 31, 2023 December 31, 2022 December 31, Three Months Ended March 31, 2023 2022 Less: Accumulated Weighted Currency Less: Average Gross Translation Accumulated Net Book Net Book Useful Value Adjustment Amortization Value Value Life Developed technology $ 89,580 $ (1,608 ) $ (25,135 ) $ 62,837 $ 64,286 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,852 ) 6,148 6,373 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (692 ) 119 131 16 Tradenames 5,200 - (3,301 ) 1,899 2,159 5 Total $ 112,136 $ (3,218 ) $ (36,265 ) $ 72,653 $ 74,599 13 The aggregate amortization expense related to intangible assets was $1.9 three March 31, 2023 2022.

Note 7 - Goodwill

Note 7 - Goodwill	3 Months Ended
	Mar. 31, 2023
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 three March 31, 2023 Three Months Ended 2023 Balance, beginning of period $ 7,339 Effect of foreign currency adjustments 123 Balance, ending of period $ 7,462

Note 8 - Accrued Expenses

Note 8 - Accrued Expenses	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	8. Accrued Expenses Accrued expenses consist of the following: March 31, December 31, 2023 2022 Compensation and related expenses $ 7,715 $ 11,303 Professional fees 4,152 3,145 Parcus arbitration settlement 3,250 - Operating lease liability - current 2,105 2,073 Clinical trial costs 1,059 999 Income taxes payable 889 810 Other 575 510 Total $ 19,745 $ 18,840

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	9. 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 March 31, 2023 December 31, 2022 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, April 20, 2023, March 31, 2023 April 2023.

Note 10 - Revenue and Geographi

Note 10 - Revenue and Geographic Information	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	10. Revenue and Geographic Information Revenue by product family is as follows: Three Months Ended March 31, 2023 2022 OA Pain Management $ 22,633 $ 20,964 Joint Preservation and Restoration 13,453 12,139 Non-Orthopedic 1,838 3,590 Total $ 37,924 $ 36,693 Effective January 1, 2023, three March 31, 2023 2022, Revenue from the Company’s sole significant customer, DePuy Synthes Mitek Sports Medicine, part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 43% and 39% for the three March 31, 2023 2022, Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue were as follows: Three Months Ended March 31, 2023 2022 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 27,288 72 % $ 26,773 73 % Europe 5,662 15 % 5,796 16 % Other 4,974 13 % 4,124 11 % Total $ 37,924 100 % $ 36,693 100 %

Note 11 - Equity Incentive Plan

Note 11 - Equity Incentive Plan	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Share-Based Payment Arrangement [Text Block]	11. 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 March 31, 2023 2017 The Anika Therapeutics, Inc. 2021 November 4, 2021. may not 2017 March 31, 2023 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 March 31, 2023 2022 Cost of revenue $ 184 $ 176 Research and development 517 367 Selling, general and administrative 3,016 2,002 Total stock-based compensation expense $ 3,717 $ 2,545 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 10 The following summarizes the activity under the Company’s stock option plans: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Options Price (in years) (in thousands) Outstanding as of December 31, 2022 1,530,703 $ 34.93 Granted 339,145 $ 29.68 Exercised (637 ) $ 10.87 $ 13 Forfeited and canceled (11,212 ) $ 39.77 Outstanding as of March 31, 2023 1,857,999 $ 33.95 8.2 $ 632 Vested, March 31, 2023 915,798 $ 37.08 7.4 $ 82 Vested or expected to vest, March 31, 2023 1,857,999 $ 33.95 8.2 $ 632 The aggregate intrinsic value of options exercised for the three March 31, 2023 three March 31, 2023. 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 assumptions used in the Black-Scholes pricing model for options granted during the three March 31, 2023 2022, Three Months Ended March 31, 2023 2022 Risk free interest rate 3.5 % - 4.3 % 1.3 % - 1.9 % Expected volatility 48.7 % - 49.4 % 53.8 % - 54.6 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 11.71 $ $ 11.37 As of March 31, 2023, Restricted Stock Units RSUs generally vest in equal annual installments over a three RSU activity for the three March 31, 2023 Weighted Number of Average Shares Fair Value Outstanding as of December 31, 2022 675,405 $ 28.40 Granted 368,169 $ 26.91 Vested (177,611 ) $ 28.98 Forfeited and cancelled (15,010 ) $ 27.34 Outstanding as of March 31, 2023 850,953 $ 27.65 The weighted-average grant-date fair value per share of RSUs granted was $26.91 and $25.75 for the three March 31, 2023 2022, three March 31, 2023 2022, As of March 31, 2023, Performance Stock Units PSU activity for the three March 31, 2023 Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2022 117,897 $ 34.98 Forfeited and cancelled (117,897 ) $ 34.98 Outstanding as of March 31, 2023 - $ - The total fair value of PSUs vested was $0 and $0.6 million for the three March 31, 2023 2022. March 31, 2023, no

Note 12 - Income Taxes

Note 12 - Income Taxes	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. Income Taxes The Company recorded an income tax benefit of $1.7 million for the three March 31, 2023, three March 31, 2022, three March 31, 2023, 2022, The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not December 31, 2022, 2023. December 31, 2023 not not three March 31, 2023 March 31, 2023, 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.

Note 13- Earnings Per Share ("E

Note 13- Earnings Per Share ("EPS")	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Earnings Per Share [Text Block]	13. 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 Months Ended March 31, 2023 2022 Shares used in the calculation of basic EPS 14,653 14,466 Effect of dilutive securities: Share based awards - - Diluted shares used in the calculation of EPS 14,653 14,466 The Company had a net loss during the three March 31, 2023 2022, three March 31, 2023 2022, three March 31, 2023 2022, not

Note 14 - Subsequent Events

Note 14 - Subsequent Events	3 Months Ended
	Mar. 31, 2023
Notes to Financial Statements
Subsequent Events [Text Block]	14. Subsequent Event On April 13, 2023, The Company also agreed to commit to a return of capital program, subject to market conditions, applicable legal requirements and other relevant factors, by establishing a share repurchase program for an aggregate purchase price equal to $20,000,000 to occur within twelve first May 12, 2023, ( second

Note 3 - Accounts Receivable (T

Note 3 - Accounts Receivable (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	As of As of March 31, December 31, 2023 2022 Accounts Receivable $ 32,166 $ 36,235 Allowance for credit losses 1,537 1,608 Net balance, end of period 30,629 34,627 As of March 31, 2023 2022 Balance, beginning of the period $ 1,608 $ 1,442 Amounts provided 102 33 Amounts recovered (78 ) (28 ) Amounts written off (106 ) (79 ) Translation adjustments 11 (18 ) Balance, end of period $ 1,537 $ 1,350

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	March 31, Active Significant Significant Amortized 2023 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 63,450 $ 63,450 $ - $ - $ 63,450 December 31, Active Significant Significant Amortized 2022 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 67,801 $ 67,801 $ - $ - $ 67,801

Note 5 - Inventories (Tables)

Note 5 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, December 31, 2023 2022 Raw materials $ 19,027 $ 20,535 Work-in-process 14,974 10,648 Finished goods 24,946 25,306 Total $ 58,947 $ 56,489 Inventories $ 41,319 $ 39,765 Other long-term assets 17,628 16,724 Total $ 58,947 $ 56,489

Note 6 - Acquired Intangible _2

Note 6 - Acquired Intangible Assets, Net (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	December 31, Three Months Ended March 31, 2023 2022 Less: Accumulated Weighted Currency Less: Average Gross Translation Accumulated Net Book Net Book Useful Value Adjustment Amortization Value Value Life Developed technology $ 89,580 $ (1,608 ) $ (25,135 ) $ 62,837 $ 64,286 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,852 ) 6,148 6,373 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (692 ) 119 131 16 Tradenames 5,200 - (3,301 ) 1,899 2,159 5 Total $ 112,136 $ (3,218 ) $ (36,265 ) $ 72,653 $ 74,599 13

Note 7 - Goodwill (Tables)

Note 7 - Goodwill (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Goodwill [Table Text Block]	Three Months Ended 2023 Balance, beginning of period $ 7,339 Effect of foreign currency adjustments 123 Balance, ending of period $ 7,462

Note 8 - Accrued Expenses (Tabl

Note 8 - Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	March 31, December 31, 2023 2022 Compensation and related expenses $ 7,715 $ 11,303 Professional fees 4,152 3,145 Parcus arbitration settlement 3,250 - Operating lease liability - current 2,105 2,073 Clinical trial costs 1,059 999 Income taxes payable 889 810 Other 575 510 Total $ 19,745 $ 18,840

Note 10 - Revenue and Geograp_2

Note 10 - Revenue and Geographic Information (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended March 31, 2023 2022 OA Pain Management $ 22,633 $ 20,964 Joint Preservation and Restoration 13,453 12,139 Non-Orthopedic 1,838 3,590 Total $ 37,924 $ 36,693
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended March 31, 2023 2022 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 27,288 72 % $ 26,773 73 % Europe 5,662 15 % 5,796 16 % Other 4,974 13 % 4,124 11 % Total $ 37,924 100 % $ 36,693 100 %

Note 11 - Equity Incentive Pl_2

Note 11 - Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended March 31, 2023 2022 Cost of revenue $ 184 $ 176 Research and development 517 367 Selling, general and administrative 3,016 2,002 Total stock-based compensation expense $ 3,717 $ 2,545
Share-Based Payment Arrangement, Option, Activity [Table Text Block]	Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Options Price (in years) (in thousands) Outstanding as of December 31, 2022 1,530,703 $ 34.93 Granted 339,145 $ 29.68 Exercised (637 ) $ 10.87 $ 13 Forfeited and canceled (11,212 ) $ 39.77 Outstanding as of March 31, 2023 1,857,999 $ 33.95 8.2 $ 632 Vested, March 31, 2023 915,798 $ 37.08 7.4 $ 82 Vested or expected to vest, March 31, 2023 1,857,999 $ 33.95 8.2 $ 632
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Three Months Ended March 31, 2023 2022 Risk free interest rate 3.5 % - 4.3 % 1.3 % - 1.9 % Expected volatility 48.7 % - 49.4 % 53.8 % - 54.6 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 11.71 $ $ 11.37
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]	Weighted Number of Average Shares Fair Value Outstanding as of December 31, 2022 675,405 $ 28.40 Granted 368,169 $ 26.91 Vested (177,611 ) $ 28.98 Forfeited and cancelled (15,010 ) $ 27.34 Outstanding as of March 31, 2023 850,953 $ 27.65
Schedule of Nonvested Performance-Based Units Activity [Table Text Block]	Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2022 117,897 $ 34.98 Forfeited and cancelled (117,897 ) $ 34.98 Outstanding as of March 31, 2023 - $ -

Note 13- Earnings Per Share (_2

Note 13- Earnings Per Share ("EPS") (Tables)	3 Months Ended
	Mar. 31, 2023
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2023 2022 Shares used in the calculation of basic EPS 14,653 14,466 Effect of dilutive securities: Share based awards - - Diluted shares used in the calculation of EPS 14,653 14,466

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual)	3 Months Ended
	Mar. 31, 2023
Number of Operating Segments	1

Note 3 - Accounts Receivable -

Note 3 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 01, 2022
Accounts Receivable	$ 32,166		$ 36,235
Allowance for credit losses	1,537		1,608
Net balance, end of period	30,629		$ 34,627
Balance, beginning of the period	1,608	$ 1,442
Amounts provided	102	33
Amounts recovered	(78)	(28)
Amounts written off	(106)	(79)
Translation adjustments	11	(18)
Balance, end of period	$ 1,537	$ 1,350

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Money Market Funds [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement [Member]
Cash equivalents	$ 63,450	$ 67,801
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	63,450	67,801
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0	0
Reported Value Measurement [Member]
Cash equivalents	$ 63,450	$ 67,801

Note 5 - Inventories (Details T

Note 5 - Inventories (Details Textual) - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Inventory Valuation Reserves	$ 11.3	$ 9.9

Note 5 - Inventories - Summary

Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Raw materials	$ 19,027	$ 20,535
Work-in-process	14,974	10,648
Finished goods	24,946	25,306
Total	58,947	56,489
Inventories	41,319	39,765
Other long-term assets	$ 17,628	$ 16,724

Note 6 - Acquired Intangible _3

Note 6 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Amortization of Intangible Assets	$ 1.9	$ 1.9

Note 6 - Acquired Intangible _4

Note 6 - Acquired Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Gross value	$ 112,136
Accumulated Currency Translation Adjustment	(3,218)
Current period impairment charge	(36,265)
Accumulated Amortization	72,653
Net book value	$ 72,653	$ 74,599
Useful life (Year)	13 years
Developed Technology Rights [Member]
Gross value	$ 89,580
Accumulated Currency Translation Adjustment	(1,608)
Current period impairment charge	(25,135)
Accumulated Amortization	$ 62,837
Net book value		64,286
Useful life (Year)	15 years
In Process Research and Development [Member]
Gross value	$ 2,656
Accumulated Currency Translation Adjustment	(1,006)
Current period impairment charge	0
Accumulated Amortization	1,650
Net book value		1,650
Customer Relationships [Member]
Gross value	9,000
Accumulated Currency Translation Adjustment	0
Current period impairment charge	(2,852)
Accumulated Amortization	$ 6,148
Net book value		6,373
Useful life (Year)	10 years
Distribution Rights [Member]
Gross value	$ 4,700
Accumulated Currency Translation Adjustment	(415)
Current period impairment charge	(4,285)
Accumulated Amortization	$ 0
Net book value		0
Useful life (Year)	5 years
Patents [Member]
Gross value	$ 1,000
Accumulated Currency Translation Adjustment	(189)
Current period impairment charge	(692)
Accumulated Amortization	$ 119
Net book value		131
Useful life (Year)	16 years
Trade Names [Member]
Gross value	$ 5,200
Accumulated Currency Translation Adjustment	0
Current period impairment charge	(3,301)
Accumulated Amortization	$ 1,899
Net book value		$ 2,159
Useful life (Year)	5 years

Note 7 - Goodwill - Changes in

Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Balance, beginning of period	$ 7,339
Effect of foreign currency adjustments	123
Balance, ending of period	$ 7,462

Note 8 - Accrued Expenses - Sum

Note 8 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Compensation and related expenses	$ 7,715	$ 11,303
Professional fees	4,152	3,145
Parcus arbitration settlement	3,250	0
Clinical trial costs	1,059	999
Income taxes payable	889	810
Other	575	510
Total	19,745	18,840
Accrued Expenses and Other Current Liabilities [Member]
Operating lease liability - current	$ 2,105	$ 2,073

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Oct. 21, 2021	Mar. 31, 2023	Dec. 31, 2022
Standard and Extended Product Warranty Accrual, Ending Balance		$ 0	$ 0
Parcus Medical Arbitration [Member]
Loss Contingency, Damages Sought, Value	$ 60,000
Parcus Medical Arbitration [Member] | Pending Litigation [Member]
Payments for Legal Settlements	$ 4,300
Parcus Medical Arbitration [Member] | Settled Litigation [Member]
Loss Contingency Accrual		$ 3,250

Note 10 - Revenue and Geograp_3

Note 10 - Revenue and Geographic Information (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue from Contract with Customer, Excluding Assessed Tax	$ 37,924	$ 36,693
Revenues From Agreements as Percent of Total Revenue	43%	39%
OA Pain Management [member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 22,633	$ 20,964
Veterinary [Member] | OA Pain Management [member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 500	$ 1,800

Note 10 - Revenue and Geograp_4

Note 10 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 37,924	$ 36,693
OA Pain Management [member]
Revenue	22,633	20,964
Joint Preservation and Restoration [Member]
Revenue	13,453	12,139
Non-Orthopedic [Member]
Revenue	$ 1,838	$ 3,590

Note 10 - Revenue and Geograp_5

Note 10 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue	$ 37,924	$ 36,693
Percentage of Revenue	100%	100%
UNITED STATES
Revenue	$ 27,288	$ 26,773
Percentage of Revenue	72%	73%
Europe [Member]
Revenue	$ 5,662	$ 5,796
Percentage of Revenue	15%	16%
Other Location [Member]
Revenue	$ 4,974	$ 4,124
Percentage of Revenue	13%	11%

Note 11 - Equity Incentive Pl_3

Note 11 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended		12 Months Ended
	Jun. 08, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Nov. 04, 2021	Jun. 13, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		339,145
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 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		$ 9.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 1 month 6 days
Share-Based Payment Arrangement, Option [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		$ 19.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 3 months 18 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)		$ 26.91	$ 25.75
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 5.7	$ 3.3
Restricted Stock Units (RSUs) [Member] | Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years		3 years
Performance Shares [Member]
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)		$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0.6
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)		400,000
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 11 - Equity Incentive Pl_4

Note 11 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock-based compensation expense	$ 3,717	$ 2,545
Cost of Sales [Member]
Stock-based compensation expense	184	176
Research and Development Expense [Member]
Stock-based compensation expense	517	367
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 3,016	$ 2,002

Note 11 - Equity Incentive Pl_5

Note 11 - Equity Incentive Plan - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2023
Outstanding, shares (in shares)	1,530,703	1,530,703
Outstanding, Weighted Average Exercise (in dollars per share)	$ 34.93	$ 34.93
Granted, shares (in shares)	339,145
Granted, Weighted Average Exercise Price (in dollars per share)	$ 29.68
Exercised, shares (in shares)	(637)
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 10.87
Exercised, Aggregate Intrinsic Value	$ 13
Forfeited and canceled, shares (in shares)	(11,212)
Forfeited and canceled, Weighted Average Exercise Price (in dollars per share)	$ 39.77
Outstanding, shares (in shares)	1,857,999
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 33.95
Outstanding, Weighted Average Remaining Contractual Term (Year)	8 years 2 months 12 days
Outstanding, Aggregate Intrinsic Value	$ 632
Vested, shares (in shares)		915,798
Vested, Weighted Average Exercise Price (in dollars per share)	$ 37.08
Vested, Weighted Average Remaining Contractual Term (Year)	7 years 4 months 24 days
Vested, Aggregate Intrinsic Value	$ 82
Vested and expected to vest, shares (in shares)		1,857,999
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)	$ 33.95
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	8 years 2 months 12 days
Vested and expected to vest, Aggregate Intrinsic Value	$ 632

Note 11 - Equity Incentive Pl_6

Note 11 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Expected life (years) (Year)	4 years 6 months	4 years 6 months
Expected dividend yield	0%	0%
Fair value per option	0.1171	0.1137
Minimum [Member]
Risk free interest rate	3.50%	1.30%
Expected volatility	48.70%	53.80%
Maximum [Member]
Risk free interest rate	4.30%	1.90%
Expected volatility	49.40%	54.60%

Note 11 - Equity Incentive Pl_7

Note 11 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Outstanding, shares (in shares)	675,405
Outstanding, weighted average grant date fair value (in dollars per share)	$ 28.40
Granted (in shares)	368,169
Granted, weighted average grant date fair value (in dollars per share)	$ 26.91	$ 25.75
Vested, shares (in shares)	(177,611)
Vested, weighted average grant date fair value (in dollars per share)	$ 28.98
Forfeited and cancelled, shares (in shares)	(15,010)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share)	$ 27.34
Outstanding, shares (in shares)	850,953
Outstanding, weighted average grant date fair value (in dollars per share)	$ 27.65

Note 11 - Equity Incentive Pl_8

Note 11 - Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares [Member] - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Outstanding, shares (in shares)	117,897
Outstanding, weighted average grant date fair value (in dollars per share)		$ 34.98
Forfeited and cancelled, shares (in shares)	(117,897)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share)		34.98
Outstanding, shares (in shares)	0
Outstanding, weighted average grant date fair value (in dollars per share)		$ 0

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Expense (Benefit)	$ (1,664)	$ (775)
Effective Income Tax Rate Reconciliation, Percent	13.90%	20.90%

Note 13- Earnings Per Share (_3

Note 13- Earnings Per Share ("EPS") (Details Textual) - shares shares in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1.9	1.5
Restricted Stock Units and Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.9	0.8

Note 13 - Earnings Per Share ("

Note 13 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Basic (in shares)	14,653	14,466
Share based awards (in shares)	0	0

Note 14 - Subsequent Events (De

Note 14 - Subsequent Events (Details Textual) - Subsequent Event [Member] - Cooperation Agreement [Member]	Apr. 13, 2023 USD ($)
Number of Directors	8
Stock Repurchase Program, Authorized Amount	$ 20,000,000
Accelerated Stock Repurchase Program with Investment Bank [Member]
Stock Repurchase Program, Authorized Amount	5,000,000
Stock Repurchase Program on Open Market [Member]
Stock Repurchase Program, Authorized Amount	5,000,000
Stock Repurchase Program on Open Market Subject to Positive Cash Flow[Member]
Stock Repurchase Program, Authorized Amount	$ 10,000,000