Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-14027 | |
Entity Registrant Name | Anika Therapeutics, Inc. | |
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 $0.01 per share | |
Trading Symbol | ANIK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding (in shares) | 14,828,456 | |
Entity Central Index Key | 0000898437 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 68,629 | $ 72,867 |
Accounts receivable, net | 32,077 | 35,961 |
Inventories, net | 49,408 | 46,386 |
Prepaid expenses and other current assets | 8,848 | 8,095 |
Total current assets | 158,962 | 163,309 |
Property and equipment, net | 46,057 | 46,198 |
Right-of-use assets | 28,181 | 28,767 |
Other long-term assets | 17,571 | 18,672 |
Deferred tax assets | 1,273 | 1,489 |
Intangible assets, net | 4,297 | 4,626 |
Goodwill | 7,403 | 7,571 |
Total assets | 263,744 | 270,632 |
Current liabilities: | 10,022 | 9,860 |
Accrued expenses and other current liabilities | 18,438 | 21,199 |
Total current liabilities | 28,460 | 31,059 |
Other long-term liabilities | 404 | 404 |
Lease liabilities | 26,344 | 26,904 |
Commitments and contingencies (Note 9) | ||
Common stock, $0.01 par value; 90,000 shares authorized, 15,009 issued and 14,821 outstanding and 14,848 issued and 14,660 outstanding at March 31, 2024 and December 31, 2023, respectively | 148 | 147 |
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 0 | 0 |
Additional paid-in-capital | 91,165 | 90,009 |
Accumulated other comprehensive loss | (6,315) | (5,943) |
Retained earnings | 123,538 | 128,052 |
Total stockholders’ equity | 208,536 | 212,265 |
Total liabilities and stockholders’ equity | $ 263,744 | $ 270,632 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
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) | 15,009 | 14,848 |
Common stock, shares outstanding (in shares) | 14,821 | 14,660 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 40,523 | $ 37,924 |
Cost of revenue | 15,895 | 15,081 |
Gross Profit | 24,628 | 22,843 |
Operating Expenses: | ||
Research and development | 8,164 | 8,400 |
Selling, general and administrative | 21,527 | 26,996 |
Total operating expenses | 29,691 | 35,396 |
Loss from operations | (5,063) | (12,553) |
Interest and other income (expense), net | 592 | 539 |
Loss before income taxes | (4,471) | (12,014) |
Provision for (benefit from) income taxes | 43 | (1,664) |
Net loss | $ (4,514) | $ (10,350) |
Net loss per share: | ||
Basic (in dollars per share) | $ (0.31) | $ (0.71) |
Diluted (in dollars per share) | $ (0.31) | $ (0.71) |
Weighted average common shares outstanding: | ||
Basic (in shares) | 14,698 | 14,653 |
Diluted (in shares) | 14,698 | 14,653 |
Net loss | $ (4,514) | $ (10,350) |
Foreign currency translation adjustment | (372) | 272 |
Comprehensive loss | $ (4,886) | $ (10,078) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] Restricted Stock Units (RSUs) [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] Restricted Stock Units (RSUs) [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] Restricted Stock Units (RSUs) [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] Restricted Stock Units (RSUs) [Member] | AOCI Attributable to Parent [Member] | Restricted Stock Units (RSUs) [Member] | Total |
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 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 | |||||
Balance (in shares) at Dec. 31, 2023 | 14,660 | |||||||||
Balance at Dec. 31, 2023 | $ 147 | 90,009 | 128,052 | (5,943) | 212,265 | |||||
Issuance of common stock for equity awards (in shares) | 1 | |||||||||
Issuance of common stock for equity awards | $ 0 | 23 | 0 | 0 | 23 | |||||
Vesting of restricted stock units (in shares) | 250 | |||||||||
Vesting of restricted stock units | $ 2 | $ (2) | $ 0 | $ 0 | $ 0 | |||||
Stock-based compensation expense | $ 0 | 3,430 | 0 | 0 | 3,430 | |||||
Retirement of common stock for minimum tax withholdings (in shares) | (90) | |||||||||
Retirement of common stock for minimum tax withholdings | $ (1) | (2,295) | 0 | 0 | (2,296) | |||||
Net loss | 0 | 0 | (4,514) | 0 | (4,514) | |||||
Other comprehensive loss | $ 0 | 0 | 0 | (372) | (372) | |||||
Balance (in shares) at Mar. 31, 2024 | 14,821 | |||||||||
Balance at Mar. 31, 2024 | $ 148 | $ 91,165 | $ 123,538 | $ (6,315) | $ 208,536 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net loss | $ (4,514) | $ (10,350) |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciations | 1,734 | 1,605 |
Amortization of acquisition related intangible assets | 329 | 1,946 |
Non-cash operating lease cost | 565 | 542 |
Stock-based compensation expense | 3,590 | 3,717 |
Deferred income taxes | 193 | (2,373) |
Provision for credit losses | 93 | 24 |
Provision for inventory | 2,063 | 629 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 3,624 | 4,057 |
Inventories | (4,090) | (3,063) |
Prepaid expenses, other current and long-term assets | (548) | (462) |
Accounts payable | 401 | (713) |
Operating lease liabilities | (546) | (523) |
Accrued expenses, other current and long-term liabilities | (3,110) | 665 |
Income taxes | 90 | 681 |
Net cash used in operating activities | (126) | (3,618) |
Cash flows from investing activities: | ||
Purchases of property and equipment | 1,808 | 1,389 |
Net cash used in investing activities | (1,808) | (1,389) |
Cash flows from financing activities: | ||
Cash paid for tax withheld on vested restricted stock awards | 2,296 | 1,620 |
Proceeds from exercises of equity awards | 23 | 7 |
Net cash used in financing activities | (2,273) | (1,613) |
Exchange rate impact on cash | (31) | 30 |
Decrease in cash and cash equivalents | (4,238) | (6,590) |
Cash and cash equivalents at beginning of period | 72,867 | 86,327 |
Cash and cash equivalents at end of period | 68,629 | 79,737 |
Non-cash investing activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 622 | $ 729 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 3 Months Ended |
Mar. 31, 2024 | |
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, the Company expanded its overall technology platform through its strategic acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation company, and Arthrosurface, Inc. (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions. These acquisitions broadened the Company's product portfolio, developed over its 30 years of expertise in hyaluronic acid technology, into joint preservation and restoration, added higher-growth revenue streams, increased its commercial capabilities, diversified its revenue base, and expanded its product pipeline and research and development expertise. The Company is subject to risks common to companies in the life sciences industry including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
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, 2023 balances reported herein were derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial statements. 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-K for the year ended December 31, 2023. The results of operations for the three-month period ended March 31, 2024 are not indicative of the results to be expected for the year ending December 31, 2024. 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, 2024 was its President and Chief Executive Officer. Based on the criteria established by Accounting Standards Codification 280, Segment Reportin one Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures |
Note 3 - Accounts Receivable
Note 3 - Accounts Receivable | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 Accounts Receivable $ 33,735 $ 37,580 Less: Allowance for credit losses 1,658 1,619 Net balance, end of period $ 32,077 $ 35,961 A summary of activity in the allowance for credit losses is as follows: As of March 31, 2024 2023 Balance, beginning of the period $ 1,619 $ 1,608 Amounts provided 185 102 Amounts recovered (92 ) (78 ) Amounts written off (45 ) (106 ) Translation adjustments (9 ) 11 Balance, end of period $ 1,658 $ 1,537 |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
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 of the fair value hierarchy and are valued based on quoted prices in active markets. For cash, accounts receivables, accounts payable, and accrued interest, the carrying amounts approximate fair value, because of the short maturity of these instruments, and therefore fair value information is not included in the table below. There were no transfers between fair value levels during the three-month periods ended March 31, 2024 and 2023, respectively. The classification of the Company’s cash equivalents within the fair value hierarchy was as follows: March 31, Active Significant Significant Amortized 2024 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 52,177 $ 52,177 $ - $ - $ 52,177 December 31, Active Significant Significant Amortized 2023 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 55,485 $ 55,485 $ - $ - $ 55,485 |
Note 5 - Inventories
Note 5 - Inventories | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: March 31, December 31, 2024 2023 Raw materials $ 16,264 $ 15,507 Work-in-process 17,264 17,002 Finished goods 33,048 32,084 Total $ 66,576 $ 64,593 Inventories $ 49,408 $ 46,386 Other long-term assets 17,168 18,207 Total $ 66,576 $ 64,593 Inventories are stated net of inventory reserves of approximately $13.6 million and $11.7 million, as of March 31, 2024 and December 31, 2023, respectively. |
Note 6 - Acquired Intangible As
Note 6 - Acquired Intangible Assets, Net | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Intangible Assets Intangible assets as of March 31, 2024 and December 31, 2023 consisted of the following: December 31, Three Months Ended March 31 , 2024 2023 Less: Accumulated Weighted Currency Less: Net Average Gross Translation Accumulated Book Net Book Useful Value Adjustment Amortization Value Value Life Developed technology $ 33,061 $ (1,608 ) $ (29,653 ) $ 1,800 $ 1,973 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 3,887 - (3,542 ) 345 360 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (740 ) 71 83 16 Tradenames 4,641 - (4,210 ) 431 560 5 Total $ 49,945 $ (3,218 ) $ (42,430 ) $ 4,297 $ 4,626 13 The aggregate amortization expense related to intangible assets was $0.3 million and $1.9 million for the three-month periods ended March 31, 2024 and 2023, respectively. As of March 31, 2024 scheduled amortization of intangible assets for the next five years is as follows: Remainder of 2024 $ 1,008 2025 274 2026 160 2027 160 2028 160 Thereafter 886 Total $ 2,648 |
Note 7 - Goodwill
Note 7 - Goodwill | 3 Months Ended |
Mar. 31, 2024 | |
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 be impairment. Changes in the carrying value of goodwill for the three-months ended March 31, 2024 were as follows: Three Months Ended 2024 Balance, beginning of period $ 7,571 Effect of foreign currency adjustments (168 ) Balance, ending of period $ 7,403 |
Note 8 - Accrued Expenses
Note 8 - Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consist of the following: March 31, December 31, 2024 2023 Compensation and related expenses $ 8,595 $ 11,828 Professional fees 3,434 3,240 Operating lease liability – current 2,129 2,133 Discontinuation of software development project 1,904 1,904 Income taxes payable 1,490 1,240 Clinical trial costs 249 460 Share based compensation 160 - Other 477 394 Total $ 18,438 $ 21,199 |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
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 also warrant that the products it manufactures do not infringe, violate, or breach any U.S. or international patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company had 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 expect the resolution of these occasional legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow. |
Note 10 - Revenue and Geographi
Note 10 - Revenue and Geographic Information | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 2023 OA Pain Management $ 24,318 $ 22,633 Joint Preservation and Restoration 13,841 13,453 Non-Orthopedic 2,364 1,838 Total $ 40,523 $ 37,924 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 42% and 43% for the three months ended March 31, 2024 and 2023, respectively. 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, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,236 72 % $ 27,288 72 % Europe 5,969 15 % 5,662 15 % Other 5,318 13 % 4,974 13 % Total $ 40,523 100 % $ 37,924 100 % |
Note 11 - Equity Incentive Plan
Note 11 - Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Equity Incentive Plan Equity Incentive Plan The Anika Therapeutics, Inc. 2017 Omnibus Incentive Plan (the “2017 Plan”) was approved by the Company’s stockholders on June 13, 2017 and subsequently amended on June 18, 2019, June 16, 2020, June 16, 2021, June 8, 2022 and June 14, 2023. On June 14, 2023, the Company’s stockholders approved an amendment to the 2017 Plan increasing the number of shares by 435,000 shares from 4,850,000 shares to 5,285,000 shares. The 2017 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights (“SARs”), restricted stock awards, performance restricted stock units (“PSUs”), restricted stock units (“RSUs”), total shareholder return options (“TSRs”) and performance options that may be settled in cash, stock, or other property. In accordance with the 2017 Plan approved by the Company’s stockholders, including the amendments thereto, each share award other than stock options or SARs will reduce the number of total shares available for grant by two Anika Therapeutics, Inc. 2021 Inducement Plan (the “Inducement Plan”) was adopted by the Company’s board of directors on November 4, 2021 and subsequently amended on December 22, 2023. On December 22, 2023, the Company’s board of directors approved an amendment to the Inducement Plan increasing the number of shares by 125,000 shares from 125,000 to 250,000 shares. The Inducement Plan reserves 250,000 shares of common stock for issuance pursuant to equity-based awards granted under the Inducement Plan. Such awards may be granted only to an individual who was not previously the Company’s employee or director with the Company. The Inducement Plan provides for the grant of awards under terms substantially similar to the 2017 Plan (as amended). There were 0.1 million shares available for future grant at March 31, 2024 under the Inducement Plan. The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either newly issued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to or greater than the market price of the Company’s stock on the date of grant. Awards contain service conditions or service and performance conditions, and they generally become exercisable ratably over 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, 2024 2023 Cost of revenue $ 127 $ 184 Research and development 531 517 Selling, general and administrative 2,932 3,016 Total stock-based compensation expense $ 3,590 $ 3,717 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: Weighted Average Weighted Remaining Aggregate Average Contractual Intrinsic Number of Exercise Term Value Options Price (in years) (in thousands) Outstanding as of December 31, 2023 1,812,729 $ 33.42 $ 127 Granted 426,925 $ 27.93 Exercised (1,089 ) $ 21.77 $ 4 Forfeited and canceled (26,128 ) $ 29.99 $ 22 Outstanding as of March 31, 2024 2,212,437 $ 32.41 7.8 $ 316 Vested, March 31, 2024 1,305,902 $ 35.24 6.8 $ 38 Vested or expected to vest, March 31, 2024 2,212,437 $ 32.41 7.8 $ 316 The aggregate intrinsic value of options exercised for the three-month period ended March 31, 2024 was immaterial. The Company granted 426,925 stock options during the three-month ended March 31, 2024. 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 months ended March 31, 2024 and 2023, along with the weighted-average grant-date fair values, were as follows: Three Months Ended March 31, 2024 2023 Risk free interest rate 3.9 % - 4.3 % 3.5 % - 4.3 % Expected volatility 46.8 % - 48.2 % 48.7 % - 49.4 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 10.48 $ 11.71 As of March 31, 2024, there was $9.0 million of unrecognized compensation cost related to unvested stock options. This expense is expected to be recognized over a weighted average period of 2.2 years. Restricted Stock Units RSUs generally vest in equal annual installments over a three RSU activity for the three-month period ended March 31, 2024 was as follows: Weighted Number of Average Shares Fair Value Outstanding as of December 31, 2023 771,358 $ 27.19 Granted 405,917 $ 25.44 Vested (249,716 ) $ 27.82 Forfeited and cancelled (28,611 ) $ 27.00 Outstanding as of March 31, 2024 898,948 $ 26.89 The weighted-average grant-date fair value per share of RSUs granted was $25.44 and $26.91 for the three-month periods ended March 31, 2024 and 2023, respectively. The total fair value of RSUs vested was $7.7 million and $5.7 million for the three-month periods ended March 31, 2024 and 2023, respectively. As of March 31, 2024, there was $8.9 million of unrecognized compensation cost related to time-based RSUs, which was expected to be recognized over a weighted-average period of 1.6 years. The Company’s annual grant of RSU awards in March 2024 can be settled at vesting in cash or shares at the Company’s election. The Company has recorded these RSUs as a liability due to the expectation that the Company will settle the vesting of the March 2024 RSU awards in cash due to a potential shortage of shares in the 2017 Plan at the time of vesting. As a result, these RSUs will be subject to change in value at the time of each reporting period. As of March 31, 2024, the Company had 405,917 shares outstanding in which a liability of $0.2 million was recorded in Accrued Expenses and Other Liabilities. |
Note 12 - Income Taxes
Note 12 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 12. Income Taxes The income tax expense was immaterial for the three-month period ended March 31, 2024, resulting in an effective tax rate of (1.0%). The income tax benefit was $1.7 million for the three-month period ended March 31, 2023, resulting in an effective tax rate of 13.9%. The net change in the effective tax rate for the three-month period ended March 31, 2024, as compared to the same period in 2023, was primarily due to a full valuation allowance being recorded against domestic deferred tax assets at March 31, 2024. The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. The Company has incurred operating losses in recent years. As a result, the Company anticipates that deferred tax assets originating during the year ended December 31, 2024 will exceed the availability of reversing taxable temporary differences. Due to significant negative evidence, including the Company’s prior year operating losses, the Company concluded its anticipated net deferred tax assets in the U.S. are not more likely than not to be realizable. Accordingly, the estimated annual effective tax rate used to compute the income tax provision for the three-month period ended March 31, 2024 includes an adjustment for the valuation allowance required against the U.S deferred tax assets. As of March 31, 2024, the Company continues to believe its foreign deferred tax assets are realizable based upon future reversals of existing taxable temporary differences and projected future taxable income. 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 ("
Note 13 - Earnings Per Share ("EPS") | 3 Months Ended |
Mar. 31, 2024 | |
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 considered outstanding for purposes of calculating basic EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based awards using the treasury stock method. Due to the Company’s loss position, the share-based payment awards are anti-dilutive. The Company had a net loss during the three-month periods ended March 31, 2024 and 2023, respectively, and therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options of 2.2 million shares and 1.9 million shares were outstanding for the three-month periods ended March 31, 2024 and 2023, respectively. Restricted stock units totaling 0.9 million were outstanding for each of the three-month periods ended March 31, 2024 and 2023. These securities were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive. |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Mar. 31, 2024 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | ITEM 5. OTHER INFORMATION. Rule 10b5-1 Trading Plans During the fiscal quarter ended March 31, 2024, none |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Note 3 - Accounts Receivable (T
Note 3 - Accounts Receivable (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of As of March 31, December 31, 2024 2023 Accounts Receivable $ 33,735 $ 37,580 Less: Allowance for credit losses 1,658 1,619 Net balance, end of period $ 32,077 $ 35,961 As of March 31, 2024 2023 Balance, beginning of the period $ 1,619 $ 1,608 Amounts provided 185 102 Amounts recovered (92 ) (78 ) Amounts written off (45 ) (106 ) Translation adjustments (9 ) 11 Balance, end of period $ 1,658 $ 1,537 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | March 31, Active Significant Significant Amortized 2024 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 52,177 $ 52,177 $ - $ - $ 52,177 December 31, Active Significant Significant Amortized 2023 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 55,485 $ 55,485 $ - $ - $ 55,485 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, December 31, 2024 2023 Raw materials $ 16,264 $ 15,507 Work-in-process 17,264 17,002 Finished goods 33,048 32,084 Total $ 66,576 $ 64,593 Inventories $ 49,408 $ 46,386 Other long-term assets 17,168 18,207 Total $ 66,576 $ 64,593 |
Note 6 - Acquired Intangible _2
Note 6 - Acquired Intangible Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | December 31, Three Months Ended March 31 , 2024 2023 Less: Accumulated Weighted Currency Less: Net Average Gross Translation Accumulated Book Net Book Useful Value Adjustment Amortization Value Value Life Developed technology $ 33,061 $ (1,608 ) $ (29,653 ) $ 1,800 $ 1,973 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 3,887 - (3,542 ) 345 360 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (740 ) 71 83 16 Tradenames 4,641 - (4,210 ) 431 560 5 Total $ 49,945 $ (3,218 ) $ (42,430 ) $ 4,297 $ 4,626 13 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Remainder of 2024 $ 1,008 2025 274 2026 160 2027 160 2028 160 Thereafter 886 Total $ 2,648 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Three Months Ended 2024 Balance, beginning of period $ 7,571 Effect of foreign currency adjustments (168 ) Balance, ending of period $ 7,403 |
Note 8 - Accrued Expenses (Tabl
Note 8 - Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | March 31, December 31, 2024 2023 Compensation and related expenses $ 8,595 $ 11,828 Professional fees 3,434 3,240 Operating lease liability – current 2,129 2,133 Discontinuation of software development project 1,904 1,904 Income taxes payable 1,490 1,240 Clinical trial costs 249 460 Share based compensation 160 - Other 477 394 Total $ 18,438 $ 21,199 |
Note 10 - Revenue and Geograp_2
Note 10 - Revenue and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended March 31, 2024 2023 OA Pain Management $ 24,318 $ 22,633 Joint Preservation and Restoration 13,841 13,453 Non-Orthopedic 2,364 1,838 Total $ 40,523 $ 37,924 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,236 72 % $ 27,288 72 % Europe 5,969 15 % 5,662 15 % Other 5,318 13 % 4,974 13 % Total $ 40,523 100 % $ 37,924 100 % |
Note 11 - Equity Incentive Pl_2
Note 11 - Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Cost of revenue $ 127 $ 184 Research and development 531 517 Selling, general and administrative 2,932 3,016 Total stock-based compensation expense $ 3,590 $ 3,717 |
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, 2023 1,812,729 $ 33.42 $ 127 Granted 426,925 $ 27.93 Exercised (1,089 ) $ 21.77 $ 4 Forfeited and canceled (26,128 ) $ 29.99 $ 22 Outstanding as of March 31, 2024 2,212,437 $ 32.41 7.8 $ 316 Vested, March 31, 2024 1,305,902 $ 35.24 6.8 $ 38 Vested or expected to vest, March 31, 2024 2,212,437 $ 32.41 7.8 $ 316 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended March 31, 2024 2023 Risk free interest rate 3.9 % - 4.3 % 3.5 % - 4.3 % Expected volatility 46.8 % - 48.2 % 48.7 % - 49.4 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 10.48 $ 11.71 |
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, 2023 771,358 $ 27.19 Granted 405,917 $ 25.44 Vested (249,716 ) $ 27.82 Forfeited and cancelled (28,611 ) $ 27.00 Outstanding as of March 31, 2024 898,948 $ 26.89 |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
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, 2024 | Mar. 31, 2023 | Dec. 01, 2022 | |
Accounts Receivable | $ 33,735 | $ 37,580 | |
Balance, beginning of the period | 1,619 | $ 1,608 | |
Allowance for credit losses | 1,658 | 1,619 | |
Amounts provided | 185 | 102 | |
Net balance, end of period | 32,077 | $ 35,961 | |
Amounts recovered | (92) | (78) | |
Amounts written off | (45) | (106) | |
Translation adjustments | (9) | 11 | |
Balance, end of period | $ 1,658 | $ 1,537 |
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, 2024 | Dec. 31, 2023 |
Estimate of Fair Value Measurement [Member] | ||
Cash equivalents | $ 52,177 | $ 55,485 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 52,177 | 55,485 |
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 | $ 52,177 | $ 55,485 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Valuation Reserves | $ 13.6 | $ 11.7 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Raw materials | $ 16,264 | $ 15,507 |
Work-in-process | 17,264 | 17,002 |
Finished goods | 33,048 | 32,084 |
Total | 66,576 | 64,593 |
Inventories | 49,408 | 46,386 |
Other long-term assets | $ 17,168 | $ 18,207 |
Note 6 - Acquired Intangible _3
Note 6 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Amortization of Intangible Assets | $ 0.3 | $ 1.9 |
Note 6 - Acquired Intangible _4
Note 6 - Acquired Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Gross value | $ 49,945 | |
Accumulated Currency Translation Adjustment | (3,218) | |
Accumulated Amortization | (42,430) | |
Net book value | $ 4,297 | $ 4,626 |
Weighted average useful life (Year) | 13 years | |
Gross value (Year) | 13 years | |
Developed Technology Rights [Member] | ||
Gross value | $ 33,061 | |
Accumulated Currency Translation Adjustment | (1,608) | |
Accumulated Amortization | (29,653) | |
Net book value | $ 1,800 | 1,973 |
Weighted average useful life (Year) | 15 years | |
Gross value (Year) | 15 years | |
In Process Research and Development [Member] | ||
Gross value | $ 2,656 | |
Accumulated Currency Translation Adjustment | (1,006) | |
Net book value | 1,650 | 1,650 |
Customer Relationships [Member] | ||
Gross value | 3,887 | |
Accumulated Currency Translation Adjustment | 0 | |
Accumulated Amortization | (3,542) | |
Net book value | $ 345 | 360 |
Weighted average useful life (Year) | 10 years | |
Gross value (Year) | 10 years | |
Distribution Rights [Member] | ||
Gross value | $ 4,700 | |
Accumulated Currency Translation Adjustment | (415) | |
Accumulated Amortization | (4,285) | |
Net book value | $ 0 | 0 |
Weighted average useful life (Year) | 5 years | |
Gross value (Year) | 5 years | |
Patents [Member] | ||
Gross value | $ 1,000 | |
Accumulated Currency Translation Adjustment | (189) | |
Accumulated Amortization | (740) | |
Net book value | $ 71 | 83 |
Weighted average useful life (Year) | 16 years | |
Gross value (Year) | 16 years | |
Trade Names [Member] | ||
Gross value | $ 4,641 | |
Accumulated Currency Translation Adjustment | 0 | |
Accumulated Amortization | (4,210) | |
Net book value | $ 431 | $ 560 |
Weighted average useful life (Year) | 5 years | |
Gross value (Year) | 5 years |
Note 6 - Intangible Assets - Sc
Note 6 - Intangible Assets - Schedule of Amortization Expense (Details) $ in Thousands | Mar. 31, 2024 USD ($) |
Remainder of 2024 | $ 1,008 |
Finite-Lived Intangible Asset, Expected Amortization, Year One | 274 |
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 160 |
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 160 |
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 160 |
Thereafter | 886 |
Total | $ 2,648 |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) | |
Balance | $ 7,571 |
Effect of foreign currency adjustments | (168) |
Balance | $ 7,403 |
Note 8 - Accrued Expenses - Sum
Note 8 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Compensation and related expenses | $ 8,595 | $ 11,828 |
Professional fees | $ 3,434 | $ 3,240 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Total | Total |
Operating lease liability – current | $ 2,129 | $ 2,133 |
Discontinuation of software development project | 1,904 | 1,904 |
Income taxes payable | 1,490 | 1,240 |
Clinical trial costs | 249 | 460 |
Share based compensation | 160 | 0 |
Other | 477 | 394 |
Total | $ 18,438 | $ 21,199 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 10 - Revenue and Geograp_3
Note 10 - Revenue and Geographic Information (Details Textual) | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | DePuy Synthes Mitek Sports Medicine [Member] | ||
Revenues From Agreements as Percent of Total Revenue | 42% | 43% |
Note 10 - Revenue and Geograp_4
Note 10 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue | $ 40,523 | $ 37,924 |
OA Pain Management [member] | ||
Revenue | 24,318 | 22,633 |
Joint Preservation and Restoration [Member] | ||
Revenue | 13,841 | 13,453 |
Non-Orthopedic [Member] | ||
Revenue | $ 2,364 | $ 1,838 |
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, 2024 | Mar. 31, 2023 | |
Revenue | $ 40,523 | $ 37,924 |
Percentage of Revenue | 100% | 100% |
UNITED STATES | ||
Revenue | $ 29,236 | $ 27,288 |
Percentage of Revenue | 72% | 72% |
Europe [Member] | ||
Revenue | $ 5,969 | $ 5,662 |
Percentage of Revenue | 15% | 15% |
Other Location [Member] | ||
Revenue | $ 5,318 | $ 4,974 |
Percentage of Revenue | 13% | 13% |
Note 11 - Equity Incentive Pl_3
Note 11 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Dec. 22, 2023 | Jun. 14, 2023 | Mar. 31, 2024 | Mar. 31, 2023 | Jun. 13, 2023 | Nov. 04, 2021 | Jun. 13, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 426,925 | ||||||
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, Award Vesting Period (Year) | 3 years | ||||||
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 | $ 9 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 8.9 | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 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) | $ 25.44 | $ 26.91 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 7.7 | $ 5.7 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Unsettled, Number | 405,917 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding | $ 0.2 | ||||||
Restricted Stock Units (RSUs) [Member] | Minimum [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||
The 2017 Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 435,000 | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,285,000 | 4,850,000 | |||||
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) | 700,000 | 4.6 | |||||
The 2021 Inducement Plan [Member] | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 0.1 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance, Number of Shares Increased | 125,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 250,000 | 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, 2024 | Mar. 31, 2023 | |
Stock-based compensation expense | $ 3,590 | $ 3,717 |
Cost of Sales [Member] | ||
Stock-based compensation expense | 127 | 184 |
Research and Development Expense [Member] | ||
Stock-based compensation expense | 531 | 517 |
Selling, General and Administrative Expenses [Member] | ||
Stock-based compensation expense | $ 2,932 | $ 3,016 |
Note 11 - Equity Incentive Pl_5
Note 11 - Equity Incentive Plan - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Outstanding, shares (in shares) | 1,812,729 | |
Outstanding, Weighted Average Exercise (in dollars per share) | $ 33.42 | |
Outstanding, shares | $ 316 | $ 127 |
Granted, shares (in shares) | 426,925 | |
Granted, Weighted Average Exercise Price (in dollars per share) | $ 27.93 | |
Exercised, shares (in shares) | (1,089) | |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ 21.77 | |
Exercised, Aggregate Intrinsic Value | $ 4 | |
Forfeited and canceled, shares (in shares) | (26,128) | |
Forfeited and canceled, weighted average exercise price (in dollars per share) | $ 29.99 | |
Forfeited and canceled, aggregate intrinsic value | $ 22 | |
Outstanding, shares (in shares) | 2,212,437 | |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ 32.41 | |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 7 years 9 months 18 days | |
Vested, shares (in shares) | 1,305,902 | |
Vested, Weighted Average Exercise Price (in dollars per share) | $ 35.24 | |
Vested, Weighted Average Remaining Contractual Term (Year) | 6 years 9 months 18 days | |
Vested, Aggregate Intrinsic Value | $ 38 | |
Vested and expected to vest, shares (in shares) | 2,212,437 | |
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 32.41 | |
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year) | 7 years 9 months 18 days | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 316 |
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) - $ / shares | 3 Months Ended | 6 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Jun. 30, 2022 | |
Expected life (years) (Year) | 4 years 6 months | 4 years 6 months | |
Expected dividend yield | 0% | 0% | |
Fair value per option (in dollars per share) | $ 0.1048 | $ 0.1171 | |
Minimum [Member] | |||
Risk free interest rate | 3.90% | 3.50% | |
Expected volatility | 46.80% | 48.70% | |
Maximum [Member] | |||
Risk free interest rate | 4.30% | 4.30% | |
Expected volatility | 48.20% | 49.40% |
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, 2024 | Mar. 31, 2023 | |
Outstanding, shares (in shares) | 771,358 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 27.19 | |
Granted (in shares) | 405,917 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 25.44 | $ 26.91 |
Vested, shares (in shares) | (249,716) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 27.82 | |
Forfeited and cancelled, shares (in shares) | (28,611) | |
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ 27 | |
Outstanding, shares (in shares) | 898,948 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 26.89 |
Note 12 - Income Taxes (Details
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 1% | 13.90% |
Income Tax Expense (Benefit) | $ 43 | $ (1,664) |
Note 13 - Earnings Per Share _2
Note 13 - Earnings Per Share ("EPS") (Details Textual) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Payment Arrangement, Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2.2 | 1.9 |
Restricted Stock Units and Performance Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0.9 | 0.9 |