Anika Therapeutics (ANIK) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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)		14,645,596
Entity Central Index Key	0000898437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 62,368	$ 72,867
Accounts receivable, net	28,357	35,961
Inventories	39,629	46,386
Prepaid expenses and other current assets	5,752	8,095
Total current assets	136,106	163,309
Property and equipment, net	44,572	46,198
Right-of-use assets	27,208	28,767
Other long-term assets	11,310	18,672
Deferred tax assets	1,472	1,489
Intangible assets, net	3,081	4,626
Goodwill	7,656	7,571
Total assets	231,405	270,632
Current liabilities:
Accounts payable	6,805	9,860
Accrued expenses and other current liabilities	18,688	21,199
Total current liabilities	25,493	31,059
Other long-term liabilities	806	404
Lease liabilities	25,242	26,904
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively	0	0
Common stock, $0.01 par value; 90,000 shares authorized, 15,087 issued and 14,694 outstanding and 14,848 issued and 14,660 outstanding at September 30, 2024 and December 31, 2023, respectively	147	147
Additional paid-in-capital	91,886	90,009
Accumulated other comprehensive loss	(5,701)	(5,943)
Retained earnings	93,532	128,052
Total stockholders’ equity	179,864	212,265
Total liabilities and stockholders’ equity	$ 231,405	$ 270,632

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Sep. 30, 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)	15,087	14,848
Common stock, shares outstanding (in shares)	14,694	14,660

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 38,753	$ 41,465	$ 121,197	$ 123,691
Cost of product revenue	37,313	16,521	67,764	46,932
Gross Profit	1,440	24,944	53,433	76,759
Operating Expenses:
Research & development	7,244	7,791	22,806	25,105
Selling, general & administrative	19,112	24,827	60,445	75,512
Long lived asset impairment	3,101	0	3,101	0
Total operating expenses	29,457	32,618	86,352	100,617
Loss from operations	(28,017)	(7,674)	(32,919)	(23,858)
Interest and other income, net	406	635	1,593	1,735
Loss before income taxes	(27,611)	(7,039)	(31,326)	(22,123)
Provision for (benefit from) income taxes	2,307	(463)	3,194	(2,456)
Net loss	$ (29,918)	$ (6,576)	$ (34,520)	$ (19,667)
Net loss per share:
Basic (in dollars per share)	$ (2.03)	$ (0.45)	$ (2.34)	$ (1.34)
Diluted (in dollars per share)	$ (2.03)	$ (0.45)	$ (2.34)	$ (1.34)
Weighted average common shares outstanding:
Basic (in shares)	14,768	14,635	14,769	14,659
Diluted (in shares)	14,768	14,635	14,769	14,659
Net loss	$ (29,918)	$ (6,576)	$ (34,520)	$ (19,667)
Foreign currency translation adjustment	715	(407)	242	(121)
Comprehensive loss	$ (29,203)	$ (6,983)	$ (34,278)	$ (19,788)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [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 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
Balance (in shares) at Dec. 31, 2022	14,625
Balance at Dec. 31, 2022	$ 146	81,141	210,719	(6,443)	285,563
Net loss					(19,667)
Balance (in shares) at Sep. 30, 2023	14,637
Balance at Sep. 30, 2023	$ 146	85,852	191,052	(6,564)	270,486
Balance (in shares) at Mar. 31, 2023	14,741
Balance at Mar. 31, 2023	$ 147	83,243	200,369	(6,171)	277,588
Issuance of common stock for equity awards (in shares)	1
Issuance of common stock for equity awards	$ 0	30	0	0	30
Vesting of restricted stock units (in shares)	70
Vesting of restricted stock units	$ 1	(1)	0	0	0
Stock-based compensation expense	$ 0	4,150	0	0	4,150
Retirement of common stock for minimum tax withholdings (in shares)	(16)
Retirement of common stock for minimum tax withholdings	$ 0	(432)	0	0	(432)
Net loss	0	0	(2,741)	0	(2,741)
Other comprehensive income (loss)	$ 0	0	0	14	14
Issuance of ESPP shares (in shares)	20
Issuance of ESPP shares	$ 0	456	0	0	456
Repurchase of common stock (in shares)	(159)
Repurchase of common stock	$ (1)	(5,049)	0	0	(5,050)
Balance (in shares) at Jun. 30, 2023	14,657
Balance at Jun. 30, 2023	$ 147	82,397	197,628	(6,157)	274,015
Vesting of restricted stock units (in shares)	12
Vesting of restricted stock units	$ 0	0	0	0	0
Stock-based compensation expense	$ 0	3,561	0	0	3,561
Retirement of common stock for minimum tax withholdings (in shares)	(3)
Retirement of common stock for minimum tax withholdings	$ 0	(107)	0	0	(107)
Net loss	0	0	(6,576)	0	(6,576)
Other comprehensive income (loss)	$ 0	0	0	(407)	(407)
Repurchase of common stock (in shares)	(29)
Repurchase of common stock	$ (1)	1	0	0	0
Balance (in shares) at Sep. 30, 2023	14,637
Balance at Sep. 30, 2023	$ 146	85,852	191,052	(6,564)	270,486
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 income (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
Balance (in shares) at Dec. 31, 2023	14,660
Balance at Dec. 31, 2023	$ 147	90,009	128,052	(5,943)	212,265
Net loss					(34,520)
Balance (in shares) at Sep. 30, 2024	14,694
Balance at Sep. 30, 2024	$ 147	91,886	93,532	(5,701)	179,864
Balance (in shares) at Mar. 31, 2024	14,821
Balance at Mar. 31, 2024	$ 148	91,165	123,538	(6,315)	208,536
Issuance of common stock for equity awards (in shares)	2
Issuance of common stock for equity awards	$ 0	53	0	0	53
Vesting of restricted stock units (in shares)	49
Vesting of restricted stock units	$ 1	(1)	0	0	0
Stock-based compensation expense	$ 0	3,103	0	0	3,103
Retirement of common stock for minimum tax withholdings (in shares)	(4)
Retirement of common stock for minimum tax withholdings	$ 0	(206)	0	0	(206)
Net loss	0	0	(88)	0	(88)
Other comprehensive income (loss)	$ 0	0	0	(101)	(101)
Issuance of ESPP shares (in shares)	24
Issuance of ESPP shares	$ 0	411	0	0	411
Repurchase of common stock (in shares)	(53)
Repurchase of common stock	$ (1)	(1,369)	0	0	(1,370)
Balance (in shares) at Jun. 30, 2024	14,839
Balance at Jun. 30, 2024	$ 148	93,156	123,450	(6,416)	210,338
Vesting of restricted stock units (in shares)	10
Vesting of restricted stock units	$ 0	0	0	0	0
Stock-based compensation expense	$ 0	2,718	0	0	2,718
Retirement of common stock for minimum tax withholdings (in shares)	(3)
Retirement of common stock for minimum tax withholdings	$ 0	(21)	0	0	(21)
Net loss	0	0	(29,918)	0	(29,918)
Other comprehensive income (loss)	$ 0	0	0	715	715
Repurchase of common stock (in shares)	(152)
Repurchase of common stock	$ (1)	(3,967)	0	0	(3,968)
Balance (in shares) at Sep. 30, 2024	14,694
Balance at Sep. 30, 2024	$ 147	$ 91,886	$ 93,532	$ (5,701)	$ 179,864

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (34,520)	$ (19,667)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,324	4,806
Amortization of acquisition related intangible assets	985	5,837
Non-cash operating lease cost	1,561	1,633
Loss on disposal of property and equipment	97	1,852
Long lived asset impairment	3,101	0
Stock-based compensation expense	10,875	11,428
Deferred income taxes	26	(4,484)
Provision for credit losses	1,023	74
Provision for inventory	26,078	2,607
Changes in operating assets and liabilities:
Accounts receivable	6,638	(201)
Inventories	(11,815)	(8,257)
Prepaid expenses, other current and long-term assets	504	818
Accounts payable	(2,385)	(1,319)
Operating lease liabilities	(1,505)	(1,575)
Accrued expenses, other current and long-term liabilities	(2,734)	914
Income taxes	568	108
Net cash provided by (used in) operating activities	3,821	(5,426)
Cash flows from investing activities:
Purchases of property and equipment	(6,427)	(3,587)
Acquisition of intangible assets	(600)	0
Net cash used in investing activities	(7,027)	(3,587)
Cash flows from financing activities:
Proceeds from employee stock purchase program	411	456
Cash paid for tax withheld on vested restricted stock awards	(2,523)	(2,159)
Proceeds from exercises of equity awards	76	37
Repurchases of common stock	(5,339)	(5,000)
Net cash used in financing activities	(7,375)	(6,666)
Exchange rate impact on cash	82	3
Decrease in cash and cash equivalents	(10,499)	(15,676)
Cash and cash equivalents at beginning of period	72,867	86,327
Cash and cash equivalents at end of period	62,368	70,651
Supplemental disclosure of cash flow information:
Purchases of property and equipment included in accounts payable and accrued expenses	$ 118	$ 749

Note 1 - Nature of Business

Note 1 - Nature of Business	9 Months Ended
	Sep. 30, 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. The Company has over 30 years of expertise in hyaluronic acid (“HA”) technology. In early 2020, the Company expanded its overall technology platform through its acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation company, and Arthrosurface Incorporated (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions. On October 31, 2024, the Company sold its equity interests in Arthrosurface (Note 15) and the Company announced its intention to divest of the Parcus Medical business. These decisions were a result of a strategic review to focus on the Company’s core HA technology and regenerative solutions products to maximize shareholder value. 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	9 Months Ended
	Sep. 30, 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 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 and nine-month periods ended September 30, 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 September 30, 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	9 Months Ended
	Sep. 30, 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 September 30, December 31, 2024 2023 Accounts receivable $ 30,927 $ 37,580 Less: Allowance for credit losses 2,570 1,619 Net balance, end of period $ 28,357 $ 35,961 A summary of activity in the allowance for credit losses is as follows: As of September 30, 2024 2023 Balance, beginning of the period $ 1,619 $ 1,608 Amounts provided 1,284 353 Amounts recovered (261 ) (279 ) Amounts written off (78 ) (101 ) Translation adjustments 6 (7 ) Balance, end of period $ 2,570 $ 1,574

Note 4 - Fair Value Measurement

Note 4 - Fair Value Measurements	9 Months Ended
	Sep. 30, 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 nine-month periods ended September 30, 2024 and 2023, respectively. The classification of the Company’s cash equivalents within the fair value hierarchy was as follows: September 30, Active Significant Significant Amortized 2024 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 45,538 $ 45,538 $ - $ - $ 45,538 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	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Inventory Disclosure [Text Block]	5. Inventories Inventories consist of the following: September 30, December 31, 2024 2023 Raw materials $ 16,401 $ 15,507 Work-in-process 16,423 17,002 Finished goods 17,528 32,084 Total $ 50,352 $ 64,593 Inventories $ 39,629 $ 46,386 Other long-term assets 10,723 18,207 Total $ 50,352 $ 64,593 Inventories are stated net of inventory reserves of approximately $6.5 million and $11.7 million, as of September 30, 2024 and December 31, 2023, respectively. As described in more detail in Note 15, the Company sold its Arthrosurface business on October 31, 2024. As a result of this transaction, the Company adjusted the carrying value of the inventories related to the Arthrosurface business to the net realizable value. Accordingly, the company recorded a write-down of inventories of $22.7 million which was charged to Cost of Goods Sold during the three-month and nine-month periods ended September 30, 2024.

Note 6 - Acquired Intangible As

Note 6 - Acquired Intangible Assets, Net	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Goodwill and Intangible Assets Disclosure [Text Block]	6. Acquired Intangible Assets, Net Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following: December 31, Nine Months ended September 30, 2024 2023 Gross Value Plus: Additions Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 33,061 $ 600 $ (1,608 ) $ (718 ) $ (29,997 ) $ 1,338 $ 1,973 $ 15 In-process research & development 2,656 - (1,006 ) - - 1,650 1,650 Indefinite Customer relationships 3,887 - - (316 ) (3,571 ) - 360 10 Distributor Relationships 4,700 - (415 ) - (4,285 ) - - 5 Patents 1,000 - (189 ) - (764 ) 47 83 16 Tradenames 4,641 - - (126 ) (4,469 ) 46 560 5 Total $ 49,945 $ 600 $ (3,218 ) $ (1,160 ) $ (43,086 ) $ 3,081 $ 4,626 12 The aggregate amortization expense related to intangible assets was $0.3 million and $1.9 million for the three-month periods ended September 30, 2024 and 2023, respectively and $1.0 million and $5.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. During the three-month period ended September 30, 2024, the Company acquired $0.6 million new drug application (“NDA”) that has regulatory approval in the U.S. that it has recorded as developed technology. The Company also recorded a $1.2 million charge to intangible assets related to its Arthrosurface asset group during the three-month period ended September 30, 2024 due to the Company not expecting to recover the value of the intangible asset from the expected net proceeds related to the sale of the Arthrosurface business (see Note 15). As of September 30, 2024 scheduled amortization of intangible assets is as follows: Remainder of 2024 $ 252 2025 347 2026 232 2027 182 2028 32 Thereafter 386 Total $ 1,431

Note 7 - Goodwill

Note 7 - Goodwill	9 Months Ended
	Sep. 30, 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 nine-months ended September 30, 2024 were as follows: Nine Months Ended 2024 Balance, beginning of period $ 7,571 Effect of foreign currency adjustments 85 Balance, ending of period $ 7,656

Note 8 - Accrued Expenses and O

Note 8 - Accrued Expenses and Other Current Liabilities	9 Months Ended
	Sep. 30, 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: September 30, December 31, 2024 2023 Compensation and related expenses $ 10,500 $ 11,828 Professional fees 3,449 3,240 Operating lease liability – current 2,292 2,133 Stock-based compensation 1,624 - Clinical trial costs 363 460 Income taxes payable 82 1,240 Discontinuation of software development project - 1,904 Other 378 394 Total $ 18,688 $ 21,199

Note 9 - Commitments and Contin

Note 9 - Commitments and Contingencies	9 Months Ended
	Sep. 30, 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 are 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	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OA Pain Management $ 24,428 $ 24,888 $ 75,404 $ 76,855 Joint Preservation and Restoration 11,950 13,470 39,345 39,583 Non-Orthopedic 2,375 3,107 6,448 7,253 $ 38,753 $ 41,465 $ 121,197 $ 123,691 Revenue from the Company’s sole significant US customer, J&J Medtech (previously known as DePuy Synthes Mitek Sports Medicine), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 45% and 44% for the three-months ended September 30, 2024 and 2023, respectively, and 43% and 45% for the nine-months ended September 30, 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 September 30, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 27,699 71 % $ 30,831 74 % Europe 5,688 15 % 5,420 13 % Other 5,366 14 % 5,214 13 % Total $ 38,753 100 % $ 41,465 100 % Nine Months Ended September 30, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 85,923 71 % $ 90,986 74 % Europe 18,264 15 % 16,757 13 % Other 17,010 14 % 15,948 13 % Total $ 121,197 100 % $ 123,691 100 %

Note 11 - Equity Incentive Plan

Note 11 - Equity Incentive Plan	9 Months Ended
	Sep. 30, 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 The 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 and May 2, 2024. On May 2, 2024, the Company’s board of directors approved an amendment to the Inducement Plan increasing the number of shares by 100,000 shares. The Inducement Plan reserves 350,000 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 September 30, 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: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 92 $ 181 $ 391 $ 532 Research & development 485 304 1,587 1,474 Selling, general & administrative 2,817 3,076 8,897 9,422 Total stock-based compensation expense $ 3,394 $ 3,561 $ 10,875 $ 11,428 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 541,100 $ 28.13 Exercised (3,556 ) $ 21.96 $ 14 Forfeited and canceled (127,008 ) $ 37.50 $ 30 Outstanding as of September 30, 2024 2,223,265 $ 31.92 7.5 $ 248 Vested, September 30, 2024 1,276,640 $ 34.57 6.5 $ 102 Vested or expected to vest, September 30, 2024 2,223,265 $ 31.92 7.5 $ 248 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 nine months September 30, 2024 and 2023, along with the weighted-average grant-date fair values, were as follows: Nine Months Ended September 30, 2024 2023 Risk free interest rate 3.6% - 4.6 % 3.5% - 4.4 % Expected volatility 44.5% - 48.2 % 48.2% - 49.4 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 10.53 $ 11.46 As of September 30, 2024, there was $7.4 million of unrecognized compensation cost related to unvested stock options. This expense is expected to be recognized over a weighted average period of 2.0 years. Restricted Stock Units RSUs generally vest in equal annual installments over a three RSU activity for the nine-month period ended September 30, 2024 was as follows: Weighted Number of Average Shares Fair Value Outstanding as of December 31, 2023 771,358 $ 27.19 Granted 491,541 $ 26.62 Vested (308,634 ) $ 27.73 Forfeited and cancelled (74,874 ) $ 26.43 Outstanding as of September 30, 2024 879,391 $ 26.74 The weighted-average grant-date fair value per share of RSUs granted was $26.62 and $26.66 for the nine-month periods ended September 30, 2024 and 2023, respectively. The total fair value of RSUs vested was $9.6 million and $6.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $7.1 million of unrecognized compensation cost related to time-based RSUs that are expected to settle in shares, which was expected to be recognized over a weighted-average period of 1.3 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 September 30, 2024, the Company had 381,029 shares outstanding in which a liability of $1.6 million was recorded in Accrued Expenses and Other Liabilities. There was $7.7 million of unrecognized compensation cost for these RSUs recorded as a liability which was expected to vest over a weighted-average period of 2.4 years.

Note 12 - Income Taxes

Note 12 - Income Taxes	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Income Tax Disclosure [Text Block]	12. Income Taxes The income tax expense was $2.3 million and $3.2 million for the three- and nine-month periods ended September 30, 2024, resulting in effective tax rates of (8.4%) and (10.2%), respectively. The income tax benefit was $0.5 million and $2.5 million for the three- and nine-month periods ended September 30, 2023, resulting in an effective tax rate of 6.6% and 11.1%, respectively. The net change in the effective tax rate for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, was primarily due to the impact of the valuation allowance in the US in both the current and prior periods and the impact of recording of $1.5 million of discrete items during the nine-month period ended September 30, 2024. The Company’s effective tax rate for the three-month and nine-month periods ended September 30, 2024 was primarily driven by the full valuation on the Company's deferred tax assets in the US and the projected taxable income for the Company resulting in expected current tax expense in 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 nine-month period ended September 30, 2024 includes an adjustment for the valuation allowance required against the U.S. deferred tax assets. As of September 30, 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. In September 2024, the Company was notified by the Italian tax authorities that it had selected the Company’s tax returns for its Italian subsidiary for 2021 for examination and remains under review.

Note 13 - Earnings Per Share ("

Note 13 - Earnings Per Share ("EPS")	9 Months Ended
	Sep. 30, 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 and nine-month periods ended September 30, 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 1.8 million shares were outstanding at September 30, 2024 and 2023, respectively. Restricted stock units totaling 0.9 million and 0.8 million were outstanding at September 30, 2024 and 2023, respectively. These securities were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.

Note 14 - Share Repurchase

Note 14 - Share Repurchase	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Equity [Text Block]	14. Share Repurchase In May 2024, the Company agreed to implement a share repurchase program for an aggregate purchase price of $40.0 million to occur as follows: (i) first $15.0 million was effected through a Rule 10b5-1 Plan initiated prior to June 1, 2024 and to be effective through June 30, 2025, and (ii) the remaining amount to be purchased in the open market through June 2026. In the event of positive “free cash flow” as defined in the Cooperation Agreement dated May 28, 2024, with Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson, for the period from July 1, 2024 through June 30, 2025, the amount under the share repurchase program shall be increased by 50% of such positive amount and in no event would we be required to make any purchases in the event that the Company’s cash would be less than $45.0 million after taking into account the share repurchase and reasonably anticipated capital expenditures and restructuring costs. This new authorization replaces our share repurchase program previously announced in April 2023. On May 28, 2024, the Company entered into a share repurchase agreement under a Rule 10b5-1 with Bank of America. As of September 30, 2024, the Company had repurchased 205,404 shares at an average cost of $25.99 per share for a total cost of $5.3 million.

Note 15 - Subsequent Event

Note 15 - Subsequent Event	9 Months Ended
	Sep. 30, 2024
Notes to Financial Statements
Subsequent Events [Text Block]	15. Subsequent Event On October 31, 2024 (the “Closing Date”), the Company completed the sale of all of the outstanding equity interests (the “Transaction”) of Arthrosurface Incorporated, a Delaware corporation and former wholly-owned subsidiary of the Company (“Arthrosurface”), which held the Company’s Arthrosurface business, to Phoenix Brio, Incorporated, a Delaware corporation (“Buyer”), pursuant to the terms and conditions of a Share Purchase Agreement, dated as of the Closing Date (the “Purchase Agreement”), by and among the Company, Arthrosurface and Buyer (the “Transaction”). As consideration for the Transaction, at the closing Buyer delivered to the Company a ten As a result of the Transaction, the Company tested the assets associated with the Arthrosurface business to determine if the carrying value of the assets at September 30, 2024 were fully recoverable. Given that the expected proceeds from the sale of the Arthrosurface business is expected to be less than the carrying value of its net assets, the Company recorded asset impairment charges totaling $27.4 million during the three-month period ended September 30, 2024 related to a write-down of its accounts receivable, inventories, property and equipment and intangible assets related to the Arthrosurface business.

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 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 September 30, 2024, none
Rule 10b5-1 Arrangement Adopted [Flag]	false
Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Terminated [Flag]	false
Non-Rule 10b5-1 Arrangement Adopted [Flag]	false

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	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 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 and nine-month periods ended September 30, 2024 are not indicative of the results to be expected for the year ending December 31, 2024.
Segment Reporting, Policy [Policy Text Block]	Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker as of September 30, 2024 was its President and Chief Executive Officer. Based on the criteria established by Accounting Standards Codification 280, Segment Reportin one
New Accounting Pronouncements, Policy [Policy Text Block]	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 (T

Note 3 - Accounts Receivable (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	As of As of September 30, December 31, 2024 2023 Accounts receivable $ 30,927 $ 37,580 Less: Allowance for credit losses 2,570 1,619 Net balance, end of period $ 28,357 $ 35,961 As of September 30, 2024 2023 Balance, beginning of the period $ 1,619 $ 1,608 Amounts provided 1,284 353 Amounts recovered (261 ) (279 ) Amounts written off (78 ) (101 ) Translation adjustments 6 (7 ) Balance, end of period $ 2,570 $ 1,574

Note 4 - Fair Value Measureme_2

Note 4 - Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Fair Value, Assets Measured on Recurring Basis [Table Text Block]	September 30, Active Significant Significant Amortized 2024 (Level 1) (Level 2) (Level 3) Cost Cash equivalents: Money Market Funds $ 45,538 $ 45,538 $ - $ - $ 45,538 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)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, December 31, 2024 2023 Raw materials $ 16,401 $ 15,507 Work-in-process 16,423 17,002 Finished goods 17,528 32,084 Total $ 50,352 $ 64,593 Inventories $ 39,629 $ 46,386 Other long-term assets 10,723 18,207 Total $ 50,352 $ 64,593

Note 6 - Acquired Intangible _2

Note 6 - Acquired Intangible Assets, Net (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]	December 31, Nine Months ended September 30, 2024 2023 Gross Value Plus: Additions Less: Accumulated Currency Translation Adjustment Less: Current Period Impairment Charge Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 33,061 $ 600 $ (1,608 ) $ (718 ) $ (29,997 ) $ 1,338 $ 1,973 $ 15 In-process research & development 2,656 - (1,006 ) - - 1,650 1,650 Indefinite Customer relationships 3,887 - - (316 ) (3,571 ) - 360 10 Distributor Relationships 4,700 - (415 ) - (4,285 ) - - 5 Patents 1,000 - (189 ) - (764 ) 47 83 16 Tradenames 4,641 - - (126 ) (4,469 ) 46 560 5 Total $ 49,945 $ 600 $ (3,218 ) $ (1,160 ) $ (43,086 ) $ 3,081 $ 4,626 12
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block]	Remainder of 2024 $ 252 2025 347 2026 232 2027 182 2028 32 Thereafter 386 Total $ 1,431

Note 7 - Goodwill (Tables)

Note 7 - Goodwill (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Goodwill [Table Text Block]	Nine Months Ended 2024 Balance, beginning of period $ 7,571 Effect of foreign currency adjustments 85 Balance, ending of period $ 7,656

Note 8 - Accrued Expenses and_2

Note 8 - Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	September 30, December 31, 2024 2023 Compensation and related expenses $ 10,500 $ 11,828 Professional fees 3,449 3,240 Operating lease liability – current 2,292 2,133 Stock-based compensation 1,624 - Clinical trial costs 363 460 Income taxes payable 82 1,240 Discontinuation of software development project - 1,904 Other 378 394 Total $ 18,688 $ 21,199

Note 10 - Revenue and Geograp_2

Note 10 - Revenue and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Revenue from External Customers by Products and Services [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 OA Pain Management $ 24,428 $ 24,888 $ 75,404 $ 76,855 Joint Preservation and Restoration 11,950 13,470 39,345 39,583 Non-Orthopedic 2,375 3,107 6,448 7,253 $ 38,753 $ 41,465 $ 121,197 $ 123,691
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]	Three Months Ended September 30, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 27,699 71 % $ 30,831 74 % Europe 5,688 15 % 5,420 13 % Other 5,366 14 % 5,214 13 % Total $ 38,753 100 % $ 41,465 100 % Nine Months Ended September 30, 2024 2023 Percentage of Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 85,923 71 % $ 90,986 74 % Europe 18,264 15 % 16,757 13 % Other 17,010 14 % 15,948 13 % Total $ 121,197 100 % $ 123,691 100 %

Note 11 - Equity Incentive Pl_2

Note 11 - Equity Incentive Plan (Tables)	9 Months Ended
	Sep. 30, 2024
Notes Tables
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 92 $ 181 $ 391 $ 532 Research & development 485 304 1,587 1,474 Selling, general & administrative 2,817 3,076 8,897 9,422 Total stock-based compensation expense $ 3,394 $ 3,561 $ 10,875 $ 11,428
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 541,100 $ 28.13 Exercised (3,556 ) $ 21.96 $ 14 Forfeited and canceled (127,008 ) $ 37.50 $ 30 Outstanding as of September 30, 2024 2,223,265 $ 31.92 7.5 $ 248 Vested, September 30, 2024 1,276,640 $ 34.57 6.5 $ 102 Vested or expected to vest, September 30, 2024 2,223,265 $ 31.92 7.5 $ 248
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	Nine Months Ended September 30, 2024 2023 Risk free interest rate 3.6% - 4.6 % 3.5% - 4.4 % Expected volatility 44.5% - 48.2 % 48.2% - 49.4 % Expected life (years) 4.5 4.5 Expected dividend yield 0.0 % 0.0 % Fair value per option $ 10.53 $ 11.46
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 491,541 $ 26.62 Vested (308,634 ) $ 27.73 Forfeited and cancelled (74,874 ) $ 26.43 Outstanding as of September 30, 2024 879,391 $ 26.74

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation (Details Textual)	9 Months Ended
	Sep. 30, 2024
Number of Operating Segments	1

Note 3 - Accounts Receivable -

Note 3 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Accounts receivable	$ 30,927		$ 37,580
Balance, beginning of the period	1,619	$ 1,608
Less: Allowance for credit losses	2,570		1,619
Amounts provided	1,284	353
Net balance, end of period	28,357		$ 35,961
Amounts recovered	(261)	(279)
Amounts written off	(78)	(101)
Translation adjustments	6	(7)
Balance, end of period	$ 2,570	$ 1,574

Note 4 - Fair Value Measureme_3

Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Money Market Funds [Member] - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Estimate of Fair Value Measurement [Member]
Cash equivalents	$ 45,538	$ 55,485
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Cash equivalents	45,538	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	$ 45,538	$ 55,485

Note 5 - Inventories (Details T

Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Inventory Valuation Reserves	$ 6,500	$ 6,500		$ 11,700
Inventory Write-down		26,078	$ 2,607
Arthrosurface [Member] | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member]
Inventory Write-down	$ 22,700
Arthrosurface [Member] | Discontinued Operations, Held-for-Sale or Disposed of by Sale [Member]
Inventory Write-down		$ 22,700

Note 5 - Inventories - Summary

Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Raw materials	$ 16,401	$ 15,507
Work-in-process	16,423	17,002
Finished goods	17,528	32,084
Total	50,352	64,593
Inventories	39,629	46,386
Other long-term assets	$ 10,723	$ 18,207

Note 6 - Acquired Intangible _3

Note 6 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amortization of Intangible Assets	$ 300	$ 1,900	$ 1,000	$ 5,800
Plus: Additions			600
Impairment of Intangible Assets, Finite-Lived			$ 1,160
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Arthrosurface [Member]
Impairment of Intangible Assets, Finite-Lived	1,200
Licensing Agreements [Member]
Plus: Additions	$ 600

Note 6 - Acquired Intangible _4

Note 6 - Acquired Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Gross Value	$ 49,945
Plus: Additions	600
Less: Accumulated Currency Translation Adjustment	(3,218)
Less: Current Period Impairment Charge	(1,160)
Less: Accumulated Amortization	(43,086)
Net Book Value	$ 3,081	$ 4,626
Weighted Average Useful Life (Year)	12 years
In Process Research and Development [Member]
Gross Value	$ 2,656
Less: Accumulated Currency Translation Adjustment	(1,006)
Less: Current Period Impairment Charge	0
Net Book Value	1,650	1,650
Developed Technology Rights [Member]
Gross Value	33,061
Plus: Additions	600
Less: Accumulated Currency Translation Adjustment	(1,608)
Less: Current Period Impairment Charge	(718)
Less: Accumulated Amortization	(29,997)
Net Book Value	$ 1,338	1,973
Weighted Average Useful Life (Year)	15 years
Customer Relationships [Member]
Gross Value	$ 3,887
Plus: Additions	0
Less: Accumulated Currency Translation Adjustment	0
Less: Current Period Impairment Charge	(316)
Less: Accumulated Amortization	(3,571)
Net Book Value	$ 0	360
Weighted Average Useful Life (Year)	10 years
Distribution Rights [Member]
Gross Value	$ 4,700
Plus: Additions	0
Less: Accumulated Currency Translation Adjustment	(415)
Less: Current Period Impairment Charge	0
Less: Accumulated Amortization	(4,285)
Net Book Value	$ 0	0
Weighted Average Useful Life (Year)	5 years
Patents [Member]
Gross Value	$ 1,000
Plus: Additions	0
Less: Accumulated Currency Translation Adjustment	(189)
Less: Current Period Impairment Charge	0
Less: Accumulated Amortization	(764)
Net Book Value	$ 47	83
Weighted Average Useful Life (Year)	16 years
Trade Names [Member]
Gross Value	$ 4,641
Plus: Additions	0
Less: Accumulated Currency Translation Adjustment	0
Less: Current Period Impairment Charge	(126)
Less: Accumulated Amortization	(4,469)
Net Book Value	$ 46	$ 560
Weighted Average Useful Life (Year)	5 years

Note 6 - Acquired Intangible _5

Note 6 - Acquired Intangible Assets - Schedule of Amortization Expense (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Remainder of 2024	$ 252
2025	347
2026	232
2027	182
2028	32
Thereafter	386
Total	$ 1,431

Note 7 - Goodwill - Changes in

Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Balance	$ 7,571
Effect of foreign currency adjustments	85
Balance	$ 7,656

Note 8 - Accrued Expenses and_3

Note 8 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Compensation and related expenses	$ 10,500	$ 11,828
Professional fees	$ 3,449	$ 3,240
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total	Total
Operating lease liability – current	$ 2,292	$ 2,133
Stock-based compensation	1,624	0
Clinical trial costs	363	460
Income taxes payable	82	1,240
Discontinuation of software development project	0	1,904
Other	378	394
Total	$ 18,688	$ 21,199

Note 9 - Commitments and Cont_2

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Sep. 30, 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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue Benchmark [Member] | Customer Concentration Risk [Member] | DePuy Synthes Mitek Sports Medicine [Member]
Revenues From Agreements as Percent of Total Revenue	45%	44%	43%	45%

Note 10 - Revenue and Geograp_4

Note 10 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 38,753	$ 41,465	$ 121,197	$ 123,691
OA Pain Management [member]
Revenue	24,428	24,888	75,404	76,855
Joint Preservation and Restoration [Member]
Revenue	11,950	13,470	39,345	39,583
Non-Orthopedic [Member]
Revenue	$ 2,375	$ 3,107	$ 6,448	$ 7,253

Note 10 - Revenue and Geograp_5

Note 10 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue	$ 38,753	$ 41,465	$ 121,197	$ 123,691
Percentage of Revenue	100%	100%	100%	100%
UNITED STATES
Revenue	$ 27,699	$ 30,831	$ 85,923	$ 90,986
Percentage of Revenue	71%	74%	71%	74%
Europe [Member]
Revenue	$ 5,688	$ 5,420	$ 18,264	$ 16,757
Percentage of Revenue	15%	13%	15%	13%
Other Location [Member]
Revenue	$ 5,366	$ 5,214	$ 17,010	$ 15,948
Percentage of Revenue	14%	13%	14%	13%

Note 11 - Equity Incentive Pl_3

Note 11 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions			9 Months Ended
	May 02, 2024	Jun. 14, 2023	Sep. 30, 2024	Sep. 30, 2023	Jun. 13, 2023	Jun. 13, 2017
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			$ 7.4
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 7.1
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			1 year 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)			$ 26.62	$ 26.66
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 9.6	$ 6.8
Restricted Stock Units (RSUs) [Member] | March 2024 [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total			$ 7.7
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)			2 years 4 months 24 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Unsettled, Number			381,029
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding			$ 1.6
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	100,000
Common Stock, Capital Shares Reserved for Future Issuance (in shares)	350,000
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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense	$ 3,394	$ 3,561	$ 10,875	$ 11,428
Cost of Sales [Member]
Stock-based compensation expense	92	181	391	532
Research and Development Expense [Member]
Stock-based compensation expense	485	304	1,587	1,474
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 2,817	$ 3,076	$ 8,897	$ 9,422

Note 11 - Equity Incentive Pl_5

Note 11 - Equity Incentive Plan - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Outstanding, shares (in shares)	1,812,729
Outstanding, Weighted Average Exercise (in dollars per share)	$ 33.42
Outstanding, aggregate intrinsic value	$ 248	$ 127
Granted, shares (in shares)	541,100
Granted, Weighted Average Exercise Price (in dollars per share)	$ 28.13
Exercised, shares (in shares)	(3,556)
Exercised, Weighted Average Exercise Price (in dollars per share)	$ 21.96
Exercised, Aggregate Intrinsic Value	$ 14
Forfeited and canceled, shares (in shares)	(127,008)
Forfeited and canceled (in dollars per share)	$ 37.5
Forfeited and canceled, aggregate intrinsic value	$ 30
Outstanding, shares (in shares)	2,223,265
Outstanding, Weighted Average Exercise Price (in dollars per share)	$ 31.92
Outstanding, Weighted Average Remaining Contractual Term (Year)	7 years 6 months
Vested, shares (in shares)	1,276,640
Vested, Weighted Average Exercise Price (in dollars per share)	$ 34.57
Vested, Weighted Average Remaining Contractual Term (Year)	6 years 6 months
Vested, Aggregate Intrinsic Value	$ 102
Vested and expected to vest, shares (in shares)	2,223,265
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share)	$ 31.92
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	7 years 6 months
Vested and expected to vest, Aggregate Intrinsic Value	$ 248

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	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
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)	$ 10.53	$ 11.46
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	3.60%	3.50%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	44.50%	48.20%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	4.60%	4.40%
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate	48.20%

Note 11 - Equity Incentive Pl_7

Note 11 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Outstanding, shares (in shares)	771,358
Outstanding, weighted average grant date fair value (in dollars per share)	$ 27.19
Granted (in shares)	491,541
Granted, weighted average grant date fair value (in dollars per share)	$ 26.62	$ 26.66
Vested, shares (in shares)	(308,634)
Vested, weighted average grant date fair value (in dollars per share)	$ 27.73
Forfeited and cancelled, shares (in shares)	(74,874)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share)	$ 26.43
Outstanding, shares (in shares)	879,391
Outstanding, weighted average grant date fair value (in dollars per share)	$ 26.74

Note 12 - Income Taxes (Details

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)		$ 2,307	$ (463)	$ 3,194	$ (2,456)
Effective Income Tax Rate Reconciliation, Percent		(8.40%)	6.60%	(10.20%)	11.10%
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount		$ 1,500		$ 1,500
Foreign Tax Jurisdiction, Other [Member] | Ministry of Economic Affairs and Finance, Italy [Member]
Income Tax Examination, Year under Examination	2021

Note 13 - Earnings Per Share _2

Note 13 - Earnings Per Share ("EPS") (Details Textual) - shares shares in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted Stock Units and Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	2.2	1.8	0.9	0.8

Note 14 - Share Repurchase (Det

Note 14 - Share Repurchase (Details Textual) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				4 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2024	May 28, 2024
Stock Repurchased During Period, Value	$ 3,968	$ 1,370	$ 0	$ 5,050
May 2024 Share Repurchase Plan [Member]
Share Repurchase Program, Authorized, Amount						$ 40,000
Share Repurchase Program, Authorized, Increase Percentage						50%
Share Repurchase Program, Authorized, Minimum Cash Balance						$ 45,000
May 2024 Share Repurchase Plan, Rule 10b5-1 [Member]
Share Repurchase Program, Authorized, Amount						$ 15,000
Stock Repurchased During Period, Shares					205,404
Stock Repurchased During Period, Average Cost Per Share					$ 25.99
Stock Repurchased During Period, Value					$ 5,300

Note 15 - Subsequent Event (Det

Note 15 - Subsequent Event (Details Textual) - Arthrosurface [Member] - Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] $ in Millions		3 Months Ended
	Oct. 31, 2024 USD ($)	Sep. 30, 2024 USD ($)
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal		$ (27.4)
Subsequent Event [Member]
Notes Receivable, Term	10 years
Financing Receivable, before Allowance for Credit Loss	$ 7
Disposal Group, Consideration, Revenue Payments Period	5 years
Disposal Group, Consideration, Period for Payment of Percentage of Gross Proceeds for Third Party Sales	24 months
Disposal Group, Consideration, Change of Control, Minimum	$ 14
Disposal Group, Consideration, Change of Control, Multiplier of Revenue Payments	10