Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 09, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Entity Registrant Name | Anika Therapeutics, Inc. | ||
Entity Central Index Key | 898,437 | ||
Trading Symbol | anik | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,693,928 | ||
Entity Public Float | $ 702,114,713 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 133,256 | $ 104,261 |
Investments | 24,000 | 20,500 |
Accounts receivable, net of reserves of $1,914 and $194 at December 31, 2017 and December 31, 2016, respectively | 23,825 | 27,598 |
Inventories, net | 22,035 | 15,983 |
Prepaid expenses and other current assets | 3,211 | 2,098 |
Total current assets | 206,327 | 170,440 |
Property and equipment, net | 56,183 | 52,296 |
Other long-term assets | 1,254 | 69 |
Intangible assets, net | 10,635 | 10,227 |
Goodwill | 8,218 | 7,214 |
Total assets | 282,617 | 240,246 |
Current liabilities: | ||
Accounts payable | 6,747 | 2,303 |
Accrued expenses and other current liabilities | 6,326 | 6,496 |
Total current liabilities | 13,073 | 8,799 |
Other long-term liabilities | 660 | 2,126 |
Deferred tax liability | 5,393 | 6,548 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 0 | 0 |
Common stock, $0.01 par value; 60,000 shares authorized, 14,688 and 14,627 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 147 | 146 |
Additional paid-in-capital | 68,617 | 61,735 |
Accumulated other comprehensive loss | (4,784) | (7,317) |
Retained earnings | 199,511 | 168,209 |
Total stockholders’ equity | 263,491 | 222,773 |
Total liabilities and stockholders’ equity | $ 282,617 | $ 240,246 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts receivable, reserves | $ 1,914 | $ 194 |
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) | 60,000 | 60,000 |
Common stock, shares issued (in shares) | 14,688 | 14,627 |
Common stock, shares outstanding (in shares) | 14,688 | 14,627 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Revenue | $ 107,783 | $ 102,932 | $ 87,696 |
Licensing, milestone and contract revenue | 5,637 | 447 | 5,303 |
Total revenue | 113,420 | 103,379 | 92,999 |
Operating expenses: | |||
Cost of product revenue | 27,364 | 24,027 | 21,053 |
Research & development | 18,787 | 10,732 | 8,987 |
Selling, general & administrative | 21,540 | 18,013 | 14,825 |
Total operating expenses | 67,691 | 52,772 | 44,865 |
Income from operations | 45,729 | 50,607 | 48,134 |
Interest income, net | 473 | 263 | 120 |
Income before income taxes | 46,202 | 50,870 | 48,254 |
Provision for income taxes | 14,386 | 18,323 | 17,496 |
Net income | $ 31,816 | $ 32,547 | $ 30,758 |
Basic net income per share: | |||
Net income (in dollars per share) | $ 2.18 | $ 2.22 | $ 2.06 |
Basic weighted average common shares outstanding (in shares) | 14,575 | 14,682 | 14,934 |
Diluted net income per share: | |||
Net income (in dollars per share) | $ 2.11 | $ 2.15 | $ 2.01 |
Diluted weighted average common shares outstanding (in shares) | 15,068 | 15,116 | 15,321 |
Net income | $ 31,816 | $ 32,547 | $ 30,758 |
Foreign currency translation adjustment | 2,533 | (668) | (2,154) |
Comprehensive income | $ 34,349 | $ 31,879 | $ 28,604 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2014 | 14,852 | ||||
Balance at Dec. 31, 2014 | $ 149 | $ 77,540 | $ 104,904 | $ (4,495) | $ 178,098 |
Issuance of common stock for equity awards (in shares) | 185 | ||||
Issuance of common stock for equity awards | $ 1 | 1,073 | 1,074 | ||
Tax benefit related to equity awards | 847 | 847 | |||
Stock-based compensation expense | 2,225 | 2,225 | |||
Net income | 30,758 | 30,758 | |||
Other comprehensive loss | (2,154) | (2,154) | |||
Balance (in shares) at Dec. 31, 2015 | 15,037 | ||||
Balance at Dec. 31, 2015 | $ 150 | 81,685 | 135,662 | (6,649) | 210,848 |
Issuance of common stock for equity awards (in shares) | 121 | ||||
Issuance of common stock for equity awards | $ 1 | 1,006 | 1,007 | ||
Tax benefit related to equity awards | 647 | 647 | |||
Stock-based compensation expense | 3,392 | 3,392 | |||
Net income | 32,547 | 32,547 | |||
Other comprehensive loss | (668) | (668) | |||
Repurchase of common stock (in shares) | (531) | ||||
Repurchase of common stock | $ (5) | (24,995) | (25,000) | ||
Balance (in shares) at Dec. 31, 2016 | 14,627 | ||||
Balance at Dec. 31, 2016 | $ 146 | 61,735 | 168,209 | (7,317) | 222,773 |
Issuance of common stock for equity awards (in shares) | 61 | ||||
Issuance of common stock for equity awards | $ 1 | 313 | 314 | ||
Stock-based compensation expense | 5,807 | 5,807 | |||
Net income | 31,816 | 31,816 | |||
Other comprehensive loss | 2,533 | 2,533 | |||
Balance (in shares) at Dec. 31, 2017 | 14,688 | ||||
Balance at Dec. 31, 2017 | $ 147 | 68,617 | 199,511 | (4,784) | 263,491 |
Cumulative effect of change in accounting for stock-based compensation | $ 762 | $ (514) | $ 248 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash flows from operating activities: | |||
Net income | $ 31,816 | $ 32,547 | $ 30,758 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 4,290 | 3,734 | 3,775 |
Loss on disposal of fixed assets | 150 | ||
Stock-based compensation expense | 5,807 | 3,392 | 2,225 |
Deferred income taxes | (1,198) | (65) | (747) |
Provision for doubtful accounts | 1,609 | 52 | 38 |
Provision for inventory | 695 | 654 | 210 |
Non-cash impairment charges for IPR&D | 697 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable | 2,674 | (6,201) | (4,996) |
Inventories | (6,521) | (1,738) | (2,939) |
Prepaid expenses, other current and long-term assets | (1,454) | (898) | 89 |
Accounts payable | 3,890 | (5,059) | 5,625 |
Accrued expenses and other current liabilities | (605) | 1,566 | (199) |
Income taxes payable | 367 | (3,552) | 5,484 |
Other long-term liabilities | (708) | 16 | (109) |
Net cash provided by operating activities | 40,812 | 24,448 | 39,911 |
Cash flows from investing activities: | |||
Proceeds from maturity of investments | 41,500 | 46,500 | 24,250 |
Purchase of investments | (45,000) | (39,249) | (45,251) |
Purchase of property and equipment, net | (8,980) | (14,014) | (9,225) |
Net cash used in investing activities | (12,480) | (6,763) | (30,226) |
Cash flows from financing activities: | |||
Repurchase of common stock | (25,000) | ||
Proceeds from exercise of equity awards | 314 | 1,007 | 1,074 |
Net cash (used in) provided by financing activities | 314 | (23,993) | 1,074 |
Exchange rate impact on cash | 349 | (138) | (208) |
Increase (Decrease) in cash and cash equivalents | 28,995 | (6,446) | 10,551 |
Cash and cash equivalents at beginning of period | 104,261 | 110,707 | 100,156 |
Cash and cash equivalents at end of period | 133,256 | 104,261 | 110,707 |
Supplemental disclosure of cash flow information: | |||
Cash paid for income taxes | 15,088 | 22,826 | 12,724 |
Non-cash Investing Activities: | |||
Purchases of property and equipment included in accounts payable and accrued expenses | 1,891 | 1,257 | 1,949 |
Build-to-suit lease agreement | $ 0 | $ 1,723 | $ 30 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Anika Therapeutics, Inc. (the “Company”) is a global, integrated orthopedic medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over two The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. Foreign Currency Translation The functional currency of the Company’s foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the average exchange rates for the period. The translation adjustments resulting from this process are included in stockholders’ equity as a component of accumulated other comprehensive loss which resulted in a gain (loss) from foreign currency translation of $2.5 $0.7 $2.2 December 31, 2017, 2016, 2015, The Company recognized a gain (loss) from foreign currency transactions of $0.7 $0.3 $0.4 December 31, 2017, 2016, 2015, Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 not • Level 3 not The Company’s financial assets have been classified as Levels 1 2. third Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 2017 2016 2015 Balance, beginning of the year $ 194 $ 167 $ 147 Amounts provided 1,609 52 38 Amounts written off (6 ) (16 ) (3 ) Translation adjustments 117 (9 ) (15 ) Balance, end of the year $ 1,914 $ 194 $ 167 Revenue Recognition - General The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, risk of loss has passed or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. Product Revenue Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. Product revenue also includes royalties. Royalty revenue is based on distributors’ sales and is recognized in the same period distributors record their sale of products manufactured by the Company. On a quarterly basis the Company records royalty revenue based upon sales provided to it by its distributor customers. Pursuant to the Health Care and Education Reconciliation Act of 2010, January 1, 2013 605 45. 2015 no 2016 2017 2.3% January 1, 2016 2020. Licensing, Milestone and Contract Revenue Licensing, milestone and contract revenue consists of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development, and/or supply agreements with partners for the development and commercialization of the Company’s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: 1. The consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone; 2. The consideration relates solely to past performance; and 3. The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no The terms of the agreements typically include non-refundable license fees, funding of research and development, and payments based upon achievement of certain milestones. The Company adopted ASU 2009 13, Revenue Recognition January 2011, 605 25, Multiple Element Arrangements 605 25” 605 25, 2009 13, not Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three 90 Investments The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 three one one three All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not December 31, 2017 2016, not not not not Concentration of Credit Risk and Significant Customers The Company has no two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. As of December 31, 2017 2016, 68% 66%, no 10% Inventories Inventories are stated at the lower of standard cost and net realizable value, with approximate cost determined using the first first not The Company’s policy is to write-down inventory when conditions exist that suggest inventory may not When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory $22.0 and $16.0 December 31, 2017 2016, $1.7 $0.9 may Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are typically: Asset Estimated useful life Computer equipment and software 3 - Furniture and fixtures 5 - Equipment 5-15 years Leasehold improvements Shorter of useful life or term of lease Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. Fully depreciated assets are retained in the accounts until they are no no Construction-in-process is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. Construction-in-process is not Goodwill and Acquired Intangible Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquires that have not Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors the Company considers important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets or the strategy for its overall business, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period, or a reduction of its market capitalization relative to net book value. To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company’s annual assessment for impairment of goodwill as of November 30, 2017 To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. The Company estimates the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not During the fourth 2015, 2015, $0.7 November 30, 2017 2016 Long-Lived Assets Long-lived assets primarily include property and equipment and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, patents, and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may not no Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred. Stock-Based Compensation The Company has stock-based compensation plans under which it grants various types of equity-based awards, including restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance options, and stock options. The Company measures the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based options with financial and business milestone achievement targets, the Company recognizes expense using the graded vesting methodology over the service period. Compensation cost associated with performance-based options is based on the probable outcome of the performance conditions. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related stock-based compensation expense that will be recorded in the period of the change. If the performance targets are not no $0.8 $0.3 $0.4 2017, 2016, 2015, See Note 12, Equity Incentive Plan 10 Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not not not Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, the Company does not Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin one Contingencies In the normal course of business, the Company is involved from time-to-time in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. The Company records accruals for loss contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company considers all relevant factors when making assessments regarding these contingencies. Although the outcomes of any potential legal proceedings are inherently difficult to predict, the Company does not Subsequent Events Events occurring subsequent to December 31, 2017 no Recent Accounting Pronouncements Recently Issued In May 2014, No. 2014 09, 2014 09 605, July 2015, one December 15, 2017 not January 1, 2018. The Company developed an implementation plan to assess the impact of the new guidance on its operations, financial results, and related disclosures. To date, the Company has substantially completed its assessment of the potential areas of the balance sheet and financial statement components impacted. The Company has prepared its accounting policy memorandum and assessment of the quantitative impact of adoption, including the impact of the new guidance on its results of operations and internal controls. Based on procedures performed to date, the Company has concluded that the adoption of the new standard will not not January 1, 2018. In February 2016, No. 2016 02, 842 2016 02 2016 02 December 15, 2018. may 2016 02 In June 2016, No. 2016 13, 326 2016 13 not 2016 13 January 1, 2020. not Recently Adopted In March 2016, No. 2016 09, 718 2016 09 January 1, 2017. January 1, 2017, December 31, 2016 2015, $0.6 $0.8 $0.6 $0.8 January 1, 2017, $0.5 2017. 16, Income Taxes 10 |
Note 3 - Investments
Note 3 - Investments | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 3. All of the Company’s investments are classified as available-for-sale and are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held bank certificates of deposits of $24.0 $20.5 December 31, 2017 2016, no December 31, 2017 2016. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. The Company’s investments are all classified within Levels 1 2 1 2 third not The fair value hierarchy of the Company’s cash equivalents and investments at fair value is as follows: Fair Value Measurements at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market fund $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ - Fair Value Measurements at Reporting Date Using December 31, 2016 Quoted Prices in Significant Other (Level 3) Cash equivalents: Money market funds $ 68,352 $ - $ 68,352 $ - Bank certificates of deposit 750 - 750 - Total cash equivalents $ 69,102 $ - $ 69,102 $ - Investments: Bank certificates of deposit 20,500 - 20,500 - Total investments $ 20,500 $ - $ 20,500 $ - The Company did not 3 December 31, 2017 2016. December 31, 2017, 1 2 |
Note 5 - Earnings Per Share ("E
Note 5 - Earnings Per Share ("EPS") | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 5. Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested RSA’s, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share: Years Ended December 31, 2017 2016 2015 Shares used in the calculation of basic earnings per share 14,575 14,682 14,934 Effect of dilutive securities: Stock options, SAR's, RSA's and RSU's 493 434 387 Diluted shares used in the calculation of earnings per share 15,068 15,116 15,321 Stock options to purchase 0.5 0.4 0.2 December 31, 2017, 2016, 2015, 2017, 2016 2015 not At December 31, 2017, 2016, 2015, 0.1 On February 26, 2016, $25.0 $25.0 0.4 February 29, 2016 $46.40 On August 26, 2016, $7.5 August 26, 2016. 0.1 August 31, 2016. 0.5 $47.08 |
Note 6 - Inventories
Note 6 - Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 6. Inventories consist of the following: December 31, 2017 2016 Raw materials $ 11,296 $ 5,884 Work-in-process 6,062 5,559 Finished goods 4,677 4,540 Total $ 22,035 $ 15,983 |
Note 7 - Property and Equipment
Note 7 - Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 7. Property and equipment is stated at cost and consists of the following: December 31, 2017 2016 Equipment and software $ 37,137 $ 27,456 Furniture and fixtures 1,947 1,126 Leasehold improvements 31,459 27,796 Construction in progress 5,830 22,695 Subtotal 76,373 79,073 Less accumulated depreciation (20,190 ) (26,777 ) Total $ 56,183 $ 52,296 Construction-in-progress at December 31, 2017, January 2018. December 31, 2016 2015 December 2017. 2017 $9.8 no Depreciation expense was $3.3 $2.7 $2.7 December 31, 2017, 2016, 2015, |
Note 8 - Acquired Intangible As
Note 8 - Acquired Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 8. Intangible assets consist of the following: December 31, 2017 December 31, 2016 Gross Value Accumulated Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (2,550 ) $ (7,723 ) $ 6,827 $ (3,442 ) $ (6,816 ) $ 6,842 15 In-process research & development 4,406 (1,015 ) 3,391 (1,433 ) - 2,973 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (152 ) (431 ) 417 (207 ) (381 ) 412 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,132 ) $ (13,439 ) $ 10,635 $ (5,497 ) $ (12,482 ) $ 10,227 On December 30, 2009, In 2015, $0.7 fourth The Company performed an annual assessment of IPR&D intangible assets as of November 30, 2017. 2017 no Total amortization expense was $1.0 $1.1 $1.1 December 31, 2017, 2016, 2015, $1.0 2018, $1.0 2021, $3.1 |
Note 9 - Goodwill
Note 9 - Goodwill | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 9. The Company completed its annual impairment review as of November 30, 2017 no December 31, 2017, not may not December 31, 2017 2016 Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 1,004 (268 ) Balance, ending $ 8,218 $ 7,214 |
Note 10 - Accrued Expenses
Note 10 - Accrued Expenses | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued expenses consist of the following: December 31, 2017 2016 Compensation and related expenses $ 2,893 $ 3,089 Facility construction costs - 804 Research grants 419 463 Clinical trial costs 2,318 227 Professional fees 448 802 Deferred rent - 231 Other 248 880 Total $ 6,326 $ 6,496 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. Leasing Arrangements On October 9, 2015, 33,000 fifteen March 1, 2017. three six six no ninth $0.3 Construction of the new facility commenced during the first 2016. March 1, 2017, $3.1 $0.8 Prior to April 2017, 28,000 December 29, 2016 March 31, 2017. Rental expense in connection with the various facility leases totaled $1.8 $1.3 $1.3 December 31, 2017, 2016, 2015, 2017 first November 1, 2017 October 31, 2022, The Company’s future lease commitments as of December 31, 2017 2018 $ 1,879 2019 1,880 2020 1,916 2021 1,924 2022 1,673 2023 and thereafter 1,311 Total $ 10,583 Warranty and Guarantor Arrangements In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may not third no December 31, 2017 2016, no Legal Proceedings The Company is involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 12. Equity Incentive Plan The Anika Therapeutics, Inc. Stock Option and Incentive Plan, as amended, (the “2003 2003 April 4, 2003, June 4, 2003, 1,500,000 On May 29, 2009, 2003 2003 2003 850,000. 2003 June 5, 2009, 2,350,000 2003 At the 2011 June 7, 2011, “2003 800,000 3,150,000 2003 June 7, 2011 1.9 At the 2013 June 18, 2013, 2003 650,000 3,800,000 2003 June 18, 2013 1.5 On June 13, 2017, 2017 “2017 2017 2003 2017 March 31, 2017. 2017 may 2017 2.0 no 1.2 may 2017 1.1 December 31, 2017. The Company may one four The Company estimates the fair value of stock options and SAR’s using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. Key input assumptions used to estimate the fair value of stock options and SAR’s include the exercise price of the award, the expected award term, the expected volatility of the Company’s stock over the option’s expected term, the risk-free interest rate over the award’s expected term, and the Company’s expected annual dividend yield. The expected volatility assumption is evaluated against the historical volatility of the Company’s common stock over a four The fair value of each stock option during 2017, 2016, 2015 2017 2016 2015 Risk free interest rate 1.60% - 1.86% 0.94% - 1.55% 1.15% - 1.46% Expected volatility 38.74% - 44.31% 47.33% - 51.61% 53.15% - 54.65% Expected life (years) 4.0 4.5 4.5 Expected dividend yield 0.00% 0.00% 0.00% Stock Options and Restricted Stock During the year ended December 31, 2017, 85,109 26,306 2017 407,635 2003 three January 2017, 2003 9,970 one The Company recorded $5.8 $3.4 $2.2 December 31, 2017, 2016, 2015, 2017 2016 2015 Cost of product revenue $ 439 $ 148 $ 42 Research & development 564 467 269 Selling, general & administrative 4,804 2,777 1,914 Total stock-based compensation expense $ 5,807 $ 3,392 $ 2,225 Combined stock options and SAR’s activity under the Company’s plans is summarized as follows for the years ended December 31, 2017 2016, 2017 2016 Weighted Weighted Average Average Exercise Exercise Number of Price Per Number of Price Per Shares Share Shares Share Options and SAR's outstanding at beginning of year 979,569 $ 26.15 762,260 $ 18.75 Granted 440,688 $ 50.22 354,275 $ 40.77 Cancelled (74,527 ) $ 45.56 (58,841 ) $ 30.05 Expired (589 ) $ 32.86 (3,310 ) $ 11.37 Exercised (17,941 ) $ 20.56 (74,815 ) $ 15.46 Options and SAR's outstanding at end of year 1,327,200 $ 33.70 979,569 $ 26.15 All the 1,327,200 December 31, 2017 $33.70 $27.6 7.0 December 31, 2017. As of December 31, 2017, $7.6 2.1 The exercisable options and SAR’s at December 31, 2017 Outstanding Weighted Average Weighted Average Incentive stock options 182,472 $ 14.12 4.3 Nonqualified stock options 374,211 $ 20.18 5.3 Performance options 32,598 $ 38.79 7.7 SAR's 35,250 $ 6.36 2.1 The aggregate intrinsic value of stock options and SAR’s fully vested at December 31, 2017 2016 $22.0 $16.7 December 31, 2017 2016 $27.6 $22.3 The total intrinsic value of stock options and SAR’s exercised was $0.5 $2.1 December 31, 2017 2016, The total fair value of stock options and SAR’s vested during the years ended December 31, 2017 2016 $2.1 $1.3 The Company received $0.3 $1.0 December 31, 2017 2016, The RSA and RSU activity for the years ended December 31, 2017 2016 2017 2016 Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Unvested at Beginning of year 207,077 $ 36.44 150,384 $ 34.29 Granted 67,567 $ 52.03 87,158 $ 38.11 Cancelled - $ - (4,950 ) $ 36.20 Expired - $ - - $ - Vested/Released (45,418 ) $ 35.32 (25,515 ) $ 33.35 Unvested at end of year 229,226 $ 42.47 207,077 $ 36.44 The total fair value of RSA’s and RSU’s vested during the years ended December 31, 2017 2016 $2.3 $1.0 |
Note 13 - Employee Benefit Plan
Note 13 - Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | 13. The Company’s U.S. employees are eligible to participate in the Company’s 401 may 140% 5% may $0.6 $0.6 $0.4 December 31, 2017, 2016, 2015, |
Note 14 - Shareholder Rights Pl
Note 14 - Shareholder Rights Plan | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 14. On April 4, 2008, “2008 2008 ( 1 15% ( 2 15% In the event that a person becomes an “Acquiring Person,” each holder of a Right (other than the Acquiring Person) would be entitled to acquire a number of shares of preferred stock equivalent to shares of the Company’s common stock having a value of twice the exercise price of the Right. If, after any such event, the Company enters into a merger or other business combination transaction with another entity, each holder of a Right would then be entitled to purchase, at the then-current exercise price, shares of the acquiring company’s common stock having a value of twice the exercise price of the Right. The current exercise price per Right is $75.00. may not $0.01 ( 1 ( 2 At any time after any person becomes an “Acquiring Person,” the Board of Directors may, 2008 not 50% In connection with the establishment of the 2008 $0.01 175,000 no |
Note 15 - Revenue by Product Gr
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Product revenue by product group is as follows: Years Ended December 31, 2017 2016 2015 Revenue Percentage of Product Revenue Revenue Percentage of Product Revenue Revenue Percentage of Product Revenue Orthobiologics $ 93,816 87 % $ 89,695 87 % $ 73,247 84 % Dermal 2,755 3 % 2,759 3 % 2,266 2 % Surgical 5,262 5 % 5,427 5 % 5,812 7 % Other 5,950 5 % 5,051 5 % 6,371 7 % $ 107,783 100 % $ 102,932 100 % $ 87,696 100 % Product revenue from our sole significant customer, Mitek, as a percentage of our total product revenue was 73%, 75%, 72% December 31, 2017, 2016, 2015, ORTHOVISC became available for sale in the United States on March 1, 2004, ten December 2003. five 2012 2017, December 20, 2023. In December 2011, fifteen December 31, 2017, 2016, 2015, $5.0 $0.0 $5.0 2015 $50 12 2017 $100 12 may Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows: Years Ended December 31, 2017 2016 2015 Total Percentage of Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Revenue Revenue Geographic Location: United States $ 92,905 82 % $ 83,972 81 % $ 76,621 82 % Europe 12,435 11 % 10,953 11 % 8,756 9 % Other 8,080 7 % 8,454 8 % 7,622 9 % Total $ 113,420 100 % $ 103,379 100 % $ 92,999 100 % The Company recorded licensing, milestone, and contract revenue of $5.6 $0.4 $5.3 December 31, 2017, 2016, 2015, 2016 Net long-lived assets, consisting of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas are as follows: Years Ended December 31, 2017 2016 United States $ 52,828 $ 49,140 Italy 3,355 3,156 Total $ 56,183 $ 52,296 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. New Tax Legislation On December 22, 2017, “2017 35% 21% 2018. $2.3 2017 not 2017 In accordance with Staff Accounting Bulletin No. 118, 2017 2017 not Income Tax Expense The components of the Company’s income before income taxes and its provision for (benefit from) income taxes consist of the following: Years ended December 31, 2017 2016 2015 Income before income taxes Domestic $ 48,446 $ 50,181 $ 48,608 Foreign (2,244 ) 689 (354 ) $ 46,202 $ 50,870 $ 48,254 Years ended December 31, 2017 2016 2015 Provision for (benefit from) income taxes: Current provision: Federal $ 12,608 $ 14,982 $ 14,572 State 2,737 3,265 3,635 Foreign 31 302 249 15,376 18,549 18,456 Deferred provision: Federal (426 ) (70 ) (370 ) State (68 ) (84 ) (33 ) Foreign (496 ) (72 ) (557 ) (990 ) (226 ) (960 ) Total provision $ 14,386 $ 18,323 $ 17,496 Deferred Tax Assets and Liabilities Significant components of the Company’s deferred tax assets and liabilities consist of the following: December 31, 2017 2016 Deferred tax assets: Net operating loss carry forward, foreign $ 959 $ 1,253 Stock-based compensation expense 2,309 1,882 Foreign currency exchange 265 677 Accrued expenses and other 496 308 Inventory reserve 740 640 Deferred tax assets $ 4,769 $ 4,760 December 31, 2017 2016 Deferred tax liabilities: Acquisition-related Intangibles $ (2,743 ) $ (2,932 ) Depreciation (7,419 ) (8,376 ) Deferred tax liabilities $ (10,162 ) $ (11,308 ) Net deferred tax liabilities $ (5,393 ) $ (6,548 ) Tax Rate The reconciliation between the U.S. federal statutory rate and the Company’s effective rate is summarized as follows: Years ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax expense, net of federal benefit 4.8 % 4.5 % 4.8 % Impact of rate change on deferred taxes (4.9 %) 0.0 % 0.0 % Permanent items, including nondeductible expenses 0.6 % 0.5 % (0.3 %) State investment tax credit (0.7 %) (0.1 %) 0.0 % Federal, state and foreign research and development credits (1.4 %) (0.9 %) (0.4 %) Foreign rate differential 0.5 % (0.1 %) 0.1 % Domestic production deduction (2.8 %) (2.9 %) (2.9 %) Effective income tax rate 31.1 % 36.0 % 36.3 % As of December 31, 2017, $4.0 not Accounting for Uncertainty in Income Taxes The Company had no December 31, 2017 2016, The Company does not twelve December 31, 2017. In the normal course of business, Anika and its subsidiaries may 2014 2016 2011 2016 Upon the settlement of certain stock-based awards (i.e., exercise, vesting, forfeiture, or cancellation), the actual tax deduction is compared with cumulative financial reporting compensation cost, and any excess tax deduction related to these awards is considered a windfall tax benefit. With the adoption of ASU 2016 09 2017, 2016 09, $0.4 2017. $0.6 $0.9 2016 2015, |
Note 17 - Revolving Credit Agre
Note 17 - Revolving Credit Agreement | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 17. On October 24, 2017, five $50.0 may $50.0 $100.0 0.50%, one 1.0%, 0.25% 1.75% 0.25% five December 31, 2017, no The Credit Agreement contains customary representations, warranties, affirmative and negative covenants, including financial covenants, events of default and indemnification provisions in favor of the Lenders (as defined in the Credit Agreement). The covenants include restrictions governing the Company’s leverage ratio and interest coverage ratio, its incurrence of liens and indebtedness, and its entry into certain merger and acquisition transactions or dispositions and other matters, all subject to certain exceptions. The financial covenants require the Company not first |
Note 18 - Quarterly Financial D
Note 18 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | 18. Quarter ended Quarter ended Quarter ended Quarter ended Year 2017 December 31 September 30 June 30 March 31 Product revenue $ 28,884 $ 27,178 $ 28,340 $ 23,381 Total revenue 29,388 27,184 33,462 23,386 Cost of product revenue 8,716 6,250 6,315 6,083 Gross profit on product revenue 20,168 20,928 22,025 17,298 Net income $ 8,067 $ 6,887 $ 11,369 $ 5,493 Per common share information: Basic net income per share $ 0.55 $ 0.47 $ 0.78 $ 0.38 Basic common shares outstanding 14,596 14,579 14,588 14,576 Diluted net income per share $ 0.53 $ 0.46 $ 0.76 $ 0.37 Diluted common shares outstanding 15,141 15,115 15,044 15,043 Quarter ended Quarter ended Quarter ended Quarter ended Year 2016 December 31 September 30 June 30 March 31 Product revenue $ 28,296 $ 25,783 $ 26,575 $ 22,278 Total revenue 28,726 25,789 26,581 22,283 Cost of product revenue 7,539 4,998 6,065 5,425 Gross profit on product revenue 20,757 20,785 20,510 16,853 Net income $ 8,085 $ 8,952 $ 8,615 $ 6,895 Per common share information: Basic net income per share $ 0.56 $ 0.61 $ 0.59 $ 0.46 Basic common shares outstanding 14,538 14,625 14,679 14,875 Diluted net income per share $ 0.54 $ 0.59 $ 0.57 $ 0.45 Diluted common shares outstanding 14,979 15,077 15,111 15,307 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Anika Therapeutics, Inc. and its wholly owned subsidiaries, Anika Securities, Inc. (a Massachusetts Securities Corporation), and Anika Therapeutics S.r.l. All intercompany balances and transactions have been eliminated in consolidation. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation The functional currency of the Company’s foreign subsidiary is the Euro. Assets and liabilities of the foreign subsidiary are translated using the exchange rate existing on each respective balance sheet date. Revenues and expenses are translated using the average exchange rates for the period. The translation adjustments resulting from this process are included in stockholders’ equity as a component of accumulated other comprehensive loss which resulted in a gain (loss) from foreign currency translation of $2.5 $0.7 $2.2 December 31, 2017, 2016, 2015, The Company recognized a gain (loss) from foreign currency transactions of $0.7 $0.3 $0.4 December 31, 2017, 2016, 2015, |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price that would be received from selling an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of non-performance. The accounting standard establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs that may • Level 1 1 • Level 2 not • Level 3 not The Company’s financial assets have been classified as Levels 1 2. third |
Loans and Leases Receivable, Allowance for Loan Losses Policy [Policy Text Block] | Allowance for Doubtful Accounts The Company maintains an allowance for doubtful accounts for estimated losses resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance for doubtful accounts, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer credit-worthiness, current economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms. A summary of activity in the allowance for doubtful accounts is as follows: December 31, 2017 2016 2015 Balance, beginning of the year $ 194 $ 167 $ 147 Amounts provided 1,609 52 38 Amounts written off (6 ) (16 ) (3 ) Translation adjustments 117 (9 ) (15 ) Balance, end of the year $ 1,914 $ 194 $ 167 |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition - General The Company recognizes revenue when all of the following criteria are met: persuasive evidence of an arrangement exists, risk of loss has passed or services have been rendered, the seller's price to the buyer is fixed or determinable, and collection from the customer is reasonably assured. |
Revenue Recognition, Sales of Goods [Policy Text Block] | Product Revenue Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. Product revenue also includes royalties. Royalty revenue is based on distributors’ sales and is recognized in the same period distributors record their sale of products manufactured by the Company. On a quarterly basis the Company records royalty revenue based upon sales provided to it by its distributor customers. Pursuant to the Health Care and Education Reconciliation Act of 2010, January 1, 2013 605 45. 2015 no 2016 2017 2.3% January 1, 2016 2020. |
Revenue Recognition, Services, Licensing Fees [Policy Text Block] | Licensing, Milestone and Contract Revenue Licensing, milestone and contract revenue consists of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company’s business strategy includes entering into collaborative license, development, and/or supply agreements with partners for the development and commercialization of the Company’s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria: 1. The consideration is commensurate with either the entity’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone; 2. The consideration relates solely to past performance; and 3. The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity’s performance or on the occurrence of a specific outcome resulting from the entity’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no The terms of the agreements typically include non-refundable license fees, funding of research and development, and payments based upon achievement of certain milestones. The Company adopted ASU 2009 13, Revenue Recognition January 2011, 605 25, Multiple Element Arrangements 605 25” 605 25, 2009 13, not |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company considers only those investments which are highly liquid, readily convertible to cash, and that mature within three 90 |
Marketable Securities, Policy [Policy Text Block] | Investments The Company’s investments consist of bank certificates of deposit with an original maturity of more than 90 three one one three All of the Company’s investments are subject to a periodic impairment review. The Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. Factors considered in determining whether a loss is temporary include the extent and length of time the investment's fair value has been lower than its cost basis, the financial condition and near-term prospects of the investee, extent of the loss related to credit of the issuer, the expected cash flows from the security, the Company’s intent to sell the security, and whether or not December 31, 2017 2016, not not not not |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Significant Customers The Company has no two The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited. As of December 31, 2017 2016, 68% 66%, no 10% |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of standard cost and net realizable value, with approximate cost determined using the first first not The Company’s policy is to write-down inventory when conditions exist that suggest inventory may not When recorded, inventory write-downs are intended to reduce the carrying value of inventory to its net realizable value. Inventory $22.0 and $16.0 December 31, 2017 2016, $1.7 $0.9 may |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are recorded at cost and depreciated using the straight-line method over their estimated useful lives, which are typically: Asset Estimated useful life Computer equipment and software 3 - Furniture and fixtures 5 - Equipment 5-15 years Leasehold improvements Shorter of useful life or term of lease Maintenance and repairs are charged to expense when incurred; additions and improvements are capitalized. Fully depreciated assets are retained in the accounts until they are no no Construction-in-process is stated at cost, which includes the cost of construction and other direct costs attributable to the construction. Construction-in-process is not |
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | Goodwill and Acquired Intangible Assets Goodwill is the amount by which the purchase price of acquired net assets in a business combination exceeded the fair values of net identifiable assets on the date of acquisition. Acquired IPR&D represents the fair value assigned to research and development assets that the Company acquires that have not Goodwill and IPR&D are evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the asset might be impaired. Factors the Company considers important, on an overall company basis, that could trigger an impairment review include significant underperformance relative to historical or projected future operating results, significant changes in the Company’s use of the acquired assets or the strategy for its overall business, significant negative industry or economic trends, a significant decline in the Company’s stock price for a sustained period, or a reduction of its market capitalization relative to net book value. To conduct impairment tests of goodwill, the fair value of the reporting unit is compared to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company’s annual assessment for impairment of goodwill as of November 30, 2017 To conduct impairment tests of IPR&D, the fair value of the IPR&D project is compared to its carrying value. If the carrying value exceeds its fair value, the Company records an impairment loss to the extent that the carrying value of the IPR&D project exceeds its fair value. The Company estimates the fair value for IPR&D projects using discounted cash flow valuation models, which require the use of significant estimates and assumptions, including but not During the fourth 2015, 2015, $0.7 November 30, 2017 2016 |
Impairment or Disposal of Long-Lived Assets, Including Intangible Assets, Policy [Policy Text Block] | Long-Lived Assets Long-lived assets primarily include property and equipment and intangible assets with finite lives. The Company’s intangible assets are comprised of purchased developed technologies, patents, and trade names. These intangible assets are carried at cost, net of accumulated amortization. Amortization is recorded on a straight-line basis over the intangible assets' useful lives, which range from approximately five sixteen may not no |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Research and development costs consist primarily of clinical trials, salaries and related expenses for personnel, and fees paid to outside consultants and outside service providers, including costs associated with licensing, milestone and contract revenue. Research and development costs are expensed as incurred. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-Based Compensation The Company has stock-based compensation plans under which it grants various types of equity-based awards, including restricted stock units (“RSUs”), restricted stock awards (“RSAs”), performance options, and stock options. The Company measures the compensation cost of award recipients’ services received in exchange for an award of equity instruments based on the grant date fair value of the underlying award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. For performance-based options with financial and business milestone achievement targets, the Company recognizes expense using the graded vesting methodology over the service period. Compensation cost associated with performance-based options is based on the probable outcome of the performance conditions. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related stock-based compensation expense that will be recorded in the period of the change. If the performance targets are not no $0.8 $0.3 $0.4 2017, 2016, 2015, See Note 12, Equity Incentive Plan 10 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company’s income tax expense includes U.S. and international income taxes. Certain items of income and expense are not not not |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income Comprehensive income consists of net income and other comprehensive income (loss), which includes foreign currency translation adjustments. For the purposes of comprehensive income disclosures, the Company does not |
Segment Reporting, Policy [Policy Text Block] | Segment Information Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker is its Chief Executive Officer. Based on the criteria established by ASC 280, Segment Reportin one |
Commitments and Contingencies, Policy [Policy Text Block] | Contingencies In the normal course of business, the Company is involved from time-to-time in various legal proceedings and other matters such as contractual disputes, which are complex in nature and have outcomes that are difficult to predict. The Company records accruals for loss contingencies to the extent that it concludes that it is probable that a liability has been incurred and the amount of the related loss can be reasonably estimated. The Company considers all relevant factors when making assessments regarding these contingencies. Although the outcomes of any potential legal proceedings are inherently difficult to predict, the Company does not |
Subsequent Events, Policy [Policy Text Block] | Subsequent Events Events occurring subsequent to December 31, 2017 no |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements Recently Issued In May 2014, No. 2014 09, 2014 09 605, July 2015, one December 15, 2017 not January 1, 2018. The Company developed an implementation plan to assess the impact of the new guidance on its operations, financial results, and related disclosures. To date, the Company has substantially completed its assessment of the potential areas of the balance sheet and financial statement components impacted. The Company has prepared its accounting policy memorandum and assessment of the quantitative impact of adoption, including the impact of the new guidance on its results of operations and internal controls. Based on procedures performed to date, the Company has concluded that the adoption of the new standard will not not January 1, 2018. In February 2016, No. 2016 02, 842 2016 02 2016 02 December 15, 2018. may 2016 02 In June 2016, No. 2016 13, 326 2016 13 not 2016 13 January 1, 2020. not Recently Adopted In March 2016, No. 2016 09, 718 2016 09 January 1, 2017. January 1, 2017, December 31, 2016 2015, $0.6 $0.8 $0.6 $0.8 January 1, 2017, $0.5 2017. 16, Income Taxes 10 |
Note 2 - Summary of Significa26
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Allowance for Credit Losses on Financing Receivables [Table Text Block] | December 31, 2017 2016 2015 Balance, beginning of the year $ 194 $ 167 $ 147 Amounts provided 1,609 52 38 Amounts written off (6 ) (16 ) (3 ) Translation adjustments 117 (9 ) (15 ) Balance, end of the year $ 1,914 $ 194 $ 167 |
Property, Plant and Equipment Estimated Useful Lives [Table Text Block] | Asset Estimated useful life Computer equipment and software 3 - Furniture and fixtures 5 - Equipment 5-15 years Leasehold improvements Shorter of useful life or term of lease |
Note 4 - Fair Value Measureme27
Note 4 - Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using December 31, 2017 Quoted Prices in Significant Other Significant Cash equivalents: Money market fund $ 5,893 $ 5,893 $ - $ - Bank certificates of deposit 500 - 500 - Total cash equivalents $ 6,393 $ 5,893 $ 500 $ - Investments: Bank certificates of deposit $ 24,000 $ - $ 24,000 $ - Fair Value Measurements at Reporting Date Using December 31, 2016 Quoted Prices in Significant Other (Level 3) Cash equivalents: Money market funds $ 68,352 $ - $ 68,352 $ - Bank certificates of deposit 750 - 750 - Total cash equivalents $ 69,102 $ - $ 69,102 $ - Investments: Bank certificates of deposit 20,500 - 20,500 - Total investments $ 20,500 $ - $ 20,500 $ - |
Note 5 - Earnings Per Share (28
Note 5 - Earnings Per Share ("EPS") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Years Ended December 31, 2017 2016 2015 Shares used in the calculation of basic earnings per share 14,575 14,682 14,934 Effect of dilutive securities: Stock options, SAR's, RSA's and RSU's 493 434 387 Diluted shares used in the calculation of earnings per share 15,068 15,116 15,321 |
Note 6 - Inventories (Tables)
Note 6 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2017 2016 Raw materials $ 11,296 $ 5,884 Work-in-process 6,062 5,559 Finished goods 4,677 4,540 Total $ 22,035 $ 15,983 |
Note 7 - Property and Equipme30
Note 7 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2017 2016 Equipment and software $ 37,137 $ 27,456 Furniture and fixtures 1,947 1,126 Leasehold improvements 31,459 27,796 Construction in progress 5,830 22,695 Subtotal 76,373 79,073 Less accumulated depreciation (20,190 ) (26,777 ) Total $ 56,183 $ 52,296 |
Note 8 - Acquired Intangible 31
Note 8 - Acquired Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | December 31, 2017 December 31, 2016 Gross Value Accumulated Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (2,550 ) $ (7,723 ) $ 6,827 $ (3,442 ) $ (6,816 ) $ 6,842 15 In-process research & development 4,406 (1,015 ) 3,391 (1,433 ) - 2,973 Indefinite Distributor relationships 4,700 (415 ) (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (152 ) (431 ) 417 (207 ) (381 ) 412 16 Elevess trade name 1,000 - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,132 ) $ (13,439 ) $ 10,635 $ (5,497 ) $ (12,482 ) $ 10,227 |
Note 9 - Goodwill (Tables)
Note 9 - Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | December 31, 2017 2016 Balance, beginning $ 7,214 $ 7,482 Effect of foreign currency adjustments 1,004 (268 ) Balance, ending $ 8,218 $ 7,214 |
Note 10 - Accrued Expenses (Tab
Note 10 - Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2017 2016 Compensation and related expenses $ 2,893 $ 3,089 Facility construction costs - 804 Research grants 419 463 Clinical trial costs 2,318 227 Professional fees 448 802 Deferred rent - 231 Other 248 880 Total $ 6,326 $ 6,496 |
Note 11 - Commitments and Con34
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2018 $ 1,879 2019 1,880 2020 1,916 2021 1,924 2022 1,673 2023 and thereafter 1,311 Total $ 10,583 |
Note 12 - Equity Incentive Pl35
Note 12 - Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | 2017 2016 2015 Risk free interest rate 1.60% - 1.86% 0.94% - 1.55% 1.15% - 1.46% Expected volatility 38.74% - 44.31% 47.33% - 51.61% 53.15% - 54.65% Expected life (years) 4.0 4.5 4.5 Expected dividend yield 0.00% 0.00% 0.00% |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | 2017 2016 2015 Cost of product revenue $ 439 $ 148 $ 42 Research & development 564 467 269 Selling, general & administrative 4,804 2,777 1,914 Total stock-based compensation expense $ 5,807 $ 3,392 $ 2,225 |
Schedule of Share-based Compensation, Stock Options and Stock Appreciation Rights Award Activity [Table Text Block] | 2017 2016 Weighted Weighted Average Average Exercise Exercise Number of Price Per Number of Price Per Shares Share Shares Share Options and SAR's outstanding at beginning of year 979,569 $ 26.15 762,260 $ 18.75 Granted 440,688 $ 50.22 354,275 $ 40.77 Cancelled (74,527 ) $ 45.56 (58,841 ) $ 30.05 Expired (589 ) $ 32.86 (3,310 ) $ 11.37 Exercised (17,941 ) $ 20.56 (74,815 ) $ 15.46 Options and SAR's outstanding at end of year 1,327,200 $ 33.70 979,569 $ 26.15 |
Schedule of Share-based Compensation, Exercisable Stock Options and Stock Appreciation Rights Award Activity [Table Text Bloc] | Outstanding Weighted Average Weighted Average Incentive stock options 182,472 $ 14.12 4.3 Nonqualified stock options 374,211 $ 20.18 5.3 Performance options 32,598 $ 38.79 7.7 SAR's 35,250 $ 6.36 2.1 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | 2017 2016 Weighted Weighted Average Average Number of Grant Date Number of Grant Date Shares Fair Value Shares Fair Value Unvested at Beginning of year 207,077 $ 36.44 150,384 $ 34.29 Granted 67,567 $ 52.03 87,158 $ 38.11 Cancelled - $ - (4,950 ) $ 36.20 Expired - $ - - $ - Vested/Released (45,418 ) $ 35.32 (25,515 ) $ 33.35 Unvested at end of year 229,226 $ 42.47 207,077 $ 36.44 |
Note 15 - Revenue by Product 36
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Years Ended December 31, 2017 2016 2015 Revenue Percentage of Product Revenue Revenue Percentage of Product Revenue Revenue Percentage of Product Revenue Orthobiologics $ 93,816 87 % $ 89,695 87 % $ 73,247 84 % Dermal 2,755 3 % 2,759 3 % 2,266 2 % Surgical 5,262 5 % 5,427 5 % 5,812 7 % Other 5,950 5 % 5,051 5 % 6,371 7 % $ 107,783 100 % $ 102,932 100 % $ 87,696 100 % |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Years Ended December 31, 2017 2016 2015 Total Percentage of Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Revenue Revenue Geographic Location: United States $ 92,905 82 % $ 83,972 81 % $ 76,621 82 % Europe 12,435 11 % 10,953 11 % 8,756 9 % Other 8,080 7 % 8,454 8 % 7,622 9 % Total $ 113,420 100 % $ 103,379 100 % $ 92,999 100 % |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Years Ended December 31, 2017 2016 United States $ 52,828 $ 49,140 Italy 3,355 3,156 Total $ 56,183 $ 52,296 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Years ended December 31, 2017 2016 2015 Income before income taxes Domestic $ 48,446 $ 50,181 $ 48,608 Foreign (2,244 ) 689 (354 ) $ 46,202 $ 50,870 $ 48,254 Years ended December 31, 2017 2016 2015 Provision for (benefit from) income taxes: Current provision: Federal $ 12,608 $ 14,982 $ 14,572 State 2,737 3,265 3,635 Foreign 31 302 249 15,376 18,549 18,456 Deferred provision: Federal (426 ) (70 ) (370 ) State (68 ) (84 ) (33 ) Foreign (496 ) (72 ) (557 ) (990 ) (226 ) (960 ) Total provision $ 14,386 $ 18,323 $ 17,496 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2017 2016 Deferred tax assets: Net operating loss carry forward, foreign $ 959 $ 1,253 Stock-based compensation expense 2,309 1,882 Foreign currency exchange 265 677 Accrued expenses and other 496 308 Inventory reserve 740 640 Deferred tax assets $ 4,769 $ 4,760 December 31, 2017 2016 Deferred tax liabilities: Acquisition-related Intangibles $ (2,743 ) $ (2,932 ) Depreciation (7,419 ) (8,376 ) Deferred tax liabilities $ (10,162 ) $ (11,308 ) Net deferred tax liabilities $ (5,393 ) $ (6,548 ) |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Years ended December 31, 2017 2016 2015 Statutory federal income tax rate 35.0 % 35.0 % 35.0 % State tax expense, net of federal benefit 4.8 % 4.5 % 4.8 % Impact of rate change on deferred taxes (4.9 %) 0.0 % 0.0 % Permanent items, including nondeductible expenses 0.6 % 0.5 % (0.3 %) State investment tax credit (0.7 %) (0.1 %) 0.0 % Federal, state and foreign research and development credits (1.4 %) (0.9 %) (0.4 %) Foreign rate differential 0.5 % (0.1 %) 0.1 % Domestic production deduction (2.8 %) (2.9 %) (2.9 %) Effective income tax rate 31.1 % 36.0 % 36.3 % |
Note 18 - Quarterly Financial38
Note 18 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended Quarter ended Quarter ended Quarter ended Year 2017 December 31 September 30 June 30 March 31 Product revenue $ 28,884 $ 27,178 $ 28,340 $ 23,381 Total revenue 29,388 27,184 33,462 23,386 Cost of product revenue 8,716 6,250 6,315 6,083 Gross profit on product revenue 20,168 20,928 22,025 17,298 Net income $ 8,067 $ 6,887 $ 11,369 $ 5,493 Per common share information: Basic net income per share $ 0.55 $ 0.47 $ 0.78 $ 0.38 Basic common shares outstanding 14,596 14,579 14,588 14,576 Diluted net income per share $ 0.53 $ 0.46 $ 0.76 $ 0.37 Diluted common shares outstanding 15,141 15,115 15,044 15,043 Quarter ended Quarter ended Quarter ended Quarter ended Year 2016 December 31 September 30 June 30 March 31 Product revenue $ 28,296 $ 25,783 $ 26,575 $ 22,278 Total revenue 28,726 25,789 26,581 22,283 Cost of product revenue 7,539 4,998 6,065 5,425 Gross profit on product revenue 20,757 20,785 20,510 16,853 Net income $ 8,085 $ 8,952 $ 8,615 $ 6,895 Per common share information: Basic net income per share $ 0.56 $ 0.61 $ 0.59 $ 0.46 Basic common shares outstanding 14,538 14,625 14,679 14,875 Diluted net income per share $ 0.54 $ 0.59 $ 0.57 $ 0.45 Diluted common shares outstanding 14,979 15,077 15,111 15,307 |
Note 2 - Summary of Significa39
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax | $ 2,500 | $ (700) | $ (2,200) |
Foreign Currency Transaction Gain (Loss), before Tax | $ 700 | $ (300) | $ (400) |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% |
Inventory, Net | $ 22,035 | $ 15,983 | |
Inventory Adjustments | 1,700 | 900 | |
Allocated Share-based Compensation Expense | 5,807 | 3,392 | $ 2,225 |
Reclassification from Net Cash Used in Financing Activities to Net Cash Provided by Operating Activities [Member] | Year Ended December 31, 2016 [Member] | |||
Prior Period Reclassification Adjustment | 600 | ||
Reclassification from Net Cash Used in Financing Activities to Net Cash Provided by Operating Activities [Member] | Year Ended December 31, 2015 [Member] | |||
Prior Period Reclassification Adjustment | 800 | ||
Performance Shares [Member] | |||
Allocated Share-based Compensation Expense | 800 | 300 | 400 |
Research and Development Expense [Member] | |||
Allocated Share-based Compensation Expense | $ 564 | $ 467 | 269 |
In Process Research Development [Member] | Research and Development Expense [Member] | |||
Impairment of Intangible Assets, Finite-lived | $ 700 | ||
Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 5 years | ||
Maximum [Member] | |||
Property, Plant and Equipment, Useful Life | 16 years | ||
Machinery and Equipment [Member] | Minimum [Member] | |||
Property, Plant and Equipment, Useful Life | 54 years | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member] | |||
Concentration Risk, Percentage | 68.00% | 66.00% |
Note 2 - Summary of Significa40
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Balance, beginning of the year | $ 194 | $ 167 | $ 147 |
Provision for doubtful accounts | 1,609 | 52 | 38 |
Amounts written off | (6) | (16) | (3) |
Translation adjustments | 117 | (9) | (15) |
Balance, end of the year | $ 1,914 | $ 194 | $ 167 |
Note 2 - Summary of Significa41
Note 2 - Summary of Significant Accounting Policies - Estimated Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | |
Estimated useful life (Year) | 5 years |
Minimum [Member] | Computer Equipment and Software [Member] | |
Estimated useful life (Year) | 3 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Estimated useful life (Year) | 5 years |
Minimum [Member] | Equipment [Member] | |
Estimated useful life (Year) | 5 years |
Maximum [Member] | |
Estimated useful life (Year) | 16 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Estimated useful life (Year) | 5 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Estimated useful life (Year) | 7 years |
Maximum [Member] | Equipment [Member] | |
Estimated useful life (Year) | 15 years |
Note 3 - Investments (Details T
Note 3 - Investments (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Available-for-sale Securities, Accumulated Gross Unrealized Gain (Loss), before Tax | $ 0 | $ 0 |
Certificates of Deposit [Member] | ||
Available-for-sale Securities | $ 24,000 | $ 20,500 |
Note 4 - Fair Value Measureme43
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Money market fund | $ 6,393 | $ 69,102 |
Investments | 24,000 | 20,500 |
Fair Value, Inputs, Level 1 [Member] | ||
Money market fund | 5,893 | |
Investments | ||
Fair Value, Inputs, Level 2 [Member] | ||
Money market fund | 500 | 69,102 |
Investments | 20,500 | |
Fair Value, Inputs, Level 3 [Member] | ||
Money market fund | ||
Investments | ||
Mutual Funds [Member] | ||
Money market fund | 5,893 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market fund | 5,893 | |
Mutual Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market fund | ||
Mutual Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market fund | ||
Money Market Funds [Member] | ||
Money market fund | 68,352 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market fund | ||
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market fund | 68,352 | |
Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market fund | ||
Certificates of Deposit [Member] | ||
Money market fund | 500 | 750 |
Investments | 24,000 | 20,500 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Money market fund | ||
Investments | ||
Certificates of Deposit [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Money market fund | 500 | 750 |
Investments | 24,000 | 20,500 |
Certificates of Deposit [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Money market fund | ||
Investments |
Note 5 - Earnings Per Share (44
Note 5 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | Aug. 31, 2016 | Feb. 29, 2016 | Feb. 26, 2016 | Aug. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Aug. 26, 2016 |
Payments for Repurchase of Common Stock | $ 25,000 | |||||||
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | ||||||||
Payments for Repurchase of Common Stock | $ 25,000 | |||||||
Stock Repurchased and Retired During Period, Shares | 0.1 | 0.4 | 0.5 | |||||
Accelerated Stock Repurchase [Member] | Morgan Stanley & Co., LLC [Member] | Common Stock [Member] | ||||||||
Stock Repurchase Program, Authorized Amount | $ 25,000 | |||||||
Accelerated Share Repurchases, Initial Price Paid Per Share | $ 46.40 | |||||||
Accelerated Share Repurchases, Settlement (Payment) or Receipt | $ 7,500 | |||||||
Accelerated Share Repurchases, Final Price Paid Per Share | $ 47.08 | |||||||
Employee Stock Option [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.5 | 0.4 | 0.2 | |||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 0.1 | 0.1 | 0.1 |
Note 5 - Earnings Per Share (45
Note 5 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Basic weighted average common shares outstanding (in shares) | 14,575 | 14,682 | 14,934 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options, SAR's, RSA's and RSU's (in shares) | 493 | 434 | 387 | ||||||||
Diluted shares used in the calculation of earnings per share (in shares) | 15,141 | 15,115 | 15,044 | 15,043 | 14,979 | 15,077 | 15,111 | 15,307 | 15,068 | 15,116 | 15,321 |
Note 6 - Inventories - Summary
Note 6 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Raw materials | $ 11,296 | $ 5,884 |
Work-in-process | 6,062 | 5,559 |
Finished goods | 4,677 | 4,540 |
Total | $ 22,035 | $ 15,983 |
Note 7 - Property and Equipme47
Note 7 - Property and Equipment (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment, Disposals | $ 9.8 | ||
Depreciation | $ 3.3 | $ 2.7 | $ 2.7 |
Note 7 - Property and Equipme48
Note 7 - Property and Equipment - Property and Equipment at Cost (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, plant and equipment, gross | $ 76,373 | $ 79,073 |
Less accumulated depreciation | (20,190) | (26,777) |
Total | 56,183 | 52,296 |
Equipment and Software [Member] | ||
Property, plant and equipment, gross | 37,137 | 27,456 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 1,947 | 1,126 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 31,459 | 27,796 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 5,830 | $ 22,695 |
Note 8 - Acquired Intangible 49
Note 8 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Amortization of Intangible Assets | $ 1 | $ 1.1 | $ 1.1 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3.1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 1 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | $ 1 | ||
In Process Research Development [Member] | Research and Development Expense [Member] | |||
Impairment of Intangible Assets, Finite-lived | $ 0.7 |
Note 8 - Intangible Assets - Su
Note 8 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Gross Value | $ 28,206 | |
Accumulated Currency Translation Adjustment | (4,132) | $ (5,497) |
Accumulated Amortization | (13,439) | (12,482) |
Intangible assets, net | 10,635 | 10,227 |
In Process Research and Development [Member] | ||
Gross Value | 4,406 | |
Accumulated Currency Translation Adjustment | (1,015) | (1,433) |
Accumulated Amortization | ||
Intangible assets, net | 3,391 | 2,973 |
Developed Technology Rights [Member] | ||
Gross Value | 17,100 | |
Accumulated Currency Translation Adjustment | (2,550) | (3,442) |
Accumulated Amortization | (7,723) | (6,816) |
Intangible assets, net | $ 6,827 | 6,842 |
Useful Life (Year) | 15 years | |
Distribution Rights [Member] | ||
Gross Value | $ 4,700 | |
Accumulated Currency Translation Adjustment | (415) | (415) |
Accumulated Amortization | (4,285) | (4,285) |
Intangible assets, net | ||
Useful Life (Year) | 5 years | |
Patents [Member] | ||
Gross Value | $ 1,000 | |
Accumulated Currency Translation Adjustment | (152) | (207) |
Accumulated Amortization | (431) | (381) |
Intangible assets, net | $ 417 | 412 |
Useful Life (Year) | 16 years | |
Elevess Trade Name [Member] | ||
Gross Value | $ 1,000 | |
Accumulated Currency Translation Adjustment | ||
Accumulated Amortization | (1,000) | (1,000) |
Intangible assets, net | ||
Useful Life (Year) | 9 years |
Note 9 - Goodwill - Changes in
Note 9 - Goodwill - Changes in the Carrying Value of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Balance | $ 7,214 | $ 7,482 |
Effect of foreign currency adjustments | 1,004 | (268) |
Balance | $ 8,218 | $ 7,214 |
Note 10 - Accrued Expenses - Su
Note 10 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Compensation and related expenses | $ 2,893 | $ 3,089 |
Facility construction costs | 804 | |
Research grants | 419 | 463 |
Clinical trial costs | 2,318 | 227 |
Professional fees | 448 | 802 |
Deferred rent | 231 | |
Other | 248 | 880 |
Total | $ 6,326 | $ 6,496 |
Note 11 - Commitments and Con53
Note 11 - Commitments and Contingencies (Details Textual) $ in Thousands | Oct. 09, 2015USD ($)ft² | Dec. 31, 2017USD ($)ft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Operating Leases, Rent Expense | $ 1,800 | $ 1,300 | $ 1,300 | |
Standard and Extended Product Warranty Accrual | 0 | $ 0 | ||
European Headquarters Facility [Member] | ||||
Area of Real Estate Property | ft² | 33,000 | |||
Lessee Leasing Arrangements, Term of Contract | 15 years | |||
Lessee Leasing Arrangements, Number of Renewal Terms | 3 | |||
Lessee Leasing Arrangements, Renewal Term | 6 years | |||
Lessee Leasing Arrangements Ability to Withdraw With Penalty | 6 years | |||
Lessee Leasing Arrangements Ability to Withdrawn Without Penalty | 9 years | |||
Lessee Leasing Arrangements Initial Yearly Rent | $ 300 | |||
Construction in Progress, Gross | 3,100 | |||
European Headquarters Facility [Member] | Deposits and Other Assets, Noncurrent [Member] | ||||
Lessee Leasing Arrangements, Additional Tenant Improvements | $ 800 | |||
Abano Terme, Italy [Member] | ||||
Area of Real Estate Property | ft² | 28,000 |
Note 11 - Commitments and Con54
Note 11 - Commitments and Contingencies - Future Lease Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 1,879 |
2,019 | 1,880 |
2,020 | 1,916 |
2,021 | 1,924 |
2,022 | 1,673 |
2023 and thereafter | 1,311 |
Total | $ 10,583 |
Note 12 - Equity Incentive Pl55
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jun. 18, 2013 | Jun. 07, 2011 | Jun. 05, 2009 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 13, 2017 | Jun. 04, 2003 |
Allocated Share-based Compensation Expense | $ 5,807 | $ 3,392 | $ 2,225 | |||||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested and Expected to Vest Outstanding Weighted Average Exercise Price | $ 33.70 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Ppreciation Rights Vested and Expected to Vest Outstanding Aggregate Intrinsic Value | $ 27,600 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Weighted Average Remaining ContractualTerm | 7 years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested Aggregate Intrinsic Value | $ 22,000 | 16,700 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Outstanding, Intrinsic Value | 27,600 | 22,300 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options and Stock Appreciation Rights, Exercises in Period, Total Intrinsic Value | 500 | 2,100 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award Options and Stock Appreciation Rights Vested in Period Fair Value | 2,100 | 1,300 | ||||||
Proceeds from Stock Options Exercised | $ 314 | $ 1,007 | $ 1,074 | |||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||
Share-based Compensation Arrangement Evaluation of Expected Volatility Assumption to Historical Volatility Average Period | 4 years | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,567 | 87,158 | ||||||
Restricted Stock Units (RSUs) [Member] | Director [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,970 | |||||||
Stock Options, SARs and Restricted Stock Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,327,200 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 7,600 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 36 days | |||||||
Restricted Stock and Restricted Stock Units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,300 | $ 1,000 | ||||||
Amended Two Thousand Three Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,800,000 | 2,350,000 | 1,500,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 650,000 | 850,000 | ||||||
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs | 1.5 | |||||||
Second Amended Two Thousand Three Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 3,150,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 800,000 | |||||||
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs | 1.9 | |||||||
The 2017 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,100,000 | |||||||
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs | 2 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,200,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 85,109 | |||||||
The 2017 Plan [Member] | Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,306 | |||||||
The 2017 Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
The 2017 Plan [Member] | Maximum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
The 2003 Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 407,635 | |||||||
Two Thousand Three Plan [Member] | Minimum [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 64 years |
Note 12 - Equity Incentive Pl56
Note 12 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Expected volatility | |||
Expected life (years) (Year) | 4 years | 4 years 182 days | 4 years 182 days |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Risk free interest rate | 1.60% | 0.94% | 1.15% |
Expected volatility | 38.74% | 47.33% | 53.15% |
Maximum [Member] | |||
Risk free interest rate | 1.86% | 1.55% | 1.46% |
Expected volatility | 44.31% | 51.61% | 54.65% |
Note 12 - Equity Incentive Pl57
Note 12 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock-based compensation expense | $ 5,807 | $ 3,392 | $ 2,225 |
Cost of Sales [Member] | |||
Stock-based compensation expense | 439 | 148 | 42 |
Research and Development Expense [Member] | |||
Stock-based compensation expense | 564 | 467 | 269 |
Selling, General and Administrative Expenses [Member] | |||
Stock-based compensation expense | $ 4,804 | $ 2,777 | $ 1,914 |
Note 12 - Equity Incentive Pl58
Note 12 - Equity Incentive Plan - Stock Options and SAR's Activity (Details) | 12 Months Ended | |
Dec. 31, 2017$ / shares | Dec. 31, 2016$ / shares | |
Options and SAR's outstanding at beginning of year | 979,569 | 762,260 |
Options and SAR's outstanding at beginning of year, Weighted Average Exercise Price Per Share (in dollars per share) | $ 26.15 | $ 18.75 |
Options and SAR's Granted | 440,688 | 354,275 |
Options and SAR's Granted, Weighted Average Exercise Price Per Share (in dollars per share) | $ 50.22 | $ 40.77 |
Options and SAR's Cancelled | (74,527) | (58,841) |
Options and SAR's Cancelled, Weighted Average Exercise Price Per Share (in dollars per share) | $ 45.56 | $ 30.05 |
Options and SAR's Expired | (589) | (3,310) |
Options and SAR's Expired, Weighted Average Exercise Price Per Share (in dollars per share) | $ 32.86 | $ 11.37 |
Options and SAR's Exercised | (17,941) | (74,815) |
Options and SAR's Exercised, Weighted Average Exercise Price Per Share (in dollars per share) | $ 20.56 | $ 15.46 |
Options and SAR's outstanding at end of year | 1,327,200 | 979,569 |
Options and SAR's outstanding at end of year, Weighted Average Exercise Price Per Share (in dollars per share) | $ 33.70 | $ 26.15 |
Note 12 - Equity Incentive Pl59
Note 12 - Equity Incentive Plan - Summary of Exercisable Options and SAR's (Details) | 12 Months Ended |
Dec. 31, 2017$ / sharesshares | |
Incentive Stock Options [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 182,472 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 14.12 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 4 years 109 days |
Non-qualified Stock Options [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 374,211 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 20.18 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 5 years 109 days |
Performance Shares [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 32,598 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 38.79 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 7 years 255 days |
Stock Appreciation Rights (SARs) [Member] | |
Exercisable Options and SAR's outstanding (in shares) | shares | 35,250 |
Exercisable Options and SAR's, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 6.36 |
Exercisable Options and SAR's, Weighted Average Remaining Term (Year) | 2 years 36 days |
Note 12 - Equity Incentive Pl60
Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Unvested at Beginning of year (in shares) | 207,077 | 150,384 |
Unvested at Beginning of year, weighted average grant date fair value (in dollars per share) | $ 36.44 | $ 34.29 |
Granted (in shares) | 67,567 | 87,158 |
Granted, weighted average grant date fair value (in dollars per share) | $ 52.03 | $ 38.11 |
Cancelled (in shares) | (4,950) | |
Cancelled, weighted average grant date fair value (in dollars per share) | $ 36.20 | |
Vested/Released (in shares) | (45,418) | (25,515) |
Vested/Released, weighted average grant date fair value (in dollars per share) | $ 35.32 | $ 33.35 |
Unvested at end of year (in shares) | 229,226 | 207,077 |
Unvested at end of year, weighted average grant date fair value (in dollars per share) | $ 42.47 | $ 36.44 |
Note 13 - Employee Benefit Pl61
Note 13 - Employee Benefit Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 140.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 5.00% | ||
Defined Contribution Plan, Employer Matching Contribution, Amount | $ 0.6 | $ 0.6 | $ 0.4 |
Note 14 - Shareholder Rights 62
Note 14 - Shareholder Rights Plan (Details Textual) - Shareholder Rights Plan Two Thousand Eight [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Apr. 04, 2008 | |
Exercise Price per Share | $ 75 | |
Stock Redemption Price per Share | 0.01 | |
Series B Junior Participating Preferred Stock [Member] | ||
Stock Redemption Price per Share | $ 0.01 | |
Preferred Stock, Capital Shares Reserved for Future Issuance | 175,000 | |
Minimum [Member] | ||
Stock Holders Rights Plan Exercisability Threshold Percentage | 15.00% | |
Maximum [Member] | ||
Stockholder Rights Plan Exercise Trigger Threshold Percentage Voting Stock Ownership Offer | 15.00% | |
Percentage of Beneficial Ownership Interests | 50.00% |
Note 15 - Revenue by Product 63
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Location; Geographic Information (Details Textual) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Dec. 31, 2011 | Dec. 31, 2003 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2012 | |
Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | |||
Sales Revenue, Services, Net | $ 5,637,000 | $ 447,000 | $ 5,303,000 | |||
Mitek ORTHOVISC Agreement [Member] | ||||||
License Agreement Term | 10 years | |||||
License Agreement Additional Term | 5 years | 5 years | ||||
Mitek MONOVISC Agreement [Member] | ||||||
License Agreement Term | 15 years | |||||
Revenue Recognition, Milestone Method, Revenue Recognized | $ 5,000,000 | $ 0 | 5,000,000 | |||
Revenue Recognition, Milestone Method, Revenue Milestone in Twelve Month Period | $ 100,000,000 | $ 50,000,000 | ||||
Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | DePuy Mitek Inc [Member] | ||||||
Concentration Risk, Percentage | 73.00% | 75.00% | 72.00% |
Note 15 - Revenue by Product 64
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information - Product Revenue by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product Revenue | $ 28,884 | $ 27,178 | $ 28,340 | $ 23,381 | $ 28,296 | $ 25,783 | $ 26,575 | $ 22,278 | $ 107,783 | $ 102,932 | $ 87,696 |
Concentration risk, percentage | 100.00% | 100.00% | 100.00% | ||||||||
Orthobiologics [Member] | |||||||||||
Product Revenue | $ 93,816 | $ 89,695 | $ 73,247 | ||||||||
Concentration risk, percentage | 87.00% | 87.00% | 84.00% | ||||||||
Dermal [Member] | |||||||||||
Product Revenue | $ 2,755 | $ 2,759 | $ 2,266 | ||||||||
Concentration risk, percentage | 3.00% | 3.00% | 2.00% | ||||||||
Surgical [Member] | |||||||||||
Product Revenue | $ 5,262 | $ 5,427 | $ 5,812 | ||||||||
Concentration risk, percentage | 5.00% | 5.00% | 7.00% | ||||||||
Other [Member] | |||||||||||
Product Revenue | $ 5,950 | $ 5,051 | $ 6,371 | ||||||||
Concentration risk, percentage | 5.00% | 5.00% | 7.00% |
Note 15 - Revenue by Product, b
Note 15 - Revenue by Product, by Significant Customer and by Geographic Region; Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Total Revenue | $ 29,388 | $ 27,184 | $ 33,462 | $ 23,386 | $ 28,726 | $ 25,789 | $ 26,581 | $ 22,283 | $ 113,420 | $ 103,379 | $ 92,999 |
Percentage of Revenue | 100.00% | 100.00% | 100.00% | ||||||||
UNITED STATES | |||||||||||
Total Revenue | $ 92,905 | $ 83,972 | $ 76,621 | ||||||||
Percentage of Revenue | 82.00% | 81.00% | 82.00% | ||||||||
Europe [Member] | |||||||||||
Total Revenue | $ 12,435 | $ 10,953 | $ 8,756 | ||||||||
Percentage of Revenue | 11.00% | 11.00% | 9.00% | ||||||||
Other Location [Member] | |||||||||||
Total Revenue | $ 8,080 | $ 8,454 | $ 7,622 | ||||||||
Percentage of Revenue | 7.00% | 8.00% | 9.00% |
Note 15 - Revenue by Product 66
Note 15 - Revenue by Product Group, by Significant Customer and by Geographic Region; Geographic Information - Net Tangible Long-lived Assets by Principal Geographic Areas (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property and equipment, net | $ 56,183 | $ 52,296 |
UNITED STATES | ||
Property and equipment, net | 52,828 | 49,140 |
ITALY | ||
Property and equipment, net | $ 3,355 | $ 3,156 |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | 35.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ (2,300) | ||||
Operating Loss Carryforwards | $ 4,000 | ||||
Unrecognized Tax Benefits | 0 | $ 0 | |||
Income Tax Expense (Benefit) | 14,386 | 18,323 | $ 17,496 | ||
Adjustments to Additional Paid in Capital, Income Tax Benefit from Share-based Compensation | $ 647 | $ 847 | |||
Accounting Standards Update 2016-09 [Member] | |||||
Income Tax Expense (Benefit) | $ (400) | ||||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,014 | ||||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,016 | ||||
Foreign Tax Authority [Member] | Earliest Tax Year [Member] | |||||
Open Tax Year | 2,011 | ||||
Foreign Tax Authority [Member] | Latest Tax Year [Member] | |||||
Open Tax Year | 2,016 | ||||
Scenario, Forecast [Member] | |||||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Note 16 - Income Taxes - Compon
Note 16 - Income Taxes - Components of Income Before Taxes and Provision for (Benefit from) Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Domestic | $ 48,446 | $ 50,181 | $ 48,608 |
Foreign | (2,244) | 689 | (354) |
Income before income taxes | 46,202 | 50,870 | 48,254 |
Current provision: | |||
Federal | 12,608 | 14,982 | 14,572 |
State | 2,737 | 3,265 | 3,635 |
Foreign | 31 | 302 | 249 |
15,376 | 18,549 | 18,456 | |
Deferred provision: | |||
Federal | (426) | (70) | (370) |
State | (68) | (84) | (33) |
Foreign | (496) | (72) | (557) |
(990) | (226) | (960) | |
Total provision | $ 14,386 | $ 18,323 | $ 17,496 |
Note 16 - Income Taxes - Signif
Note 16 - Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Net operating loss carry forward, foreign | $ 959 | $ 1,253 |
Stock-based compensation expense | 2,309 | 1,882 |
Foreign currency exchange | 265 | 677 |
Accrued expenses and other | 496 | 308 |
Inventory reserve | 740 | 640 |
Deferred tax assets | 4,769 | 4,760 |
Acquisition-related Intangibles | (2,743) | (2,932) |
Depreciation | (7,419) | (8,376) |
Deferred tax liabilities | (10,162) | (11,308) |
Net deferred tax liabilities | $ (5,393) | $ (6,548) |
Note 16 - Income Taxes - Reconc
Note 16 - Income Taxes - Reconciliation Between U.S. Federal Statutory Rate and Effective Rate (Details) | Dec. 22, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statutory federal income tax rate | 35.00% | 35.00% | 35.00% | 35.00% |
State tax expense, net of federal benefit | 4.80% | 4.50% | 4.80% | |
Impact of rate change on deferred taxes | (4.90%) | 0.00% | 0.00% | |
Permanent items, including nondeductible expenses | 0.60% | 0.50% | (0.30%) | |
State investment tax credit | (0.70%) | (0.10%) | 0.00% | |
Federal, state and foreign research and development credits | (1.40%) | (0.90%) | (0.40%) | |
Foreign rate differential | 0.50% | (0.10%) | 0.10% | |
Domestic production deduction | (2.80%) | (2.90%) | (2.90%) | |
Effective income tax rate | 31.10% | 36.00% | 36.30% |
Note 17 - Revolving Credit Ag71
Note 17 - Revolving Credit Agreement (Details Textual) - Revolving Credit Facility [Member] - USD ($) $ in Thousands | Oct. 24, 2017 | Dec. 31, 2017 |
Debt Instrument, Term | 5 years | |
Line of Credit Facility, Current Borrowing Capacity | $ 50,000 | |
Line of Credit Facility, Additional Borrowing Capacity | 50,000 | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 100,000 | |
Line of Credit Facility, Commitment Fee Percentage | 0.25% | |
Long-term Line of Credit | $ 0 | |
Minimum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |
Maximum [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | |
Federal Funds Effective Swap Rate [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |
London Interbank Offered Rate (LIBOR) [Member] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.00% |
Note 18 - Quarterly Financial72
Note 18 - Quarterly Financial Data (Unaudited) - Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Product revenue | $ 28,884 | $ 27,178 | $ 28,340 | $ 23,381 | $ 28,296 | $ 25,783 | $ 26,575 | $ 22,278 | $ 107,783 | $ 102,932 | $ 87,696 |
Total revenue | 29,388 | 27,184 | 33,462 | 23,386 | 28,726 | 25,789 | 26,581 | 22,283 | 113,420 | 103,379 | 92,999 |
Cost of product revenue | 8,716 | 6,250 | 6,315 | 6,083 | 7,539 | 4,998 | 6,065 | 5,425 | 27,364 | 24,027 | 21,053 |
Gross profit on product revenue | 20,168 | 20,928 | 22,025 | 17,298 | 20,757 | 20,785 | 20,510 | 16,853 | |||
Net income | $ 8,067 | $ 6,887 | $ 11,369 | $ 5,493 | $ 8,085 | $ 8,952 | $ 8,615 | $ 6,895 | $ 31,816 | $ 32,547 | $ 30,758 |
Net income (in dollars per share) | $ 0.55 | $ 0.47 | $ 0.78 | $ 0.38 | $ 0.56 | $ 0.61 | $ 0.59 | $ 0.46 | $ 2.18 | $ 2.22 | $ 2.06 |
Basic common shares outstanding (in shares) | 14,596 | 14,579 | 14,588 | 14,576 | 14,538 | 14,625 | 14,679 | 14,875 | |||
Diluted net income per share (in dollars per share) | $ 0.53 | $ 0.46 | $ 0.76 | $ 0.37 | $ 0.54 | $ 0.59 | $ 0.57 | $ 0.45 | $ 2.11 | $ 2.15 | $ 2.01 |
Diluted common shares outstanding (in shares) | 15,141 | 15,115 | 15,044 | 15,043 | 14,979 | 15,077 | 15,111 | 15,307 | 15,068 | 15,116 | 15,321 |