Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Oct. 17, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Anika Therapeutics, Inc. | |
Entity Central Index Key | 0000898437 | |
Trading Symbol | anik | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 14,269,367 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 103,381 | $ 89,042 |
Investments | 69,825 | 69,972 |
Accounts receivable, net of reserves of $981 and $1,525 at September 30, 2019 and December 31, 2018, respectively | 23,889 | 20,775 |
Inventories, net | 25,243 | 21,300 |
Prepaid expenses and other current assets | 1,479 | 1,854 |
Total current assets | 223,817 | 202,943 |
Property and equipment, net | 51,750 | 54,111 |
Operating lease right-of-use assets | 23,082 | |
Other long-term assets | 5,761 | 4,897 |
Intangible assets, net | 7,680 | 9,191 |
Goodwill | 7,489 | 7,851 |
Total assets | 319,579 | 278,993 |
Current liabilities: | ||
Accounts payable | 2,702 | 3,143 |
Accrued expenses and other current liabilities | 8,493 | 8,146 |
Total current liabilities | 11,195 | 11,289 |
Other long-term liabilities | 372 | 550 |
Deferred tax liability | 4,727 | 3,542 |
Operating lease liabilities | 21,603 | |
Commitments and contingencies (Note 13) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 0 | 0 |
Common stock, $0.01 par value; 90,000 shares authorized, 14,269 and 14,210 shares issued and outstanding at September 30, 2019 and December 31, 2018, respectively | 143 | 142 |
Additional paid-in-capital | 46,482 | 50,763 |
Accumulated other comprehensive loss | (6,318) | (5,526) |
Retained earnings | 241,375 | 218,233 |
Total stockholders’ equity | 281,682 | 263,612 |
Total liabilities and stockholders’ equity | $ 319,579 | $ 278,993 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Accounts receivable, reserves | $ 981 | $ 1,525 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 1,250 | 1,250 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 90,000 | 90,000 |
Common stock, shares issued (in shares) | 14,269 | 14,210 |
Common stock, shares outstanding (in shares) | 14,269 | 14,210 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 29,697 | $ 26,787 | $ 84,838 | $ 78,599 |
Operating expenses: | ||||
Cost of product revenue | 5,951 | 8,282 | 20,098 | 24,279 |
Research & development | 4,158 | 4,232 | 12,581 | 14,126 |
Selling, general & administrative | 7,539 | 5,700 | 22,713 | 28,207 |
Total operating expenses | 17,648 | 18,214 | 55,392 | 66,612 |
Income from operations | 12,049 | 8,573 | 29,446 | 11,987 |
Interest and other income, net | 482 | 522 | 1,513 | 907 |
Income before income taxes | 12,531 | 9,095 | 30,959 | 12,894 |
Provision for income taxes | 3,331 | 1,496 | 7,817 | 1,890 |
Net income | $ 9,200 | $ 7,599 | $ 23,142 | $ 11,004 |
Basic net income per share: | ||||
Net income (in dollars per share) | $ 0.65 | $ 0.53 | $ 1.65 | $ 0.76 |
Basic weighted average common shares outstanding (in shares) | 14,070 | 14,237 | 14,065 | 14,524 |
Diluted net income per share: | ||||
Net income (in dollars per share) | $ 0.64 | $ 0.53 | $ 1.62 | $ 0.74 |
Diluted weighted average common shares outstanding (in shares) | 14,387 | 14,377 | 14,266 | 14,820 |
Net income | $ 9,200 | $ 7,599 | $ 23,142 | $ 11,004 |
Foreign currency translation adjustment | (622) | (113) | (792) | (444) |
Comprehensive income | 8,578 | 7,486 | 22,350 | 10,560 |
Product [Member] | ||||
Revenue | 29,615 | 26,781 | 84,745 | 78,581 |
Service [Member] | ||||
Revenue | $ 82 | $ 6 | $ 93 | $ 18 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - 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, 2017 | 14,688 | ||||
Balance at Dec. 31, 2017 | $ 147 | $ 68,617 | $ 199,511 | $ (4,784) | $ 263,491 |
Issuance of common stock for equity awards (in shares) | 89 | ||||
Issuance of common stock for equity awards | $ 1 | 511 | 512 | ||
Retirement of common stock for minimum tax withholdings (in shares) | (32) | ||||
Retirement of common stock for minimum tax withholdings | $ (1) | (1,735) | (1,736) | ||
Stock-based compensation expense | 7,565 | 7,565 | |||
Net income | (6,686) | (6,686) | |||
Other comprehensive Income (loss) | 620 | 620 | |||
Issuance of common stock for equity awards (in shares) | 89 | ||||
Balance (in shares) at Mar. 31, 2018 | 14,745 | ||||
Balance at Mar. 31, 2018 | $ 147 | 74,958 | 192,825 | (4,164) | 263,766 |
Balance (in shares) at Dec. 31, 2017 | 14,688 | ||||
Balance at Dec. 31, 2017 | $ 147 | 68,617 | 199,511 | (4,784) | 263,491 |
Net income | 11,004 | ||||
Balance (in shares) at Sep. 30, 2018 | 14,211 | ||||
Balance at Sep. 30, 2018 | $ 142 | 49,836 | 210,515 | (5,228) | 255,265 |
Balance (in shares) at Mar. 31, 2018 | 14,745 | ||||
Balance at Mar. 31, 2018 | $ 147 | 74,958 | 192,825 | (4,164) | 263,766 |
Issuance of common stock for equity awards (in shares) | 273 | ||||
Issuance of common stock for equity awards | $ 3 | 2,372 | 2,375 | ||
Stock-based compensation expense | 1,322 | 1,322 | |||
Net income | 10,091 | 10,091 | |||
Other comprehensive Income (loss) | (951) | (951) | |||
Issuance of common stock for equity awards (in shares) | 273 | ||||
Repurchase of common stock (in shares) | (434) | ||||
Repurchase of common stock | $ (4) | (29,996) | (30,000) | ||
Balance (in shares) at Jun. 30, 2018 | 14,584 | ||||
Balance at Jun. 30, 2018 | $ 146 | 48,656 | 202,916 | (5,115) | 246,603 |
Stock-based compensation expense | 1,177 | 1,177 | |||
Net income | 7,599 | 7,599 | |||
Other comprehensive Income (loss) | (113) | (113) | |||
Repurchase of common stock (in shares) | (373) | ||||
Repurchase of common stock | $ (4) | 3 | (1) | ||
Balance (in shares) at Sep. 30, 2018 | 14,211 | ||||
Balance at Sep. 30, 2018 | $ 142 | 49,836 | 210,515 | (5,228) | 255,265 |
Balance (in shares) at Dec. 31, 2018 | 14,210 | ||||
Balance at Dec. 31, 2018 | $ 142 | 50,763 | 218,233 | (5,526) | 263,612 |
Issuance of common stock for equity awards (in shares) | 7 | ||||
Issuance of common stock for equity awards | 5 | 5 | |||
Retirement of common stock for minimum tax withholdings (in shares) | (3) | ||||
Retirement of common stock for minimum tax withholdings | (124) | (124) | |||
Stock-based compensation expense | 1,386 | 1,386 | |||
Net income | 4,507 | 4,507 | |||
Other comprehensive Income (loss) | (315) | (315) | |||
Issuance of common stock for equity awards (in shares) | 7 | ||||
Balance (in shares) at Mar. 31, 2019 | 14,214 | ||||
Balance at Mar. 31, 2019 | $ 142 | 52,030 | 222,740 | (5,841) | 269,071 |
Balance (in shares) at Dec. 31, 2018 | 14,210 | ||||
Balance at Dec. 31, 2018 | $ 142 | 50,763 | 218,233 | (5,526) | 263,612 |
Net income | 23,142 | ||||
Balance (in shares) at Sep. 30, 2019 | 14,269 | ||||
Balance at Sep. 30, 2019 | $ 143 | 46,482 | 241,375 | (6,318) | 281,682 |
Balance (in shares) at Mar. 31, 2019 | 14,214 | ||||
Balance at Mar. 31, 2019 | $ 142 | 52,030 | 222,740 | (5,841) | 269,071 |
Issuance of common stock for equity awards (in shares) | 30 | ||||
Issuance of common stock for equity awards | $ 1 | 851 | 852 | ||
Stock-based compensation expense | 1,443 | 1,443 | |||
Net income | 9,435 | 9,435 | |||
Other comprehensive Income (loss) | 145 | 145 | |||
Issuance of common stock for equity awards (in shares) | 30 | ||||
Forfeiture of restricted stock (in shares) | (7) | ||||
Forfeiture of restricted stock | |||||
Repurchase of common stock (in shares) | (452) | ||||
Repurchase of common stock | $ (5) | (29,995) | (30,000) | ||
Balance (in shares) at Jun. 30, 2019 | 13,785 | ||||
Balance at Jun. 30, 2019 | $ 138 | 24,329 | 232,175 | (5,696) | 250,946 |
Issuance of common stock for equity awards (in shares) | 488 | ||||
Issuance of common stock for equity awards | $ 5 | 20,962 | 20,967 | ||
Retirement of common stock for minimum tax withholdings (in shares) | (2) | ||||
Retirement of common stock for minimum tax withholdings | (120) | (120) | |||
Stock-based compensation expense | 1,311 | 1,311 | |||
Net income | 9,200 | 9,200 | |||
Other comprehensive Income (loss) | (622) | (622) | |||
Issuance of common stock for equity awards (in shares) | 488 | ||||
Forfeiture of restricted stock (in shares) | (2) | ||||
Forfeiture of restricted stock | |||||
Balance (in shares) at Sep. 30, 2019 | 14,269 | ||||
Balance at Sep. 30, 2019 | $ 143 | $ 46,482 | $ 241,375 | $ (6,318) | $ 281,682 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Cash flows from operating activities: | ||
Net income | $ 23,142 | $ 11,004 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 4,459 | 4,433 |
Non-cash operating lease cost | 880 | |
Loss on disposal of fixed assets | 927 | 172 |
Loss on impairment of intangible asset | 303 | |
Stock-based compensation expense | 4,140 | 10,064 |
Deferred income taxes | 941 | (1,205) |
Provision (recovery) for doubtful accounts | (450) | (87) |
Provision for inventory | 1,062 | 4,073 |
Accretion to amortized cost of investments | (1,075) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (2,751) | 3,136 |
Inventories | (6,600) | (5,891) |
Prepaid expenses, other current and long-term assets | 440 | 1,304 |
Accounts payable | (335) | (2,449) |
Operating lease liabilities | (796) | |
Accrued expenses, other current and long-term liabilities | (681) | 509 |
Income taxes | 377 | (158) |
Net cash provided by operating activities | 23,983 | 24,905 |
Cash flows from investing activities: | ||
Proceeds from maturity of investments | 87,594 | 34,500 |
Purchase of investments | (86,368) | (77,683) |
Purchase of property and equipment | (2,559) | (4,493) |
Net cash (used in) provided by investing activities | (1,333) | (47,676) |
Cash flows from financing activities: | ||
Repurchases of common stock | (30,000) | (30,000) |
Cash paid for tax withheld on vested restricted stock awards | (245) | (1,735) |
Proceeds from exercise of equity awards | 21,825 | 2,886 |
Net cash used in financing activities | (8,420) | (28,849) |
Exchange rate impact on cash | 109 | 189 |
Decrease in cash and cash equivalents | 14,339 | (51,431) |
Cash and cash equivalents at beginning of period | 89,042 | 133,256 |
Cash and cash equivalents at end of period | 103,381 | 81,825 |
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | 24,110 | |
Non-cash activities: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | $ 132 | $ 197 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Business Anika Therapeutics, Inc. (the “Company”) is a global, integrated joint preservation and regenerative therapies company based in Bedford, Massachusetts. The Company is committed to delivering innovative therapies to improve the lives of patients across a continuum of care from osteoarthritis pain management to joint preservation and restoration. The Company has over two 20 The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Business Description and Basis of Presentation [Text Block] | 2. Basis of Presentation The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2018 The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10 December 31, 2018. three nine September 30, 2019 not December 31, 2019. Recent Accounting Pronouncements In February 2016, No. 2016 02, Leases 2016 02 December 15, 2018. January 1, 2019 not not 12 In August 2018, No. 2018 15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350 40 No. 2015 05, Customers Accounting for Fees in a Cloud Computing Agreement 2018 15 350 40 2018 15 December 15, 2019. 2018 15 |
Note 3 - Revenue
Note 3 - Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Revenue Distribution Model The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due and may September 30, 2019, $28 The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent 71% 70% three nine September 30, 2019, may Hybrid Commercial Model The Company recently completed the implementation of a U.S.-based hybrid commercial model through which the Company launched TACTOSET, its surgically-delivered bone repair therapy, in the third 2019. The Company recognizes revenue from TACTOSET product sales when the customer obtains control or upon utilization of the Company’s product in return for agreed-upon, fixed-price consideration. Revenues were not not one not not no Product and Total Revenue Product revenue by product group was as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Orthobiologics $ 26,765 $ 24,097 $ 74,975 $ 69,778 Surgical 578 1,191 4,071 3,700 Dermal 417 80 990 163 Other 1,855 1,413 4,709 4,940 Product Revenue $ 29,615 $ 26,781 $ 84,745 $ 78,581 Total revenue by geographic location was as follows: Three Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 23,512 79 % $ 21,695 81 % Europe 3,943 13 % 3,132 12 % Other 2,242 8 % 1,960 7 % Total Revenue $ 29,697 100 % $ 26,787 100 % Nine Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 66,538 78 % $ 63,377 81 % Europe 11,396 14 % 9,021 11 % Other 6,904 8 % 6,201 8 % Total Revenue $ 84,838 100 % $ 78,599 100 % On May 2, 2018, not no three March 31, 2018, $1.1 $0.9 June 30, 2018 fourth 2018, December 2018. |
Note 4 - Investments
Note 4 - Investments | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Cash and Cash Equivalents Disclosure [Text Block] | 4. Investments All of the Company’s investments 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 investments, including U.S. treasury bills totaling $69.8 $70.0 September 30, 2019 December 31, 2018, September 30, 2019 December 31, 2018. one |
Note 5 - Fair Value Measurement
Note 5 - Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 5. Fair Value Measurements The Company’s investments are all classified within Level 1 not $1.1 $0.4 September 30, 2019 December 31, 2018. The fair value hierarchy of the Company's cash equivalents and investments at fair value was as follows: Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 6,406 $ 6,406 $ - $ - $ 6,406 Investments: U.S. treasury bills $ 69,825 $ 69,825 $ - $ - $ 69,821 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 4,984 $ 4,984 $ - $ - $ 4,984 Investments: U.S. treasury bills $ 69,972 $ 69,972 $ - $ - $ 69,972 |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. Equity Incentive Plan The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) is measured by the grant-date price of the Company’s shares. Fair value of performance restricted stock units (“PSUs”) is measured by the grant-date price of the Company’s shares with corresponding compensation cost recognized over the requisite service period. Compensation cost is recognized based on the estimated probabilities of achieving the performance goals. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related compensation cost that will be recorded in the period of the change. If the performance targets are not no The fair value of each stock option award during the nine September 30, 2019 2018 Nine Months Ended September 30, 2019 2018 Risk free interest rate 1.41% - 2.54% 2.15% - 2.82% Expected volatility 44.27% - 46.21% 37.12% - 45.61% Expected life (years) 3.5 4.0 - 4.5 Expected dividend yield 0.00% 0.00% The Company recorded $1.3 $1.2 three September 30, 2019 2018, $4.1 $10.1 nine September 30, 2019 2018, March 9, 2018, one $6.2 three March 31, 2018. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of product revenue $ 114 $ 39 $ 288 $ (205 ) Research & development 50 239 318 690 Selling, general & administrative 1,147 899 3,534 9,579 Total stock-based compensation expense $ 1,311 $ 1,177 $ 4,140 $ 10,064 On June 18, 2019, 2017 “2017 2017 1,500,000 1,200,000 2,700,000. No 2017 The following table sets forth share information for stock-based compensation awards granted and exercised during the three nine September 30, 2019 2018: Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Grants: Stock Options 87,250 18,500 218,867 228,300 RSAs - - - 64,578 RSUs 9,000 3,624 185,507 11,754 PSUs 9,000 - 123,500 - Exercises: Stock Options 488,586 - 511,486 284,548 SARs - - - - During the three nine September 30, 2019, three 30% 2019 70% 2021 $0.3 $0.7 three nine September 30, 2019, |
Note 7 - Earnings Per Share ("E
Note 7 - Earnings Per Share ("EPS") | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Earnings Per Share (“EPS”) Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Shares used in the calculation of basic earnings per share 14,070 14,237 14,065 14,524 Effect of dilutive securities: Stock options, SARs, RSAs, RSUs and PSUs 317 140 201 296 Diluted shares used in the calculation of earnings per share 14,387 14,377 14,266 14,820 Stock options of 0.4 0.9 three September 30, 2019 2018, not 0.7 0.6 nine September 30, 2019 2018 not On May 2, 2019, $50.0 $30.0 $20.0 September 30, 2019, no May 7, 2019, $30.0 $30.0 0.5 May 8, 2019 $39.85 60% As of September 30, 2019, $12.0 first 2020. may September 30, 2019, 0.2 not |
Note 8 - Inventories
Note 8 - Inventories | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 8. Inventories Inventories consist of the following: September 30, December 31, 2019 2018 Raw materials $ 12,686 $ 13,688 Work-in-process 7,762 4,626 Finished goods 10,234 6,819 Total $ 30,682 $ 25,133 Inventories $ 25,243 $ 21,300 Other long-term assets $ 5,439 $ 3,833 Other long-term assets include $5.4 $3.8 one September 30, 2019 December 31, 2018, |
Note 9 - Intangible Assets
Note 9 - Intangible Assets | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 9. Intangible Assets Intangible assets as of September 30, 2019 December 31, 2018 September 30, 2019 December 31, 2018 Gross Accumulated Impairment Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (3,056 ) $ (303 ) $ (9,448 ) $ 4,293 $ (2,824 ) $ (8,672 ) $ 5,604 15 In-process research & development 4,406 (1,316 ) - - 3,090 (1,168 ) - 3,238 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (184 ) - (519 ) 297 (169 ) (482 ) 349 16 Elevess trade name 1,000 - - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,971 ) $ (303 ) $ (15,252 ) $ 7,680 $ (4,576 ) $ (14,439 ) $ 9,191 The aggregate amortization expense related to intangible assets was $0.3 0.2 three September 30, 2019 2018, $0.8 nine September 30, 2019 2018. The Company recorded a $0.3 three March 31, 2019. January 2015. March 2019, not not Through September 30, 2019, not may not not $0.1 |
Note 10 - Goodwill
Note 10 - Goodwill | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 10. Goodwill The Company completed its annual impairment review as of November 30, 2018 no September 30, 2019, no may not September 30, 2019 Balance at January 1, 2019 $ 7,851 Effect of foreign currency adjustments (362 ) Balance at September 30, 2019 $ 7,489 |
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 11. Accrued Expenses Accrued expenses consist of the following: September 30, December 31, 2019 2018 Compensation and related expenses $ 4,039 $ 4,446 Professional fees 1,333 1,989 Operating lease liability - current 1,109 - Income taxes payable 766 385 Research grants 381 400 Clinical trial costs 497 577 Other 368 349 Total $ 8,493 $ 8,146 The lease liability as of September 30, 2019 2016 02 January 1, 2019 12. |
Note 12 - Operating Leases
Note 12 - Operating Leases | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 12. Operating Leases The Company adopted ASU 2016 02 January 1, 2019 not no 2016 02 3” 12 no not 2016 02. At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than one not not not not may The Company has two 134,000 33,000 2022 2038, 2032, 2026 The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on January 1, 2019 Incremental borrowing rate not not September 30, 2019 4.1%. Lease term. no September 30, 2019 17.1 The components of lease expense and other information are as follows: For the three months ended For the nine months ended Lease cost Operating lease cost $ 525 $ 1,568 Short-term lease cost - 6 Variable lease cost 43 155 Total lease cost $ 568 $ 1,729 Other information Operating cash flows from operating leases $ 488 $ 1,482 Future commitments due under these lease agreements as of September 30, 2019 Operating Lease Obligation As Of Years ended December 31, September 30, 2019 2019 (remaining 3 months) $ 497 2020 2,025 2021 2,024 2022 1,981 2023 1,965 Thereafter 23,530 Present value adjustment (9,310 ) Present value of lease payments 22,712 Less current portion included in Accrued expenses and other current liabilities (1,109 ) Operating lease liabilities $ 21,603 The following table summarizes the future minimum payments due for the Company’s operating leases under the prior lease guidance without the hindsight practical expedient for each of the next five December 31, 2018: Years ended December 31, 2019 $ 1,879 2020 1,917 2021 1,924 2022 1,672 2023 414 2024 and thereafter 897 Total $ 8,703 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Commitments and Contingencies In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may not third no September 30, 2019 December 31, 2018 no The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not |
Note 14 - Income Taxes
Note 14 - Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. Income Taxes The provision for income taxes was $3.3 $7.8 three nine September 30, 2019, 26.6% 25.3%, $1.5 $1.9 three nine September 30, 2018, 16.4% 14.7%, three nine September 30, 2019, 2018, June 2018 March 9, 2018. $0.3 $0.4 three nine September 30, 2019 The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In connection with the preparation of the financial statements, the Company assesses whether it was more likely than not not not” not September 30, 2019 December 31, 2018. |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Orthobiologics $ 26,765 $ 24,097 $ 74,975 $ 69,778 Surgical 578 1,191 4,071 3,700 Dermal 417 80 990 163 Other 1,855 1,413 4,709 4,940 Product Revenue $ 29,615 $ 26,781 $ 84,745 $ 78,581 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 23,512 79 % $ 21,695 81 % Europe 3,943 13 % 3,132 12 % Other 2,242 8 % 1,960 7 % Total Revenue $ 29,697 100 % $ 26,787 100 % Nine Months Ended September 30, 2019 2018 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 66,538 78 % $ 63,377 81 % Europe 11,396 14 % 9,021 11 % Other 6,904 8 % 6,201 8 % Total Revenue $ 84,838 100 % $ 78,599 100 % |
Note 5 - Fair Value Measureme_2
Note 5 - Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs September 30, 2019 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 6,406 $ 6,406 $ - $ - $ 6,406 Investments: U.S. treasury bills $ 69,825 $ 69,825 $ - $ - $ 69,821 Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2018 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money market funds $ 4,984 $ 4,984 $ - $ - $ 4,984 Investments: U.S. treasury bills $ 69,972 $ 69,972 $ - $ - $ 69,972 |
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Nine Months Ended September 30, 2019 2018 Risk free interest rate 1.41% - 2.54% 2.15% - 2.82% Expected volatility 44.27% - 46.21% 37.12% - 45.61% Expected life (years) 3.5 4.0 - 4.5 Expected dividend yield 0.00% 0.00% |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Cost of product revenue $ 114 $ 39 $ 288 $ (205 ) Research & development 50 239 318 690 Selling, general & administrative 1,147 899 3,534 9,579 Total stock-based compensation expense $ 1,311 $ 1,177 $ 4,140 $ 10,064 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Grants: Stock Options 87,250 18,500 218,867 228,300 RSAs - - - 64,578 RSUs 9,000 3,624 185,507 11,754 PSUs 9,000 - 123,500 - Exercises: Stock Options 488,586 - 511,486 284,548 SARs - - - - |
Note 7 - Earnings Per Share (_2
Note 7 - Earnings Per Share ("EPS") (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Shares used in the calculation of basic earnings per share 14,070 14,237 14,065 14,524 Effect of dilutive securities: Stock options, SARs, RSAs, RSUs and PSUs 317 140 201 296 Diluted shares used in the calculation of earnings per share 14,387 14,377 14,266 14,820 |
Note 8 - Inventories (Tables)
Note 8 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2019 2018 Raw materials $ 12,686 $ 13,688 Work-in-process 7,762 4,626 Finished goods 10,234 6,819 Total $ 30,682 $ 25,133 Inventories $ 25,243 $ 21,300 Other long-term assets $ 5,439 $ 3,833 |
Note 9 - Intangible Assets (Tab
Note 9 - Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | September 30, 2019 December 31, 2018 Gross Accumulated Impairment Accumulated Net Book Accumulated Accumulated Net Book Useful Developed technology $ 17,100 $ (3,056 ) $ (303 ) $ (9,448 ) $ 4,293 $ (2,824 ) $ (8,672 ) $ 5,604 15 In-process research & development 4,406 (1,316 ) - - 3,090 (1,168 ) - 3,238 Indefinite Distributor relationships 4,700 (415 ) - (4,285 ) - (415 ) (4,285 ) - 5 Patents 1,000 (184 ) - (519 ) 297 (169 ) (482 ) 349 16 Elevess trade name 1,000 - - (1,000 ) - - (1,000 ) - 9 Total $ 28,206 $ (4,971 ) $ (303 ) $ (15,252 ) $ 7,680 $ (4,576 ) $ (14,439 ) $ 9,191 |
Note 10 - Goodwill (Tables)
Note 10 - Goodwill (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | September 30, 2019 Balance at January 1, 2019 $ 7,851 Effect of foreign currency adjustments (362 ) Balance at September 30, 2019 $ 7,489 |
Note 11 - Accrued Expenses (Tab
Note 11 - Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2019 2018 Compensation and related expenses $ 4,039 $ 4,446 Professional fees 1,333 1,989 Operating lease liability - current 1,109 - Income taxes payable 766 385 Research grants 381 400 Clinical trial costs 497 577 Other 368 349 Total $ 8,493 $ 8,146 |
Note 12 - Operating Leases (Tab
Note 12 - Operating Leases (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Lease, Cost [Table Text Block] | For the three months ended For the nine months ended Lease cost Operating lease cost $ 525 $ 1,568 Short-term lease cost - 6 Variable lease cost 43 155 Total lease cost $ 568 $ 1,729 Other information Operating cash flows from operating leases $ 488 $ 1,482 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating Lease Obligation As Of Years ended December 31, September 30, 2019 2019 (remaining 3 months) $ 497 2020 2,025 2021 2,024 2022 1,981 2023 1,965 Thereafter 23,530 Present value adjustment (9,310 ) Present value of lease payments 22,712 Less current portion included in Accrued expenses and other current liabilities (1,109 ) Operating lease liabilities $ 21,603 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ended December 31, 2019 $ 1,879 2020 1,917 2021 1,924 2022 1,672 2023 414 2024 and thereafter 897 Total $ 8,703 |
Note 3 - Revenue (Details Textu
Note 3 - Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Mar. 31, 2018 | Sep. 30, 2019 | Dec. 31, 2017 | |
Contract with Customer, Liability, Total | $ 28 | $ 28 | ||
Inventory Recall Expense | $ 1,100 | $ 900 | ||
DePuy Mitek Inc [Member] | ||||
Revenues From Agreements as Percent of Total Revenue | 71.00% | 70.00% |
Note 3 - Revenue - Product Reve
Note 3 - Revenue - Product Revenue by Product Group (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 29,697 | $ 26,787 | $ 84,838 | $ 78,599 |
Orthobiologics [Member] | ||||
Revenue | 26,765 | 24,097 | 74,975 | 69,778 |
Surgical [Member] | ||||
Revenue | 578 | 1,191 | 4,071 | 3,700 |
Dermal [Member] | ||||
Revenue | 417 | 80 | 990 | 163 |
Manufactured Product, Other [Member] | ||||
Revenue | 1,855 | 1,413 | 4,709 | 4,940 |
Product [Member] | ||||
Revenue | $ 29,615 | $ 26,781 | $ 84,745 | $ 78,581 |
Note 3 - Revenue - Total Revenu
Note 3 - Revenue - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Revenue | $ 29,697 | $ 26,787 | $ 84,838 | $ 78,599 |
Percentage of Revenue | 100.00% | 100.00% | 100.00% | 100.00% |
UNITED STATES | ||||
Revenue | $ 23,512 | $ 21,695 | $ 66,538 | $ 63,377 |
Percentage of Revenue | 79.00% | 81.00% | 78.00% | 81.00% |
Europe [Member] | ||||
Revenue | $ 3,943 | $ 3,132 | $ 11,396 | $ 9,021 |
Percentage of Revenue | 13.00% | 12.00% | 14.00% | 11.00% |
Other Location [Member] | ||||
Revenue | $ 2,242 | $ 1,960 | $ 6,904 | $ 6,201 |
Percentage of Revenue | 8.00% | 7.00% | 8.00% | 8.00% |
Note 4 - Investments (Details T
Note 4 - Investments (Details Textual) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
US Treasury Bill Securities [Member] | ||
Available-for-sale Securities, Total | $ 69.8 | $ 70 |
Note 5 - Fair Value Measureme_3
Note 5 - Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Investment Income, Amortization of Discount | $ 1,075 | ||
Interest and Other Income, Net [Member] | |||
Investment Income, Amortization of Discount | $ 1,100 | $ 400 |
Note 5 - Fair Value Measureme_4
Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Investments: | ||
Investments | $ 69,825 | $ 69,972 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash equivalents: | ||
Cash equivalents | 6,406 | 4,984 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 6,406 | 4,984 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash equivalents | ||
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents: | ||
Cash equivalents | ||
Money Market Funds [Member] | Reported Value Measurement [Member] | ||
Cash equivalents: | ||
Cash equivalents | 6,406 | 4,984 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | ||
Investments: | ||
Investments | 69,825 | 69,972 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investments: | ||
Investments | 69,825 | 69,972 |
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investments: | ||
Investments | ||
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Investments: | ||
Investments | ||
US Treasury Securities [Member] | Reported Value Measurement [Member] | ||
Investments: | ||
Investments | $ 69,821 | $ 69,972 |
Note 6 - Equity Incentive Pla_2
Note 6 - Equity Incentive Plan (Details Textual) - USD ($) $ in Thousands | Jun. 18, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 |
Share-based Payment Arrangement, Expense | $ 1,311 | $ 1,177 | $ 4,140 | $ 10,064 | |||
Stock Options, PSUs and RSUs to Employees and RSUs to Non-employee Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||||||
Performance Shares [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 300 | $ 700 | |||||
Performance Conditions, Business Target, Percentage of Performance Conditions Based on Achievement in Current Fiscal Year | 30.00% | ||||||
Performance Conditions, Financial Target, Percentage of Performance Conditions Based on Company’s Operating Results in next Fiscal Year | 70.00% | ||||||
The 2017 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 1,500,000 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 2,700,000 | 1,200,000 | |||||
Chief Executive Officer [Member] | |||||||
Share-based Payment Arrangement, Expense | $ 6,200 |
Note 6 - Equity Incentive Pla_3
Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Expected life (years) (Year) | 3 years 182 days | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Risk free interest rate | 1.41% | 2.15% |
Expected volatility | 44.27% | 37.12% |
Expected life (years) (Year) | 4 years | |
Maximum [Member] | ||
Risk free interest rate | 2.54% | 2.82% |
Expected volatility | 46.21% | 45.61% |
Expected life (years) (Year) | 4 years 182 days |
Note 6 - Equity Incentive Pla_4
Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Stock-based compensation expense | $ 1,311 | $ 1,177 | $ 4,140 | $ 10,064 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | (114) | (39) | (288) | 205 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 50 | 239 | 318 | 690 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 1,147 | $ 899 | $ 3,534 | $ 9,579 |
Note 6 - Equity Incentive Pla_5
Note 6 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Share-based Payment Arrangement, Option [Member] | ||||
Stock Options (in shares) | 87,250 | 18,500 | 218,867 | 228,300 |
Stock Options (in shares) | 488,586 | 511,486 | 284,548 | |
Restricted Stock [Member] | ||||
Equity Instruments Other than Options (in shares) | 64,578 | |||
Restricted Stock Units (RSUs) [Member] | ||||
Equity Instruments Other than Options (in shares) | 9,000 | 3,624 | 185,507 | 11,754 |
Performance Restricted Stock Units [Member] | ||||
Equity Instruments Other than Options (in shares) | 9,000 | 123,500 | ||
Stock Appreciation Rights (SARs) [Member] | ||||
SARs (in shares) |
Note 7 - Earnings Per Share (_3
Note 7 - Earnings Per Share ("EPS") (Details Textual) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | May 08, 2019 | May 07, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 | May 02, 2019 |
Stock Repurchase Program, Authorized Amount | $ 50,000 | ||||||||
Payments for Repurchase of Common Stock | $ 30,000 | $ 30,000 | |||||||
Accelerated Stock Repurchase [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 30,000 | 30,000 | |||||||
Payments for Repurchase of Common Stock | $ 30,000 | ||||||||
Stock Repurchased During Period, Shares | 500 | ||||||||
Share Price | $ 39.85 | ||||||||
Share Repurchased, Pecentage | 60.00% | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 12,000 | $ 12,000 | $ 12,000 | $ 12,000 | |||||
Number of Additional Shares Deliver to Company if ASR Agreement Settled | 200 | ||||||||
Repurchase from Open Market [Member] | |||||||||
Stock Repurchase Program, Authorized Amount | $ 20,000 | ||||||||
Treasury Stock, Shares, Acquired | 0 | ||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 400 | 900 | 700 | 600 |
Note 7 - Earnings Per Share (_4
Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Basic weighted average common shares outstanding (in shares) | 14,070 | 14,237 | 14,065 | 14,524 |
Effect of dilutive securities: | ||||
Stock options, SARs, RSAs, RSUs and PSUs (in shares) | 317 | 140 | 201 | 296 |
Diluted shares used in the calculation of earnings per share (in shares) | 14,387 | 14,377 | 14,266 | 14,820 |
Note 8 - Inventories (Details T
Note 8 - Inventories (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Inventory, Noncurrent, Total | $ 5,439 | $ 3,833 |
Note 8 - Inventories - Summary
Note 8 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Raw materials | $ 12,686 | $ 13,688 |
Work-in-process | 7,762 | 4,626 |
Finished goods | 10,234 | 6,819 |
Total | 30,682 | 25,133 |
Inventories, net | 25,243 | 21,300 |
Inventory, Noncurrent, Total | $ 5,439 | $ 3,833 |
Note 9 - Intangible Assets (Det
Note 9 - Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 300 | $ 200 | $ 800 | $ 800 | ||
Impairment of Intangible Assets, Finite-lived | 303 | |||||
Intangible Assets, Net (Excluding Goodwill), Total | 7,680 | 7,680 | $ 9,191 | |||
HYALOSPINE Developed Technology Asset [Member] | ||||||
Impairment of Intangible Assets, Finite-lived | $ 300 | |||||
MEROGEL INJECTIBLE Assets [Member] | ||||||
Intangible Assets, Net (Excluding Goodwill), Total | $ 100 | $ 100 |
Note 9 - Intangible Assets - Su
Note 9 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Gross Value | $ 28,206 | ||
Accumulated Currency Translation Adjustment | (4,971) | $ (4,576) | |
Impairment | (303) | ||
Accumulated Amortization | (15,252) | (14,439) | |
Intangible assets, net | 7,680 | 9,191 | |
In Process Research and Development [Member] | |||
Gross Value | 4,406 | ||
Accumulated Currency Translation Adjustment | (1,316) | (1,168) | |
Impairment | |||
Accumulated Amortization | |||
Intangible assets, net | 3,090 | 3,238 | |
Developed Technology Rights [Member] | |||
Gross Value | 17,100 | ||
Accumulated Currency Translation Adjustment | (3,056) | (2,824) | |
Impairment | (303) | ||
Accumulated Amortization | (9,448) | (8,672) | |
Intangible assets, net | $ 4,293 | 5,604 | |
Useful life (Year) | 15 years | ||
Distribution Rights [Member] | |||
Gross Value | $ 4,700 | ||
Accumulated Currency Translation Adjustment | (415) | (415) | |
Impairment | |||
Accumulated Amortization | (4,285) | (4,285) | |
Intangible assets, net | |||
Useful life (Year) | 5 years | ||
Patents [Member] | |||
Gross Value | $ 1,000 | ||
Accumulated Currency Translation Adjustment | (184) | (169) | |
Impairment | |||
Accumulated Amortization | (519) | (482) | |
Intangible assets, net | $ 297 | 349 | |
Useful life (Year) | 16 years | ||
Elevess Trade Name [Member] | |||
Gross Value | $ 1,000 | ||
Accumulated Currency Translation Adjustment | |||
Impairment | |||
Accumulated Amortization | (1,000) | (1,000) | |
Intangible assets, net | |||
Useful life (Year) | 9 years |
Note 10 - Goodwill (Details Tex
Note 10 - Goodwill (Details Textual) $ in Thousands | Nov. 30, 2018USD ($) |
Goodwill, Impaired, Accumulated Impairment Loss | $ 0 |
Note 10 - Goodwill - Changes in
Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands | 9 Months Ended |
Sep. 30, 2019USD ($) | |
Balance | $ 7,851 |
Effect of foreign currency adjustments | (362) |
Balance | $ 7,489 |
Note 11 - Accrued Expenses - Su
Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Compensation and related expenses | $ 4,039 | $ 4,446 |
Professional fees | 1,333 | 1,989 |
Operating lease liability - current | 1,109 | |
Income taxes payable | 766 | 385 |
Research grants | 381 | 400 |
Clinical trial costs | 497 | 577 |
Other | 368 | 349 |
Total | $ 8,493 | $ 8,146 |
Note 12 - Operating Leases (Det
Note 12 - Operating Leases (Details Textual) | Sep. 30, 2019ft² |
Operating Lease, Weighted Average Discount Rate, Percent | 4.10% |
Operating Lease, Weighted Average Remaining Lease Term | 17 years 36 days |
Administrative, Research and Development, and Manufacturing Space in Bedford, MA [Member] | |
Area of Real Estate Property | 134,000 |
Office, Research and Development, Training, and Warehousing Space in Padova, Italy [Member] | |
Area of Real Estate Property | 33,000 |
Note 12 - Operating Leases - Le
Note 12 - Operating Leases - Lease Expense and Other Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Sep. 30, 2019 | Sep. 30, 2019 | |
Operating lease cost | $ 525 | $ 1,568 |
Short-term lease cost | 6 | |
Variable lease cost | 43 | 155 |
Total lease cost | 568 | 1,729 |
Operating cash flows from operating leases | $ 488 | $ 1,482 |
Note 12 - Operating Leases - Fu
Note 12 - Operating Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
2019 (remaining 3 months) | $ 497 | |
2020 | 2,025 | |
2021 | 2,024 | |
2022 | 1,981 | |
2023 | 1,965 | |
Thereafter | 23,530 | |
Present value adjustment | (9,310) | |
Present value of lease payments | 22,712 | |
Less current portion included in Accrued expenses and other current liabilities | (1,109) | |
Operating lease liabilities | $ 21,603 |
Note 12 - Operating Leases - _2
Note 12 - Operating Leases - Future Lease Commitments Under ASU 840 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 1,879 |
2020 | 1,917 |
2021 | 1,924 |
2022 | 1,672 |
2023 | 414 |
2024 and thereafter | 897 |
Total | $ 8,703 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | Dec. 31, 2018 | |
Income Tax Expense (Benefit), Total | $ 3,331 | $ 1,496 | $ 7,817 | $ 1,890 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 26.60% | 16.40% | 25.30% | 14.70% | |
Effective Income Tax Rate Reconciliation, Tax Expense (Benefit), Share-based Payment Arrangement, Amount | $ 300 | $ 400 | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | $ 0 |