Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 29, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000898437 | |
Entity Registrant Name | Anika Therapeutics, Inc. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-14027 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 04-3145961 | |
Entity Address, Address Line One | 32 Wiggins Avenue | |
Entity Address, City or Town | Bedford | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 01730 | |
City Area Code | 781 | |
Local Phone Number | 457-9000 | |
Title of 12(b) Security | Common Stock, par value $0.01 per share | |
Trading Symbol | ANIK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 14,599,937 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 91,392 | $ 94,386 |
Accounts receivable, less allowance for credit losses of $1,405 and $1,442 at June 30, 2022 and December 31, 2021, respectively | 32,172 | 29,843 |
Inventories, net | 35,336 | 36,010 |
Prepaid expenses and other current assets | 8,956 | 8,289 |
Total current assets | 167,856 | 168,528 |
Property and equipment, net | 48,087 | 47,602 |
Right-of-use assets | 31,607 | 20,957 |
Other long-term assets | 20,914 | 20,285 |
Intangible assets, net | 78,490 | 82,382 |
Goodwill | 7,169 | 7,781 |
Total assets | 354,123 | 347,535 |
Current liabilities: | ||
Accounts payable | 8,165 | 7,633 |
Accrued expenses and other current liabilities | 16,951 | 17,847 |
Contingent consideration | 4,315 | 4,315 |
Total current liabilities | 29,431 | 29,795 |
Other long-term liabilities | 587 | 1,258 |
Deferred tax liability | 8,220 | 10,157 |
Lease liabilities | 29,732 | 19,240 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 0 | |
Common stock, $0.01 par value; 90,000 shares authorized, 14,598 and 14,441 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | 146 | 144 |
Additional paid-in-capital | 72,851 | 67,081 |
Accumulated other comprehensive loss | (6,646) | (5,718) |
Retained earnings | 219,802 | 225,578 |
Total stockholders’ equity | 286,153 | 287,085 |
Total liabilities and stockholders’ equity | $ 354,123 | $ 347,535 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts receivable, reserves | $ 1,405 | $ 1,442 |
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) | 14,598 | 14,441 |
Common stock, shares outstanding (in shares) | 14,598 | 14,441 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 39,657 | $ 38,145 | $ 76,350 | $ 72,437 |
Cost of product revenue | 14,795 | 17,333 | 29,684 | 30,651 |
Gross Profit | 24,862 | 20,812 | 46,666 | 41,786 |
Operating expenses: | ||||
Research & development | 6,975 | 7,293 | 13,132 | 13,654 |
Selling, general & administrative | 21,268 | 17,989 | 40,469 | 36,164 |
Change in fair value of contingent consideration | 0 | (13,650) | 0 | (18,470) |
Total operating expenses | 28,243 | 11,632 | 53,601 | 31,348 |
(Loss) income from operations | (3,381) | 9,180 | (6,935) | 10,438 |
Interest and other income (expense), net | 96 | (50) | (58) | (93) |
(Loss) income before income taxes | (3,285) | 9,130 | (6,993) | 10,345 |
(Benefit from) provision for income taxes | (442) | 2,599 | (1,217) | 976 |
Net (loss) income | $ (2,843) | $ 6,531 | $ (5,776) | $ 9,369 |
Basic (in dollars per share) | $ (0.20) | $ 0.45 | $ (0.40) | $ 0.65 |
Diluted (in dollars per share) | $ (0.20) | $ 0.45 | $ (0.40) | $ 0.64 |
Basic (in shares) | 14,555 | 14,393 | 14,511 | 14,368 |
Diluted (in shares) | 14,555 | 14,627 | 14,511 | 14,583 |
Net (loss) income | $ (2,843) | $ 6,531 | $ (5,776) | $ 9,369 |
Foreign currency translation adjustment | (847) | 199 | (928) | (310) |
Comprehensive (loss) income | $ (3,690) | $ 6,730 | $ (6,704) | $ 9,059 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Restricted Stock Units (RSUs) [Member] Common Stock [Member] | Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 14,329 | ||||||
Balance at Dec. 31, 2020 | $ 143 | $ 55,355 | $ 221,444 | $ (4,542) | $ 272,400 | ||
Issuance of common stock for equity awards (in shares) | 0 | ||||||
Issuance of common stock for equity awards | $ 0 | 1 | 1 | ||||
Vesting of restricted stock units (in shares) | 46 | ||||||
Vesting of restricted stock units | $ 1 | $ (1) | |||||
Stock-based compensation expense | 2,259 | 2,259 | |||||
Retirement of common stock for minimum tax withholdings (in shares) | (9) | ||||||
Retirement of common stock for minimum tax withholdings | $ 0 | (333) | (333) | ||||
Net (loss) income | 2,838 | 2,838 | |||||
Other comprehensive income | (509) | (509) | |||||
Forfeiture of restricted stock awards | 0 | ||||||
Repurchase of common stock | 0 | ||||||
Balance (in shares) at Mar. 31, 2021 | 14,366 | ||||||
Balance at Mar. 31, 2021 | $ 144 | 57,281 | 224,282 | (5,051) | 276,656 | ||
Balance (in shares) at Dec. 31, 2020 | 14,329 | ||||||
Balance at Dec. 31, 2020 | $ 143 | 55,355 | 221,444 | (4,542) | 272,400 | ||
Net (loss) income | 9,369 | ||||||
Balance (in shares) at Jun. 30, 2021 | 14,418 | ||||||
Balance at Jun. 30, 2021 | $ 144 | 60,699 | 230,813 | (4,852) | 286,804 | ||
Balance (in shares) at Mar. 31, 2021 | 14,366 | ||||||
Balance at Mar. 31, 2021 | $ 144 | 57,281 | 224,282 | (5,051) | 276,656 | ||
Issuance of common stock for equity awards (in shares) | 18 | ||||||
Issuance of common stock for equity awards | $ 0 | 640 | 0 | 0 | 640 | ||
Vesting of restricted stock units (in shares) | 35 | ||||||
Vesting of restricted stock units | $ 0 | 0 | 0 | ||||
Stock-based compensation expense | 2,797 | 2,797 | |||||
Retirement of common stock for minimum tax withholdings (in shares) | (1) | ||||||
Retirement of common stock for minimum tax withholdings | $ 0 | (19) | (19) | ||||
Net (loss) income | 6,531 | 6,531 | |||||
Other comprehensive income | 199 | 199 | |||||
Balance (in shares) at Jun. 30, 2021 | 14,418 | ||||||
Balance at Jun. 30, 2021 | $ 144 | 60,699 | 230,813 | (4,852) | 286,804 | ||
Balance (in shares) at Dec. 31, 2021 | 14,441 | ||||||
Balance at Dec. 31, 2021 | $ 144 | 67,081 | 225,578 | (5,718) | 287,085 | ||
Issuance of common stock for equity awards (in shares) | 1 | ||||||
Issuance of common stock for equity awards | $ 0 | 15 | 15 | ||||
Vesting of restricted stock units (in shares) | 106 | ||||||
Vesting of restricted stock units | $ 1 | $ (1) | |||||
Stock-based compensation expense | 2,545 | 2,545 | |||||
Retirement of common stock for minimum tax withholdings (in shares) | (30) | ||||||
Retirement of common stock for minimum tax withholdings | $ 0 | (844) | (844) | ||||
Net (loss) income | (2,933) | (2,933) | |||||
Other comprehensive income | (81) | (81) | |||||
Balance (in shares) at Mar. 31, 2022 | 14,518 | ||||||
Balance at Mar. 31, 2022 | $ 145 | 68,796 | 222,645 | (5,799) | 285,787 | ||
Balance (in shares) at Dec. 31, 2021 | 14,441 | ||||||
Balance at Dec. 31, 2021 | $ 144 | 67,081 | 225,578 | (5,718) | 287,085 | ||
Net (loss) income | (5,776) | ||||||
Balance (in shares) at Jun. 30, 2022 | 14,598 | ||||||
Balance at Jun. 30, 2022 | $ 146 | 72,851 | 219,802 | (6,646) | 286,153 | ||
Balance (in shares) at Mar. 31, 2022 | 14,518 | ||||||
Balance at Mar. 31, 2022 | $ 145 | 68,796 | 222,645 | (5,799) | 285,787 | ||
Vesting of restricted stock units (in shares) | 61 | ||||||
Vesting of restricted stock units | $ 1 | (1) | 0 | ||||
Stock-based compensation expense | 4,081 | 4,081 | |||||
Retirement of common stock for minimum tax withholdings (in shares) | (1) | ||||||
Retirement of common stock for minimum tax withholdings | $ 0 | (25) | (25) | ||||
Net (loss) income | (2,843) | (2,843) | |||||
Other comprehensive income | (847) | (847) | |||||
Issuance of ESPP shares (in shares) | 20 | ||||||
Issuance of ESPP shares | $ 0 | 0 | 0 | ||||
Balance (in shares) at Jun. 30, 2022 | 14,598 | ||||||
Balance at Jun. 30, 2022 | $ 146 | $ 72,851 | $ 219,802 | $ (6,646) | $ 286,153 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net (loss) income | $ (5,776) | $ 9,369 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation | 3,435 | 3,086 |
Amortization of acquisition related intangible assets | 3,891 | 3,925 |
Amortization of acquisition related inventory step-up | 0 | 4,786 |
Non-cash operating lease cost | 797 | 912 |
Change in fair value of contingent consideration | 0 | (18,470) |
Loss on disposal of fixed assets | 0 | 831 |
Stock-based compensation expense | 6,626 | 5,056 |
Deferred income taxes | (2,020) | 1,196 |
Provision (recovery) for doubtful accounts | 175 | (26) |
Provision for inventory | 675 | 2,404 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,103) | (5,347) |
Inventories | (1,541) | (6,796) |
Prepaid expenses, other current and long-term assets | (948) | 1,608 |
Accounts payable | 284 | (642) |
Operating lease liabilities | (764) | (849) |
Accrued expenses, other current and long-term liabilities | (1,169) | 2,307 |
Income taxes | 657 | (1,487) |
Net cash provided by operating activities | 1,219 | 1,863 |
Cash flows from investing activities: | ||
Acquisition of Parcus Medical and Arthrosurface, net of cash acquired | 0 | (352) |
Proceeds from maturities of investments | 0 | 2,501 |
Purchases of property and equipment | (3,266) | (2,732) |
Net cash used in investing activities | (3,266) | (583) |
Cash flows from financing activities: | ||
Payments made on finance leases | (53) | (147) |
Cash paid for tax withheld on vested restricted stock awards | (870) | (353) |
Proceeds from exercises of equity awards | 15 | 643 |
Net cash (used in) provided by financing activities | (908) | 143 |
Exchange rate impact on cash | (39) | (59) |
(Decrease)/Increase in cash and cash equivalents | (2,994) | 1,364 |
Cash and cash equivalents at beginning of period | 94,386 | 95,817 |
Cash and cash equivalents at end of period | 91,392 | 97,181 |
Supplemental disclosure of cash flow information: | ||
Purchases of property and equipment included in accounts payable and accrued expenses | 680 | 263 |
Accounting Standards Update 2016-02 [Member] | ||
Supplemental disclosure of cash flow information: | ||
Right-of-use assets obtained in exchange for operating lease liabilities | $ 11,589 | $ 220 |
Note 1 - Nature of Business
Note 1 - Nature of Business | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. Nature of Business Anika Therapeutics, Inc. (“the Company”) is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care, including in the areas of osteoarthritis (“OA”) pain management, regenerative solutions, soft tissue repair and bone preserving joint technologies. In early 2020, 30 The Company is subject to risks common to companies in the life sciences industry including, but not There continue to be uncertainties regarding the pandemic of the novel coronavirus (“COVID- 19” 19 19 may may 19. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 6 Months Ended |
Jun. 30, 2022 | |
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 (“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 or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2021 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, 2021. three six June 30, 2022, not December 31, 2022 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 President and Chief Executive Officer as of June 30, 2022. 280, Segment Reportin one |
Note 3 - Business Combinations
Note 3 - Business Combinations | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | 3. Business Combinations Parcus Medical, LLC On January 24, 2020, January 4, 2020 ( Consideration Transferred Pursuant to the Parcus Medical Merger Agreement, the Company acquired all outstanding equity of Parcus Medical for estimated total purchase consideration of $75.1 million, as of January 24, 2020, Cash consideration $ 32,794 Deferred consideration 1,642 Estimated fair value of contingent consideration 40,700 Estimated total purchase consideration $ 75,136 Pursuant to the Parcus Medical Merger Agreement, contingent consideration represents additional payments that the Company may 2020 2022. The fair value of contingent consideration related to net sales as of January 24, 2020, June 30, 2022, not Acquisition-related costs were not three March 31, 2020. March 31, 2020 Fair Value of Net Assets Acquired The estimate of fair value as of the acquisition date required the use of significant assumptions and estimates. Critical estimates included, but were not may The allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on estimates of fair value as of January 24, 2020, Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 196 Accounts receivable 2,029 Inventories 10,968 Prepaid expenses and other current assets 364 Property and equipment, net 1,099 Right-of-use assets 944 Intangible assets 44,000 Accounts payable, accrued expenses and other current liabilities (2,763 ) Other long-term liabilities (594 ) Lease liabilities (735 ) Net assets acquired 55,508 Goodwill 19,628 Estimated total purchase consideration $ 75,136 Subsequent to the acquisition date, during the three September 30, 2020, January 24, 2020 The acquired intangible assets based on estimates of fair value as of January 24, 2020 Developed technology $ 41,100 Trade name 1,800 Customer relationships 1,100 Total acquired intangible assets $ 44,000 The fair value of developed technology will be amortized over a useful life of 15 years, the fair value of customer relationships over 10 years, and the fair value of the trade name over 5 years. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill and assigned to the newly established reporting unit for Parcus Medical and Arthrosurface. The goodwill was impaired in 2020 no December 31, 2020. Arthrosurface, Inc. On February 3, 2020, January 4, 2020 ( Consideration Transferred Pursuant to the Arthrosurface Merger Agreement, the Company acquired all outstanding equity of Arthrosurface for estimated total purchase consideration of $90.3 million, as of February 3, 2020 Cash consideration $ 61,909 Estimated fair value of contingent consideration 28,376 Estimated total purchase consideration $ 90,285 Pursuant to the Arthrosurface Merger Agreement, the Company could be required to make future payments of up to $40.0 million depending on the achievement of regulatory milestones and the level of net sales of Arthrosurface products from 2020 2021. February 3, 2020 February 3, 2020 October 2020 July 2021 two June 30, 2022, no Acquisition-related costs were not three March 31, 2020. March 31, 2020 Fair Value of Net Assets Acquired The estimate of fair value required the use of significant assumptions and estimates. Critical estimates included, but were not may The allocation of purchase price to the identifiable assets acquired and liabilities assumed was based on estimates of fair value as of February 3, 2020, Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,072 Accounts receivable 5,368 Inventories 15,652 Prepaid expenses and other current assets 535 Property, plant and equipment 3,394 Other long-term assets 7,548 Intangible assets 48,900 Accounts payable, accrued expenses and other liabilities (3,929 ) Deferred tax liabilities (11,147 ) Net assets acquired 67,393 Goodwill 22,892 Estimated total purchase consideration $ 90,285 Intangible assets acquired consist of: Developed technology $ 37,000 Trade name 3,400 Customer relationships 7,900 IPR&D 600 Total acquired intangible assets $ 48,900 The fair value of developed technology will be amortized over an estimated useful life of 15 years, the fair value of customer relationships over 10 years, and the fair value of trade names over 5 years. A total of $0.6 million represents the fair value of IPR&D with an indefinite useful life which was impaired during the quarter ended December 31, 2021. The excess of the purchase price over the fair value of the net assets acquired was recorded as goodwill and assigned to the newly established reporting unit for Parcus Medical and Arthrosurface. The Goodwill was impaired in 2020 no December 31, 2020. |
Note 4 - Fair Value Measurement
Note 4 - Fair Value Measurements | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Measurements The Company has certain cash equivalents in money market funds that are classified within Level 1 not 3 no six June 30, 2022 2021. 3, Business Combinations June 30, 2022. Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,112 $ 67,112 $ - $ - $ 67,112 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,046 $ 67,046 $ - $ - $ 67,046 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Contingent Consideration The following table provides a rollforward of the contingent consideration related to business acquisitions discussed in Note 3, Business Combinations Six Months Ended June 30, 2022 2021 Balance, beginning $ 4,315 $ 35,410 Change in fair value - (18,470 ) Balance, ending $ 4,315 $ 16,940 |
Note 5 - Inventories
Note 5 - Inventories | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: June 30, December 31, 2022 2021 Raw materials $ 16,766 $ 16,881 Work-in-process 14,170 11,442 Finished goods 24,583 26,731 Total $ 55,519 $ 55,054 Inventories $ 35,336 $ 36,010 Other long-term assets 20,183 19,044 Total $ 55,519 $ 55,054 Inventories are stated net of inventory reserves of $7.2 million and $9.1 million as of June 30, 2022 December 31, 2021, |
Note 6 - Intangible Assets
Note 6 - Intangible Assets | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Intangible Assets Six Months Ended June 30, 2022 December 31, 2021 Gross Value Less: Accumulated Currency Translation Adjustment Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 89,580 $ (1,608 ) $ (20,789 ) $ 67,183 $ 70,081 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,177 ) 6,823 7,273 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (656 ) 155 179 16 Tradenames 5,200 - (2,521 ) 2,679 3,199 5 Total $ 112,136 $ (3,218 ) $ (30,428 ) $ 78,490 $ 82,382 13 The aggregate amortization expense related to intangible assets was $1.9 million and $2.0 million for the three June 30, 2022 2021, six June 30, 2022 2021. |
Note 7 - Goodwill
Note 7 - Goodwill | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Goodwill Disclosure [Text Block] | 7. Goodwill The Company assesses goodwill for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may Changes in the carrying value of goodwill for the six June 30, 2022 Six Month Ended June 30, 2022 Balance, beginning $ 7,781 Effect of foreign currency adjustments (612 ) Balance, ending $ 7,169 |
Note 8 - Leases
Note 8 - Leases | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | 8. Leases The Company leases its buildings and manufacturing facilities under operating leases. As of June 30, 2022, In June 2022, two 2027 2038 two 2027 may 2025 2023 2032, The following table summarizes the Company’s significant commitments under lease agreements as of June 30, 2022: Operating Leases Financing Leases Total 2022 (Remainder of Year) $ 1,304 $ 66 $ 1,370 2023 3,081 132 3,213 2024 3,026 43 3,069 2025 3,066 - 3,066 2026 2,760 - 2,760 Thereafter 27,873 - 27,873 Present value adjustment (9,636 ) (2 ) (9,638 ) Present value of lease payments 31,474 239 31,713 Less current portion included in accrued expenses and other current liabilities (1,742 ) (132 ) (1,874 ) Total lease liabilities $ 29,732 $ 107 $ 29,839 During the three six June 30, 2022, three six June 30, 2021, June 30, 2022, |
Note 9 - Accrued Expenses and O
Note 9 - Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 9. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consist of the following: June 30, 2022 December 31, 2021 Compensation and related expenses $ 8,816 $ 9,523 Professional fees 3,154 3,590 Operating lease liability – current 1,742 1,526 Clinical trial costs 2,074 1,961 Financing lease liability – current 132 188 Other 1,033 1,059 Total $ 16,951 $ 17,847 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 10. 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 June 30, 2022 December 31, 2021 no The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not On October 21, 2021, not 2022. |
Note 11 - Revenue and Geographi
Note 11 - Revenue and Geographic Information | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 11. Revenue and Geographic Information Revenue by product family was as follows: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OA Pain Management $ 25,741 $ 24,321 $ 48,474 $ 43,637 Joint Preservation and Restoration 12,095 11,884 24,234 24,103 Non-Orthopedics 1,821 1,940 3,642 4,697 $ 39,657 $ 38,145 $ 76,350 $ 72,437 Revenue from the Company’s sole significant customer, DePuy Synthes Mitek Sports Medicine (“Mitek”), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 45% and 46% for the three June 30, 2022 2021, six June 30, 2022 2021, The Company receives payments from our customers based on billing schedules established in each contract. Up-front payments are recorded as deferred revenue upon receipt or when due and may June 30, 2022 December 31, 2021, Total revenue by geographic location was as follows: Three Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,686 75 % $ 30,069 79 % Europe 5,292 13 % 5,089 13 % Other 4,679 12 % 2,987 8 % Total $ 39,657 100 % $ 38,145 100 % Six Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 56,459 73 % $ 55,074 76 % Europe 11,088 15 % 10,570 15 % Other 8,803 12 % 6,793 9 % Total $ 76,350 100 % $ 72,437 100 % |
Note 12 - Equity Incentive Plan
Note 12 - Equity Incentive Plan | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 12. Equity Incentive Plan Equity Incentive Plan The Anika Therapeutics, Inc. 2017 “2017 June 13, 2017 June 18, 2019, June 16, 2020, June 16, 2021 June 8, 2022. June 8, 2022, 2017 2017 may 2017 no 4.85 may 2017 June 30, 2022 2017 The Anika Therapeutics, Inc. 2021 November 4, 2021. may not 2017 June 30, 2022 The Company may three ten The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product revenue $ 227 $ 214 $ 403 $ 343 Research & development 503 402 870 643 Selling, general & administrative 3,351 2,181 5,323 4,070 Total stock-based compensation expense $ 4,081 $ 2,797 $ 6,626 $ 5,056 Stock Options Stock options are granted to purchase common shares at prices that are equal to the fair market value of the shares on the date the options are granted or, in the case of premium options, are granted with an exercise price at 110% of the market price of the Company’s common stock on the date of grant. Options generally vest in equal annual installments over a period of three The following summarizes the activity under the Company’s stock option plans: Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 1,175,993 $ 39.56 Granted 464,775 $ 23.21 Exercised (437 ) $ 9.10 $ 10 Forfeited and canceled (130,925 ) $ 44.25 Outstanding as of June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 Vested, June 30, 2022 459,732 $ 40.07 7.5 $ 7 Vested or expected to vest, June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 The aggregate intrinsic value of options exercised for the six June 30, 2022 The Company granted 464,775 stock options during the six June 30, 2022, As of June 30, 2022, The Company uses the Black-Scholes pricing model to determine the fair value of options granted. The calculation of the fair value of stock options is affected by the stock price on the grant date, the expected volatility of the Company’s common stock over the expected term of the award, the expected life of the award, the risk-free interest rate and the dividend yield. The Company estimates the fair value of TSRs using Monte-Carlo simulation model where the expected volatility assumption is evaluated over 6.3 years. The actual number of TSR options that may June 30, 2022. The assumptions used in the Black-Scholes pricing model for options granted during the six June 30, 2022 2021, Six Months Ended June 30, 2022 2021 Risk free interest rate 1.3% - 3.0% 0.3% - 0.6% Expected volatility 53.8% - 55.2% 54.8% - 55.9% Expected life (years) 4.5 4.0 Expected dividend yield 0.0% 0.0% Fair value per option 11.28 14.19 Restricted Stock Units RSUs generally vest in equal annual installments over a three RSU activity for the six June 30, 2022 Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 412,658 $ 36.33 Granted 498,189 $ 25.18 Vested (149,365 ) $ 36.26 Forfeited and cancelled (41,095 ) $ 33.75 Outstanding as of June 30, 2022 720,387 $ 28.78 The weighted-average grant-date fair value per share of RSUs granted was $34.99 for the six June 30, 2021. six June 30, 2022 2021, As of June 30, 2022, Performance Stock Units PSU activity for the six June 30, 2022 Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 158,297 $ 37.44 Performance factor adjustment 2,125 $ 32.53 Vested (19,125 ) $ 32.53 Forfeited and cancelled (23,400 ) $ 41.86 Outstanding as of June 30, 2022 117,897 $ 34.98 The total fair value of PSUs vested was $0.6 million and $0 for the six June 30, 2022 2021, June 30, 2022, none |
Note 13 - Income Taxes
Note 13 - Income Taxes | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The Company recorded an income tax benefit of $0.4 million and $1.2 million for the three six June 30, 2022, three six June 30, 2021, The decrease in the effective tax rate for the three June 30, 2022 , 2021 , second 2021 second 2022 six June 30, 2022 , 2021 , 2021 six June 30, 2021. The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in certain foreign jurisdictions. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate, which varies by jurisdiction. In connection with the preparation of the financial statements, the Company assessed whether it is more likely than not not December 31, 2021, not June 30, 2022. |
Note 14 - Earnings Per Share ("
Note 14 - Earnings Per Share ("EPS") | 6 Months Ended |
Jun. 30, 2022 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 14. Earnings Per Share ( EPS ) Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not The following table provides share information used in the calculation of the Company's basic and diluted earnings per share (in thousands): Three Month Period Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares used in the calculation of basic earnings per share 14,555 14,393 14,511 14,368 Effect of dilutive securities: Share-based payment awards - 234 - 215 Diluted shares used in the calculation of earnings per share 14,555 14,627 14,511 14,583 The Company had a net loss during the three six June 30, 2022, six June 30, 2021, not |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Cash consideration $ 32,794 Deferred consideration 1,642 Estimated fair value of contingent consideration 40,700 Estimated total purchase consideration $ 75,136 Cash consideration $ 61,909 Estimated fair value of contingent consideration 28,376 Estimated total purchase consideration $ 90,285 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 196 Accounts receivable 2,029 Inventories 10,968 Prepaid expenses and other current assets 364 Property and equipment, net 1,099 Right-of-use assets 944 Intangible assets 44,000 Accounts payable, accrued expenses and other current liabilities (2,763 ) Other long-term liabilities (594 ) Lease liabilities (735 ) Net assets acquired 55,508 Goodwill 19,628 Estimated total purchase consideration $ 75,136 Recognized identifiable assets acquired and liabilities assumed: Cash and cash equivalents $ 1,072 Accounts receivable 5,368 Inventories 15,652 Prepaid expenses and other current assets 535 Property, plant and equipment 3,394 Other long-term assets 7,548 Intangible assets 48,900 Accounts payable, accrued expenses and other liabilities (3,929 ) Deferred tax liabilities (11,147 ) Net assets acquired 67,393 Goodwill 22,892 Estimated total purchase consideration $ 90,285 Intangible assets acquired consist of: Developed technology $ 37,000 Trade name 3,400 Customer relationships 7,900 IPR&D 600 Total acquired intangible assets $ 48,900 |
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Developed technology $ 41,100 Trade name 1,800 Customer relationships 1,100 Total acquired intangible assets $ 44,000 |
Note 4 - Fair Value Measureme_2
Note 4 - Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs June 30, 2022 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,112 $ 67,112 $ - $ - $ 67,112 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - Active Markets Significant Other Significant for Identical Assets Observable Inputs Unobservable Inputs December 31, 2021 (Level 1) (Level 2) (Level 3) Amortized Cost Cash equivalents: Money Market Funds $ 67,046 $ 67,046 $ - $ - $ 67,046 Other current liabilities: Contingent Consideration - Short Term $ 4,315 $ - $ - $ 4,315 $ - |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | Six Months Ended June 30, 2022 2021 Balance, beginning $ 4,315 $ 35,410 Change in fair value - (18,470 ) Balance, ending $ 4,315 $ 16,940 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, December 31, 2022 2021 Raw materials $ 16,766 $ 16,881 Work-in-process 14,170 11,442 Finished goods 24,583 26,731 Total $ 55,519 $ 55,054 Inventories $ 35,336 $ 36,010 Other long-term assets 20,183 19,044 Total $ 55,519 $ 55,054 |
Note 6 - Intangible Assets (Tab
Note 6 - Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] | Six Months Ended June 30, 2022 December 31, 2021 Gross Value Less: Accumulated Currency Translation Adjustment Less: Accumulated Amortization Net Book Value Net Book Value Weighted Average Useful Life Developed technology $ 89,580 $ (1,608 ) $ (20,789 ) $ 67,183 $ 70,081 15 IPR&D 2,656 (1,006 ) - 1,650 1,650 Indefinite Customer relationships 9,000 - (2,177 ) 6,823 7,273 10 Distributor relationships 4,700 (415 ) (4,285 ) - - 5 Patents 1,000 (189 ) (656 ) 155 179 16 Tradenames 5,200 - (2,521 ) 2,679 3,199 5 Total $ 112,136 $ (3,218 ) $ (30,428 ) $ 78,490 $ 82,382 13 |
Note 7 - Goodwill (Tables)
Note 7 - Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | Six Month Ended June 30, 2022 Balance, beginning $ 7,781 Effect of foreign currency adjustments (612 ) Balance, ending $ 7,169 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Lessee, Operating Lease and Finance Lease, Liability, Maturity [Table Text Block] | Operating Leases Financing Leases Total 2022 (Remainder of Year) $ 1,304 $ 66 $ 1,370 2023 3,081 132 3,213 2024 3,026 43 3,069 2025 3,066 - 3,066 2026 2,760 - 2,760 Thereafter 27,873 - 27,873 Present value adjustment (9,636 ) (2 ) (9,638 ) Present value of lease payments 31,474 239 31,713 Less current portion included in accrued expenses and other current liabilities (1,742 ) (132 ) (1,874 ) Total lease liabilities $ 29,732 $ 107 $ 29,839 |
Note 9 - Accrued Expenses and_2
Note 9 - Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2022 December 31, 2021 Compensation and related expenses $ 8,816 $ 9,523 Professional fees 3,154 3,590 Operating lease liability – current 1,742 1,526 Clinical trial costs 2,074 1,961 Financing lease liability – current 132 188 Other 1,033 1,059 Total $ 16,951 $ 17,847 |
Note 11 - Revenue and Geograp_2
Note 11 - Revenue and Geographic Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Revenue from External Customers by Products and Services [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 OA Pain Management $ 25,741 $ 24,321 $ 48,474 $ 43,637 Joint Preservation and Restoration 12,095 11,884 24,234 24,103 Non-Orthopedics 1,821 1,940 3,642 4,697 $ 39,657 $ 38,145 $ 76,350 $ 72,437 |
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] | Three Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 29,686 75 % $ 30,069 79 % Europe 5,292 13 % 5,089 13 % Other 4,679 12 % 2,987 8 % Total $ 39,657 100 % $ 38,145 100 % Six Months Ended June 30, 2022 2021 Total Percentage of Total Percentage of Revenue Revenue Revenue Revenue Geographic Location: United States $ 56,459 73 % $ 55,074 76 % Europe 11,088 15 % 10,570 15 % Other 8,803 12 % 6,793 9 % Total $ 76,350 100 % $ 72,437 100 % |
Note 12 - Equity Incentive Pl_2
Note 12 - Equity Incentive Plan (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Cost of product revenue $ 227 $ 214 $ 403 $ 343 Research & development 503 402 870 643 Selling, general & administrative 3,351 2,181 5,323 4,070 Total stock-based compensation expense $ 4,081 $ 2,797 $ 6,626 $ 5,056 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (in thousands) Outstanding as of December 31, 2021 1,175,993 $ 39.56 Granted 464,775 $ 23.21 Exercised (437 ) $ 9.10 $ 10 Forfeited and canceled (130,925 ) $ 44.25 Outstanding as of June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 Vested, June 30, 2022 459,732 $ 40.07 7.5 $ 7 Vested or expected to vest, June 30, 2022 1,509,406 $ 35.53 8.5 $ 21 |
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Six Months Ended June 30, 2022 2021 Risk free interest rate 1.3% - 3.0% 0.3% - 0.6% Expected volatility 53.8% - 55.2% 54.8% - 55.9% Expected life (years) 4.5 4.0 Expected dividend yield 0.0% 0.0% Fair value per option 11.28 14.19 |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 412,658 $ 36.33 Granted 498,189 $ 25.18 Vested (149,365 ) $ 36.26 Forfeited and cancelled (41,095 ) $ 33.75 Outstanding as of June 30, 2022 720,387 $ 28.78 |
Schedule of Nonvested Performance-Based Units Activity [Table Text Block] | Number of Shares Weighted Average Fair Value Outstanding as of December 31, 2021 158,297 $ 37.44 Performance factor adjustment 2,125 $ 32.53 Vested (19,125 ) $ 32.53 Forfeited and cancelled (23,400 ) $ 41.86 Outstanding as of June 30, 2022 117,897 $ 34.98 |
Note 14 - Earnings Per Share _2
Note 14 - Earnings Per Share ("EPS") (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Month Period Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Shares used in the calculation of basic earnings per share 14,555 14,393 14,511 14,368 Effect of dilutive securities: Share-based payment awards - 234 - 215 Diluted shares used in the calculation of earnings per share 14,555 14,627 14,511 14,583 |
Note 3 - Business Combination_2
Note 3 - Business Combinations (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 03, 2020 | Jan. 24, 2020 | Jul. 31, 2021 | Oct. 31, 2020 | Mar. 31, 2020 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Business Combination, Contingent Consideration, Liability, Current | $ 4,315 | $ 4,315 | ||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 13 years | |||||||
Developed Technology Rights [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Trade Names [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Parcus Medical [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 75,136 | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 60,000 | |||||||
Business Combination, Contingent Consideration, Liability, Current | $ 4,300 | |||||||
Business Combination, Acquisition Related Costs | $ 1,900 | |||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Inventory | 1,900 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 44,000 | |||||||
Parcus Medical [Member] | Developed Technology Rights [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
Parcus Medical [Member] | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Parcus Medical [Member] | Trade Names [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Arthrosurface [Member] | ||||||||
Business Combination, Consideration Transferred, Total | $ 90,285 | |||||||
Business Combination, Contingent Consideration Arrangements, Change in Range of Outcomes, Contingent Consideration, Liability, Value, High | 40,000 | |||||||
Business Combination, Acquisition Related Costs | $ 2,200 | |||||||
Payment for Contingent Consideration Liability, Financing Activities | $ 10,000 | $ 5,000 | ||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 48,900 | |||||||
Arthrosurface [Member] | Developed Technology Rights [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 15 years | |||||||
Arthrosurface [Member] | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 10 years | |||||||
Arthrosurface [Member] | Trade Names [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | |||||||
Arthrosurface [Member] | In Process Research and Development [Member] | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles | $ 600 |
Note 3 - Business Combination_3
Note 3 - Business Combinations - Consideration Transferred (Details) - USD ($) $ in Thousands | Feb. 03, 2020 | Jan. 24, 2020 |
Parcus Medical [Member] | ||
Cash consideration | $ 32,794 | |
Deferred consideration | 1,642 | |
Estimated fair value of contingent consideration | 40,700 | |
Estimated total purchase consideration | $ 75,136 | |
Arthrosurface [Member] | ||
Cash consideration | $ 61,909 | |
Estimated fair value of contingent consideration | 28,376 | |
Estimated total purchase consideration | $ 90,285 |
Note 3 - Business Combination_4
Note 3 - Business Combinations - Fair Value of Net Assets Acquired (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Feb. 03, 2020 | Jan. 24, 2020 |
Goodwill | $ 7,169 | $ 7,781 | ||
Parcus Medical [Member] | ||||
Cash and cash equivalents | $ 196 | |||
Accounts receivable | 2,029 | |||
Inventories | 10,968 | |||
Prepaid expenses and other current assets | 364 | |||
Property and equipment, net | 1,099 | |||
Right-of-use assets | 944 | |||
Intangible assets | 44,000 | |||
Accounts payable, accrued expenses and other current liabilities | (2,763) | |||
Other long-term liabilities | (594) | |||
Lease liabilities | (735) | |||
Net assets acquired | 55,508 | |||
Goodwill | 19,628 | |||
Estimated total purchase consideration | 75,136 | |||
Intangible assets | 44,000 | |||
Parcus Medical [Member] | Developed Technology Rights [Member] | ||||
Intangible assets | 41,100 | |||
Parcus Medical [Member] | Trade Names [Member] | ||||
Intangible assets | 1,800 | |||
Parcus Medical [Member] | Customer Relationships [Member] | ||||
Intangible assets | $ 1,100 | |||
Arthrosurface [Member] | ||||
Cash and cash equivalents | $ 1,072 | |||
Accounts receivable | 5,368 | |||
Inventories | 15,652 | |||
Prepaid expenses and other current assets | 535 | |||
Property and equipment, net | 3,394 | |||
Intangible assets | 48,900 | |||
Accounts payable, accrued expenses and other current liabilities | (3,929) | |||
Net assets acquired | 67,393 | |||
Goodwill | 22,892 | |||
Estimated total purchase consideration | 90,285 | |||
Other long-term assets | 7,548 | |||
Deferred tax liabilities | (11,147) | |||
Intangible assets | 48,900 | |||
Arthrosurface [Member] | Developed Technology Rights [Member] | ||||
Intangible assets | 37,000 | |||
Arthrosurface [Member] | Trade Names [Member] | ||||
Intangible assets | 3,400 | |||
Arthrosurface [Member] | Customer Relationships [Member] | ||||
Intangible assets | 7,900 | |||
Arthrosurface [Member] | In Process Research and Development [Member] | ||||
Intangible assets | $ 600 | |||
Intangible assets | $ 600 |
Note 3 - Business Combination_5
Note 3 - Business Combinations - Intangible Assets Acquired (Details) - Parcus Medical [Member] $ in Millions | Jan. 24, 2020 USD ($) |
Intangible assets | $ 44 |
Developed Technology Rights [Member] | |
Intangible assets | 41.1 |
Trade Names [Member] | |
Intangible assets | 1.8 |
Customer Relationships [Member] | |
Intangible assets | $ 1.1 |
Note 4 - Fair Value Measureme_3
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Business Combination, Contingent Consideration, Liability, Current | $ 4,315 | $ 4,315 |
Estimate of Fair Value Measurement [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 4,315 | 4,315 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 4,315 | 4,315 |
Reported Value Measurement [Member] | ||
Business Combination, Contingent Consideration, Liability, Current | 0 | 0 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | ||
Cash equivalents | 67,112 | 67,046 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 67,112 | 67,046 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | 0 | 0 |
Money Market Funds [Member] | Reported Value Measurement [Member] | ||
Cash equivalents | $ 67,112 | $ 67,046 |
Note 4 - Fair Value Measureme_4
Note 4 - Fair Value Measurements - Contingent Consideration (Details) - Contingent Consideration [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Balance | $ 4,315 | $ 35,410 |
Change in fair value | 0 | (18,470) |
Balance | $ 4,315 | $ 16,940 |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Inventory Valuation Reserves | $ 7.2 | $ 9.1 |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Raw materials | $ 16,766 | $ 16,881 |
Work-in-process | 14,170 | 11,442 |
Finished goods | 24,583 | 26,731 |
Total | 55,519 | 55,054 |
Inventories | 35,336 | 36,010 |
Other long-term assets | $ 20,183 | $ 19,044 |
Note 6 - Intangible Assets (Det
Note 6 - Intangible Assets (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Amortization of Intangible Assets | $ 1.9 | $ 2 | $ 3.9 | $ 3.9 |
Note 6 - Intangible Assets - Su
Note 6 - Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Gross value | $ 112,136 | |
Accumulated Currency Translation Adjustment | (3,218) | |
Accumulated Amortization | (30,428) | |
Net book value | $ 78,490 | $ 82,382 |
Useful life (Year) | 13 years | |
Developed Technology Rights [Member] | ||
Gross value | $ 89,580 | |
Accumulated Currency Translation Adjustment | (1,608) | |
Accumulated Amortization | (20,789) | |
Net book value | $ 67,183 | 70,081 |
Useful life (Year) | 15 years | |
In Process Research and Development [Member] | ||
Gross value | $ 2,656 | |
Accumulated Currency Translation Adjustment | (1,006) | |
Accumulated Amortization | 0 | |
Net book value | 1,650 | 1,650 |
Customer Relationships [Member] | ||
Gross value | 9,000 | |
Accumulated Currency Translation Adjustment | 0 | |
Accumulated Amortization | (2,177) | |
Net book value | $ 6,823 | 7,273 |
Useful life (Year) | 10 years | |
Distribution Rights [Member] | ||
Gross value | $ 4,700 | |
Accumulated Currency Translation Adjustment | (415) | |
Accumulated Amortization | (4,285) | |
Net book value | $ 0 | 0 |
Useful life (Year) | 5 years | |
Patents [Member] | ||
Gross value | $ 1,000 | |
Accumulated Currency Translation Adjustment | (189) | |
Accumulated Amortization | (656) | |
Net book value | $ 155 | 179 |
Useful life (Year) | 16 years | |
Trade Names [Member] | ||
Gross value | $ 5,200 | |
Accumulated Currency Translation Adjustment | 0 | |
Accumulated Amortization | (2,521) | |
Net book value | $ 2,679 | $ 3,199 |
Useful life (Year) | 5 years |
Note 7 - Goodwill - Changes in
Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Balance | $ 7,781 |
Effect of foreign currency adjustments | (612) |
Balance | $ 7,169 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Operating Lease, Expense | $ 0.6 | $ 0.7 | $ 1.3 | $ 1.3 |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 15 years 2 months 12 days | 15 years 2 months 12 days | ||
Operating Lease, Weighted Average Discount Rate, Percent | 3.60% | 3.60% |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Rental Payments for Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
2022 (Remainder of Year), operating leases | $ 1,304 | |
2022 (Remainder of Year), financing leases | 66 | |
2022 (Remainder of Year) | 1,370 | |
2023, operating leases | 3,081 | |
2023, financing leases | 132 | |
2023 | 3,213 | |
2024, operating leases | 3,026 | |
2024, financing leases | 43 | |
2024 | 3,069 | |
2025, operating leases | 3,066 | |
2025, financing leases | 0 | |
2025 | 3,066 | |
2026, operating leases | 2,760 | |
2026, financing leases | 0 | |
2026 | 2,760 | |
Thereafter, operating leases | 27,873 | |
Thereafter, financing leases | 0 | |
Thereafter | 27,873 | |
Present value adjustment, operating leases | (9,636) | |
Present value adjustment, financing leases | (2) | |
Present value adjustment | (9,638) | |
Total lease liabilities, operating leases | 29,732 | $ 19,240 |
Total lease liabilities | 29,839 | |
Liabilities [Member] | ||
Present value of lease payments, operating leases | 31,474 | |
Present value of lease payments, financing leases | 239 | |
Present value of lease payments | 31,713 | |
Total lease liabilities, financing leases | 107 | |
Accrued Expenses and Other Current Liabilities [Member] | ||
Less current portion included in Accrued expenses and other current liabilities, operating leases | (1,742) | (1,526) |
Less current portion included in Accrued expenses and other current liabilities, financing leases | (132) | $ (188) |
Less current portion included in accrued expenses and other current liabilities | $ (1,874) |
Note 9 - Accrued Expenses and_3
Note 9 - Accrued Expenses and Other Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Compensation and related expenses | $ 8,816 | $ 9,523 |
Professional fees | 3,154 | 3,590 |
Clinical trial costs | 2,074 | 1,961 |
Other | 1,033 | 1,059 |
Total | 16,951 | 17,847 |
Accrued Expenses and Other Current Liabilities [Member] | ||
Operating lease liability – current | 1,742 | 1,526 |
Financing lease liability – current | $ 132 | $ 188 |
Note 10 - Commitments and Con_2
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Standard and Extended Product Warranty Accrual, Ending Balance | $ 0 | $ 0 |
Note 11 - Revenue and Geograp_3
Note 11 - Revenue and Geographic Information (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Revenues From Agreements as Percent of Total Revenue | 45% | 46% | 42% | 44% | |
Contract with Customer, Liability, Total | $ 0.3 | $ 0.3 | $ 1 |
Note 11 - Revenue and Geograp_4
Note 11 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 39,657 | $ 38,145 | $ 76,350 | $ 72,437 |
OA Pain Management [member] | ||||
Revenue | 25,741 | 24,321 | 48,474 | 43,637 |
Joint Preservation and Restoration [Member] | ||||
Revenue | 12,095 | 11,884 | 24,234 | 24,103 |
Non-Orthopedic [Member] | ||||
Revenue | $ 1,821 | $ 1,940 | $ 3,642 | $ 4,697 |
Note 11 - Revenue and Geograp_5
Note 11 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenue | $ 39,657 | $ 38,145 | $ 76,350 | $ 72,437 |
Percentage of Revenue | 100% | 100% | 100% | 100% |
UNITED STATES | ||||
Revenue | $ 29,686 | $ 30,069 | $ 56,459 | $ 55,074 |
Percentage of Revenue | 75% | 79% | 73% | 76% |
Europe [Member] | ||||
Revenue | $ 5,292 | $ 5,089 | $ 11,088 | $ 10,570 |
Percentage of Revenue | 13% | 13% | 15% | 15% |
Other Location [Member] | ||||
Revenue | $ 4,679 | $ 2,987 | $ 8,803 | $ 6,793 |
Percentage of Revenue | 12% | 8% | 12% | 9% |
Note 12 - Equity Incentive Pl_3
Note 12 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |||||
Jun. 08, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Nov. 04, 2021 | Jun. 13, 2017 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 464,775 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 4 years 6 months | 4 years | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 1,509,406 | 1,175,993 | ||||
Premium-Priced Employee Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Premium Priced Options, Exercise Price as Percentage of Market Price | 110% | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 382,201 | |||||
Share-Based Payment Arrangement, Option [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 10,400 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years | |||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Total Shareholder Return ("TSRs") Options [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years 8 months 12 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year) | 6 years 3 months 18 days | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares) | 104,638 | |||||
Total Shareholder Return ("TSRs") Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number | 0% | |||||
Total Shareholder Return ("TSRs") Options [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Target Number | 150% | |||||
Performance Shares [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 600 | $ 0 | ||||
Performance Shares [Member] | Minimum [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Restricted Stock Units (RSUs) [Member] | ||||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 17,600 | |||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 2 months 12 days | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 25.18 | $ 34.99 | ||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,400 | $ 3,500 | ||||
The 2017 Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 250,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 4,850,000 | 4,600,000 | ||||
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs (in shares) | 2 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,200,000 | |||||
The 2021 Inducement Plan [Member] | ||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 4,883 | |||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 125,000 | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 10 years |
Note 12 - Equity Incentive Pl_4
Note 12 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Stock-based compensation expense | $ 4,081 | $ 2,797 | $ 6,626 | $ 5,056 |
Cost of Sales [Member] | ||||
Stock-based compensation expense | 227 | 214 | 403 | 343 |
Research and Development Expense [Member] | ||||
Stock-based compensation expense | 503 | 402 | 870 | 643 |
Selling, General and Administrative Expenses [Member] | ||||
Stock-based compensation expense | $ 3,351 | $ 2,181 | $ 5,323 | $ 4,070 |
Note 12 - Equity Incentive Pl_5
Note 12 - Equity Incentive Plan - Stock Options (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Outstanding, shares (in shares) | shares | 1,175,993 |
Outstanding, Weighted Average Exercise (in dollars per share) | $ / shares | $ 39.56 |
Granted, shares (in shares) | shares | 464,775 |
Granted, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 23.21 |
Exercised, shares (in shares) | shares | (437) |
Exercised, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 9.10 |
Exercised, Aggregate Intrinsic Value | $ | $ 10 |
Forfeited and canceled, shares (in shares) | shares | (130,925) |
Forfeited and canceled, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 44.25 |
Outstanding, shares (in shares) | shares | 1,509,406 |
Outstanding, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 35.53 |
Outstanding, Weighted Average Remaining Contractual Term (Year) | 8 years 6 months |
Outstanding, Aggregate Intrinsic Value | $ | $ 21 |
Vested, shares (in shares) | shares | 459,732 |
Vested, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 40.07 |
Vested, Weighted Average Remaining Contractual Term (Year) | 7 years 6 months |
Vested, Aggregate Intrinsic Value | $ | $ 7 |
Vested and expected to vest, shares (in shares) | shares | 1,509,406 |
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ / shares | $ 35.53 |
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year) | 8 years 6 months |
Vested and expected to vest, Aggregate Intrinsic Value | $ | $ 21 |
Note 12 - Equity Incentive Pl_6
Note 12 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Expected life (years) (Year) | 4 years 6 months | 4 years |
Expected dividend yield | 0% | 0% |
Fair value per option | 0.1128 | 0.1419 |
Minimum [Member] | ||
Risk free interest rate | 1.30% | 0.30% |
Expected volatility | 53.80% | 54.80% |
Maximum [Member] | ||
Risk free interest rate | 3% | 0.60% |
Expected volatility | 55.20% | 55.90% |
Note 12 - Equity Incentive Pl_7
Note 12 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Outstanding, shares (in shares) | 412,658 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 36.33 | |
Granted (in shares) | 498,189 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 25.18 | $ 34.99 |
Vested, shares (in shares) | (149,365) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 36.26 | |
Forfeited and cancelled, shares (in shares) | (41,095) | |
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ 33.75 | |
Outstanding, shares (in shares) | 720,387 | |
Outstanding, weighted average grant date fair value (in dollars per share) | $ 28.78 |
Note 12 - Equity Incentive Pl_8
Note 12 - Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Outstanding, shares (in shares) | shares | 158,297 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 37.44 |
Performance factor adjustment (in shares) | shares | 2,125 |
Performance factor adjustment (in dollars per share) | $ / shares | $ 32.53 |
Vested, shares (in shares) | shares | (19,125) |
Vested, weighted average grant date fair value (in dollars per share) | $ / shares | $ 32.53 |
Forfeited and cancelled, shares (in shares) | shares | (23,400) |
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) | $ / shares | $ 41.86 |
Outstanding, shares (in shares) | shares | 117,897 |
Outstanding, weighted average grant date fair value (in dollars per share) | $ / shares | $ 34.98 |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 31, 2022 | |
Income Tax Expense (Benefit), Total | $ (442) | $ 2,599 | $ (1,217) | $ 976 | ||
Effective Income Tax Rate Reconciliation, Percent, Total | 13.50% | 28.50% | 17.40% | 9.40% | ||
Income Tax Expense (Benefit), Change in Fair Value of Contingent Consideration | $ 700 | $ 1,100 | ||||
Income Tax Expense (Benefit), Stock-based Compensation | $ 600 | |||||
Unrecognized Tax Benefits, Ending Balance | $ 0 | |||||
Foreign Tax Authority [Member] | Ministry of Economic Affairs and Finance, Italy [Member] | ||||||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ (900) |
Note 14 - Earnings Per Share _3
Note 14 - Earnings Per Share ("EPS") (Details Textual) shares in Millions | 6 Months Ended |
Jun. 30, 2021 shares | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 1.1 |
Note 14 - Earnings Per Share _4
Note 14 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Shares used in the calculation of basic earnings per share (in shares) | 14,555 | 14,393 | 14,511 | 14,368 |
Share-based payment awards (in shares) | 0 | 234 | 0 | 215 |
Diluted shares used in the calculation of earnings per share (in shares) | 14,555 | 14,627 | 14,511 | 14,583 |