$ANIK
Anika Therapeutics, Inc.

2013 Q1 Form 10-Q Financial Statement

#000115752313002386 Filed on May 06, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2012 Q1
Revenue $15.25M $14.36M
YoY Change 6.17% 22.35%
Cost Of Revenue $4.841M $6.413M
YoY Change -24.52% 14.43%
Gross Profit $10.41M $7.200M
YoY Change 44.53% 31.97%
Gross Profit Margin 68.25% 50.14%
Selling, General & Admin $3.947M $3.351M
YoY Change 17.79% -17.05%
% of Gross Profit 37.93% 46.54%
Research & Development $1.583M $1.533M
YoY Change 3.25% 0.2%
% of Gross Profit 15.21% 21.29%
Depreciation & Amortization $1.202M $986.9K
YoY Change 21.81% 7.27%
% of Gross Profit 11.55% 13.71%
Operating Expenses $5.530M $4.884M
YoY Change 13.22% -12.47%
Operating Profit $5.011M $3.063M
YoY Change 63.61% -2562.21%
Interest Expense -$39.56K -$51.20K
YoY Change -22.74% 28.01%
% of Operating Profit -0.79% -1.67%
Other Income/Expense, Net
YoY Change
Pretax Income $4.972M $3.012M
YoY Change 65.08% 479.2%
Income Tax $1.904M $1.100M
% Of Pretax Income 38.29% 36.51%
Net Earnings $3.068M $1.912M
YoY Change 60.45% 489.41%
Net Earnings / Revenue 20.12% 13.31%
Basic Earnings Per Share $0.23 $0.15
Diluted Earnings Per Share $0.21 $0.14
COMMON SHARES
Basic Shares Outstanding 13.41M shares 13.16M shares
Diluted Shares Outstanding 14.36M shares 14.09M shares

Balance Sheet

Concept 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $51.00M $34.00M
YoY Change 50.0% 16.84%
Cash & Equivalents $50.97M $34.00M
Short-Term Investments
Other Short-Term Assets $3.000M $3.800M
YoY Change -21.05% -19.15%
Inventory $9.948M $9.100M
Prepaid Expenses
Receivables $14.78M $17.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $78.69M $64.00M
YoY Change 22.96% 16.36%
LONG-TERM ASSETS
Property, Plant & Equipment $34.48M $36.70M
YoY Change -6.05% -0.27%
Goodwill $8.792M $9.150M
YoY Change -3.91%
Intangibles $19.23M
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K
YoY Change 0.0% -60.0%
Total Long-Term Assets $62.66M $69.20M
YoY Change -9.45% -6.23%
TOTAL ASSETS
Total Short-Term Assets $78.69M $64.00M
Total Long-Term Assets $62.66M $69.20M
Total Assets $141.4M $133.2M
YoY Change 6.12% 3.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.697M $3.900M
YoY Change -30.86% -57.61%
Accrued Expenses $4.253M $4.300M
YoY Change -1.1% -6.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.600M $1.600M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $10.74M $12.90M
YoY Change -16.74% -28.33%
LONG-TERM LIABILITIES
Long-Term Debt $7.600M $9.200M
YoY Change -17.39% -14.81%
Other Long-Term Liabilities $1.294M $5.900M
YoY Change -78.07% -6.35%
Total Long-Term Liabilities $8.894M $15.10M
YoY Change -41.1% -11.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.74M $12.90M
Total Long-Term Liabilities $8.894M $15.10M
Total Liabilities $19.63M $35.00M
YoY Change -43.9% -14.84%
SHAREHOLDERS EQUITY
Retained Earnings $49.08M
YoY Change
Common Stock $140.1K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $112.8M $98.30M
YoY Change
Total Liabilities & Shareholders Equity $141.4M $133.2M
YoY Change 6.12% 3.42%

Cashflow Statement

Concept 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income $3.068M $1.912M
YoY Change 60.45% 489.41%
Depreciation, Depletion And Amortization $1.202M $986.9K
YoY Change 21.81% 7.27%
Cash From Operating Activities $6.069M -$1.690M
YoY Change -459.18% -230.98%
INVESTING ACTIVITIES
Capital Expenditures $35.80K $224.1K
YoY Change -84.02% -380.07%
Acquisitions
YoY Change
Other Investing Activities $140.0K
YoY Change
Cash From Investing Activities $99.81K -$224.1K
YoY Change -144.54% 180.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $400.0K $400.0K
YoY Change 0.0%
Cash From Financing Activities 761.7K 108.7K
YoY Change 600.49% -129.39%
NET CHANGE
Cash From Operating Activities 6.069M -1.690M
Cash From Investing Activities 99.81K -224.1K
Cash From Financing Activities 761.7K 108.7K
Net Change In Cash 6.930M -1.805M
YoY Change -483.96% -314.88%
FREE CASH FLOW
Cash From Operating Activities $6.069M -$1.690M
Capital Expenditures $35.80K $224.1K
Free Cash Flow $6.033M -$1.914M
YoY Change -415.25% -239.69%

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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="6%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 1.</font></div> </td> <td align="left" valign="top" width="94%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Nature of Business</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Anika Therapeutics,&#xA0;Inc. (&#x201C;Anika,&#x201D; and together with its subsidiaries,&#x201D; the &#x201C;Company,&#x201D; &#x201C;we,&#x201D; &#x201C;us,&#x201D; or &#x201C;our&#x201D;) was incorporated in 1992 as a Massachusetts company. Anika develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (&#x201C;HA&#x201D;), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with the U.S. Food and Drug Administration (&#x201C;FDA&#x201D;) and foreign regulations and approval requirements as well as the ability to grow the Company&#x2019;s business.</font></div> </div>
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1582910
CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
761658
CY2013Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4841170
CY2012Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
13613328
CY2013Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1969179
CY2013Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
950158 shares
CY2013Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
752522
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
422959
CY2013Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
4971866
CY2013Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-139747
CY2013Q1 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
64642
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
555001 shares
CY2013Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
-32228
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-2351133
CY2013Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-1834739
CY2013Q1 anik Intangible Assets Translation Adjustments
IntangibleAssetsTranslationAdjustments
-2983093
CY2013Q1 anik Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Exercises In Period Total Intrinsic Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue
464241
CY2013Q1 anik Percentage Of Net Revenue
PercentageOfNetRevenue
1.00 pure
CY2012Q1 us-gaap Costs And Expenses
CostsAndExpenses
11297600
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0064 pure
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
3063060
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
320510
CY2012Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.14
CY2012Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-5509
CY2012Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.365 pure
CY2012Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2012Q1 us-gaap Amortization Of Acquired Intangible Assets
AmortizationOfAcquiredIntangibleAssets
516278
CY2012Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
114656
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-1689649
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-476940
CY2012Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
400000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2668580
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2012Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
986913
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-224059
CY2012Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-716667
CY2012Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
224059
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-1774044
CY2012Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-8499
CY2012Q1 us-gaap Inventory Write Down
InventoryWriteDown
49558
CY2012Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
324152
CY2012Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14089946 shares
CY2012Q1 us-gaap Sales Revenue Net
SalesRevenueNet
14360660
CY2012Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-358471
CY2012Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
756461
CY2012Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.15
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1533103
CY2012Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108732
CY2012Q1 us-gaap Proceeds From Other Equity
ProceedsFromOtherEquity
114656
CY2012Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-51203
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5760 pure
CY2012Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
13162824 shares
CY2012Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1769606
CY2012Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
927122 shares
CY2012Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
6413481
CY2012Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
747332
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
320510
CY2012Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
3011857
CY2012Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-82206
CY2012Q1 us-gaap Tax Benefit From Stock Options Exercised1
TaxBenefitFromStockOptionsExercised1
394076
CY2012Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
380551 shares
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
1912119
CY2012Q1 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
ExcessTaxBenefitFromShareBasedCompensationFinancingActivities
394076
CY2012Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3351016
CY2012Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1099738
CY2012Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
30932
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1341407
CY2012Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-215156
CY2012Q1 anik Sharebased Compensation Arrangement By Sharebased Payment Award Options And Stock Appreciation Rights Exercises In Period Total Intrinsic Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsAndStockAppreciationRightsExercisesInPeriodTotalIntrinsicValue
1192545
CY2012Q1 anik Percentage Of Net Revenue
PercentageOfNetRevenue
1.00 pure
CY2012Q4 us-gaap Restructuring Costs And Asset Impairment Charges
RestructuringCostsAndAssetImpairmentCharges
2500000

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