2015 Form 10-K Financial Statement

#000117184316008487 Filed on March 10, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $93.00M $23.26M $22.06M
YoY Change -11.93% 9.44% 24.25%
Cost Of Revenue $21.05M $5.511M $5.725M
YoY Change 0.59% -11.68% 6.41%
Gross Profit $71.95M $12.37M $16.25M
YoY Change -15.02% -17.65% 31.26%
Gross Profit Margin 77.36% 53.19% 73.68%
Selling, General & Admin $14.83M $3.670M $4.045M
YoY Change -1.65% 52.92% 26.79%
% of Gross Profit 20.61% 29.67% 24.89%
Research & Development $8.987M $1.980M $2.000M
YoY Change 10.35% -2.46% 23.45%
% of Gross Profit 12.49% 16.01% 12.31%
Depreciation & Amortization $2.700M $1.130M $1.210M
YoY Change 3.85% -5.04% -7.63%
% of Gross Profit 3.75% 9.14% 7.45%
Operating Expenses $23.81M $5.660M $6.044M
YoY Change 2.56% 28.05% 25.66%
Operating Profit $48.13M $6.709M $10.29M
YoY Change -21.67% -36.71% 35.88%
Interest Expense $120.0K $40.00K $9.937K
YoY Change 106.9% -300.0% -133.12%
% of Operating Profit 0.25% 0.6% 0.1%
Other Income/Expense, Net
YoY Change
Pretax Income $48.25M $12.13M $10.30M
YoY Change -21.54% 16.52% 33.2%
Income Tax $17.50M $4.310M $4.125M
% Of Pretax Income 36.26% 35.53% 40.07%
Net Earnings $30.76M $7.816M $6.171M
YoY Change -19.73% 17.53% 24.42%
Net Earnings / Revenue 33.07% 33.61% 27.98%
Basic Earnings Per Share $2.06 $0.53 $0.42
Diluted Earnings Per Share $2.01 $0.51 $0.40
COMMON SHARES
Basic Shares Outstanding 14.93M 14.76M
Diluted Shares Outstanding 15.32M 15.28M 15.44M

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.5M $106.9M $91.80M
YoY Change 29.56% 68.88% 43.21%
Cash & Equivalents $110.7M $100.2M $71.77M
Short-Term Investments $27.80M $6.800M $20.00M
Other Short-Term Assets $1.400M $2.600M $3.200M
YoY Change -46.15% 62.5% 10.34%
Inventory $14.90M $12.41M $13.60M
Prepaid Expenses
Receivables $21.70M $17.15M $20.20M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $176.4M $137.8M $128.7M
YoY Change 26.91% 45.7% 35.47%
LONG-TERM ASSETS
Property, Plant & Equipment $40.10M $31.67M $32.00M
YoY Change 26.5% -3.74% -3.9%
Goodwill $8.339M
YoY Change -11.7%
Intangibles $14.90M
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $59.30M $54.97M $56.80M
YoY Change 7.82% -10.47% -8.24%
TOTAL ASSETS
Total Short-Term Assets $176.4M $137.8M $128.7M
Total Long-Term Assets $59.30M $54.97M $56.80M
Total Assets $235.7M $192.8M $185.5M
YoY Change 21.49% 23.59% 18.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.300M $1.201M $1.200M
YoY Change 591.67% -57.11% -42.86%
Accrued Expenses $4.800M $4.772M $5.300M
YoY Change 2.13% -13.24% 1.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.30M $5.973M $6.400M
YoY Change 188.33% -35.77% -38.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $800.0K $894.0K $1.000M
YoY Change -20.0% -72.06% -68.75%
Total Long-Term Liabilities $800.0K $894.0K $1.000M
YoY Change -20.0% -72.06% -90.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.30M $5.973M $6.400M
Total Long-Term Liabilities $800.0K $894.0K $1.000M
Total Liabilities $24.90M $6.867M $15.80M
YoY Change 56.6% -66.34% -44.95%
SHAREHOLDERS EQUITY
Retained Earnings $104.9M
YoY Change
Common Stock $77.69M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.8M $178.1M $169.7M
YoY Change
Total Liabilities & Shareholders Equity $235.7M $192.8M $185.5M
YoY Change 21.49% 23.59% 18.23%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income $30.76M $7.816M $6.171M
YoY Change -19.73% 17.53% 24.42%
Depreciation, Depletion And Amortization $2.700M $1.130M $1.210M
YoY Change 3.85% -5.04% -7.63%
Cash From Operating Activities $39.91M $14.76M $7.380M
YoY Change -0.17% 84.27% -1.99%
INVESTING ACTIVITIES
Capital Expenditures $9.225M -$630.0K -$240.0K
YoY Change 494.01% 215.0% 84.62%
Acquisitions
YoY Change
Other Investing Activities -$21.00M $13.25M -$20.00M
YoY Change 211.11% -3997.06% -7242.86%
Cash From Investing Activities -$30.23M $12.62M -$20.24M
YoY Change 264.04% -2394.55% -12750.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.074M 1.060M -50.00K
YoY Change -79.86% -112.94% -102.31%
NET CHANGE
Cash From Operating Activities 39.91M 14.76M 7.380M
Cash From Investing Activities -30.23M 12.62M -20.24M
Cash From Financing Activities 1.074M 1.060M -50.00K
Net Change In Cash 10.76M 28.44M -12.91M
YoY Change -70.93% -3995.89% -231.07%
FREE CASH FLOW
Cash From Operating Activities $39.91M $14.76M $7.380M
Capital Expenditures $9.225M -$630.0K -$240.0K
Free Cash Flow $30.69M $15.39M $7.620M
YoY Change -20.14% 87.45% -0.52%

Facts In Submission

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CY2013 us-gaap Comprehensive Income Net Of Tax
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CY2015 us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Concentration of Credit Risk and Significant Customers</div></div><div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company&#x2019;s cash equivalents and investments are held with two major international financial institutions.</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited.</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">As of December&nbsp;31, 2015 and 2014, DePuy Mitek, represented 60% and 52%, respectively, of the Company&#x2019;s accounts receivable balance, no other single customer accounted for more than 10% of accounts receivable in either period.</div></div></div>
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ConcentrationRiskPercentage1
1
CY2014 us-gaap Concentration Risk Percentage1
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1
CY2013 us-gaap Concentration Risk Percentage1
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CY2013 us-gaap Cost Of Goods Sold
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CY2014Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6162000
CY2015Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
5656000
CY2014Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
3041000
CY2015 us-gaap Inventory Write Down
InventoryWriteDown
210000
CY2014 us-gaap Inventory Write Down
InventoryWriteDown
378000
CY2013 us-gaap Inventory Write Down
InventoryWriteDown
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CY2013 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
CY2015Q4 us-gaap Leasehold Improvements Gross
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27622000
CY2014Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
27589000
CY2015 us-gaap Lessee Leasing Arrangements Operating Leases Term Of Contract
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CY2015Q4 us-gaap Liabilities And Stockholders Equity
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CY2014Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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24512000
CY2014Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
24176000
CY2015Q4 us-gaap Marketable Securities Current
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27751000
CY2014Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
6750000
CY2014 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2015 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;">1. Nature of Business</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions by providing innovative and differentiated therapeutic pain management solutions along the continuum of care, from palliative care to regenerative medicine. The Company has over two decades of expertise developing, manufacturing and commercializing more than 20 products, in markets across the globe, based on the Company&#x2019;s proprietary hyaluronic acid technology. The Company&#x2019;s orthopedic medicine portfolio is comprised of marketed (ORTHOVISC and MONOVISC) and pipeline (CINGAL and HYALOFAST in the United States) products to alleviate pain and restore joint function by replenishing depleted HA and aiding cartilage repair and regeneration.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">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 FDA and foreign regulations and approval requirements, as well as the ability to grow the Company&#x2019;s business through appropriate commercial strategies.</div></div>
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1921000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5332000
CY2013 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-5689000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
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CY2014 us-gaap Net Cash Provided By Used In Investing Activities
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-8303000
CY2013 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-253000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39064000
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39978000
CY2013 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
25165000
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
11042000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
8380000
CY2015Q2 us-gaap Net Income Loss
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7820000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
3516000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
7816000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
6171000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
9302000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
15030000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
30758000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
38319000
CY2013 us-gaap Net Income Loss
NetIncomeLoss
20575000
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1
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OperatingIncomeLoss
48134000
CY2014 us-gaap Operating Income Loss
OperatingIncomeLoss
61447000
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CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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1540000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1319000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1309000
CY2015Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1309000
CY2015Q4 us-gaap Operating Loss Carryforwards
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6300000
CY2015Q4 us-gaap Other Accrued Liabilities Current
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438000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
379000
CY2015 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2154000
CY2014 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-2796000
CY2013 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
956000
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2200000
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
2800000
CY2013 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
1000000
CY2013 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
956000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2796000
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2154000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
781000
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
894000
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2015 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
CY2014 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6349000
CY2013 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
CY2015 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
45251000
CY2014 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
26750000
CY2013 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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9225000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1553000
CY2013 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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1385000
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1371000
CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
24250000
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20000000
CY2013 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2015 us-gaap Proceeds From Sale Of Other Assets Investing Activities
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CY2014 us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
CY2013 us-gaap Proceeds From Sale Of Other Assets Investing Activities
ProceedsFromSaleOfOtherAssetsInvestingActivities
188000
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1074000
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2055000
CY2013 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3054000
CY2015Q4 us-gaap Product Warranty Accrual
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0
CY2014Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2014 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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0
CY2013 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
56000
CY2015 us-gaap Repayments Of Long Term Debt
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CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64648000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
53620000
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40108000
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Product Revenue</div></div><div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. </div></div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Product revenue also includes royalties. Royalty revenue is based on our distributors&#x2019; sales and recognized in the same period our distributors record their sale of products manufactured by us. On a quarterly basis the Company records royalty revenue based upon sales provided to us by our distributor customers. </div></div><div style="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"> &nbsp; </div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Pursuant to the Health Care and Education Reconciliation Act of 2010, in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (&#x201c;MDET&#x201d;) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC 605-45. For the periods ended December 31, 2015 and 2014, amounts included in revenues and costs of goods sold for the MDET were immaterial. On December 18, 2015, President Obama signed the Consolidated Appropriations Act of 2016, which suspends the 2.3 percent MDET beginning on January 1, 2016, with the suspension ending on December 31, 2017.</div></div></div></div>
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PropertyPlantAndEquipmentNet
31669000
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
38000
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2013 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
238000
CY2014 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2013 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9600000
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ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
8144000
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ResearchAndDevelopmentExpense
7060000
CY2015 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
CY2014 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
CY2013 us-gaap Restructuring Reserve Accrual Adjustment
RestructuringReserveAccrualAdjustment
287000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135662000
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
104904000
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14825000
CY2014 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15074000
CY2013 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12936000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
2225000
CY2013Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
CY2015 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0
CY2015 us-gaap Revenue Recognition Services Licensing Fees
RevenueRecognitionServicesLicensingFees
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;">Licensing, Milestone, and Contract Revenue</div></div><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Licensing, milestone, and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company&#x2019;s business strategy includes entering into collaborative license, development and/or supply agreements with partners for the development and commercialization of the Company&#x2019;s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria:</div><div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">1.</td> <td>The consideration is commensurate with either the entity&#x2019;s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity&#x2019;s performance to achieve the milestone,</td> </tr> </table><div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">2.</td> <td>The consideration relates solely to past performance, and</td> </tr> </table><div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; width: 700px;"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in">3.</td> <td>The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement.</td> </tr> </table><div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity&#x2019;s performance or on the occurrence of a specific outcome resulting from the entity&#x2019;s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no further obligations by the Company.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU 2009-13, <div style="display: inline; font-style: italic;">Revenue Recognition, </div>in January 2011, which amends ASC Subtopic 605-25,<div style="display: inline; font-style: italic;"> Multiple Element Arrangements</div> (&#x201c;ASC 605-25&#x201d;) to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC 605-25, as amended by ASU 2009-13, in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable up-front fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations.</div></div></div>
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SalesRevenueGoodsNet
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CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
15515000
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SalesRevenueGoodsNet
17880000
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SalesRevenueGoodsNet
21975000
CY2014Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
21267000
CY2014Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
14352000
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
87696000
CY2014 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
75474000
CY2013 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
71774000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
30894000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
23681000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
22904000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
15520000
CY2014Q4 us-gaap Sales Revenue Net
SalesRevenueNet
23255000
CY2014Q3 us-gaap Sales Revenue Net
SalesRevenueNet
22055000
CY2014Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26275000
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
34010000
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
92999000
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
105595000
CY2013 us-gaap Sales Revenue Net
SalesRevenueNet
75081000
CY2015 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5303000
CY2014 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30121000
CY2013 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
3307000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1607000
CY2013 us-gaap Share Based Compensation
ShareBasedCompensation
1268000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1251635
CY2012Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
56000
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2013 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3054000
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2055000
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1074000
CY2014Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
133774
CY2014 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
6348000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
210848000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
178098000
CY2012Q4 us-gaap Stockholders Equity
StockholdersEquity
108925000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
135635000
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-indent: -0.55in; margin: 0pt 0 0pt 0.55in"><div style="display: inline; font-style: italic;">Use of Estimates</div></div><div style=" font-size: 10pt; text-indent: -0.55in; margin: 0pt 0 0pt 0.55in">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div>
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
387000
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
591000
CY2013 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
739000
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15353000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15316000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15336000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15330000
CY2014Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15278000
CY2014Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15435000
CY2014Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15493000
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15499000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15321000
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15269000
CY2013 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14826000
CY2015Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14965000
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14967000
CY2015Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14961000
CY2015Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14905000
CY2014Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14801000
CY2014Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14759000
CY2014Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14688000
CY2014Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14461000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14934000
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14678000
CY2013 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14087000

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