$ANIK
Anika Therapeutics, Inc.

2016 Q1 Form 10-Q Financial Statement

#000117184316009632 Filed on May 03, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $22.28M $15.52M
YoY Change 43.58% -54.37%
Cost Of Revenue $5.425M $4.313M
YoY Change 25.78% -1.1%
Gross Profit $16.85M $11.20M
YoY Change 50.45% 12.12%
Gross Profit Margin 75.63% 72.18%
Selling, General & Admin $3.990M $3.605M
YoY Change 10.68% 3.3%
% of Gross Profit 23.68% 32.18%
Research & Development $2.159M $2.098M
YoY Change 2.91% -8.38%
% of Gross Profit 12.81% 18.73%
Depreciation & Amortization $940.0K $910.0K
YoY Change 3.3% -24.17%
% of Gross Profit 5.58% 8.12%
Operating Expenses $6.149M $5.703M
YoY Change 7.82% -1.33%
Operating Profit $10.71M $5.504M
YoY Change 94.57% 30.71%
Interest Expense $72.00K $24.00K
YoY Change 200.0%
% of Operating Profit 0.67% 0.44%
Other Income/Expense, Net
YoY Change
Pretax Income $10.78M $5.528M
YoY Change 95.03% -76.84%
Income Tax $3.886M $2.012M
% Of Pretax Income 36.04% 36.4%
Net Earnings $6.895M $3.516M
YoY Change 96.1% -76.61%
Net Earnings / Revenue 30.94% 22.65%
Basic Earnings Per Share $0.46 $0.24
Diluted Earnings Per Share $0.45 $0.23
COMMON SHARES
Basic Shares Outstanding 14.88M 14.91M
Diluted Shares Outstanding 15.31M 15.33M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.8M $112.3M
YoY Change 3.12% 36.62%
Cash & Equivalents $92.84M $99.80M
Short-Term Investments $23.00M $12.50M
Other Short-Term Assets $1.500M $5.100M
YoY Change -70.59% 168.42%
Inventory $15.77M $12.50M
Prepaid Expenses
Receivables $14.80M $16.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $147.9M $145.9M
YoY Change 1.37% 28.55%
LONG-TERM ASSETS
Property, Plant & Equipment $46.84M $31.20M
YoY Change 50.13% -4.29%
Goodwill $7.790M
YoY Change
Intangibles $11.86M
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $66.56M $51.80M
YoY Change 28.49% -14.52%
TOTAL ASSETS
Total Short-Term Assets $147.9M $145.9M
Total Long-Term Assets $66.56M $51.80M
Total Assets $214.5M $197.7M
YoY Change 8.48% 13.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.263M $1.800M
YoY Change 81.28% -33.33%
Accrued Expenses $5.999M $4.200M
YoY Change 42.83% -6.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.87M $6.200M
YoY Change 75.24% -19.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $739.0K $900.0K
YoY Change -17.89% -25.0%
Total Long-Term Liabilities $739.0K $900.0K
YoY Change -17.89% -25.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.87M $6.200M
Total Long-Term Liabilities $739.0K $900.0K
Total Liabilities $11.60M $15.90M
YoY Change -27.02% -9.14%
SHAREHOLDERS EQUITY
Retained Earnings $142.6M
YoY Change
Common Stock $58.68M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $195.4M $181.8M
YoY Change
Total Liabilities & Shareholders Equity $214.5M $197.7M
YoY Change 8.48% 13.56%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income $6.895M $3.516M
YoY Change 96.1% -76.61%
Depreciation, Depletion And Amortization $940.0K $910.0K
YoY Change 3.3% -24.17%
Cash From Operating Activities $8.044M $3.984M
YoY Change 101.91% -70.71%
INVESTING ACTIVITIES
Capital Expenditures $6.418M $256.0K
YoY Change 2407.03% -191.43%
Acquisitions
YoY Change
Other Investing Activities $4.750M -$5.750M
YoY Change -182.61%
Cash From Investing Activities -$1.667M -$6.006M
YoY Change -72.24% 2045.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.00M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.33M 1.898M
YoY Change -1381.98% -65.49%
NET CHANGE
Cash From Operating Activities 8.044M 3.984M
Cash From Investing Activities -1.667M -6.006M
Cash From Financing Activities -24.33M 1.898M
Net Change In Cash -17.96M -124.0K
YoY Change 14379.84% -100.66%
FREE CASH FLOW
Cash From Operating Activities $8.044M $3.984M
Capital Expenditures $6.418M $256.0K
Free Cash Flow $1.626M $3.728M
YoY Change -56.38% -73.14%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2016Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-weight: bold;">1.</div></td> <td style="width: 5pt"></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Nature of Business</div></td> </tr> </table> <div style=" font-size: 10pt; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 0.55in; 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: 0.55in; margin: 0pt 0">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 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 through appropriate commercial strategies.</div></div>
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0
CY2016Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1500000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1385000
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14250000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
1500000
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
668000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
964000
CY2016Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
46839000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40108000
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2159000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2098000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
142557000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135662000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
22278000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
15515000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
22283000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
15520000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3990000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3605000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
817000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
555000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5465
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0115
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
195368000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
210848000
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
425000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15307000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15330000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14875000
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14905000

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