$ANIK
Anika Therapeutics, Inc.

2016 Q2 Form 10-Q Financial Statement

#000117184316011397 Filed on August 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $26.58M $22.90M
YoY Change 16.05% -12.83%
Cost Of Revenue $6.065M $5.274M
YoY Change 15.0% -1.11%
Gross Profit $20.51M $17.62M
YoY Change 16.38% 10.61%
Gross Profit Margin 77.16% 76.95%
Selling, General & Admin $4.255M $3.388M
YoY Change 25.59% -12.36%
% of Gross Profit 20.75% 19.22%
Research & Development $2.792M $1.812M
YoY Change 54.08% -3.26%
% of Gross Profit 13.61% 10.28%
Depreciation & Amortization $960.0K $920.0K
YoY Change 4.35% -21.37%
% of Gross Profit 4.68% 5.22%
Operating Expenses $7.047M $5.200M
YoY Change 35.52% -9.39%
Operating Profit $13.47M $12.43M
YoY Change 8.37% -18.24%
Interest Expense $49.00K $24.00K
YoY Change 104.17% 304.38%
% of Operating Profit 0.36% 0.19%
Other Income/Expense, Net
YoY Change
Pretax Income $13.52M $12.45M
YoY Change 8.55% -18.12%
Income Tax $4.903M $4.634M
% Of Pretax Income 36.27% 37.21%
Net Earnings $8.615M $7.820M
YoY Change 10.17% -15.93%
Net Earnings / Revenue 32.41% 34.14%
Basic Earnings Per Share $0.59 $0.52
Diluted Earnings Per Share $0.57 $0.51
COMMON SHARES
Basic Shares Outstanding 14.68M 14.96M
Diluted Shares Outstanding 15.11M 15.34M

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $111.6M $122.4M
YoY Change -8.82% 44.17%
Cash & Equivalents $89.13M $103.9M
Short-Term Investments $22.50M $18.50M
Other Short-Term Assets $1.200M $2.400M
YoY Change -50.0% 50.0%
Inventory $17.26M $11.72M
Prepaid Expenses
Receivables $24.60M $19.17M
Other Receivables $0.00 $0.00
Total Short-Term Assets $154.6M $155.7M
YoY Change -0.69% 30.31%
LONG-TERM ASSETS
Property, Plant & Equipment $49.20M $31.52M
YoY Change 56.07% -2.71%
Goodwill $7.568M $7.611M
YoY Change -0.56%
Intangibles $11.26M $13.08M
YoY Change -13.95%
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $68.09M $52.29M
YoY Change 30.23% -12.27%
TOTAL ASSETS
Total Short-Term Assets $154.6M $155.7M
Total Long-Term Assets $68.09M $52.29M
Total Assets $222.7M $208.0M
YoY Change 7.08% 16.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.294M $1.658M
YoY Change 98.71% -24.65%
Accrued Expenses $6.638M $4.442M
YoY Change 49.44% -9.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.52M $7.957M
YoY Change 32.24% 9.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.173M $779.7K
YoY Change 50.45% -29.12%
Total Long-Term Liabilities $1.173M $779.7K
YoY Change 50.45% -29.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.52M $7.957M
Total Long-Term Liabilities $1.173M $779.7K
Total Liabilities $11.70M $8.737M
YoY Change 33.87% -47.68%
SHAREHOLDERS EQUITY
Retained Earnings $151.2M $116.2M
YoY Change 30.05%
Common Stock $59.65M $80.66M
YoY Change -26.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $204.4M $190.6M
YoY Change
Total Liabilities & Shareholders Equity $222.7M $208.0M
YoY Change 7.08% 16.14%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income $8.615M $7.820M
YoY Change 10.17% -15.93%
Depreciation, Depletion And Amortization $960.0K $920.0K
YoY Change 4.35% -21.37%
Cash From Operating Activities -$620.0K $10.90M
YoY Change -105.69% 157.08%
INVESTING ACTIVITIES
Capital Expenditures -$3.450M -$870.0K
YoY Change 296.55% 117.5%
Acquisitions
YoY Change
Other Investing Activities $500.0K -$6.020M
YoY Change -108.31%
Cash From Investing Activities -$2.950M -$6.890M
YoY Change -57.18% 1622.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -620.0K 10.90M
Cash From Investing Activities -2.950M -6.890M
Cash From Financing Activities -110.0K 0.000
Net Change In Cash -3.680M 4.010M
YoY Change -191.77% 50.75%
FREE CASH FLOW
Cash From Operating Activities -$620.0K $10.90M
Capital Expenditures -$3.450M -$870.0K
Free Cash Flow $2.830M $11.77M
YoY Change -75.96% 153.66%

Facts In Submission

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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, among others) 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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OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
CY2015Q2 us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-3000
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
-3000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-536000
CY2015Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
420000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
238000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1828000
CY2016Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-536000
CY2015Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
417000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
238000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1831000
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1173000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
781000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22499000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22018000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9869000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1134000
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1158000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1385000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
27750000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
10250000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
922000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
969000
CY2016Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
49198000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40108000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
52000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2792000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1812000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4951000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3910000
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
151172000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135662000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
26575000
CY2015Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
22898000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
48853000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
38413000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26581000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
22904000
us-gaap Sales Revenue Net
SalesRevenueNet
48864000
us-gaap Sales Revenue Net
SalesRevenueNet
38424000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
CY2015Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
11000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
11000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15210000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15332000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14679000
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14961000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14778000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14934000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4255000
CY2015Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3388000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8245000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6993000
us-gaap Share Based Compensation
ShareBasedCompensation
1478000
us-gaap Share Based Compensation
ShareBasedCompensation
1064000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
204416000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
210848000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
CY2015Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
375000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
398000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15111000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15336000

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