$ANIK
Anika Therapeutics, Inc.

2016 Q3 Form 10-Q Financial Statement

#000117184316012756 Filed on November 01, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $25.79M $23.68M
YoY Change 8.9% 7.37%
Cost Of Revenue $4.998M $5.176M
YoY Change -3.44% -9.59%
Gross Profit $20.79M $18.50M
YoY Change 12.35% 13.85%
Gross Profit Margin 80.6% 78.12%
Selling, General & Admin $4.280M $3.309M
YoY Change 29.34% -18.19%
% of Gross Profit 20.59% 17.89%
Research & Development $2.822M $2.061M
YoY Change 36.92% 3.06%
% of Gross Profit 13.58% 11.14%
Depreciation & Amortization $880.0K $970.0K
YoY Change -9.28% -19.83%
% of Gross Profit 4.23% 5.24%
Operating Expenses $7.102M $5.370M
YoY Change 32.25% -11.16%
Operating Profit $13.69M $13.14M
YoY Change 4.22% 27.7%
Interest Expense $93.00K $34.00K
YoY Change 173.53% 242.16%
% of Operating Profit 0.68% 0.26%
Other Income/Expense, Net
YoY Change
Pretax Income $13.78M $13.17M
YoY Change 4.65% 27.9%
Income Tax $4.830M $4.789M
% Of Pretax Income 35.05% 36.37%
Net Earnings $8.952M $8.380M
YoY Change 6.83% 35.8%
Net Earnings / Revenue 34.71% 35.39%
Basic Earnings Per Share $0.61 $0.56
Diluted Earnings Per Share $0.59 $0.55
COMMON SHARES
Basic Shares Outstanding 14.63M 14.97M
Diluted Shares Outstanding 15.08M 15.32M

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.3M $130.5M
YoY Change -7.82% 42.16%
Cash & Equivalents $98.05M $108.5M
Short-Term Investments $22.30M $22.00M
Other Short-Term Assets $900.0K $2.300M
YoY Change -60.87% -28.13%
Inventory $18.02M $12.08M
Prepaid Expenses
Receivables $21.83M $23.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $161.1M $168.3M
YoY Change -4.28% 30.76%
LONG-TERM ASSETS
Property, Plant & Equipment $51.06M $33.80M
YoY Change 51.07% 5.62%
Goodwill $7.690M $7.713M
YoY Change -0.3%
Intangibles $11.17M $12.99M
YoY Change -13.99%
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $69.99M $54.57M
YoY Change 28.26% -3.93%
TOTAL ASSETS
Total Short-Term Assets $161.1M $168.3M
Total Long-Term Assets $69.99M $54.57M
Total Assets $231.1M $222.9M
YoY Change 3.68% 20.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.949M $2.221M
YoY Change -12.24% 85.06%
Accrued Expenses $5.423M $6.548M
YoY Change -17.18% 23.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.589M $13.24M
YoY Change -42.7% 106.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.556M $803.6K
YoY Change 218.08% -19.64%
Total Long-Term Liabilities $2.556M $803.6K
YoY Change 218.08% -19.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.589M $13.24M
Total Long-Term Liabilities $2.556M $803.6K
Total Liabilities $10.15M $14.05M
YoY Change -27.79% -11.09%
SHAREHOLDERS EQUITY
Retained Earnings $160.1M $124.6M
YoY Change 28.49%
Common Stock $60.52M $81.20M
YoY Change -25.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.5M $199.8M
YoY Change
Total Liabilities & Shareholders Equity $231.1M $222.9M
YoY Change 3.68% 20.14%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income $8.952M $8.380M
YoY Change 6.83% 35.8%
Depreciation, Depletion And Amortization $880.0K $970.0K
YoY Change -9.28% -19.83%
Cash From Operating Activities $11.32M $8.910M
YoY Change 27.05% 20.73%
INVESTING ACTIVITIES
Capital Expenditures -$2.740M -$900.0K
YoY Change 204.44% 275.0%
Acquisitions
YoY Change
Other Investing Activities $250.0K -$3.490M
YoY Change -107.16% -82.55%
Cash From Investing Activities -$2.490M -$4.390M
YoY Change -43.28% -78.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.00K 50.00K
YoY Change 40.0% -200.0%
NET CHANGE
Cash From Operating Activities 11.32M 8.910M
Cash From Investing Activities -2.490M -4.390M
Cash From Financing Activities 70.00K 50.00K
Net Change In Cash 8.900M 4.570M
YoY Change 94.75% -135.4%
FREE CASH FLOW
Cash From Operating Activities $11.32M $8.910M
Capital Expenditures -$2.740M -$900.0K
Free Cash Flow $14.06M $9.810M
YoY Change 43.32% 28.74%

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 style="font-size: 10pt; margin-top: 0pt; margin-bottom: 6pt; width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 15pt; 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">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing products based on the Company&#x2019;s proprietary hyaluronic acid (&#x201c;HA&#x201d;) technology. The Company&#x2019;s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid 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 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>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23591000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1952000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7108000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-17287000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
17957000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23790000
us-gaap Net Income Loss
NetIncomeLoss
24462000
us-gaap Net Income Loss
NetIncomeLoss
19715000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
8952000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
8380000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2016Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
548000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1572000
CY2016Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
310000
CY2015Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
260000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
548000
us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-1573000
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2556000
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
32250000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
30009000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12608000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2028000
CY2016Q3 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
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2016Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q3 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
924000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1385000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
37750000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14750000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
988000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1075000
CY2016Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51058000
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
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2822000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2061000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7773000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5971000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
160124000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135662000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25783000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
23676000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
74636000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
62089000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
25789000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
23681000
us-gaap Sales Revenue Net
SalesRevenueNet
74653000
us-gaap Sales Revenue Net
SalesRevenueNet
62105000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
CY2015Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
17000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
16000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15077000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4280000
CY2015Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3309000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12525000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10302000
us-gaap Share Based Compensation
ShareBasedCompensation
2276000
us-gaap Share Based Compensation
ShareBasedCompensation
1562000
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
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
214543000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
210848000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
452000
CY2015Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
349000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
437000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
366000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15316000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15163000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15311000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14625000
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14967000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14726000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14945000

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