$ANIK
Anika Therapeutics, Inc.

2017 Q1 Form 10-Q Financial Statement

#000117184317002682 Filed on May 04, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1 2015 Q4
Revenue $23.39M $22.28M $30.89M
YoY Change 4.95% 43.58% 32.85%
Cost Of Revenue $6.083M $5.425M $6.290M
YoY Change 12.13% 25.78% 14.14%
Gross Profit $17.30M $16.85M $19.32M
YoY Change 2.64% 50.45% 56.17%
Gross Profit Margin 73.97% 75.63% 62.53%
Selling, General & Admin $5.067M $3.990M $4.520M
YoY Change 26.99% 10.68% 23.16%
% of Gross Profit 29.29% 23.68% 23.4%
Research & Development $4.230M $2.159M $3.020M
YoY Change 95.92% 2.91% 52.53%
% of Gross Profit 24.45% 12.81% 15.63%
Depreciation & Amortization $1.010M $940.0K $980.0K
YoY Change 7.45% 3.3% -13.27%
% of Gross Profit 5.84% 5.58% 5.07%
Operating Expenses $9.297M $6.149M $7.540M
YoY Change 51.2% 7.82% 33.22%
Operating Profit $8.006M $10.71M $11.78M
YoY Change -25.24% 94.57% 75.54%
Interest Expense $58.00K $72.00K $40.00K
YoY Change -19.44% 200.0% 0.0%
% of Operating Profit 0.72% 0.67% 0.34%
Other Income/Expense, Net
YoY Change
Pretax Income $8.064M $10.78M $17.10M
YoY Change -25.2% 95.03% 40.97%
Income Tax $2.571M $3.886M $6.060M
% Of Pretax Income 31.88% 36.04% 35.44%
Net Earnings $5.493M $6.895M $11.04M
YoY Change -20.33% 96.1% 41.27%
Net Earnings / Revenue 23.49% 30.94% 35.74%
Basic Earnings Per Share $0.38 $0.46 $0.74
Diluted Earnings Per Share $0.37 $0.45 $0.72
COMMON SHARES
Basic Shares Outstanding 14.58M 14.88M
Diluted Shares Outstanding 15.04M 15.31M 15.35M

Balance Sheet

Concept 2017 Q1 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.6M $115.8M $138.5M
YoY Change 19.69% 3.12% 29.56%
Cash & Equivalents $119.4M $92.84M $110.7M
Short-Term Investments $19.30M $23.00M $27.80M
Other Short-Term Assets $1.200M $1.500M $1.400M
YoY Change -20.0% -70.59% -46.15%
Inventory $16.18M $15.77M $14.94M
Prepaid Expenses
Receivables $21.08M $14.80M $21.65M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $177.1M $147.9M $176.4M
YoY Change 19.71% 1.37% 28.0%
LONG-TERM ASSETS
Property, Plant & Equipment $51.59M $46.84M $40.11M
YoY Change 10.15% 50.13% 26.65%
Goodwill $7.328M $7.790M $7.482M
YoY Change -5.93% -10.28%
Intangibles $10.16M $11.86M $11.66M
YoY Change -14.31% -21.75%
Long-Term Investments
YoY Change
Other Assets $1.200M $100.0K $100.0K
YoY Change 1100.0% 0.0% 0.0%
Total Long-Term Assets $70.32M $66.56M $59.32M
YoY Change 5.65% 28.49% 7.9%
TOTAL ASSETS
Total Short-Term Assets $177.1M $147.9M $176.4M
Total Long-Term Assets $70.32M $66.56M $59.32M
Total Assets $247.4M $214.5M $235.7M
YoY Change 15.35% 8.48% 22.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.050M $3.263M $8.302M
YoY Change 85.41% 81.28% 591.26%
Accrued Expenses $4.200M $5.999M $6.496M
YoY Change -29.99% 42.83% 36.13%
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 $10.22M $10.87M $17.28M
YoY Change -5.96% 75.24% 189.27%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $739.0K $781.0K
YoY Change -45.87% -17.89% -12.64%
Total Long-Term Liabilities $400.0K $739.0K $781.0K
YoY Change -45.87% -17.89% -12.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.22M $10.87M $17.28M
Total Long-Term Liabilities $400.0K $739.0K $781.0K
Total Liabilities $10.62M $11.60M $18.06M
YoY Change -8.51% -27.02% 162.98%
SHAREHOLDERS EQUITY
Retained Earnings $173.2M $142.6M $135.7M
YoY Change 21.49% 29.32%
Common Stock $63.87M $58.68M $81.84M
YoY Change 8.83% 5.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.0M $195.4M $210.8M
YoY Change
Total Liabilities & Shareholders Equity $247.4M $214.5M $235.7M
YoY Change 15.35% 8.48% 22.27%

Cashflow Statement

Concept 2017 Q1 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income $5.493M $6.895M $11.04M
YoY Change -20.33% 96.1% 41.27%
Depreciation, Depletion And Amortization $1.010M $940.0K $980.0K
YoY Change 7.45% 3.3% -13.27%
Cash From Operating Activities $15.46M $8.044M $16.12M
YoY Change 92.19% 101.91% 9.21%
INVESTING ACTIVITIES
Capital Expenditures $1.675M $6.418M -$7.200M
YoY Change -73.9% 2407.03% 1042.86%
Acquisitions
YoY Change
Other Investing Activities $1.250M $4.750M -$5.740M
YoY Change -73.68% -182.61% -143.32%
Cash From Investing Activities -$425.0K -$1.667M -$12.94M
YoY Change -74.51% -72.24% -202.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $25.00M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.00K -24.33M -880.0K
YoY Change -100.17% -1381.98% -183.02%
NET CHANGE
Cash From Operating Activities 15.46M 8.044M 16.12M
Cash From Investing Activities -425.0K -1.667M -12.94M
Cash From Financing Activities 41.00K -24.33M -880.0K
Net Change In Cash 15.08M -17.96M 2.300M
YoY Change -183.97% 14379.84% -91.91%
FREE CASH FLOW
Cash From Operating Activities $15.46M $8.044M $16.12M
Capital Expenditures $1.675M $6.418M -$7.200M
Free Cash Flow $13.79M $1.626M $23.32M
YoY Change 747.79% -56.38% 51.53%

Facts In Submission

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CY2017Q1 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;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> 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>
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CY2017Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2016Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000000
CY2017Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
11250000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
9499000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1675000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6418000
CY2017Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2017Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q1 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2017Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1173000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2098000
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12500000
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
14250000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000
CY2016Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
668000
CY2017Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2017Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51593000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52296000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4230000
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2159000
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
173188000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168209000
CY2017Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
23381000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
22278000
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
23386000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
22283000
CY2017Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5067000
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
3990000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1182000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
817000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
230028000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
222773000
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
467000
CY2016Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15043000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15307000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14576000
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14875000

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