$ANIK
Anika Therapeutics, Inc.

2017 Q2 Form 10-Q Financial Statement

#000117184317004447 Filed on July 28, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $33.46M $26.58M
YoY Change 25.89% 16.05%
Cost Of Revenue $6.315M $6.065M
YoY Change 4.12% 15.0%
Gross Profit $22.03M $20.51M
YoY Change 7.39% 16.38%
Gross Profit Margin 65.82% 77.16%
Selling, General & Admin $4.972M $4.255M
YoY Change 16.85% 25.59%
% of Gross Profit 22.57% 20.75%
Research & Development $4.449M $2.792M
YoY Change 59.35% 54.08%
% of Gross Profit 20.2% 13.61%
Depreciation & Amortization $1.010M $960.0K
YoY Change 5.21% 4.35%
% of Gross Profit 4.59% 4.68%
Operating Expenses $9.421M $7.047M
YoY Change 33.69% 35.52%
Operating Profit $17.73M $13.47M
YoY Change 31.61% 8.37%
Interest Expense $16.00K $49.00K
YoY Change -67.35% 104.17%
% of Operating Profit 0.09% 0.36%
Other Income/Expense, Net
YoY Change
Pretax Income $17.74M $13.52M
YoY Change 31.25% 8.55%
Income Tax $6.373M $4.903M
% Of Pretax Income 35.92% 36.27%
Net Earnings $11.37M $8.615M
YoY Change 31.97% 10.17%
Net Earnings / Revenue 33.98% 32.41%
Basic Earnings Per Share $0.78 $0.59
Diluted Earnings Per Share $0.76 $0.57
COMMON SHARES
Basic Shares Outstanding 14.59M 14.68M
Diluted Shares Outstanding 15.04M 15.11M

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.9M $111.6M
YoY Change 28.05% -8.82%
Cash & Equivalents $117.9M $89.13M
Short-Term Investments $25.00M $22.50M
Other Short-Term Assets $2.000M $1.200M
YoY Change 66.67% -50.0%
Inventory $17.58M $17.26M
Prepaid Expenses
Receivables $30.45M $24.60M
Other Receivables $0.00 $0.00
Total Short-Term Assets $192.9M $154.6M
YoY Change 24.73% -0.69%
LONG-TERM ASSETS
Property, Plant & Equipment $52.27M $49.20M
YoY Change 6.25% 56.07%
Goodwill $7.836M $7.568M
YoY Change 3.54% -0.56%
Intangibles $10.63M $11.26M
YoY Change -5.62% -13.95%
Long-Term Investments
YoY Change
Other Assets $1.400M $100.0K
YoY Change 1300.0% 0.0%
Total Long-Term Assets $72.12M $68.09M
YoY Change 5.92% 30.23%
TOTAL ASSETS
Total Short-Term Assets $192.9M $154.6M
Total Long-Term Assets $72.12M $68.09M
Total Assets $265.0M $222.7M
YoY Change 18.98% 7.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.465M $3.294M
YoY Change 65.91% 98.71%
Accrued Expenses $5.673M $6.638M
YoY Change -14.54% 49.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.44M $10.52M
YoY Change 27.73% 32.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $422.0K $1.173M
YoY Change -64.02% 50.45%
Total Long-Term Liabilities $422.0K $1.173M
YoY Change -64.02% 50.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.44M $10.52M
Total Long-Term Liabilities $422.0K $1.173M
Total Liabilities $13.86M $11.70M
YoY Change 18.53% 33.87%
SHAREHOLDERS EQUITY
Retained Earnings $184.6M $151.2M
YoY Change 22.08% 30.05%
Common Stock $65.32M $59.65M
YoY Change 9.49% -26.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $244.1M $204.4M
YoY Change
Total Liabilities & Shareholders Equity $265.0M $222.7M
YoY Change 18.98% 7.08%

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income $11.37M $8.615M
YoY Change 31.97% 10.17%
Depreciation, Depletion And Amortization $1.010M $960.0K
YoY Change 5.21% 4.35%
Cash From Operating Activities $6.270M -$620.0K
YoY Change -1111.29% -105.69%
INVESTING ACTIVITIES
Capital Expenditures -$2.240M -$3.450M
YoY Change -35.07% 296.55%
Acquisitions
YoY Change
Other Investing Activities -$5.750M $500.0K
YoY Change -1250.0% -108.31%
Cash From Investing Activities -$7.990M -$2.950M
YoY Change 170.85% -57.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K -110.0K
YoY Change -254.55%
NET CHANGE
Cash From Operating Activities 6.270M -620.0K
Cash From Investing Activities -7.990M -2.950M
Cash From Financing Activities 170.0K -110.0K
Net Change In Cash -1.550M -3.680M
YoY Change -57.88% -191.77%
FREE CASH FLOW
Cash From Operating Activities $6.270M -$620.0K
Capital Expenditures -$2.240M -$3.450M
Free Cash Flow $8.510M $2.830M
YoY Change 200.71% -75.96%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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"><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;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. (the &#x201c;Company&#x201d;) 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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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7062000
us-gaap Net Income Loss
NetIncomeLoss
16862000
us-gaap Net Income Loss
NetIncomeLoss
15510000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
11369000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
8615000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
17726000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
13469000
us-gaap Operating Income Loss
OperatingIncomeLoss
25732000
us-gaap Operating Income Loss
OperatingIncomeLoss
24178000
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
555000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
880000
CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1289000
CY2016Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-536000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1581000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
238000
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
422000
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2126000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
25000000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
24500000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
22499000
CY2017Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250
CY2017Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1973000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2098000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
27750000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
209000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
922000
CY2017Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52272000
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
52296000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
52000
CY2017Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5122000
CY2016Q2 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5127000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
11000
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4449000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2792000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8679000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4951000
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
184557000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168209000
CY2017Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
28340000
CY2016Q2 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
26575000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
51721000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
48853000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
33462000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26581000
us-gaap Sales Revenue Net
SalesRevenueNet
56848000
us-gaap Sales Revenue Net
SalesRevenueNet
48864000
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14679000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14582000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4972000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4255000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10039000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8245000
us-gaap Share Based Compensation
ShareBasedCompensation
2465000
us-gaap Share Based Compensation
ShareBasedCompensation
1478000
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
P4Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
244138000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
222773000
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
456000
CY2016Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
464000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
432000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15044000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15111000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15046000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15210000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14588000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14778000

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