$ANIK
Anika Therapeutics, Inc.

2017 Q3 Form 10-Q Financial Statement

#000117184317006367 Filed on October 27, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $27.18M $25.79M
YoY Change 5.41% 8.9%
Cost Of Revenue $6.250M $4.998M
YoY Change 25.05% -3.44%
Gross Profit $20.93M $20.79M
YoY Change 0.69% 12.35%
Gross Profit Margin 76.99% 80.6%
Selling, General & Admin $4.823M $4.280M
YoY Change 12.69% 29.34%
% of Gross Profit 23.05% 20.59%
Research & Development $5.842M $2.822M
YoY Change 107.02% 36.92%
% of Gross Profit 27.91% 13.58%
Depreciation & Amortization $1.200M $880.0K
YoY Change 36.36% -9.28%
% of Gross Profit 5.73% 4.23%
Operating Expenses $10.67M $7.102M
YoY Change 50.17% 32.25%
Operating Profit $10.27M $13.69M
YoY Change -24.98% 4.22%
Interest Expense $261.0K $93.00K
YoY Change 180.65% 173.53%
% of Operating Profit 2.54% 0.68%
Other Income/Expense, Net
YoY Change
Pretax Income $10.53M $13.78M
YoY Change -23.6% 4.65%
Income Tax $3.643M $4.830M
% Of Pretax Income 34.6% 35.05%
Net Earnings $6.887M $8.952M
YoY Change -23.07% 6.83%
Net Earnings / Revenue 25.33% 34.71%
Basic Earnings Per Share $0.47 $0.61
Diluted Earnings Per Share $0.46 $0.59
COMMON SHARES
Basic Shares Outstanding 14.58M 14.63M
Diluted Shares Outstanding 15.12M 15.08M

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.7M $120.3M
YoY Change 26.93% -7.82%
Cash & Equivalents $127.0M $98.05M
Short-Term Investments $25.80M $22.30M
Other Short-Term Assets $2.300M $900.0K
YoY Change 155.56% -60.87%
Inventory $20.25M $18.02M
Prepaid Expenses
Receivables $23.80M $21.83M
Other Receivables $0.00 $0.00
Total Short-Term Assets $199.0M $161.1M
YoY Change 23.57% -4.28%
LONG-TERM ASSETS
Property, Plant & Equipment $53.97M $51.06M
YoY Change 5.71% 51.07%
Goodwill $8.104M $7.690M
YoY Change 5.38% -0.3%
Intangibles $10.74M $11.17M
YoY Change -3.88% -13.99%
Long-Term Investments
YoY Change
Other Assets $1.283M $100.0K
YoY Change 1183.0% 0.0%
Total Long-Term Assets $74.10M $69.99M
YoY Change 5.87% 28.26%
TOTAL ASSETS
Total Short-Term Assets $199.0M $161.1M
Total Long-Term Assets $74.10M $69.99M
Total Assets $273.1M $231.1M
YoY Change 18.21% 3.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.189M $1.949M
YoY Change 166.24% -12.24%
Accrued Expenses $6.516M $5.423M
YoY Change 20.15% -17.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.71M $7.589M
YoY Change 54.24% -42.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $545.0K $2.556M
YoY Change -78.68% 218.08%
Total Long-Term Liabilities $545.0K $2.556M
YoY Change -78.68% 218.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.71M $7.589M
Total Long-Term Liabilities $545.0K $2.556M
Total Liabilities $12.25M $10.15M
YoY Change 20.75% -27.79%
SHAREHOLDERS EQUITY
Retained Earnings $191.4M $160.1M
YoY Change 19.56% 28.49%
Common Stock $66.89M $60.52M
YoY Change 10.53% -25.47%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $253.3M $214.5M
YoY Change
Total Liabilities & Shareholders Equity $273.1M $231.1M
YoY Change 18.21% 3.68%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $6.887M $8.952M
YoY Change -23.07% 6.83%
Depreciation, Depletion And Amortization $1.200M $880.0K
YoY Change 36.36% -9.28%
Cash From Operating Activities $12.10M $11.32M
YoY Change 6.89% 27.05%
INVESTING ACTIVITIES
Capital Expenditures -$2.590M -$2.740M
YoY Change -5.47% 204.44%
Acquisitions
YoY Change
Other Investing Activities -$750.0K $250.0K
YoY Change -400.0% -107.16%
Cash From Investing Activities -$3.340M -$2.490M
YoY Change 34.14% -43.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 70.00K
YoY Change 42.86% 40.0%
NET CHANGE
Cash From Operating Activities 12.10M 11.32M
Cash From Investing Activities -3.340M -2.490M
Cash From Financing Activities 100.0K 70.00K
Net Change In Cash 8.860M 8.900M
YoY Change -0.45% 94.75%
FREE CASH FLOW
Cash From Operating Activities $12.10M $11.32M
Capital Expenditures -$2.590M -$2.740M
Free Cash Flow $14.69M $14.06M
YoY Change 4.48% 43.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Nature Of Operations
NatureOfOperations
<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 55pt; text-align: left"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; 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>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
310000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-24012000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11756000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7108000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33831000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
18378000
us-gaap Net Income Loss
NetIncomeLoss
23749000
us-gaap Net Income Loss
NetIncomeLoss
24462000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
6887000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
8952000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
10269000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
13689000
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
36500000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
32250000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6506000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12608000
CY2017Q3 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
CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2268000
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2098000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
31250000
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
27178000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4823000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
37750000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
310000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
988000
CY2017Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53973000
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
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5842000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2822000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14521000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7773000
CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
191444000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168209000
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
25783000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
78899000
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
74636000
CY2017Q3 us-gaap Sales Revenue Net
SalesRevenueNet
27184000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
25789000
us-gaap Sales Revenue Net
SalesRevenueNet
84032000
us-gaap Sales Revenue Net
SalesRevenueNet
74653000
CY2017Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
CY2016Q3 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
6000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5133000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
17000
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4280000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14862000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
12525000
us-gaap Share Based Compensation
ShareBasedCompensation
3940000
us-gaap Share Based Compensation
ShareBasedCompensation
2276000
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
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
253289000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
222773000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
536000
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
452000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
493000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
437000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15115000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15077000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15065000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15163000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14579000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14625000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14572000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14726000

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