$ANIK
Anika Therapeutics, Inc.

2018 Q1 Form 10-Q Financial Statement

#000117184318003806 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $21.26M $29.39M $23.39M
YoY Change -9.07% 2.3% 4.95%
Cost Of Revenue $7.845M $8.716M $6.083M
YoY Change 28.97% 15.61% 12.13%
Gross Profit $13.41M $20.17M $17.30M
YoY Change -22.46% -2.84% 2.64%
Gross Profit Margin 63.08% 68.63% 73.97%
Selling, General & Admin $16.09M $6.680M $5.067M
YoY Change 217.54% 21.68% 26.99%
% of Gross Profit 119.96% 33.12% 29.29%
Research & Development $5.161M $4.270M $4.230M
YoY Change 22.01% 44.26% 95.92%
% of Gross Profit 38.48% 21.17% 24.45%
Depreciation & Amortization $1.470M $1.070M $1.010M
YoY Change 45.54% 12.63% 7.45%
% of Gross Profit 10.96% 5.31% 5.84%
Operating Expenses $21.25M $10.94M $9.297M
YoY Change 128.58% 29.47% 51.2%
Operating Profit -$7.832M $9.228M $8.006M
YoY Change -197.83% -25.02% -25.24%
Interest Expense $95.00K $140.0K $58.00K
YoY Change 63.79% 180.0% -19.44%
% of Operating Profit 1.52% 0.72%
Other Income/Expense, Net
YoY Change
Pretax Income -$7.737M $9.870M $8.064M
YoY Change -195.94% -22.83% -25.2%
Income Tax -$1.051M $4.100M $2.571M
% Of Pretax Income 41.54% 31.88%
Net Earnings -$6.686M $8.067M $5.493M
YoY Change -221.72% -0.22% -20.33%
Net Earnings / Revenue -31.44% 27.45% 23.49%
Basic Earnings Per Share -$0.46 $0.55 $0.38
Diluted Earnings Per Share -$0.46 $0.53 $0.37
COMMON SHARES
Basic Shares Outstanding 14.68M 14.58M
Diluted Shares Outstanding 14.68M 15.14M 15.04M

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $163.0M $157.3M $138.6M
YoY Change 17.6% 26.04% 19.69%
Cash & Equivalents $141.8M $133.3M $119.4M
Short-Term Investments $21.30M $24.00M $19.30M
Other Short-Term Assets $4.100M $3.200M $1.200M
YoY Change 241.67% 52.38% -20.0%
Inventory $22.77M $22.04M $16.18M
Prepaid Expenses
Receivables $18.29M $23.83M $21.08M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $208.2M $206.3M $177.1M
YoY Change 17.59% 21.06% 19.71%
LONG-TERM ASSETS
Property, Plant & Equipment $55.77M $56.18M $51.59M
YoY Change 8.1% 7.43% 10.15%
Goodwill $8.452M $8.218M $7.328M
YoY Change 15.34% 13.92% -5.93%
Intangibles $10.68M $10.64M $10.16M
YoY Change 5.08% 3.99% -14.31%
Long-Term Investments
YoY Change
Other Assets $1.247M $1.254M $1.200M
YoY Change 3.92% 1717.39% 1100.0%
Total Long-Term Assets $76.15M $76.29M $70.32M
YoY Change 8.29% 9.29% 5.65%
TOTAL ASSETS
Total Short-Term Assets $208.2M $206.3M $177.1M
Total Long-Term Assets $76.15M $76.29M $70.32M
Total Assets $284.3M $282.6M $247.4M
YoY Change 14.95% 17.64% 15.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.159M $6.747M $6.050M
YoY Change 1.8% 192.97% 85.41%
Accrued Expenses $7.963M $6.326M $4.200M
YoY Change 89.6% -2.62% -29.99%
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 $14.12M $13.07M $10.22M
YoY Change 38.22% 48.57% -5.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.150M $660.0K $400.0K
YoY Change 187.5% -68.96% -45.87%
Total Long-Term Liabilities $1.150M $660.0K $400.0K
YoY Change 187.5% -68.96% -45.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.12M $13.07M $10.22M
Total Long-Term Liabilities $1.150M $660.0K $400.0K
Total Liabilities $15.27M $13.73M $10.62M
YoY Change 43.84% 25.7% -8.51%
SHAREHOLDERS EQUITY
Retained Earnings $192.8M $199.5M $173.2M
YoY Change 11.34% 18.61% 21.49%
Common Stock $75.11M $68.76M $63.87M
YoY Change 17.6% 11.12% 8.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.8M $263.5M $230.0M
YoY Change
Total Liabilities & Shareholders Equity $284.3M $282.6M $247.4M
YoY Change 14.95% 17.64% 15.35%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.686M $8.067M $5.493M
YoY Change -221.72% -0.22% -20.33%
Depreciation, Depletion And Amortization $1.470M $1.070M $1.010M
YoY Change 45.54% 12.63% 7.45%
Cash From Operating Activities $9.592M $6.980M $15.46M
YoY Change -37.96% 14.99% 92.19%
INVESTING ACTIVITIES
Capital Expenditures $2.543M -$2.470M $1.675M
YoY Change 51.82% 76.43% -73.9%
Acquisitions
YoY Change
Other Investing Activities $2.750M $1.750M $1.250M
YoY Change 120.0% 0.0% -73.68%
Cash From Investing Activities $207.0K -$720.0K -$425.0K
YoY Change -148.71% -305.71% -74.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.223M 0.000 41.00K
YoY Change -3082.93% -100.0% -100.17%
NET CHANGE
Cash From Operating Activities 9.592M 6.980M 15.46M
Cash From Investing Activities 207.0K -720.0K -425.0K
Cash From Financing Activities -1.223M 0.000 41.00K
Net Change In Cash 8.576M 6.260M 15.08M
YoY Change -43.11% -2.8% -183.97%
FREE CASH FLOW
Cash From Operating Activities $9.592M $6.980M $15.46M
Capital Expenditures $2.543M -$2.470M $1.675M
Free Cash Flow $7.049M $9.450M $13.79M
YoY Change -48.86% 26.51% 747.79%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2018Q1 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font: 10pt Times New Roman, Times, Serif; 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: 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 and regenerative 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 tissue 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>
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2543000
CY2017Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1675000
CY2018Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2018Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q1 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4081000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3211000
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
15250000
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12500000
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
512000
CY2017Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
41000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q1 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55772000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56183000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5161000
CY2017Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4230000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
192825000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
199511000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
21264000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
23386000
CY2018Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16090000
CY2017Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5067000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7565000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1182000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
263766000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
263491000
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2017Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
467000
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14679000
CY2017Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15043000
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14679000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14576000

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