$ANIK
Anika Therapeutics, Inc.

2018 Q2 Form 10-Q Financial Statement

#000117184318005577 Filed on July 31, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $30.55M $33.46M
YoY Change -8.71% 25.89%
Cost Of Revenue $8.152M $6.315M
YoY Change 29.09% 4.12%
Gross Profit $22.39M $22.03M
YoY Change 1.66% 7.39%
Gross Profit Margin 73.29% 65.82%
Selling, General & Admin $6.417M $4.972M
YoY Change 29.06% 16.85%
% of Gross Profit 28.66% 22.57%
Research & Development $4.733M $4.449M
YoY Change 6.38% 59.35%
% of Gross Profit 21.14% 20.2%
Depreciation & Amortization $1.450M $1.010M
YoY Change 43.56% 5.21%
% of Gross Profit 6.48% 4.59%
Operating Expenses $11.15M $9.421M
YoY Change 18.35% 33.69%
Operating Profit $11.25M $17.73M
YoY Change -36.56% 31.61%
Interest Expense $290.0K $16.00K
YoY Change 1712.5% -67.35%
% of Operating Profit 2.58% 0.09%
Other Income/Expense, Net
YoY Change
Pretax Income $11.54M $17.74M
YoY Change -34.98% 31.25%
Income Tax $1.444M $6.373M
% Of Pretax Income 12.52% 35.92%
Net Earnings $10.09M $11.37M
YoY Change -11.23% 31.97%
Net Earnings / Revenue 33.04% 33.98%
Basic Earnings Per Share $0.69 $0.78
Diluted Earnings Per Share $0.68 $0.76
COMMON SHARES
Basic Shares Outstanding 14.65M 14.59M
Diluted Shares Outstanding 14.92M 15.04M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.3M $142.9M
YoY Change -2.52% 28.05%
Cash & Equivalents $126.0M $117.9M
Short-Term Investments $13.30M $25.00M
Other Short-Term Assets $4.200M $2.000M
YoY Change 110.0% 66.67%
Inventory $24.06M $17.58M
Prepaid Expenses
Receivables $23.39M $30.45M
Other Receivables $0.00 $0.00
Total Short-Term Assets $191.0M $192.9M
YoY Change -0.98% 24.73%
LONG-TERM ASSETS
Property, Plant & Equipment $55.38M $52.27M
YoY Change 5.94% 6.25%
Goodwill $8.013M $7.836M
YoY Change 2.26% 3.54%
Intangibles $9.876M $10.63M
YoY Change -7.06% -5.62%
Long-Term Investments
YoY Change
Other Assets $1.157M $1.400M
YoY Change -17.36% 1300.0%
Total Long-Term Assets $74.42M $72.12M
YoY Change 3.19% 5.92%
TOTAL ASSETS
Total Short-Term Assets $191.0M $192.9M
Total Long-Term Assets $74.42M $72.12M
Total Assets $265.4M $265.0M
YoY Change 0.15% 18.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.073M $5.465M
YoY Change -7.17% 65.91%
Accrued Expenses $7.500M $5.673M
YoY Change 32.21% -14.54%
Deferred Revenue $74.00K
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.53M $13.44M
YoY Change -6.76% 27.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $882.0K $422.0K
YoY Change 109.0% -64.02%
Total Long-Term Liabilities $882.0K $422.0K
YoY Change 109.0% -64.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.53M $13.44M
Total Long-Term Liabilities $882.0K $422.0K
Total Liabilities $13.41M $13.86M
YoY Change -3.24% 18.53%
SHAREHOLDERS EQUITY
Retained Earnings $202.9M $184.6M
YoY Change 9.95% 22.08%
Common Stock $48.80M $65.32M
YoY Change -25.28% 9.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $246.6M $244.1M
YoY Change
Total Liabilities & Shareholders Equity $265.4M $265.0M
YoY Change 0.15% 18.98%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $10.09M $11.37M
YoY Change -11.23% 31.97%
Depreciation, Depletion And Amortization $1.450M $1.010M
YoY Change 43.56% 5.21%
Cash From Operating Activities $4.470M $6.270M
YoY Change -28.71% -1111.29%
INVESTING ACTIVITIES
Capital Expenditures -$740.0K -$2.240M
YoY Change -66.96% -35.07%
Acquisitions
YoY Change
Other Investing Activities $8.000M -$5.750M
YoY Change -239.13% -1250.0%
Cash From Investing Activities $7.260M -$7.990M
YoY Change -190.86% 170.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.63M 170.0K
YoY Change -16352.94% -254.55%
NET CHANGE
Cash From Operating Activities 4.470M 6.270M
Cash From Investing Activities 7.260M -7.990M
Cash From Financing Activities -27.63M 170.0K
Net Change In Cash -15.90M -1.550M
YoY Change 925.81% -57.88%
FREE CASH FLOW
Cash From Operating Activities $4.470M $6.270M
Capital Expenditures -$740.0K -$2.240M
Free Cash Flow $5.210M $8.510M
YoY Change -38.78% 200.71%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; 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-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 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 its 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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CY2017Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1289000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-331000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
1581000
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
882000
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
660000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
30000000
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1735000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
14000000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
24500000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3283000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3917000
CY2018Q2 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
CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4244000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20000000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3211000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4449000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9895000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8679000
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
202916000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
199511000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
30548000
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
33462000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
51812000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
56848000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2886000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
209000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55377000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56183000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-6000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4733000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6417000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4972000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
22507000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10039000
us-gaap Share Based Compensation
ShareBasedCompensation
8887000
us-gaap Share Based Compensation
ShareBasedCompensation
2465000
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
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
246603000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
263491000
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
263000
CY2017Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
456000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
379000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
464000
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14915000
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15044000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15045000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15046000
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14652000
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14588000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14666000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14582000

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