$ANIK
Anika Therapeutics, Inc.

2018 Q3 Form 10-Q Financial Statement

#000117184318007266 Filed on October 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $26.79M $29.39M $27.18M
YoY Change -1.46% 2.3% 5.41%
Cost Of Revenue $8.282M $8.716M $6.250M
YoY Change 32.51% 15.61% 25.05%
Gross Profit $18.50M $20.17M $20.93M
YoY Change -11.61% -2.84% 0.69%
Gross Profit Margin 69.06% 68.63% 76.99%
Selling, General & Admin $5.700M $6.680M $4.823M
YoY Change 18.18% 21.68% 12.69%
% of Gross Profit 30.81% 33.12% 23.05%
Research & Development $4.232M $4.270M $5.842M
YoY Change -27.56% 44.26% 107.02%
% of Gross Profit 22.88% 21.17% 27.91%
Depreciation & Amortization $1.510M $1.070M $1.200M
YoY Change 25.83% 12.63% 36.36%
% of Gross Profit 8.16% 5.31% 5.73%
Operating Expenses $9.932M $10.94M $10.67M
YoY Change -6.87% 29.47% 50.17%
Operating Profit $8.573M $9.228M $10.27M
YoY Change -16.52% -25.02% -24.98%
Interest Expense $522.0K $140.0K $261.0K
YoY Change 100.0% 180.0% 180.65%
% of Operating Profit 6.09% 1.52% 2.54%
Other Income/Expense, Net
YoY Change
Pretax Income $9.095M $9.870M $10.53M
YoY Change -13.63% -22.83% -23.6%
Income Tax $1.496M $4.100M $3.643M
% Of Pretax Income 16.45% 41.54% 34.6%
Net Earnings $7.599M $8.067M $6.887M
YoY Change 10.34% -0.22% -23.07%
Net Earnings / Revenue 28.37% 27.45% 25.33%
Basic Earnings Per Share $0.53 $0.55 $0.47
Diluted Earnings Per Share $0.53 $0.53 $0.46
COMMON SHARES
Basic Shares Outstanding 14.24M 14.58M
Diluted Shares Outstanding 14.38M 15.14M 15.12M

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.0M $157.3M $152.7M
YoY Change -2.42% 26.04% 26.93%
Cash & Equivalents $81.83M $133.3M $127.0M
Short-Term Investments $67.20M $24.00M $25.80M
Other Short-Term Assets $2.000M $3.200M $2.300M
YoY Change -13.04% 52.38% 155.56%
Inventory $23.83M $22.04M $20.25M
Prepaid Expenses
Receivables $20.77M $23.83M $23.80M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $195.6M $206.3M $199.0M
YoY Change -1.73% 21.06% 23.57%
LONG-TERM ASSETS
Property, Plant & Equipment $55.04M $56.18M $53.97M
YoY Change 1.98% 7.43% 5.71%
Goodwill $7.959M $8.218M $8.104M
YoY Change -1.79% 13.92% 5.38%
Intangibles $9.564M $10.64M $10.74M
YoY Change -10.93% 3.99% -3.88%
Long-Term Investments
YoY Change
Other Assets $1.109M $1.254M $1.283M
YoY Change -13.56% 1717.39% 1183.0%
Total Long-Term Assets $73.67M $76.29M $74.10M
YoY Change -0.57% 9.29% 5.87%
TOTAL ASSETS
Total Short-Term Assets $195.6M $206.3M $199.0M
Total Long-Term Assets $73.67M $76.29M $74.10M
Total Assets $269.3M $282.6M $273.1M
YoY Change -1.42% 17.64% 18.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.462M $6.747M $5.189M
YoY Change -52.55% 192.97% 166.24%
Accrued Expenses $6.800M $6.326M $6.516M
YoY Change 4.36% -2.62% 20.15%
Deferred Revenue $52.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.305M $13.07M $11.71M
YoY Change -20.5% 48.57% 54.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $574.0K $660.0K $545.0K
YoY Change 5.32% -68.96% -78.68%
Total Long-Term Liabilities $574.0K $660.0K $545.0K
YoY Change 5.32% -68.96% -78.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.305M $13.07M $11.71M
Total Long-Term Liabilities $574.0K $660.0K $545.0K
Total Liabilities $9.879M $13.73M $12.25M
YoY Change -19.36% 25.7% 20.75%
SHAREHOLDERS EQUITY
Retained Earnings $210.5M $199.5M $191.4M
YoY Change 9.96% 18.61% 19.56%
Common Stock $49.98M $68.76M $66.89M
YoY Change -25.29% 11.12% 10.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $255.3M $263.5M $253.3M
YoY Change
Total Liabilities & Shareholders Equity $269.3M $282.6M $273.1M
YoY Change -1.42% 17.64% 18.21%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income $7.599M $8.067M $6.887M
YoY Change 10.34% -0.22% -23.07%
Depreciation, Depletion And Amortization $1.510M $1.070M $1.200M
YoY Change 25.83% 12.63% 36.36%
Cash From Operating Activities $10.85M $6.980M $12.10M
YoY Change -10.33% 14.99% 6.89%
INVESTING ACTIVITIES
Capital Expenditures -$1.210M -$2.470M -$2.590M
YoY Change -53.28% 76.43% -5.47%
Acquisitions
YoY Change
Other Investing Activities -$53.93M $1.750M -$750.0K
YoY Change 7090.67% 0.0% -400.0%
Cash From Investing Activities -$55.15M -$720.0K -$3.340M
YoY Change 1551.2% -305.71% 34.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 100.0K
YoY Change -100.0% -100.0% 42.86%
NET CHANGE
Cash From Operating Activities 10.85M 6.980M 12.10M
Cash From Investing Activities -55.15M -720.0K -3.340M
Cash From Financing Activities 0.000 0.000 100.0K
Net Change In Cash -44.30M 6.260M 8.860M
YoY Change -600.0% -2.8% -0.45%
FREE CASH FLOW
Cash From Operating Activities $10.85M $6.980M $12.10M
Capital Expenditures -$1.210M -$2.470M -$2.590M
Free Cash Flow $12.06M $9.450M $14.69M
YoY Change -17.9% 26.51% 4.48%

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"><table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top; text-align: justify"> <td style="text-align: left; width: 35pt"><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: 0"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font-size: 10pt; margin: 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 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: 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0">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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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-47676000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11756000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
24905000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
33831000
us-gaap Net Income Loss
NetIncomeLoss
11004000
us-gaap Net Income Loss
NetIncomeLoss
23749000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
7599000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
6887000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
8573000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
10269000
us-gaap Operating Income Loss
OperatingIncomeLoss
11987000
us-gaap Operating Income Loss
OperatingIncomeLoss
36001000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
347000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
248000
CY2018Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1109000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1254000
CY2018Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-113000
CY2017Q3 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
690000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-444000
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
2270000
CY2018Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
574000
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
77683000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
36500000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4493000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6506000
CY2018Q3 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
CY2018Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2018Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2018Q3 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
0
CY2018Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1981000
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3211000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
34500000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
31250000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2886000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
310000
CY2017Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55041000
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56183000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-87000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-1000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4232000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5842000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14126000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14521000
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
210515000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
199511000
CY2018Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
26787000
CY2017Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
27184000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
78599000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
84032000
CY2018Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
5700000
CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
4823000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
28207000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14862000
us-gaap Share Based Compensation
ShareBasedCompensation
10064000
us-gaap Share Based Compensation
ShareBasedCompensation
3940000
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
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
255265000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
263491000
CY2018Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
140000
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
536000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
296000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
493000
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14377000
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15115000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14820000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15065000
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14237000
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14579000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14524000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14572000

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