2019 Q4 Form 10-Q Financial Statement

#000117184319006886 Filed on October 28, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $29.77M $29.70M $26.96M
YoY Change 10.45% 10.86% -8.28%
Cost Of Revenue $8.649M $5.951M $7.001M
YoY Change 23.54% -28.15% -19.68%
Gross Profit $21.12M $23.75M $19.95M
YoY Change 5.89% 28.36% -1.09%
Gross Profit Margin 70.95% 79.96% 74.01%
Selling, General & Admin $12.24M $7.539M $6.130M
YoY Change 99.67% 32.26% -8.23%
% of Gross Profit 57.95% 31.75% 30.73%
Research & Development $4.080M $4.158M $4.060M
YoY Change 0.49% -1.75% -4.92%
% of Gross Profit 19.32% 17.51% 20.35%
Depreciation & Amortization $1.530M $1.520M $1.480M
YoY Change 3.38% 0.66% 38.32%
% of Gross Profit 7.24% 6.4% 7.42%
Operating Expenses $16.32M $11.70M $10.19M
YoY Change 60.16% 17.77% -6.86%
Operating Profit $4.803M $12.05M $9.759M
YoY Change -50.78% 40.55% 5.75%
Interest Expense $360.0K $482.0K $550.0K
YoY Change -34.55% -7.66% 292.86%
% of Operating Profit 7.5% 4.0% 5.64%
Other Income/Expense, Net
YoY Change
Pretax Income $5.160M $12.53M $10.31M
YoY Change -49.95% 37.78% 4.46%
Income Tax $1.110M $3.300M $2.600M
% Of Pretax Income 21.51% 26.33% 25.22%
Net Earnings $4.051M $9.200M $7.717M
YoY Change -47.51% 21.07% -4.34%
Net Earnings / Revenue 13.61% 30.98% 28.63%
Basic Earnings Per Share $0.28 $0.65 $0.54
Diluted Earnings Per Share $0.28 $0.66 $0.54
COMMON SHARES
Basic Shares Outstanding 14.27M 14.07M
Diluted Shares Outstanding 14.62M 14.39M 14.30M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $184.9M $173.2M $159.0M
YoY Change 16.29% 16.24% 1.08%
Cash & Equivalents $157.5M $103.4M $89.04M
Short-Term Investments $27.50M $69.80M $70.00M
Other Short-Term Assets $4.300M $1.500M $1.900M
YoY Change 126.32% -25.0% -40.63%
Inventory $22.00M $25.24M $21.30M
Prepaid Expenses
Receivables $23.08M $23.89M $20.78M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $234.3M $223.8M $202.9M
YoY Change 15.45% 14.43% -1.64%
LONG-TERM ASSETS
Property, Plant & Equipment $50.78M $51.75M $54.11M
YoY Change -6.15% -5.98% -3.69%
Goodwill $7.694M $7.489M $7.851M
YoY Change -2.0% -5.91% -4.47%
Intangibles $7.585M $7.680M $9.191M
YoY Change -17.47% -19.7% -13.58%
Long-Term Investments
YoY Change
Other Assets $7.478M $5.761M $4.897M
YoY Change 52.71% 419.48% 290.51%
Total Long-Term Assets $96.40M $95.76M $76.05M
YoY Change 26.76% 29.98% -0.31%
TOTAL ASSETS
Total Short-Term Assets $234.3M $223.8M $202.9M
Total Long-Term Assets $96.40M $95.76M $76.05M
Total Assets $330.7M $319.6M $279.0M
YoY Change 18.54% 18.69% -1.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.832M $2.702M $3.143M
YoY Change 21.92% 9.75% -53.42%
Accrued Expenses $12.40M $8.500M $8.100M
YoY Change 53.09% 25.0% 28.04%
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 $16.28M $11.20M $11.29M
YoY Change 44.18% 20.31% -13.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $357.0K $372.0K $550.0K
YoY Change -35.09% -35.19% -16.67%
Total Long-Term Liabilities $357.0K $372.0K $550.0K
YoY Change -35.09% -35.19% -16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.28M $11.20M $11.29M
Total Long-Term Liabilities $357.0K $372.0K $550.0K
Total Liabilities $16.63M $11.57M $11.84M
YoY Change 40.5% 17.09% -13.79%
SHAREHOLDERS EQUITY
Retained Earnings $245.4M $241.4M $218.2M
YoY Change 12.46% 14.66% 9.38%
Common Stock $48.85M $46.63M $50.91M
YoY Change -4.04% -6.71% -25.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $288.4M $281.7M $263.6M
YoY Change
Total Liabilities & Shareholders Equity $330.7M $319.6M $279.0M
YoY Change 18.54% 18.69% -1.28%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income $4.051M $9.200M $7.717M
YoY Change -47.51% 21.07% -4.34%
Depreciation, Depletion And Amortization $1.530M $1.520M $1.480M
YoY Change 3.38% 0.66% 38.32%
Cash From Operating Activities $13.03M $10.05M $10.01M
YoY Change 30.17% -7.37% 43.41%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$430.0K -$170.0K
YoY Change 58.82% -64.46% -93.12%
Acquisitions
YoY Change
Other Investing Activities $41.29M $2.530M -$2.420M
YoY Change -1806.2% -104.69% -238.29%
Cash From Investing Activities $41.02M $2.100M -$2.580M
YoY Change -1689.92% -103.81% 258.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 280.0K 21.70M -50.00K
YoY Change -660.0%
NET CHANGE
Cash From Operating Activities 13.03M 10.05M 10.01M
Cash From Investing Activities 41.02M 2.100M -2.580M
Cash From Financing Activities 280.0K 21.70M -50.00K
Net Change In Cash 54.33M 33.85M 7.380M
YoY Change 636.18% -176.41% 17.89%
FREE CASH FLOW
Cash From Operating Activities $13.03M $10.05M $10.01M
Capital Expenditures -$270.0K -$430.0K -$170.0K
Free Cash Flow $13.30M $10.48M $10.18M
YoY Change 30.65% -13.1% 7.72%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;">Nature of Business</div></div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Anika Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a global, integrated joint preservation and regenerative therapies company based in Bedford, Massachusetts. The Company is committed to delivering innovative therapies to improve the lives of patients across a continuum of care from osteoarthritis pain management to joint preservation and restoration. The Company has over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> decades of global expertise commercializing more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20</div> products based on its proprietary hyaluronic acid (&#x201c;HA&#x201d;) technology. The Company&#x2019;s therapeutic portfolio includes ORTHOVISC, MONOVISC, and CINGAL, viscosupplements which alleviate osteoarthritis pain and restore joint function by replenishing depleted HA, TACTOSET, a surgically-delivered therapy for bone repair procedures, 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-align: justify; text-indent: 0.5in; margin: 0pt 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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