$ANIK
Anika Therapeutics, Inc.

2020 Q1 Form 10-Q Financial Statement

#000117184320003962 Filed on May 22, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1 2018 Q4
Revenue $35.40M $24.72M $26.96M
YoY Change 43.17% 16.27% -8.28%
Cost Of Revenue $14.20M $7.311M $7.001M
YoY Change 94.23% -6.81% -19.68%
Gross Profit $21.20M $17.41M $19.95M
YoY Change 21.74% 29.81% -1.09%
Gross Profit Margin 59.88% 70.43% 74.01%
Selling, General & Admin $14.43M $7.672M $6.130M
YoY Change 88.1% -52.32% -8.23%
% of Gross Profit 68.08% 44.06% 30.73%
Research & Development $6.050M $4.258M $4.060M
YoY Change 42.09% -17.5% -4.92%
% of Gross Profit 28.54% 24.45% 20.35%
Depreciation & Amortization $2.760M $1.480M $1.480M
YoY Change 86.49% 0.68% 38.32%
% of Gross Profit 13.02% 8.5% 7.42%
Operating Expenses $20.48M $11.93M $10.19M
YoY Change 71.68% -43.86% -6.86%
Operating Profit $7.094M $5.482M $9.759M
YoY Change 29.41% -169.99% 5.75%
Interest Expense $279.0K $498.0K $550.0K
YoY Change -43.98% 424.21% 292.86%
% of Operating Profit 3.93% 9.08% 5.64%
Other Income/Expense, Net
YoY Change
Pretax Income $7.373M $5.980M $10.31M
YoY Change 23.29% -177.29% 4.46%
Income Tax $1.600M $1.473M $2.600M
% Of Pretax Income 21.7% 24.63% 25.22%
Net Earnings $5.793M $4.507M $7.717M
YoY Change 28.53% -167.41% -4.34%
Net Earnings / Revenue 16.37% 18.23% 28.63%
Basic Earnings Per Share $0.41 $0.32 $0.54
Diluted Earnings Per Share $0.40 $0.31 $0.54
COMMON SHARES
Basic Shares Outstanding 14.20M 14.19M
Diluted Shares Outstanding 14.35M 14.31M 14.30M

Balance Sheet

Concept 2020 Q1 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.30M $166.7M $159.0M
YoY Change -44.63% 2.27% 1.08%
Cash & Equivalents $65.83M $95.51M $89.04M
Short-Term Investments $26.50M $71.20M $70.00M
Other Short-Term Assets $5.700M $2.100M $1.900M
YoY Change 171.43% -48.78% -40.63%
Inventory $42.72M $22.62M $21.30M
Prepaid Expenses
Receivables $28.10M $18.27M $20.78M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $161.1M $209.7M $202.9M
YoY Change -23.16% 0.72% -1.64%
LONG-TERM ASSETS
Property, Plant & Equipment $54.23M $53.05M $54.11M
YoY Change 2.23% -4.88% -3.69%
Goodwill $33.80M $7.694M $7.851M
YoY Change 339.33% -8.97% -4.47%
Intangibles $98.72M $8.467M $9.191M
YoY Change 1065.91% -20.71% -13.58%
Long-Term Investments
YoY Change
Other Assets $27.51M $4.003M $4.897M
YoY Change 587.16% 221.01% 290.51%
Total Long-Term Assets $237.8M $96.96M $76.05M
YoY Change 145.23% 27.33% -0.31%
TOTAL ASSETS
Total Short-Term Assets $161.1M $209.7M $202.9M
Total Long-Term Assets $237.8M $96.96M $76.05M
Total Assets $398.9M $306.7M $279.0M
YoY Change 30.08% 7.85% -1.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.906M $3.571M $3.143M
YoY Change 177.4% -42.02% -53.42%
Accrued Expenses $16.10M $8.000M $8.100M
YoY Change 101.25% 0.46% 28.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change
Total Short-Term Liabilities $26.19M $11.60M $11.29M
YoY Change 125.72% -17.84% -13.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.019M $366.0K $550.0K
YoY Change 178.42% -68.17% -16.67%
Total Long-Term Liabilities $1.019M $366.0K $550.0K
YoY Change 178.42% -68.17% -16.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.19M $11.60M $11.29M
Total Long-Term Liabilities $1.019M $366.0K $550.0K
Total Liabilities $27.21M $11.97M $11.84M
YoY Change 127.33% -21.63% -13.79%
SHAREHOLDERS EQUITY
Retained Earnings $251.2M $222.7M $218.2M
YoY Change 12.79% 15.51% 9.38%
Common Stock $48.50M $52.17M $50.91M
YoY Change -7.03% -30.53% -25.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $293.7M $269.1M $263.6M
YoY Change
Total Liabilities & Shareholders Equity $398.9M $306.7M $279.0M
YoY Change 30.08% 7.85% -1.28%

Cashflow Statement

Concept 2020 Q1 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income $5.793M $4.507M $7.717M
YoY Change 28.53% -167.41% -4.34%
Depreciation, Depletion And Amortization $2.760M $1.480M $1.480M
YoY Change 86.49% 0.68% 38.32%
Cash From Operating Activities $1.045M $8.462M $10.01M
YoY Change -87.65% -11.78% 43.41%
INVESTING ACTIVITIES
Capital Expenditures $723.0K $1.030M -$170.0K
YoY Change -29.81% -59.5% -93.12%
Acquisitions $92.98M
YoY Change
Other Investing Activities -$91.78M -$890.0K -$2.420M
YoY Change 10212.36% -132.36% -238.29%
Cash From Investing Activities -$92.50M -$1.917M -$2.580M
YoY Change 4725.4% -1026.09% 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 -$141.0K -119.0K -50.00K
YoY Change 18.49% -90.27%
NET CHANGE
Cash From Operating Activities $1.045M 8.462M 10.01M
Cash From Investing Activities -$92.50M -1.917M -2.580M
Cash From Financing Activities -$141.0K -119.0K -50.00K
Net Change In Cash -$91.63M 6.426M 7.380M
YoY Change -1525.93% -25.07% 17.89%
FREE CASH FLOW
Cash From Operating Activities $1.045M $8.462M $10.01M
Capital Expenditures $723.0K $1.030M -$170.0K
Free Cash Flow $322.0K $7.432M $10.18M
YoY Change -95.67% 5.43% 7.72%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; min-width: 700px;"> <tr style="vertical-align: top; text-align: justify"> <td style="width: 35pt; text-align: left"><div style="display: inline; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">1.</div></div></div></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: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</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 aims to be the global leader in its space with innovative technologies that exceed its customers&#x2019; expectations. The Company is committed to delivering therapies to improve the lives of patients across a continuum of care from joint pain management to orthopedic joint preservation and restoration. The Company has nearly <div style="display: inline; font-style: italic; font: inherit;">thirty</div> years of global expertise commercializing more than <div style="display: inline; font-style: italic; font: inherit;">twenty</div> products based on its hyaluronic acid, or HA, technology platform, and the Company is focused on adding innovative and differentiated offerings to its portfolio. The Company&#x2019;s proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to therapeutic use. The Company&#x2019;s patented technology chemically modifies HA to allow for longer residence time in the body. The Company has <div style="display: inline; font-style: italic; font: inherit;">two</div> forms of cross-linked HA gel technologies, and a solid form of HA technology &#x2013; HYAFF, which is the Company&#x2019;s platform for regenerative medicine. These proprietary technologies are protected by an extensive portfolio of owned and licensed patents.</div> <div style=" font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In early <div style="display: inline; font-style: italic; font: inherit;">2020,</div> the Company expanded its overall technology platform through its strategic acquisitions of Parcus Medical, LLC (&#x201c;Parcus Medical&#x201d;), a sports medicine implant and instrumentation solutions provider focused on surgical repair and reconstruction of ligaments and tendons and Arthrosurface, Incorporated (&#x201c;Arthrosurface&#x201d;), a joint preservation technology company specializing in less invasive joint replacement solutions. The Company expects the Parcus Medical and Arthrosurface acquisitions to drive growth by broadening Anika's product portfolio into joint preservation and restoration, adding high-growth revenue streams, expanding its commercial capabilities, diversifying its revenue base, and expanding its product pipeline and research and development expertise.</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-align: justify; text-indent: 0.5in">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: inherit;">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 style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There are many uncertainties regarding the current pandemic of the novel coronavirus (&#x201c;COVID-<div style="display: inline; font-style: italic; font: inherit;">19&#x201d;</div>), and the Company is closely monitoring the impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> on all aspects of its business, including how it will impact its customers, employees, suppliers, vendors, and business partners. The Company is unable to predict the impact that COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> <div style="display: inline; font-style: italic; font: inherit;"> may </div>have on its financial position and operations moving forward due to numerous uncertainties. These estimates <div style="display: inline; font-style: italic; font: inherit;"> may </div>change as new events occur and additional information is obtained, and actual results could differ materially from these estimates under different assumptions or conditions. The Company will continue to assess the evolving impact of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and will make adjustments to its operations as necessary.</div></div>
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