$ANIK
Anika Therapeutics, Inc.

2022 Q3 Form 10-Q Financial Statement

#000117184322005368 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $40.26M $39.66M $36.69M
YoY Change 1.84% 3.96% 7.0%
Cost Of Revenue $17.49M $14.80M $14.89M
YoY Change 5.89% -14.64% 11.8%
Gross Profit $22.78M $24.86M $21.80M
YoY Change -1.06% 19.46% 3.96%
Gross Profit Margin 56.57% 62.69% 59.42%
Selling, General & Admin $21.28M $21.27M $19.20M
YoY Change 21.58% 18.23% 5.65%
% of Gross Profit 93.4% 85.54% 88.06%
Research & Development $7.301M $6.975M $6.157M
YoY Change -4.85% -4.36% -3.21%
% of Gross Profit 32.05% 28.05% 28.24%
Depreciation & Amortization $3.495M $3.709M $3.617M
YoY Change -2.27% 5.94% 3.05%
% of Gross Profit 15.34% 14.92% 16.59%
Operating Expenses $28.58M $28.24M $25.36M
YoY Change 13.52% 11.71% 3.35%
Operating Profit -$5.798M -$3.381M -$3.554M
YoY Change -546.0% -136.83% -382.51%
Interest Expense $436.0K $96.00K -$154.0K
YoY Change -1008.33% -292.0% 258.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.362M -$3.285M -$3.708M
YoY Change -528.27% -135.98% -405.19%
Income Tax -$1.200M -$400.0K -$800.0K
% Of Pretax Income
Net Earnings -$4.175M -$2.843M -$2.933M
YoY Change -848.21% -143.53% -203.35%
Net Earnings / Revenue -10.37% -7.17% -7.99%
Basic Earnings Per Share -$0.29 -$0.20 -$0.20
Diluted Earnings Per Share -$0.29 -$0.20 -$0.20
COMMON SHARES
Basic Shares Outstanding 14.60M 14.56M 14.47M
Diluted Shares Outstanding 14.60M 14.56M 14.47M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $87.78M $91.39M $90.33M
YoY Change -3.52% -5.96% -4.52%
Cash & Equivalents $87.78M $91.39M $90.33M
Short-Term Investments
Other Short-Term Assets $8.579M $8.956M $10.46M
YoY Change 15.42% 7.94% 8.95%
Inventory $37.24M $35.34M $35.23M
Prepaid Expenses
Receivables $34.17M $32.17M $29.31M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $167.8M $167.9M $165.3M
YoY Change 1.19% -5.57% -4.7%
LONG-TERM ASSETS
Property, Plant & Equipment $47.39M $48.09M $47.95M
YoY Change -3.5% -2.93% -2.4%
Goodwill $6.721M $7.169M $7.625M
YoY Change -15.46% -12.03% -5.22%
Intangibles $76.55M $78.49M $80.44M
YoY Change -9.97% -9.87% -9.61%
Long-Term Investments
YoY Change
Other Assets $18.34M $20.91M $20.39M
YoY Change -22.51% 11.55% 0.46%
Total Long-Term Assets $180.0M $186.3M $176.9M
YoY Change -3.83% 0.48% -6.28%
TOTAL ASSETS
Total Short-Term Assets $167.8M $167.9M $165.3M
Total Long-Term Assets $180.0M $186.3M $176.9M
Total Assets $347.7M $354.1M $342.2M
YoY Change -1.47% -2.48% -5.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.353M $8.165M $7.444M
YoY Change 5.18% 0.79% -14.27%
Accrued Expenses $18.00M $16.82M $15.11M
YoY Change 3.81% 2.58% 13.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $132.0K $122.0K
YoY Change 22.0%
Total Short-Term Liabilities $26.35M $29.43M $26.99M
YoY Change -8.41% -28.85% -42.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $474.0K $587.0K $684.0K
YoY Change -68.17% -65.67% -56.79%
Total Long-Term Liabilities $474.0K $587.0K $684.0K
YoY Change -68.17% -65.67% -56.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.35M $29.43M $26.99M
Total Long-Term Liabilities $474.0K $587.0K $684.0K
Total Liabilities $26.83M $30.02M $27.68M
YoY Change -11.35% -30.32% -43.0%
SHAREHOLDERS EQUITY
Retained Earnings $215.6M $219.8M $222.6M
YoY Change -6.8% -4.77% -0.73%
Common Stock $76.81M $73.00M $68.94M
YoY Change 20.0% 19.98% 20.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $284.9M $286.2M $285.8M
YoY Change
Total Liabilities & Shareholders Equity $347.7M $354.1M $342.2M
YoY Change -1.47% -2.48% -5.52%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.175M -$2.843M -$2.933M
YoY Change -848.21% -143.53% -203.35%
Depreciation, Depletion And Amortization $3.495M $3.709M $3.617M
YoY Change -2.27% 5.94% 3.05%
Cash From Operating Activities $2.709M $3.088M -$1.869M
YoY Change 31.38% -28.07% -23.12%
INVESTING ACTIVITIES
Capital Expenditures -$1.691M -$1.940M $1.326M
YoY Change 31.7% -16.09% 217.99%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities -$1.691M -$1.940M -$1.326M
YoY Change 30.58% -16.13% -176.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.611M -46.00K -$862.0K
YoY Change -33.96% -107.76% 91.13%
NET CHANGE
Cash From Operating Activities 2.709M 3.088M -$1.869M
Cash From Investing Activities -1.691M -1.940M -$1.326M
Cash From Financing Activities -4.611M -46.00K -$862.0K
Net Change In Cash -3.593M 1.102M -$4.061M
YoY Change -42.19% -57.17% 233.42%
FREE CASH FLOW
Cash From Operating Activities $2.709M $3.088M -$1.869M
Capital Expenditures -$1.691M -$1.940M $1.326M
Free Cash Flow $4.400M $5.028M -$3.195M
YoY Change 31.5% -23.88% 12.18%

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<table cellpadding="0" cellspacing="0" style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; width: 100%; margin-left: 0pt; margin-right: 0pt;"><tbody><tr style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><td style="vertical-align: top; width: 46px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="vertical-align: top; width: 1318px; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;"><b>Nature of Business</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt; background-color: rgba(0, 0, 0, 0); color: rgb(0, 0, 0);">Anika Therapeutics, Inc. (“the Company”) is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care, including in the areas of osteoarthritis (“OA”) pain management, regenerative solutions, soft tissue repair and bone preserving joint technologies.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">In early <em style="font: inherit;">2020,</em> the Company expanded its overall technology platform through its strategic acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation solutions provider focused on sports medicine and soft tissue repair, and Arthrosurface, Inc. (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions. These acquisitions broadened the Company’s product portfolio, developed over its <em style="font: inherit;">30</em> years of expertise in hyaluronic acid technology, into the broader joint preservation and restoration market with greater market potential, added high-growth revenue streams, increased the Company’s commercial capabilities, diversified its revenue base, and expanded its product pipeline and research and development expertise.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">The Company is subject to risks common to companies in the life sciences industry including, but <em style="font: inherit;">not</em> 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 and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">There continue to be uncertainties regarding the pandemic of the novel coronavirus (“COVID-<em style="font: inherit;">19”</em>), and the Company is closely monitoring the impact of COVID-<em style="font: inherit;">19</em> on all aspects of its business, including how it will impact its customers, employees, suppliers, vendors, business partners and a broader impact on elective surgeries. The Company is unable to predict the specific impact that COVID-<em style="font: inherit;">19</em> <em style="font: inherit;"> may </em>have on its financial position and operations moving forward due to the numerous uncertainties. Any estimates made herein <em style="font: inherit;"> may </em>change as new events occur and additional information is obtained, and actual results could differ materially from any estimates made herein under different assumptions or conditions. The Company will continue to assess the evolving impact of COVID-<em style="font: inherit;">19.</em></p>
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PercentageOfNetRevenue
1 pure
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
72437000 usd
anik Percentage Of Net Revenue
PercentageOfNetRevenue
1 pure
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4081000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2797000 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1175993
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
39.56
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
464775
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.21
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
437
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
130925
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
44.25
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1509406
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
35.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
21000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
459732
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
anik Share Based Compensation Arrangement By Share Based Payment Award Fair Value Per Option
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValuePerOption
0.1128 pure
anik Share Based Compensation Arrangement By Share Based Payment Award Fair Value Per Option
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValuePerOption
0.1419 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.094 pure
CY2021Q2 anik Income Tax Expense Benefit Change In Fair Value Of Contingent Consideration
IncomeTaxExpenseBenefitChangeInFairValueOfContingentConsideration
700000 usd
CY2022Q2 anik Income Tax Expense Benefit Stockbased Compensation
IncomeTaxExpenseBenefitStockbasedCompensation
600000 usd
anik Income Tax Expense Benefit Change In Fair Value Of Contingent Consideration
IncomeTaxExpenseBenefitChangeInFairValueOfContingentConsideration
1100000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
40.07
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y6M
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
7000 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1509406
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
35.53
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
21000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
464775
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1200000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.135 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.174 pure
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
2600000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000.0 usd
CY2021Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.285 pure
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14555000
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14393000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14511000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14368000
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
234000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
215000
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14555000
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14627000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14511000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14583000

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