$ANIK
Anika Therapeutics, Inc.

2022 Q4 Form 10-Q Financial Statement

#000117184322007281 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $39.62M $40.26M
YoY Change 10.61% 1.84%
Cost Of Revenue $15.49M $17.49M
YoY Change -12.42% 5.89%
Gross Profit $24.13M $22.78M
YoY Change 33.07% -1.06%
Gross Profit Margin 60.9% 56.57%
Selling, General & Admin $23.05M $21.28M
YoY Change 12.81% 21.58%
% of Gross Profit 95.52% 93.4%
Research & Development $7.749M $7.301M
YoY Change 29.15% -4.85%
% of Gross Profit 32.11% 32.05%
Depreciation & Amortization $3.666M $3.495M
YoY Change -1.72% -2.27%
% of Gross Profit 15.19% 15.34%
Operating Expenses $30.80M $28.58M
YoY Change 12.99% 13.52%
Operating Profit -$6.667M -$5.798M
YoY Change -26.92% -546.0%
Interest Expense $276.0K $436.0K
YoY Change -687.23% -1008.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.391M -$5.362M
YoY Change -30.31% -528.27%
Income Tax -$1.483M -$1.200M
% Of Pretax Income
Net Earnings -$4.908M -$4.175M
YoY Change -15.28% -848.21%
Net Earnings / Revenue -12.39% -10.37%
Basic Earnings Per Share -$0.29
Diluted Earnings Per Share -$0.34 -$0.29
COMMON SHARES
Basic Shares Outstanding 14.61M 14.60M
Diluted Shares Outstanding 14.60M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.33M $87.78M
YoY Change -8.54% -3.52%
Cash & Equivalents $86.33M $87.78M
Short-Term Investments
Other Short-Term Assets $8.828M $8.579M
YoY Change 6.5% 15.42%
Inventory $39.77M $37.24M
Prepaid Expenses
Receivables $34.63M $34.17M
Other Receivables $0.00 $0.00
Total Short-Term Assets $169.5M $167.8M
YoY Change 0.6% 1.19%
LONG-TERM ASSETS
Property, Plant & Equipment $48.28M $47.39M
YoY Change 1.42% -3.5%
Goodwill $7.339M $6.721M
YoY Change -5.68% -15.46%
Intangibles $74.60M $76.55M
YoY Change -9.45% -9.97%
Long-Term Investments
YoY Change
Other Assets $17.22M $18.34M
YoY Change -15.11% -22.51%
Total Long-Term Assets $179.6M $180.0M
YoY Change 0.32% -3.83%
TOTAL ASSETS
Total Short-Term Assets $169.5M $167.8M
Total Long-Term Assets $179.6M $180.0M
Total Assets $349.1M $347.7M
YoY Change 0.46% -1.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.074M $8.353M
YoY Change 18.88% 5.18%
Accrued Expenses $18.84M $18.00M
YoY Change 6.69% 3.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $27.91M $26.35M
YoY Change -6.31% -8.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $398.0K $474.0K
YoY Change -68.36% -68.17%
Total Long-Term Liabilities $398.0K $474.0K
YoY Change -68.36% -68.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.91M $26.35M
Total Long-Term Liabilities $398.0K $474.0K
Total Liabilities $28.31M $26.83M
YoY Change -8.83% -11.35%
SHAREHOLDERS EQUITY
Retained Earnings $210.7M $215.6M
YoY Change -6.59% -6.8%
Common Stock $81.29M $76.81M
YoY Change 20.92% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $285.6M $284.9M
YoY Change
Total Liabilities & Shareholders Equity $349.1M $347.7M
YoY Change 0.46% -1.47%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$4.908M -$4.175M
YoY Change -15.28% -848.21%
Depreciation, Depletion And Amortization $3.666M $3.495M
YoY Change -1.72% -2.27%
Cash From Operating Activities $481.0K $2.709M
YoY Change -89.24% 31.38%
INVESTING ACTIVITIES
Capital Expenditures $2.529M -$1.691M
YoY Change -324.4% 31.7%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$2.529M -$1.691M
YoY Change 103.95% 30.58%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 667.0K -4.611M
YoY Change 1011.67% -33.96%
NET CHANGE
Cash From Operating Activities 481.0K 2.709M
Cash From Investing Activities -2.529M -1.691M
Cash From Financing Activities 667.0K -4.611M
Net Change In Cash -1.381M -3.593M
YoY Change -141.95% -42.19%
FREE CASH FLOW
Cash From Operating Activities $481.0K $2.709M
Capital Expenditures $2.529M -$1.691M
Free Cash Flow -$2.048M $4.400M
YoY Change -136.58% 31.5%

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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"><tbody><tr><td style="vertical-align:top;width:6.4%;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="vertical-align:top;width:183.1%;"> <p style="font-family:Times New Roman;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-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">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:Times New Roman;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:Times New Roman;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:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:36pt;">There continue to be uncertainties regarding the pandemic of the ongoing 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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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1505785
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
35.21
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M18D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
78000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
499617
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
40.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M18D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1505785
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
35.21
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y3M18D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
78000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
486901
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y6M
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
0.1126 pure
anik Share Based Compensation Arrangement By Share Based Payment Award Fair Value Per Option
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValuePerOption
0.1455 pure
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1200000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2400000 usd
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.221 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.195 pure
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
700000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1700000 usd
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.554 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.144 pure
anik Income Tax Expense Benefit Change In Fair Value Of Contingent Consideration
IncomeTaxExpenseBenefitChangeInFairValueOfContingentConsideration
1100000 usd
us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
IncomeTaxReconciliationNondeductibleExpenseShareBasedCompensationCost
700000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14603000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14429000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14542000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14389000
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
218000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
199000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14603000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14647000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14542000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14588000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1100000

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