Form 10-Q - Quarterly report [Sections 13 or 15(d)]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-14027

Anika Therapeutics, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware	04-3145961
(State or Other Jurisdiction of Incorporation or Organization)	(I.R.S. Employer Identification No.)

32 Wiggins Avenue, Bedford, Massachusetts 01730

(Address of Principal Executive Offices) (Zip Code)

(781) 457-9000

(Registrant’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol	Name of Each Exchange on Which Registered
Common Stock, par value $0.01 per share	ANIK	NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐	Accelerated filer ☒	Non-accelerated filer ☐	Smaller reporting	Emerging growth
			company ☐	company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

APPLICABLE ONLY TO CORPORATE ISSUERS:

As of July 31, 2023, there were 14,631,112 outstanding shares of Common Stock, par value $0.01 per share.

ANIKA THERAPEUTICS, INC.

TABLE OF CONTENTS

		Page
Part I	Financial Information	3
Item 1.	Condensed Consolidated Financial Statements (unaudited):	3
	Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022	3
	Condensed Consolidated Statement of Operations and Comprehensive Income for the three and six months ended June 30, 2023 and 2022	4
	Condensed Consolidated Statements of Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022	5
	Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2023 and 2022	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	25
Part II	Other Information	25
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	25
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	26
Item 5.	Other Information	26
Item 6.	Exhibits	27
Signatures		28

References in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “our company,” and other similar references refer to Anika Therapeutics, Inc. and its subsidiaries unless the context otherwise indicates.

ANIKA, ANIKA THERAPEUTICS, ARTHROSURFACE, CINGAL, HYAFF, HYVISC, MONOVISC, ORTHOVISC, PARCUS MEDICAL, and TACTOSET are our registered trademarks that appear in this Quarterly Report on Form 10-Q. For convenience, these trademarks appear in this Quarterly Report on Form 10-Q without Â® and â„¢ symbols, but that practice does not mean that we will not assert, to the fullest extent under applicable law, our rights to the trademarks. This Quarterly Report on Form 10-Q also contains trademarks and trade names that are the property of other companies and licensed to us.

PART I:	FINANCIAL INFORMATION

ITEM 1.	FINANCIAL STATEMENTS

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

	June 30,			December 31,
ASSETS	2023			2022
Current assets:
Cash and cash equivalents	$	65,071		$	86,327
Accounts receivable, net		36,737			34,627
Inventories, net		42,604			39,765
Prepaid expenses and other current assets		7,789			8,828
Total current assets		152,201			169,547
Property and equipment, net		47,988			48,279
Right-of-use assets		29,631			30,696
Other long-term assets		19,390			17,219
Deferred tax assets		1,498			1,449
Intangible assets, net		70,707			74,599
Goodwill		7,467			7,339
Total assets	$	328,882		$	349,128

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:
Accounts payable	$	7,944		$	9,074
Accrued expenses and other current liabilities		15,512			18,840
Total current liabilities		23,456			27,914
Other long-term liabilities		401			398
Deferred tax liability		3,235			6,436
Lease liabilities		27,775			28,817
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		-			-
Common stock, $0.01 par value; 90,000 shares authorized, 14,816 issued and 14,657 outstanding and 14,625 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		147			146
Additional paid-in-capital		82,397			81,141
Accumulated other comprehensive loss		(6,157	)		(6,443	)
Retained earnings		197,628			210,719
Total stockholders’ equity		274,015			285,563
Total liabilities and stockholders’ equity	$	328,882		$	349,128

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

(in thousands, except per share data)

(unaudited)

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Revenue	$	44,302		$	39,657		$	82,226		$	76,350
Cost of revenue		15,330			14,795			30,411			29,684
Gross Profit		28,972			24,862			51,815			46,666

Operating expenses:
Research and development		8,914			6,975			17,314			13,132
Selling, general and administrative		23,689			21,268			50,685			40,469
Total operating expenses		32,603			28,243			67,999			53,601
Loss from operations		(3,631	)		(3,381	)		(16,184	)		(6,935	)
Interest and other income (expense), net		561			96			1,100			(58	)
Loss before income taxes		(3,070	)		(3,285	)		(15,084	)		(6,993	)
Benefit from income taxes		(329	)		(442	)		(1,993	)		(1,217	)
Net loss	$	(2,741	)	$	(2,843	)	$	(13,091	)	$	(5,776	)

Net loss per share:
Basic	$	(0.19	)	$	(0.20	)	$	(0.89	)	$	(0.40	)
Diluted	$	(0.19	)	$	(0.20	)	$	(0.89	)	$	(0.40	)

Weighted average common shares outstanding:
Basic		14,688			14,555			14,671			14,511
Diluted		14,688			14,555			14,671			14,511

Net loss	$	(2,741	)	$	(2,843	)	$	(13,091	)	$	(5,776	)
Foreign currency translation adjustment		14			(847	)		286			(928	)
Comprehensive loss	$	(2,727	)	$	(3,690	)	$	(12,805	)	$	(6,704	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands, except per share data)

(unaudited)

	Six Months Ended June 30, 2023
	Common Stock												Accumulated
	Number of			$.01 Par			Additional Paid			Retained			Other Comprehensive			Total Stockholders'
	Shares			Value			in Capital			Earnings			Loss			Equity
Balance, January 1, 2023		14,625		$	146		$	81,141		$	210,719		$	(6,443	)	$	285,563
Issuance of common stock for equity awards		1			-			7			-			-			7
Vesting of restricted stock units		177			2			(2	)		-			-			-
Stock-based compensation expense		-			-			3,717			-			-			3,717
Retirement of common stock for minimum tax withholdings		(62	)		(1	)		(1,620	)		-			-			(1,621	)
Net loss		-			-			-			(10,350	)		-			(10,350	)
Other comprehensive income		-			-			-			-			272			272
Balance, March 31, 2023		14,741		$	147		$	83,243		$	200,369		$	(6,171	)	$	277,588
Issuance of common stock for equity awards		1			-			30			-			-			30
Vesting of restricted stock units		70			1			(1	)		-			-			-
Issuance of ESPP shares		20			-			456			-			-			456
Stock-based compensation expense		-			-			4,150			-			-			4,150
Repurchase of common stock		(159	)		(1	)		(5,049	)		-			-			(5,050	)
Retirement of common stock for minimum tax withholdings		(16	)		-			(432	)		-			-			(432	)
Net loss		-			-			-			(2,741	)		-			(2,741	)
Other comprehensive income		-			-			-			-			14			14
Balance, June 30, 2023		14,657		$	147		$	82,397		$	197,628		$	(6,157	)	$	274,015

	Six Months Ended June 30, 2022
	Common Stock											Accumulated
	Number of			$.01 Par		Additional Paid			Retained			Other Comprehensive			Total Stockholders'
	Shares			Value		in Capital			Earnings			Loss			Equity
Balance, January 1, 2022		14,441		$	144	$	67,081		$	225,578		$	(5,718	)	$	287,085
Issuance of common stock for equity awards		1			-		15			-			-			15
Vesting of restricted stock units		106			1		(1	)		-			-			-
Stock-based compensation expense		-			-		2,545			-			-			2,545
Retirement of common stock for minimum tax withholdings		(30	)		-		(844	)		-			-			(844	)
Net loss		-			-		-			(2,933	)		-			(2,933	)
Other comprehensive income		-			-		-			-			(81	)		(81	)
Balance, March 31, 2022		14,518		$	145	$	68,796		$	222,645		$	(5,799	)	$	285,787
Vesting of restricted stock units		61			1		(1	)		-			-			-
Issuance of ESPP shares		20			-		-			-			-			-
Stock-based compensation expense		-			-		4,081			-			-			4,081
Retirement of common stock for minimum tax withholdings		(1	)		-		(25	)		-			-			(25	)
Net loss		-			-		-			(2,843	)		-			(2,843	)
Other comprehensive loss		-			-		-			-			(847	)		(847	)
Balance, June 30, 2022		14,598		$	146	$	72,851		$	219,802		$	(6,646	)	$	286,153

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

	Six Months Ended June 30,
	2023			2022
Cash flows from operating activities:
Net loss	$	(13,091	)	$	(5,776	)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation		3,210			3,435
Amortization of acquisition related intangible assets		3,891			3,891
Non-cash operating lease cost		1,086			797
Stock-based compensation expense		7,867			6,626
Deferred income taxes		(3,277	)		(2,020	)
Provision for credit losses		103			175
Provision for inventory		1,252			675
Changes in operating assets and liabilities:
Accounts receivable, net		(2,116	)		(3,103	)
Inventories		(6,152	)		(1,541	)
Prepaid expenses, other current and long-term assets		756			(948	)
Accounts payable		(1,029	)		284
Operating lease liabilities		(1,048	)		(764	)
Accrued expenses, other current and long-term liabilities		(3,648	)		(1,169	)
Income taxes		285			657
Net cash (used in) provided by operating activities		(11,911	)		1,219

Cash flows from investing activities:
Purchases of property and equipment		(2,846	)		(3,266	)
Net cash used in investing activities		(2,846	)		(3,266	)

Cash flows from financing activities:
Proceeds from employee stock purchase program		456			-
Cash paid for tax withheld on vested restricted stock awards		(2,049	)		(870	)
Proceeds from exercises of equity awards		37			15
Payments made on finance leases		-			(53	)
Repurchases of common stock		(5,000	)		-
Net cash used in financing activities		(6,556	)		(908	)

Exchange rate impact on cash		57			(39	)

Decrease in cash and cash equivalents		(21,256	)		(2,994	)
Cash and cash equivalents at beginning of period		86,327			94,386
Cash and cash equivalents at end of period	$	65,071		$	91,392
Supplemental disclosure of cash flow information:
Non-cash investing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	$	-		$	11,589
Purchases of property and equipment included in accounts payable and accrued expenses	$	60		$	680

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Anika Therapeutics, Inc. and Subsidiaries

Notes to Condensed Consolidated Financial Statements

(amounts in thousands, except share and per share amounts or as otherwise noted)

(unaudited)

1.	Nature of Business

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, sports medicine and Arthrosurface joint solutions.

In early 2020, 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 30 years of expertise in hyaluronic acid technology, into joint preservation and restoration space with higher market potential, added new revenue streams, increased and accelerated its commercial capabilities, diversified its revenue base, and expanded its product pipeline and research and development expertise.

The Company is subject to risks common to companies in the life sciences industry including, but not 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 (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.

2.	Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with U.S. GAAP have been or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2022 balances reported herein were derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial statements.

The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2022. The results of operations for the three-month and six-month periods ended June 30, 2023 are not indicative of the results to be expected for the year ending December 31, 2023.

Segment Information

Operating segments are components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker as of June 30, 2023 was its President and Chief Executive Officer. Based on the criteria established by Accounting Standards Codification 280, Segment Reporting, the Company has one operating and reportable segment.

3.	Accounts Receivable

The Company estimates an allowance for credit losses with its accounts receivable resulting from the inability of its customers to make required payments, which is included in selling, general and administrative expenses in the accompanying consolidated statements of operations. In determining the adequacy of the allowance, management specifically analyzes individual accounts receivable, historical bad debts, customer concentrations, customer creditworthiness, current and reasonable and supportable forecasts of future economic conditions, accounts receivable aging trends, and changes in the Company’s customer payment terms.

The components of the Company’s accounts receivable are as follows:

	As of		As of
	June 30,		December 31,
	2023		2022
Accounts Receivable	$	38,357	$	36,235
Less: Allowance for credit losses		1,620		1,608
Net balance, end of period	$	36,737	$	34,627

A summary of activity in the allowance for credit losses is as follows:

	As of June 30,
	2023			2022
Balance, beginning of the period	$	1,608		$	1,442
Amounts provided		241			226
Amounts recovered		(138	)		(48	)
Amounts written off		(103	)		(111	)
Translation adjustments		12			(104	)
Balance, end of period	$	1,620		$	1,405

4.	Fair Value Measurements

The Company has certain cash equivalents in money market funds that are classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets. For cash, accounts receivables, accounts payable, and accrued interest, the carrying amounts approximate fair value, because of the short maturity of these instruments, and therefore fair value information is not included in the table below. There were no transfers between fair value levels during the six-month periods ended June 30, 2023 or 2022.

The classification of the Company’s cash equivalents within the fair value hierarchy was as follows:

	June 30,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2023		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	54,154	$	54,154	$	-	$	-	$	54,154

	December 31,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2022		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	67,801	$	67,801	$	-	$	-	$	67,801

5.	Inventories

Inventories consist of the following:

	June 30,		December 31,
	2023		2022
Raw materials	$	19,032	$	20,535
Work-in-process		16,117		10,648
Finished goods		26,254		25,306
Total	$	61,403	$	56,489


Inventories	$	42,604	$	39,765
Other long-term assets		18,799		16,724
Total	$	61,403	$	56,489

Inventories are stated net of inventory reserves of approximately $10.2 million and $9.9 million, as of June 30, 2023 and December 31, 2022, respectively.

6.	Intangible Assets

Intangible assets as of June 30, 2023 and December 31, 2022 consisted of the following:

											December 31,
			Six Months Ended June 30, 2023								2022
			*Less:*
			*Accumulated*										*Weighted*
			*Currency*			*Less:*							*Average*
	*Gross*		*Translation*			*Accumulated*			*Net Book*		*Net Book*		*Useful*
	*Value*		*Adjustment*			*Amortization*			*Value*		*Value*		*Life*
Developed technology	$	89,580	$	(1,608	)	$	(26,584	)	$	61,388	$	64,286		15
IPR&D		2,656		(1,006	)		-			1,650		1,650	Indefinite
Customer relationships		9,000					(3,077	)		5,923		6,373		10
Distributor relationships		4,700		(415	)		(4,285	)		-		-		5
Patents		1,000		(189	)		(704	)		107		131		16
Tradenames		5,200					(3,561	)		1,639		2,159		5
Total	$	112,136	$	(3,218	)	$	(38,211	)	$	70,707	$	74,599		13

The aggregate amortization expense related to intangible assets was $2.0 million and $1.9 million for the three-month periods ended June 30, 2023 and 2022, respectively, and $3.9 million for each of the six-month periods ended June 30, 2023 and 2022, respectively.

7.	Goodwill

The Company assesses goodwill for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may be impairment.

Changes in the carrying value of goodwill for the six months ended June 30, 2023 were as follows:

	Six Months Ended June 30,
	2023
Balance, beginning of period	$	7,339
Effect of foreign currency adjustments		128
Balance, ending of period	$	7,467

8.	Accrued Expenses

Accrued expenses consist of the following:

	June 30,		December 31,
	2023		2022
Compensation and related expenses	$	8,690	$	11,303
Professional fees		2,802		3,145
Operating lease liability - current		2,085		2,073
Clinical trial costs		462		999
Income taxes payable		931		810
Other		542		510
Total	$	15,512	$	18,840

9.	Commitments and Contingencies

In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. or international patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company had no accrued warranties as of June 30, 2023 or December 31, 2022 and has no history of claims paid.

The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these occasional legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.

On October 21, 2021, the Company received notice that the former unitholders of Parcus Medical had filed an arbitration request regarding the earnout provisions of up to $60 million, of which the Company paid $4.3 million, agreed to in the Parcus Medical Merger Agreement. On April 24, 2023, the Company and the former unitholders of Parcus Medical entered into a settlement agreement to end the arbitration case. The Company recorded a charge to the statement of operations and a liability of $3.3 million at March 31, 2023 which was paid to the former unitholders of Parcus Medical in April 2023.

10.

Revenue and Geographic Information

Revenue by product family is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

OA Pain Management	$	29,334	$	24,093	$	51,967	$	45,058
Joint Preservation and Restoration		12,660		12,095		26,113		24,234
Non-Orthopedic		2,308		3,469		4,146		7,058
	$	44,302	$	39,657	$	82,226	$	76,350

Effective January 1, 2023, the Company beganto report revenue from product sales to veterinary customers within the Non-Orthopedic product family whereas such revenue had been previously reported within the OA Pain Management product family. Revenue from product sales to veterinary customers amounted to $1.1 million and $1.6 million for the three months ended June 30, 2023 and 2022, respectively, and $1.6 million and $3.4 million for the six months ended June 30, 2023 and 2022, respectively, and are included within the Non-Orthopedic product family for all periods presented. Accordingly, revenue from product sales to veterinary customers in the prior period have been reclassified to conform to the current period presentation.

Revenue from the Company’s sole significant customer, DePuy Synthes Mitek Sports Medicine, part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 48% and 45% for the three months ended June 30, 2023 and 2022, respectively, and 46% and 42% for the six months ended June 30, 2023 and 2022, respectively.

Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue were as follows:

	Three Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	32,867		74	%	$	29,686		75	%
Europe		5,675		13	%		5,292		13	%
Other		5,760		13	%		4,679		12	%
Total	$	44,302		100	%	$	39,657		100	%

	Six Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	60,155		73	%	$	56,459		73	%
Europe		11,337		14	%		11,088		15	%
Other		10,734		13	%		8,803		12	%
Total	$	82,226		100	%	$	76,350		100	%

11.

Equity Incentive Plan

Equity Incentive Plan

The Anika Therapeutics, Inc. 2017 Omnibus Incentive Plan (the “2017 Plan”) was approved by the Company’s stockholders on June 13, 2017 and subsequently amended on June 18, 2019, June 16, 2020, June 16, 2021, June 8, 2022 and June 14, 2023. On June 14, 2023, the Company’s stockholders approved an amendment to the 2017 Plan increasing the number of shares by 435,000 shares from 4,850,000 shares to 5,285,000 shares. The 2017 Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights (“SARs”), restricted stock awards, performance restricted stock units (“PSUs”), restricted stock units (“RSUs”), total shareholder return options (“TSRs”) and performance options that may be settled in cash, stock, or other property. In accordance with the 2017 Plan approved by the Company’s stockholders, including the amendments thereto, each share award other than stock options or SARs will reduce the number of total shares available for grant by two shares. Subject to adjustment for specified types of changes in the Company’s capitalization, no more than 5,285,000 shares of common stock may be issued under the 2017 Plan. There were 0.8 million shares available for future grant at June 30, 2023 under the 2017 Plan.

The Anika Therapeutics, Inc. 2021 Inducement Plan (the “Inducement Plan”) was adopted by the Company’s board of directors on November 4, 2021. The Inducement Plan reserves 125,000 shares of common stock for issuance pursuant to equity-based awards granted under the Inducement Plan. Such awards may be granted only to an individual who was not previously the Company’s employee or director with the Company. The Inducement Plan provides for the grant of awards under terms substantially similar to the 2017 Plan (as amended). There were 10,374 shares available for future grant at June 30, 2023 under the Inducement Plan.

The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either newly issued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to or greater than the market price of the Company’s stock on the date of grant. Awards contain service conditions or service and performance conditions, and they generally become exercisable ratably over three years with a maximum contractual term of ten years.

The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	167	$	227	$	351	$	403
Research & development		653		503		1,170		870
Selling, general & administrative		3,330		3,351		6,346		5,323
Total stock-based compensation expense	$	4,150	$	4,081	$	7,867	$	6,626

Stock Options

Stock options are granted to purchase common shares at prices that are equal to the fair market value of the shares on the date the options are granted or, in the case of premium options, are granted with an exercise price at 110% of the market price of the Company’s common stock on the date of grant. Options generally vest in equal annual installments over a period of three years and expire 10 years after the date of grant. The grant-date fair value of options is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period.

The following summarizes the activity under the Company’s stock option plans:

						Weighted
						Average
				*Weighted*		*Remaining*		*Aggregate*
				*Average*		*Contractual*		*Intrinsic*
	*Number of*			*Exercise*		*Term*		*Value*
	*Options*			*Price*		*(in years)*		*(in thousands)*
Outstanding as of December 31, 2022		1,530,703		$	34.93
Granted		361,745		$	29.51
Exercised		(2,034	)	$	18.30			$	20
Forfeited and canceled		(45,958	)	$	36.61
Outstanding as of June 30, 2023		1,844,456		$	33.84		8.0	$	188
Vested, June 30, 2023		955,429		$	36.75		7.1	$	38
Vested or expected to vest, June 30, 2023		1,844,456		$	33.84		8.0	$	188

The aggregate intrinsic value of options exercised for the six-month period ended June 30, 2023 was immaterial. The Company granted 361,745 stock options during the six-month period ended June 30, 2023.

The Company uses the Black-Scholes pricing model to determine the fair value of options granted. The calculation of the fair value of stock options is affected by the stock price on the grant date, the expected volatility of the Company’s common stock over the expected term of the award, the expected life of the award, the risk-free interest rate and the dividend yield.

The assumptions used in the Black-Scholes pricing model for options granted during the six months ended June 30, 2023 and 2022, along with the weighted-average grant-date fair values, were as follows:

	Six Months Ended
	June 30,
	2023								2022
Risk free interest rate		3.5	%		-		4.3	%		1.3	%		-		3.0	%
Expected volatility		48.7	%		-		49.4	%		53.8	%		-		55.2	%
Expected life (years)					4.5								4.5
Expected dividend yield					0.0	%							0.0	%
Fair value per option				$	11.74							$	11.28

As of June 30, 2023, there was $8.5 million of unrecognized compensation cost related to unvested stock options. This expense is expected to be recognized over a weighted average period of 2.0 years.

Restricted Stock Units

RSUs generally vest in equal annual installments over a three-year period. The grant-date fair value of RSUs is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The Company determines the fair value of RSUs based on the closing price of its common stock on the date of grant.

RSU activity for the six-month period ended June 30, 2023 was as follows:

				Weighted
	*Number of*			*Average*
	*Shares*			Fair Value
Outstanding as of December 31, 2022		675,405		$	28.40
Granted		429,476		$	26.93
Vested		(247,369	)	$	28.93
Forfeited and cancelled		(34,098	)	$	27.49
Outstanding as of June 30, 2023		823,414		$	27.52

The weighted-average grant-date fair value per share of RSUs granted was $26.93 and $25.18 for the six-month periods ended June 30, 2023 and 2022, respectively. The total fair value of RSUs vested was $6.6 million and $5.4 million for the six-month periods ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there was $17.9 million of unrecognized compensation cost related to time-based RSUs, which was expected to be recognized over a weighted-average period of 2.1 years.

Performance Stock Units

PSU activity for the six-month ended June 30, 2023 was as follows:

	Number of Shares			Weighted Average Fair Value
Outstanding as of December 31, 2022		117,897		$	34.98
Forfeited and cancelled		(117,897	)	$	34.98
Outstanding as of June 30, 2023		-		$	-

The total fair value of PSUs vested was $0 and $0.6 million for the six-month periods ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there are no outstanding PSUs.

12.

Income Taxes

The Company recorded an income tax benefit of $0.3 million and $2.0 million for the three- and six-month periods ended June 30, 2023, resulting in effective tax rates of 10.7% and 13.2%, respectively. The income tax benefit was $0.4 million and $1.2 million for the three- and six-month periods ended June 30, 2022, resulting in effective tax rates of 13.5% and 17.4%, respectively.

The change in the effective tax rate for the three-months ended June 30, 2023, as compared to the same period in 2022, is primarily due to a discrete charge of $0.4 million related to non-deductible stock compensation during the three-months ended June 30, 2022, partially offset by the valuation allowance recorded against domestic deferred tax assets of $0.3 million during the three-months ended June 30, 2023. The change in the effective tax rate for the six-months ended June 30, 2023, as compared to the same period in 2022, is primarily due to the valuation allowance recorded against domestic deferred tax assets of $1.2 million for the six-months ended June 30, 2023, partially offset by a discrete charge of $0.6 million related to non-deductible stock compensation during the six-months ended June 30, 2022.

The Company recognizes deferred tax assets to the extent that it believes that these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, carryback potential if permitted under the tax law, and results of recent operations. At December 31, 2022, the Company determined that its domestic deferred tax assets were realizable based upon future reversals of existing taxable temporary differences. The Company expects to incur an operating loss for 2023. As a result, the Company anticipates that deferred tax assets originating during the year ended December 31, 2023 will exceed the availability of reversing taxable temporary differences. Due to significant negative evidence, including the Company’s current and prior year operating losses, the Company concluded its anticipated net deferred tax assets in the U.S. are not more likely than not to be realizable. Accordingly, the estimated annual effective tax rate used to compute the income tax provision for the three- and six-month periods ended June 30, 2023 includes an adjustment for the valuation allowance required against the U.S deferred tax assets. As of June 30, 2023, the Company continues to believe its foreign deferred tax assets are realizable based upon future reversals of existing taxable temporary differences and projected future taxable income.

The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in certain foreign jurisdictions. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate, which varies by jurisdiction.

13.

Share Repurchase

In April 2023, the Company agreed to establish a share repurchase program for an aggregate purchase price of $20.0 million. Of the $20.0 million, the first $5.0 million would be effected through an accelerated stock repurchase program, the second $5.0 million is to be purchased in the open market and the remaining $10.0 million is to be purchased in the open market subject to positive cash flow.

On May 12, 2023, the Company entered into an accelerated share repurchase agreement with Bank of America, N.A. (“Bank of America”) pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction (“ASR Agreement”) to purchase $5.0 million of shares of its common stock. Pursuant to the terms of the ASR Agreement, the Company delivered $5.0 million in cash to Bank of America and received an initial delivery of 158,983 shares of the Company’s common stock on May 12, 2023 based on a closing market price of $25.16 and the applicable contractual discount. This was approximately 80% of the then estimated total number of shares expected to be repurchased under the ASR Agreement. The Company has recorded the shares being repurchased under the ASR agreement as an equity forward sales contact and the repurchase amount of $5.0 million plus excise taxes was included in additional paid-in capital in stockholders’ equity on the condensed consolidated balance sheet at June 30, 2023. Per the terms of the ASR Agreement, the final number of shares and average purchase price would be determined at the end of the applicable purchase period, which was completed in July 2023. Upon final settlement in July 2023, the Company received 29,046 additional shares at a final settlement price based on the average purchase price of $26.59 per share.

14.

Earnings Per Share (“EPS”)

Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic EPS. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding share-based awards using the treasury stock method. Due to the Company's loss position, the share-based payment awards are anti-dilutive.

The Company had a net loss during the three- and six-month periods ended June 30, 2023 and 2022, respectively, and therefore all potential common shares would have been anti-dilutive and accordingly were excluded from the computation of diluted EPS. Stock options of 1.8 million shares and 1.5 million shares were outstanding at June 30, 2023 and 2022, respectively. Restricted stock units and performance stock units totaling 0.8 million were outstanding at each of June 30, 2023 and 2022. These securities were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.

ITEM 2.

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our financial statements and related notes appearing elsewhere in this report and our audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 Form 10-K. In addition to historical information, this report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning our business, consolidated financial condition, and results of operations. The Securities and Exchange Commission, or the SEC, encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as "will," "likely," "may," "believe," "expect," "anticipate," "intend," "seek," "designed," "develop," "would," "future," "can," "could," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Examples of forward-looking statements include, among others, statements regarding the effect of COVID-19 and related impacts on our business, operations, and financial results, expected future operating results, expectations regarding the timing and receipt of regulatory results, anticipated levels of capital expenditures, and expectations of the effect on our financial condition of claims, litigation, and governmental and regulatory proceedings.

Please also refer to “Item 1A. Risk Factors” of our 2022 Form 10-K for important factors that we believe could cause actual results to differ materially from those in our forward-looking statements. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Management Overview

We are a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Based on our collaborations with clinicians to understand what they need most to treat their patients, we develop minimally invasive products that restore active living for people around the world. We are committed to leading in high opportunity spaces within orthopedics, including osteoarthritis, or OA, pain management, regenerative solutions, sports medicine and Arthrosurface joint solutions.

We have over thirty years of global expertise developing, manufacturing and commercializing products with our hyaluronic acid, or HA, technology platform. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses and in multiple forms, including enabling longer residence time to support OA pain management and creating a solid form of HA called Hyaff, which is a platform utilized in our regenerative solutions portfolio.

In early 2020, we expanded our overall technology platform, product portfolio, and significantly expanded our commercial infrastructure, especially in the United States, through our strategic acquisitions of Parcus Medical, LLC, or Parcus Medical, a sports medicine and instrumentation solutions provider, and Arthrosurface, Inc, or Arthrosurface, a company specializing in bone preserving partial and total joint replacement solutions. These acquisitions have ignited the transformation of our company by augmenting our HA-based OA pain management and regenerative products with a broad suite of products and capabilities focused on early intervention joint preservation primarily in upper and lower extremities such as shoulder, foot/ankle, knee and hand/wrist.

As we look forward, our business is positioned to capture value within our target markets in joint preservation. We believe our future success will be driven by our:

●

Decades of experience in HA-based regenerative solutions and early intervention orthopedics combined under new seasoned leadership with a strong financial foundation for future investment in meaningful solutions for our customers and their patients;

●

Utilizing HA-based technology and manufacturing expertise to provide new and differentiated solutions for the faster growing joint preservation and regenerative medicine markets;

	●	Introducing key HA-based products into the U.S. market upon FDA approval/clearance, such as Cingal, Hyalofast and our arthroscopic patch system for rotator cuff repair;

	●	Robust network of stakeholders in our target markets that will allow us to identify evolving unmet patient treatment needs;

●

Prioritized investment in differentiated pipeline of regenerative solutions, bone preserving implants and sports medicine solutions;

●

Global commercial expertise, which we will leverage to drive growth across our product portfolio, including an intentional site of care focus in ambulatory surgery centers in the United States and continued international expansion;

●

Pursuit of strategic inorganic growth opportunities, including potential partnerships and smaller acquisitions and technology licensing, by leveraging our strong financial foundation and operational capabilities; and

●

Energized and experienced team focused on strong values, talent, and culture.

Products

OA Pain Management

Our OA Pain Management product family consists of Monovisc and Orthovisc, our single- and multi-injection, HA-based, high molecular weight viscosupplement offerings that are indicated to provide pain relief from osteoarthritis conditions; and Cingal, our novel, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a fast-acting steroid. Cingal is our next generation fast-acting, long-lasting, non-opioid, clinically proven osteoarthritis pain product which is designed to provide both short- and long-term pain relief through at least six months. It is currently sold outside the United States in over 35 countries. In 2022, we completed a third Phase III clinical trial for Cingal, which achieved its primary endpoint. Cingal is not currently approved for commercial use in the United States.

Joint Preservation and Restoration

Our Joint Preservation and Restoration product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Hyalofast, currently available outside the United States in over 30 countries and Tactoset products and the planned upcoming release of our arthroscopic regenerative patch system for rotator cuff repair; (b) our line of sports medicine solutions used to repair and reconstruct damaged ligaments and tendons due to sports injuries, trauma and disease; and (c) our Arthrosurface portfolio of bone preserving joint technologies, including partial joint replacement, joint resurfacing, and minimally invasive and bone sparing implants, designed to treat upper and lower extremity orthopedic conditions caused by trauma, injury and arthritic disease.

Non-Orthopedic

Our Non-Orthopedic product family consists of legacy HA-based products that are marketed principally for non-orthopedic applications, including our anti-adhesion barrier product, advanced wound care products, our ear, nose and throat products, and our ophthalmic products. We have also reclassified Hyvisc, our high molecular weight injectable HA veterinary product approved for the treatment of joint dysfunction in horses due to non-infectious synovitis associated with equine OA. Hyvisc was previously reported in the OA Pain Management product family but has been reclassified to the Non-Orthopedic product family.

Results of Operations

Three and Six Months Ended June 30, 2023 Compared to Three and Six Months Ended June 30, 2022

	Three Months Ended June 30,												Six Months Ended June 30,
	2023			2022			$ Change			% Change			2023			2022			$ Change			% Change
	(in thousands, except percentages)												(in thousands, except percentages)
Revenue	$	44,302		$	39,657		$	4,645			12	%	$	82,226		$	76,350		$	5,876			8	%
Cost of revenue		15,330			14,795			535			4	%		30,411			29,684			727			2	%
Gross Profit		28,972			24,862			4,110			17	%		51,815			46,666			5,149			11	%
Gross Margin		65	%		63	%								63	%		61	%
Operating expenses:
Research & development		8,914			6,975			1,939			28	%		17,314			13,132			4,182			32	%
Selling, general & administrative		23,689			21,268			2,421			11	%		50,685			40,469			10,216			25	%
Total operating expenses		32,603			28,243			4,360			15	%		67,999			53,601			14,398			27	%
Loss from operations		(3,631	)		(3,381	)		(250	)		7	%		(16,184	)		(6,935	)		(9,249	)		133	%
Interest and other income (expense), net		561			96			465			484	%		1,100			(58	)		1,158			(1,997	)%
Loss before income taxes		(3,070	)		(3,285	)		215			(7	)%		(15,084	)		(6,993	)		(8,091	)		116	%
Benefit from income taxes		(329	)		(442	)		113			(26	)%		(1,993	)		(1,217	)		(776	)		64	%
Net loss	$	(2,741	)	$	(2,843	)	$	102			(4	)%	$	(13,091	)	$	(5,776	)	$	(7,315	)		127	%

Revenue

The following table presents revenue by product family for the three- and six-month periods ended June 30, 2023 and 2022, respectively, as follows:

	Three Months Ended June 30,
	2023		2022		$ Change			% Change
	(in thousands, except percentages)
OA Pain Management	$	29,334	$	24,093	$	5,241			22	%
Joint Preservation and Restoration		12,660		12,095		565			5	%
Non-Orthopedic		2,308		3,469		(1,161	)		(33	%)
	$	44,302	$	39,657	$	4,645			12	%

	Six Months Ended June 30,
	2023		2022		$ Change			% Change
	(in thousands, except percentages)
OA Pain Management	$	51,967	$	45,058	$	6,909			15	%
Joint Preservation and Restoration		26,113		24,234		1,879			8	%
Non-Orthopedic		4,146		7,058		(2,912	)		(41	%)
	$	82,226	$	76,350	$	5,876			8	%

Revenue from our OA Pain Management product family increased 22% and 15%, respectively, for the three- and six-month periods ended June 30, 2023, as compared to the same period in 2022, due to growing customer demand and favorable strategic partner ordering patterns from U.S. and international customers.

Revenue from our Joint Preservation and Restoration product family increased 5% and 8%, respectively, for the three- and six-month periods ended June 30, 2023, as compared to the same period in 2022, due primarily to improving elective procedure volumes and growing commercial adoption of our newest products.

Revenue from our Non-Orthopedic product family decreased 33% and 41%, respectively, for the three- and six-month periods ended June 30, 2023, as compared to the same period in 2022, primarily due to unfavorable timing of distributor ordering patterns as well as due to end of life of certain legacy products.

Gross Profit and Margin

Gross profit for the three- and six-month periods ended June 30, 2023 increased $4.1 million and $5.1 million, to $29.0 million and $51.8 million, respectively. Gross profit for the three- and six-month periods ended June 30, 2022, was $24.9 million and $46.7 million, respectively. The increases in gross profit for the three- and six-month periods ended June 30, 2023, as compared to the same period in 2022, primarily resulted from revenue growth and favorable product mix in the period.

Gross margin for the three- and six-month periods ended June 30, 2023 was 65% and 63%, respectively. Gross margin for the three- and six-month periods ended June 30, 2022 was 63% and 61%, respectively. The increases in gross margin compared to the same periods of the prior year were due primarily to higher revenue, particularly on Mitek sales and improved production volumes.

Research and Development

Research and development expenses for the three- and six-month periods ended June 30, 2023 were $8.9 million and $17.3 million, an increase of $1.9 million and $4.2 million respectively as compared to the same periods in 2022. The increase was primarily related to increased costs to comply with growing regulatory requirements globally as well as new product development associated with our research and development pipeline.

Selling, General and Administrative

Selling, general and administrative expenses for the three- and six-month periods ended June 30, 2023 were $23.7 million and $50.7 million representing an increase of $2.4 million and $10.2 million, respectively, as compared to the same periods in 2022. This increase for the three- and six-month periods ended June 30, 2023 was primarily due to $2.7 million and $8.5 million of non-recurring costs incurred during the three- and six-month periods ended June 30, 2023, respectively, related to the Parcus Medical unitholder arbitration settlement, shareholder activism and other non-recurring corporate costs. The growth in SG&A expenses also was due to expansion of our commercial capabilities and marketing activities.

Income Taxes

The benefit from income taxes was $0.3 million and $2.0 million for the three- and six-month periods ended June 30, 2023, resulting in an effective tax rate of 10.7% and 13.2%, respectively. The benefit from income taxes was $0.4 million and $1.2 million for the three- and six-month periods ended June 30, 2022, resulting in effective tax rates of 13.5% and 17.4%, respectively. The change in the effective tax rate for the three-months ended June 30, 2023, as compared to the same period in 2022, is primarily due to a discrete charge of $0.4 million related to non-deductible stock compensation during the three-months ended June 30, 2022, partially offset by the valuation allowance recorded against domestic deferred tax assets of $0.3 million during the three-months ended June 30, 2023. The change in the effective tax rate for the six-months ended June 30, 2023, as compared to the same period in 2022, is primarily due to the valuation allowance recorded against domestic deferred tax assets of $1.2 million for the six-months ended June 30, 2023, partially offset by a discrete charge of $0.6 million related to non-deductible stock compensation during the six-months ended June 30, 2022.

Net Loss

For the three- and six-month periods ended June 30, 2023, net loss was $2.7 million and $13.1 million, or $0.19 per diluted share and $0.89 per diluted share, respectfully, compared to net loss of $2.8 million and $5.8 million, or $0.20 per diluted share and $0.44 per diluted share, for the same periods in prior year. The increase in net loss and diluted loss per share for the six-months ended June 30, 2023 was primarily due to the non-recurring expenses related to the Parcus Medical arbitration settlement, shareholder activism and other non-recurring corporate costs.

Non-GAAP Financial Measures

We present certain information with respect to adjusted gross profit and adjusted gross margin, adjusted Earnings Before Interest, Tax, Depreciation and Amortization, or EBITDA, adjusted net income (loss), adjusted diluted earnings per share or adjusted EPS, which are financial measures not based on any standardized methodology prescribed by accounting principles generally accepted in the United States, or U.S. GAAP, and is not necessarily comparable to similarly titled measures presented by other companies.

We have presented adjusted gross profit and adjusted gross margin, adjusted EBITDA, adjusted net income (loss), adjusted EPS, because they are key measures used by our management and board of directors to understand and evaluate our operating performance and to develop operational goals for managing our business. We believe these financial measures help identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. In particular, we believe that the exclusion of these items in calculating these measures can provide a useful tool for period-to-period comparisons of our core operating performance. Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects and allowing for greater transparency with respect to key financial metrics used by our management in their financial and operational decision-making.

Adjusted Gross Profit and Adjusted Gross Margin

We define adjusted gross profit as our gross profit excluding amortization of certain acquired intangible assets, the impact of inventory fair-value step up associated with our recent acquisitions and certain product rationalization charges. The amortized assets contribute to revenue generation, and the amortization of such assets will likely continue in future periods until such assets are fully amortized. These assets include the fair value of certain identified assets acquired in acquisitions, including developed technology and acquired tradenames. We define adjusted gross margin as adjusted gross profit divided by total revenue.

The following is a reconciliation of GAAP gross profit to Non-GAAP adjusted gross profit for the three- and six-month periods ended June 30, 2023 and 2022, respectively:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Gross profit	$	28,972		$	24,862		$	51,815		$	46,666
Acquisition related intangible asset amortization		1,561			1,562			3,123			3,124
Adjusted gross profit	$	30,533		$	26,424		$	54,938		$	49,790

Adjusted gross margin		69	%		67	%		67	%		65	%

Adjusted gross profit for the three- and six-month periods ended June 30, 2023 increased $4.1 million and $5.1 million to $30.5 million and $54.9 million, respectively, representing adjusted gross margin of 69% and 67%, respectively. Adjusted gross profit for the three- and six-month periods ended June 30, 2022 was $26.4 million and $49.8 million, respectively, or adjusted gross margin of 67% and 65%, respectively. The increases in adjusted gross margin for the three- and six-month periods ended June 30, 2023 as compared to 2022, was largely due to revenue growth, favorable product mix and the impact of improved production volumes in 2023.

Adjusted EBITDA

We present information below with respect to adjusted EBITDA, which we define as our net income (loss) excluding interest and other expense, net, income tax benefit, depreciation and amortization, stock-based compensation, and acquisition-related expenses.

Adjusted EBITDA is not prepared in accordance with U.S. GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net (loss) income, which is the nearest U.S. GAAP equivalent. Some of these limitations are:

●

adjusted EBITDA excludes depreciation and amortization, and, although these are non-cash expenses, the assets being depreciated or amortized may have to be replaced in the future, the cash requirements for which are not reflected in adjusted EBITDA;

●

we exclude stock-based compensation expense from adjusted EBITDA although (a) it has been, and will continue to be for the foreseeable future, a significant recurring expense for our business and an important part of our compensation strategy and (b) if we did not pay out a portion of our compensation in the form of stock-based compensation, the cash salary expense included in operating expenses would be higher, which would affect our cash position;

●

we exclude acquisition related expenses, including, amortization and depreciation of acquired assets in recent acquisitions, and the impact of inventory fair-value step up on cost of revenue;

●

we exclude certain other non-recurring expenses, such as Parcus arbitration settlement and costs associated with shareholder activism;

●

the expenses and other items that we exclude in our calculation of adjusted EBITDA may differ from the expenses and other items, if any, that other companies may exclude from adjusted EBITDA when they report their operating results;

The following is a reconciliation of GAAP Net loss to Non-GAAP Adjusted EBITDA for the three- and six-month periods ended June 30, 2023 and 2022, respectively:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net loss	$	(2,741	)	$	(2,843	)	$	(13,091	)	$	(5,776	)
Interest and other expense, net		(561	)		(96	)		(1,100	)		58
Benefit from income taxes		(329	)		(442	)		(1,993	)		(1,217	)
Depreciation and amortization		1,764			1,933			3,528			3,753
Share-based compensation		4,150			4,081			7,867			6,626
Arbitration settlement		-			-			3,250			-
Acquisition related intangible asset amortization		1,787			1,787			3,574			3,574
Costs of shareholder activism		2,202			-			3,033			-
Adjusted EBITDA	$	6,272		$	4,420		$	5,068		$	7,018

Adjusted EBITDA in the three-month period ended June 30, 2023 increased $1.9 million as compared with the same period in 2022. The increase in adjusted EBITDA for the period was primarily due to an increase in revenues partially offset by $0.5 million of certain non-recurring corporate costs.

Adjusted EBITDA for the six-month period ended June 30, 2023, decreased $1.9 million as compared with the same period in 2022. The decrease in adjusted EBITDA for the period was due to $2.2 million of certain non-recurring corporate costs.

Adjusted Net (Loss) Income and Adjusted EPS

We present information below with respect to adjusted net (loss) income and adjusted EPS. We define adjusted net (loss) income as our net (loss) income excluding amortization and depreciation of acquired assets, the impact of inventory fair-value step up on cost of revenue and changes in the fair value of contingent consideration, on a tax effected basis. The amortized assets contribute to revenue generation, and the amortization of such assets will recur in future periods until such assets are fully amortized. These assets include the estimated fair value of certain identified assets acquired in acquisitions, including in-process research and development, developed technology, customer relationships and acquired tradenames. We define adjusted EPS as U.S. GAAP diluted earnings per share excluding the above adjustments to net (loss) income used in calculating adjusted net (loss) income, each on a per share and tax effected basis.

The following is a reconciliation of GAAP Net Loss to Non-GAAP Adjusted net (loss) income to net (loss) income for the three- and six-month periods ended June 30, 2023 and 2022, respectively:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Net loss	$	(2,741	)	$	(2,843	)	$	(13,091	)	$	(5,776	)
Arbitration settlement, tax effected		-			-			2,800			-
Acquisition related intangible asset amortization; tax effected		1,598			1,219			3,080			2,565
Costs of shareholder activism, tax effected		1,970			-			2,613			-
Adjusted net income (loss)	$	827		$	(1,624	)	$	(4,598	)	$	(3,211	)

The following is a reconciliation of GAAP Diluted loss per share (EPS) to Non-GAAP Adjusted diluted earnings (loss) per share EPS for the three- and six-month periods ended June 30, 2023 and 2022, respectively:

	For the Three Months Ended June 30,						For the Six Months Ended June 30,
	2023			2022			2023			2022
Diluted (loss) earnings per share (EPS)	$	(0.19	)	$	(0.20	)	$	(0.89	)	$	(0.40	)
Arbitration settlement, tax effected		-			-			0.19			-
Acquisition related intangible asset amortization; tax effected		0.11			0.08			0.21			0.18
Cost of shareholder activism, tax effected		0.14			-			0.18			-
Adjusted diluted (loss) earnings per share (EPS)	$	0.06		$	(0.12	)	$	(0.31	)	$	(0.22	)

Adjusted net income (loss) and adjusted diluted income (loss) per share in the three-month period ended June 30, 2023 increased $2.5 million and $0.18, respectively, as compared with the same period in 2022. The increase in adjusted net income for the period was primarily due to higher revenue offset in part by certain non-recurring corporate costs.

Adjusted net loss and adjusted diluted loss per share in the six-month period ended June 30, 2023, increased $1.4 million or $0.09, as compared with the same period in 2022. The increase in adjusted net loss for the period was due to certain non-recurring corporate costs.

Liquidity and Capital Resources

We require cash to fund our operating activities and to make capital expenditures and other investments in the business. We expect that our requirements for cash to fund these uses will increase as our operations expand. We continue to generate cash from operating activities and believe that our operating cash flows, cash currently on our condensed consolidated balance sheet and availability under our credit facility will be sufficient to allow us to continue to invest in our existing business, to manage our capital structure on a short and long-term basis, and to meet our anticipated operating cash needs. Cash, cash equivalents, and investments aggregated $65.1 million and $86.3 million, and working capital totaled $128.7 million and $141.6 million, at June 30, 2023 and December 31, 2022, respectively.

On November 12, 2021, we entered into a Third Amendment to Credit Agreement with Bank of America N.A. as administrative agent, which amended our existing revolving line of credit agreement dated October 24, 2017 which provides up to $75.0 million in the form of a senior revolving line of credit. Subject to certain conditions, we may request up to an additional $75.0 million for a maximum aggregate commitment of $150.0 million. As of June 30, 2023, and December 31, 2022, there were no outstanding borrowings, and we are in compliance with the terms of the credit facility.

Summary of Cash Flows (in thousands):

	Six Months Ended June 30,
	2023			2022
Cash provided by (used in)
Operating activities	$	(11,911	)	$	1,219
Investing activities		(2,846	)		(3,266	)
Financing activities		(6,556	)		(908	)
Effect of exchange rate changes on cash		57			(39	)
Net decrease in cash and cash equivalents	$	(21,256	)	$	(2,994	)

The following changes contributed to the net change in cash and cash equivalents in the six-month period ended June 30, 2023 as compared to the same period in 2022.

Operating Activities

Cash used in operating activities was $11.9 million for the six-month period ended June 30, 2023, as compared to cash provided by operating activities of $1.2 million for the same period in 2022. The increase in cash used in operating activities in 2023 was primarily due payment of $8.5 million in non-recurring costs incurred during the six-month period ended June 30, 2023 related to the Parcus Medical unitholder arbitration settlement, shareholder activism and other non-recurring corporate costs, as well as an increase in working capital associated with the growth of the business.

For the foreseeable future, we expect to continue to invest in research and development as well as our commercial and operational infrastructure to support our growth strategy. These costs will be funded with a combination of cash on hand and cash expected to be generated from future operations.

Investing Activities

Cash used in investing activities was $2.8 million for the six-month period ended June 30, 2023, as compared to cash used in investing activities of $3.3 million for the same period in 2022. The change was primarily due to a decrease in capital expenditures related to software development that occurred in 2022.

Financing Activities

Cash used in financing activities was $6.6 million for the six-month period ended June 30, 2023, as compared to cash used in financing activities of $0.9 million for the same period in 2022. The increase in cash used in financing activities was primarily attributable to the repurchase of common stock for $5.0 million during the three-months ended June 30, 2023.

Critical Accounting Policies and Estimates

The preparation of our condensed consolidated financial statements in conformity with U.S. GAAP requires management to use judgment in making estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. We believe that our accounting policies for revenue recognition, accounts receivable and allowance for credit losses, goodwill, acquired in-process research and development, inventory and contingencies are based on, among other things, judgments and assumptions made by management that include inherent risks and uncertainties. There have been no significant changes to the above critical accounting policies or in the underlying accounting assumptions and estimates used in such policies from those disclosed in our annual consolidated financial statements and accompanying notes included in our 2022 Form 10-K for the year ended December 31, 2022. We monitor our estimates on an ongoing basis for changes in facts and circumstances, and material changes in these estimates could occur in the future. Changes in estimates are recorded in the period in which they become known. We base our estimates on historical experience and other assumptions that we believe to be reasonable under the circumstances. Actual results may differ from our estimates if past experience or other assumptions do not turn out to be substantially accurate.

Recent Accounting Pronouncements

A discussion of Recent Accounting Pronouncements is included in our 2022 Form 10-K for the fiscal year ended December 31, 2022 and is updated in the Notes to the condensed consolidated financial statements included in this report.

Contractual Obligations and Other Commercial Commitments

Our contractual obligations and other commercial commitments are summarized in the section captioned “Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations and Other Commercial Commitments” in our 2022 Form 10-K for the year ended December 31, 2022. There were no material changes to our contractual obligations reported in our 2022 Form 10-K during the six months ended June 30, 2023. For additional discussion, see Note 9 to the condensed consolidated financial statements included in this report.

To the extent that funds generated from our operations, together with our existing capital resources, are insufficient to meet future requirements, we will be required to obtain additional funds through equity or debt financings, strategic alliances with corporate partners and others, or through other sources. No assurance can be given that any additional financing will be made available to us or will be available on acceptable terms should such a need arise.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our market risks and the ways we manage them are summarized in the section captioned “Part II, Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2022. There have been no material changes in the first six months of 2023 to our market risks or to our management of such risks.

ITEM 4.

CONTROLS AND PROCEDURES

(a) Evaluation of disclosure controls and procedures.

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures as defined by Rules 13a-15(e) and 15d-15(e) of the Securities Exchange Act of 1934, as amended, as of the end of the period covered by this report. Based upon that evaluation, the chief executive officer and chief financial officer have concluded as of June 30, 2023 that our disclosure controls and procedures were not effective because of the material weaknesses in our internal control over financial reporting that were disclosed in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

(b) Changes in internal controls over financial reporting.

There were no material changes in our internal control over financial reporting during the quarter ended June 30, 2023, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.

We are in the process of remediating the material weaknesses in our internal control over financial reporting as noted in Part II, Item 9A of the 2022 Form 10-K. We have undertaken a number of measures designed to directly address, or contribute to, the remediation of our material weaknesses and the enhancement of our internal control over financial reporting including establishment of additional review procedures and monitoring activities at a centralized level in order to verify that process level controls are present and functioning as designed. In addition, we have begun training finance personnel on internal control over financial reporting, the importance of monitoring control activities, and fraud risk assessment. The material weaknesses will not be considered remediated until the applicable remedial controls operate for a sufficient period of time and management has concluded, through testing, that these controls are operating effectively.

PART II:

OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

For a discussion of material pending legal proceedings, please read Note 9, Commitments and Contingencies, to our condensed consolidated financial statements included in Part I, Item I, “Financial Statements (Unaudited),” of this Quarterly Report on Form 10-Q, which is incorporated into this item by reference.

ITEM 1A.

RISK FACTORS

There have been no material changes to the risk factors described in the section captioned “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, as amended and supplemented by the information in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023. In addition to the other information set forth in this report, you should carefully consider the factors discussed in the section captioned “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022 and in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023, which could materially affect our business, financial condition, or future results. The risks described in our Annual Report on Form 10-K and such subsequently filed Quarterly Report on Form 10-Q are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may have a material adverse effect on our business, financial condition, and/or operating results.

ITEM 2.

UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer Purchases of Equity Securities

Under our equity compensation plans, and subject to the specific approval of the Compensation Committee of our Board of Directors, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing us to withhold shares of stock otherwise issuable to the grantee. During the three-month period ended June 30, 2023, there were no shares withheld to satisfy grantee tax withholding obligations on restricted stock award vesting events.

Following is a summary of stock repurchases for the three-month period ended June 30, 2023 (in thousands, except share and per share data):

Period	Total Number of Shares Withheld (1)		Average Price per Share		Maximum Number (or Approximate Dollar Value) of Shares that May Yet be Purchased Under the Plans or Programs
April 1 to 30, 2023		0	$	-	$	20,000
May 1 to 31, 2023		158,983	$	25.16	$	15,000
June 1 to 30, 2023		0	$	-	$	15,000
Total		158,983

(1)

In April 2023, we agreed to establish a share repurchase program for an aggregate purchase price of $20.0 million. Of the $20.0 million, the first $5.0 million is to be effected through an accelerated stock repurchase program, the second $5.0 million is to be purchased in the open market and the remaining $10.0 million is to be purchased in the open market subject to positive cash flow. On May 12, 2023 the Company entered into an accelerated share repurchase agreement with Bank of America, N.A. (“Bank of America”) pursuant to a Fixed Dollar Accelerated Share Repurchase Transaction (“ASR Agreement”) to purchase $5.0 million of shares of its common stock. During the second quarter of 2023, 158,983 shares were delivered to us, constituting the initial delivery of shares and representing 80% of the then estimated total number of shares expected to be repurchased under the ASR Agreement.

ITEM 5.

OTHER INFORMATION.

Rule 10b5-1 Trading Plans

During the fiscal quarter ended June 30, 2023, none of the Company’s directors or executive officers adopted or terminated any contract, instruction or written plan for the purchase or sale of Company securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any “non-Rule 10b5-1 trading arrangement.

ITEM 6.

EXHIBITS

Exhibit No.	Description

3.1	Certificate of Incorporation of Anika Therapeutics, Inc. (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K (File No. 001-14027) filed by the Registrant on June 6, 2018)

3.2	Bylaws of Anika Therapeutics, Inc., effective as of June 6, 2018 (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K (File No. 001-14027) filed by the Registrant on June 6, 2018)

†10.1	Anika Therapeutics, Inc. 2017 Omnibus Incentive Plan (as amended effective June 14, 2023) (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed on June 21, 2023)

10.2	Cooperation Agreement, dated April 13, 2023, by and among the Company and Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on April 13, 2023)

(31)	Rule 13a-14(a)/15d-14(a) Certifications

*31.1	Certification of Dr. Cheryl R. Blanchard, pursuant to Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

*31.2	Certification of Michael Levitz, pursuant to Rules 13a-15(e) and 15d-15(e), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

(32)	Section 1350 Certifications

**32.1	Certification of Dr. Cheryl R. Blanchard, and Michael Levitz, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

(101)	XBRL

*101	The following materials from Anika Therapeutics, Inc.’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2023 as filed with the SEC on August 8, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language), as follows:

Condensed Consolidated Balance Sheets as of June 30, 2023 (unaudited) and December 31, 2022 (unaudited)

ii.

Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Six Months Ended June 30, 2023 and June 30, 2022 (unaudited)

iii.

Condensed Consolidated Statements of Stockholders’ Equity for the Six Months Ended June 30, 2023 and June 30, 2022 (unaudited)

iv.

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2023 and June 30, 2022 (unaudited)

Notes to Condensed Consolidated Financial Statements (unaudited)

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

*	Filed herewith.

**	Furnished herewith.
†	Management contract or compensatory plan or arrangement.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		ANIKA THERAPEUTICS, INC.
		(Registrant)

Date: August 8, 2023	By:	/s/ MICHAEL LEVITZ
		Michael Levitz
		Executive Vice President, Chief Financial Officer and Treasurer
		(Authorized Officer and Principal Financial Officer)

EXHIBIT 31.1

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Cheryl Blanchard, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Anika Therapeutics, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d- 15(f)) for the registrant and have:

Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2023	/s/ CHERYL BLANCHARD
	Cheryl R. Blanchard, Ph.D.
	President and Chief Executive Officer
	(Principal Executive Officer)

EXHIBIT 31.2

Certification of Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Michael Levitz, certify that:

1.	I have reviewed this Quarterly Report on Form 10-Q for the period ended June 30, 2023 of Anika Therapeutics, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

5.	The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 8, 2023	/s/ MICHAEL LEVITZ
	Michael Levitz
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

EXHIBIT 32.1

Certification of Principal Executive Officer and Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

The undersigned officers of Anika Therapeutics, Inc. (the “Company”) hereby certify to their knowledge and in their respective capacities that the Company’s Quarterly Report on Form 10-Q to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 8, 2023	/s/ CHERYL BLANCHARD
	Cheryl R. Blanchard, Ph.D.
	President and Chief Executive Officer
	(Principal Executive Officer)

	/s/ MICHAEL LEVITZ
	Michael Levitz
	Executive Vice President, Chief Financial Officer and Treasurer
	(Principal Financial Officer)

This certification shall not be deemed “filed” for any purpose, nor shall it be deemed to be incorporated by reference into any filing, under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2023	Jul. 31, 2023
Document Information [Line Items]
Entity Central Index Key	0000898437
Entity Registrant Name	Anika Therapeutics, Inc.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-14027
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3145961
Entity Address, Address Line One	32 Wiggins Avenue
Entity Address, City or Town	Bedford
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	01730
City Area Code	781
Local Phone Number	457-9000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	ANIK
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		14,631,112

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 65,071	$ 86,327
Accounts receivable, net	36,737	34,627
Inventories, net	42,604	39,765
Prepaid expenses and other current assets	7,789	8,828
Total current assets	152,201	169,547
Property and equipment, net	47,988	48,279
Right-of-use assets	29,631	30,696
Other long-term assets	19,390	17,219
Deferred tax assets	1,498	1,449
Intangible assets, net	70,707	74,599
Goodwill	7,467	7,339
Total assets	328,882	349,128
Current liabilities:
Accounts payable	7,944	9,074
Accrued expenses and other current liabilities	15,512	18,840
Total current liabilities	23,456	27,914
Other long-term liabilities	401	398
Deferred tax liability	3,235	6,436
Lease liabilities	27,775	28,817
Commitments and contingencies (Note 9)
Stockholders’ equity:
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	0	0
Common stock, $0.01 par value; 90,000 shares authorized, 14,816 issued and 14,657 outstanding and 14,625 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively	147	146
Additional paid-in-capital	82,397	81,141
Accumulated other comprehensive loss	(6,157)	(6,443)
Retained earnings	197,628	210,719
Total stockholders’ equity	274,015	285,563
Total liabilities and stockholders’ equity	$ 328,882	$ 349,128

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	1,250	1,250
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000	90,000
Common stock, shares issued (in shares)	14,816	14,625
Common stock, shares outstanding (in shares)	14,657	14,625

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 44,302	$ 39,657	$ 82,226	$ 76,350
Cost of revenue	15,330	14,795	30,411	29,684
Gross Profit	28,972	24,862	51,815	46,666
Operating expenses:
Research and development	8,914	6,975	17,314	13,132
Selling, general and administrative	23,689	21,268	50,685	40,469
Total operating expenses	32,603	28,243	67,999	53,601
Loss from operations	(3,631)	(3,381)	(16,184)	(6,935)
Interest and other income (expense), net	561	96	1,100	(58)
Loss before income taxes	(3,070)	(3,285)	(15,084)	(6,993)
Benefit from income taxes	(329)	(442)	(1,993)	(1,217)
Net income (loss)	$ (2,741)	$ (2,843)	$ (13,091)	$ (5,776)
Net loss per share:
Basic (in dollars per share)	$ (0.19)	$ (0.20)	$ (0.89)	$ (0.40)
Diluted (in dollars per share)	$ (0.19)	$ (0.20)	$ (0.89)	$ (0.40)
Weighted average common shares outstanding:
Basic (in shares)	14,688	14,555	14,671	14,511
Diluted (in shares)	14,688	14,555	14,671	14,511
Net income (loss)	$ (2,741)	$ (2,843)	$ (13,091)	$ (5,776)
Foreign currency translation adjustment	14	(847)	286	(928)
Comprehensive loss	$ (2,727)	$ (3,690)	$ (12,805)	$ (6,704)

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Restricted Stock Units (RSUs) [Member] Common Stock Outstanding [Member]	Restricted Stock Units (RSUs) [Member] Additional Paid-in Capital [Member]	Restricted Stock Units (RSUs) [Member] Retained Earnings [Member]	Restricted Stock Units (RSUs) [Member] AOCI Attributable to Parent [Member]	Restricted Stock Units (RSUs) [Member]	Common Stock Outstanding [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance (in shares) at Dec. 31, 2021						14,441
Balance at Dec. 31, 2021						$ 144	$ 67,081	$ 225,578	$ (5,718)	$ 287,085
Issuance of common stock for equity awards (in shares)						1
Issuance of common stock for equity awards						$ 0	15	0	0	15
Vesting of restricted stock units (in shares)	106
Vesting of restricted stock units	$ 1	$ (1)	$ 0	$ 0	$ 0
Stock-based compensation expense						$ 0	2,545	0	0	2,545
Retirement of common stock for minimum tax withholdings (in shares)						(30)
Retirement of common stock for minimum tax withholdings						$ 0	(844)	0	0	(844)
Net income (loss)						0	0	(2,933)	0	(2,933)
Other comprehensive income (loss)						0	0	0	(81)	(81)
Stock-based compensation expense						$ 0	2,545	0	0	2,545
Balance (in shares) at Mar. 31, 2022						14,518
Balance at Mar. 31, 2022						$ 145	68,796	222,645	(5,799)	285,787
Balance (in shares) at Dec. 31, 2021						14,441
Balance at Dec. 31, 2021						$ 144	67,081	225,578	(5,718)	287,085
Net income (loss)										(5,776)
Balance (in shares) at Jun. 30, 2022						14,598
Balance at Jun. 30, 2022						$ 146	72,851	219,802	(6,646)	286,153
Balance (in shares) at Mar. 31, 2022						14,518
Balance at Mar. 31, 2022						$ 145	68,796	222,645	(5,799)	285,787
Vesting of restricted stock units (in shares)	61
Vesting of restricted stock units	$ 1	(1)	0	0	0
Stock-based compensation expense						$ 0	4,081	0	0	4,081
Retirement of common stock for minimum tax withholdings (in shares)						(1)
Retirement of common stock for minimum tax withholdings						$ 0	(25)	0	0	(25)
Net income (loss)						0	0	(2,843)	0	(2,843)
Other comprehensive income (loss)						$ 0	0	0	(847)	(847)
Issuance of ESPP shares (in shares)						20
Issuance of ESPP shares						$ 0	0	0	0	0
Stock-based compensation expense						$ 0	4,081	0	0	4,081
Balance (in shares) at Jun. 30, 2022						14,598
Balance at Jun. 30, 2022						$ 146	72,851	219,802	(6,646)	286,153
Balance (in shares) at Dec. 31, 2022						14,625
Balance at Dec. 31, 2022						$ 146	81,141	210,719	(6,443)	285,563
Issuance of common stock for equity awards (in shares)						1
Issuance of common stock for equity awards						$ 0	7	0	0	7
Vesting of restricted stock units (in shares)	177
Vesting of restricted stock units	$ 2	(2)	0	0	0
Stock-based compensation expense						$ 0	3,717	0	0	3,717
Retirement of common stock for minimum tax withholdings (in shares)						(62)
Retirement of common stock for minimum tax withholdings						$ (1)	(1,620)	0	0	(1,621)
Net income (loss)						0	0	(10,350)	0	(10,350)
Other comprehensive income (loss)						0	0	0	272	272
Stock-based compensation expense						$ 0	3,717	0	0	3,717
Balance (in shares) at Mar. 31, 2023						14,741
Balance at Mar. 31, 2023						$ 147	83,243	200,369	(6,171)	277,588
Balance (in shares) at Dec. 31, 2022						14,625
Balance at Dec. 31, 2022						$ 146	81,141	210,719	(6,443)	285,563
Net income (loss)										(13,091)
Balance (in shares) at Jun. 30, 2023						14,657
Balance at Jun. 30, 2023						$ 147	82,397	197,628	(6,157)	274,015
Balance (in shares) at Mar. 31, 2023						14,741
Balance at Mar. 31, 2023						$ 147	83,243	200,369	(6,171)	277,588
Issuance of common stock for equity awards (in shares)						1
Issuance of common stock for equity awards						$ 0	30	0	0	30
Vesting of restricted stock units (in shares)	70
Vesting of restricted stock units	$ 1	$ (1)	$ 0	$ 0	$ 0
Stock-based compensation expense						$ 0	4,150	0	0	4,150
Retirement of common stock for minimum tax withholdings (in shares)						(16)
Retirement of common stock for minimum tax withholdings						$ 0	(432)	0	0	(432)
Net income (loss)						0	0	(2,741)	0	(2,741)
Other comprehensive income (loss)						$ 0	0	0	14	14
Issuance of ESPP shares (in shares)						20
Issuance of ESPP shares						$ 0	456	0	0	456
Stock-based compensation expense						$ 0	4,150	0	0	4,150
Repurchase of common stock (in shares)						(159)
Repurchase of common stock						$ (1)	(5,049)	0	0	(5,050)
Balance (in shares) at Jun. 30, 2023						14,657
Balance at Jun. 30, 2023						$ 147	$ 82,397	$ 197,628	$ (6,157)	$ 274,015

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income (loss)	$ (13,091)	$ (5,776)
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	3,210	3,435
Amortization of acquisition related intangible assets	3,891	3,891
Non-cash operating lease cost	1,086	797
Stock-based compensation expense	7,867	6,626
Deferred income taxes	(3,277)	(2,020)
Provision for credit losses	103	175
Provision for inventory	1,252	675
Changes in operating assets and liabilities:
Accounts receivable, net	(2,116)	(3,103)
Inventories	(6,152)	(1,541)
Prepaid expenses, other current and long-term assets	756	(948)
Accounts payable	(1,029)	284
Operating lease liabilities	(1,048)	(764)
Accrued expenses, other current and long-term liabilities	(3,648)	(1,169)
Income taxes	285	657
Net cash (used in) provided by operating activities	(11,911)	1,219
Cash flows from investing activities:
Purchases of property and equipment	(2,846)	(3,266)
Net cash used in investing activities	(2,846)	(3,266)
Cash flows from financing activities:
Proceeds from employee stock purchase program	456	0
Cash paid for tax withheld on vested restricted stock awards	(2,049)	(870)
Proceeds from exercises of equity awards	37	15
Payments made on finance leases	0	(53)
Repurchases of common stock	(5,000)	0
Net cash used in financing activities	(6,556)	(908)
Exchange rate impact on cash	57	(39)
Decrease in cash and cash equivalents	(21,256)	(2,994)
Cash and cash equivalents at beginning of period	86,327	94,386
Cash and cash equivalents at end of period	65,071	91,392
Non-cash investing activities:
Right-of-use assets obtained in exchange for operating lease liabilities	0	11,589
Purchases of property and equipment included in accounts payable and accrued expenses	$ 60	$ 680

Note 1 - Nature of Business

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Nature of Operations [Text Block]

1.	Nature of Business

Note 2 - Basis of Presentation

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Business Description and Basis of Presentation [Text Block]

2.	Basis of Presentation

Segment Information

Note 3 - Accounts Receivable

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Accounts and Nontrade Receivable [Text Block]

3.	Accounts Receivable

The components of the Company’s accounts receivable are as follows:

	As of		As of
	June 30,		December 31,
	2023		2022
Accounts Receivable	$	38,357	$	36,235
Less: Allowance for credit losses		1,620		1,608
Net balance, end of period	$	36,737	$	34,627

A summary of activity in the allowance for credit losses is as follows:

	As of June 30,
	2023			2022
Balance, beginning of the period	$	1,608		$	1,442
Amounts provided		241			226
Amounts recovered		(138	)		(48	)
Amounts written off		(103	)		(111	)
Translation adjustments		12			(104	)
Balance, end of period	$	1,620		$	1,405

Note 4 - Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Fair Value Disclosures [Text Block]

4.	Fair Value Measurements

The classification of the Company’s cash equivalents within the fair value hierarchy was as follows:

	June 30,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2023		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	54,154	$	54,154	$	-	$	-	$	54,154

	December 31,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2022		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	67,801	$	67,801	$	-	$	-	$	67,801

Note 5 - Inventories

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Inventory Disclosure [Text Block]

5.	Inventories

Inventories consist of the following:

	June 30,		December 31,
	2023		2022
Raw materials	$	19,032	$	20,535
Work-in-process		16,117		10,648
Finished goods		26,254		25,306
Total	$	61,403	$	56,489


Inventories	$	42,604	$	39,765
Other long-term assets		18,799		16,724
Total	$	61,403	$	56,489

Inventories are stated net of inventory reserves of approximately $10.2 million and $9.9 million, as of June 30, 2023 and December 31, 2022, respectively.

Note 6 - Acquired Intangible Assets, Net

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Goodwill and Intangible Assets Disclosure [Text Block]

6.	Intangible Assets

Intangible assets as of June 30, 2023 and December 31, 2022 consisted of the following:

											December 31,
			Six Months Ended June 30, 2023								2022
			*Less:*
			*Accumulated*										*Weighted*
			*Currency*			*Less:*							*Average*
	*Gross*		*Translation*			*Accumulated*			*Net Book*		*Net Book*		*Useful*
	*Value*		*Adjustment*			*Amortization*			*Value*		*Value*		*Life*
Developed technology	$	89,580	$	(1,608	)	$	(26,584	)	$	61,388	$	64,286		15
IPR&D		2,656		(1,006	)		-			1,650		1,650	Indefinite
Customer relationships		9,000					(3,077	)		5,923		6,373		10
Distributor relationships		4,700		(415	)		(4,285	)		-		-		5
Patents		1,000		(189	)		(704	)		107		131		16
Tradenames		5,200					(3,561	)		1,639		2,159		5
Total	$	112,136	$	(3,218	)	$	(38,211	)	$	70,707	$	74,599		13

Note 7 - Goodwill

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Goodwill Disclosure [Text Block]

7.	Goodwill

The Company assesses goodwill for impairment annually, or, under certain circumstances, more frequently, such as when events or changes in circumstances indicate there may be impairment.

Changes in the carrying value of goodwill for the six months ended June 30, 2023 were as follows:

	Six Months Ended June 30,
	2023
Balance, beginning of period	$	7,339
Effect of foreign currency adjustments		128
Balance, ending of period	$	7,467

Note 8 - Accrued Expenses

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

8.	Accrued Expenses

Accrued expenses consist of the following:

	June 30,		December 31,
	2023		2022
Compensation and related expenses	$	8,690	$	11,303
Professional fees		2,802		3,145
Operating lease liability - current		2,085		2,073
Clinical trial costs		462		999
Income taxes payable		931		810
Other		542		510
Total	$	15,512	$	18,840

Note 9 - Commitments and Contingencies

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Commitments and Contingencies Disclosure [Text Block]

9.	Commitments and Contingencies

Note 10 - Revenue and Geographic Information

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

10.

Revenue and Geographic Information

Revenue by product family is as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

OA Pain Management	$	29,334	$	24,093	$	51,967	$	45,058
Joint Preservation and Restoration		12,660		12,095		26,113		24,234
Non-Orthopedic		2,308		3,469		4,146		7,058
	$	44,302	$	39,657	$	82,226	$	76,350

Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue were as follows:

	Three Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	32,867		74	%	$	29,686		75	%
Europe		5,675		13	%		5,292		13	%
Other		5,760		13	%		4,679		12	%
Total	$	44,302		100	%	$	39,657		100	%

	Six Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	60,155		73	%	$	56,459		73	%
Europe		11,337		14	%		11,088		15	%
Other		10,734		13	%		8,803		12	%
Total	$	82,226		100	%	$	76,350		100	%

Note 11 - Equity Incentive Plan

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Share-Based Payment Arrangement [Text Block]

11.

Equity Incentive Plan

Equity Incentive Plan

The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	167	$	227	$	351	$	403
Research & development		653		503		1,170		870
Selling, general & administrative		3,330		3,351		6,346		5,323
Total stock-based compensation expense	$	4,150	$	4,081	$	7,867	$	6,626

Stock Options

The following summarizes the activity under the Company’s stock option plans:

						Weighted
						Average
				*Weighted*		*Remaining*		*Aggregate*
				*Average*		*Contractual*		*Intrinsic*
	*Number of*			*Exercise*		*Term*		*Value*
	*Options*			*Price*		*(in years)*		*(in thousands)*
Outstanding as of December 31, 2022		1,530,703		$	34.93
Granted		361,745		$	29.51
Exercised		(2,034	)	$	18.30			$	20
Forfeited and canceled		(45,958	)	$	36.61
Outstanding as of June 30, 2023		1,844,456		$	33.84		8.0	$	188
Vested, June 30, 2023		955,429		$	36.75		7.1	$	38
Vested or expected to vest, June 30, 2023		1,844,456		$	33.84		8.0	$	188

	Six Months Ended
	June 30,
	2023								2022
Risk free interest rate		3.5	%		-		4.3	%		1.3	%		-		3.0	%
Expected volatility		48.7	%		-		49.4	%		53.8	%		-		55.2	%
Expected life (years)					4.5								4.5
Expected dividend yield					0.0	%							0.0	%
Fair value per option				$	11.74							$	11.28

Restricted Stock Units

RSU activity for the six-month period ended June 30, 2023 was as follows:

				Weighted
	*Number of*			*Average*
	*Shares*			Fair Value
Outstanding as of December 31, 2022		675,405		$	28.40
Granted		429,476		$	26.93
Vested		(247,369	)	$	28.93
Forfeited and cancelled		(34,098	)	$	27.49
Outstanding as of June 30, 2023		823,414		$	27.52

Performance Stock Units

PSU activity for the six-month ended June 30, 2023 was as follows:

	Number of Shares			Weighted Average Fair Value
Outstanding as of December 31, 2022		117,897		$	34.98
Forfeited and cancelled		(117,897	)	$	34.98
Outstanding as of June 30, 2023		-		$	-

The total fair value of PSUs vested was $0 and $0.6 million for the six-month periods ended June 30, 2023 and 2022, respectively. As of June 30, 2023, there are no outstanding PSUs.

Note 12 - Income Taxes

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Income Tax Disclosure [Text Block]

12.

Income Taxes

Note 13 - Share Repurchase

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Equity [Text Block]

13.

Share Repurchase

Note 14- Earnings Per Share ("EPS")

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Earnings Per Share [Text Block]

14.

Earnings Per Share (“EPS”)

Other Information - Rule 10b5-1 Trading Plans

6 Months Ended

Jun. 30, 2023

Notes to Financial Statements

Issuer Rule 10b5-1, Material Terms [Text Block]

ITEM 5.

OTHER INFORMATION.

Rule 10b5-1 Trading Plans

Note 3 - Accounts Receivable (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]

	As of		As of
	June 30,		December 31,
	2023		2022
Accounts Receivable	$	38,357	$	36,235
Less: Allowance for credit losses		1,620		1,608
Net balance, end of period	$	36,737	$	34,627

	As of June 30,
	2023			2022
Balance, beginning of the period	$	1,608		$	1,442
Amounts provided		241			226
Amounts recovered		(138	)		(48	)
Amounts written off		(103	)		(111	)
Translation adjustments		12			(104	)
Balance, end of period	$	1,620		$	1,405

Note 4 - Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Fair Value, Assets Measured on Recurring Basis [Table Text Block]

	June 30,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2023		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	54,154	$	54,154	$	-	$	-	$	54,154

	December 31,		Active Markets for Identical Assets		Significant Other Observable Inputs		Significant Unobservable Inputs		Amortized
	2022		(Level 1)		(Level 2)		(Level 3)		Cost
Cash equivalents:
Money Market Funds	$	67,801	$	67,801	$	-	$	-	$	67,801

Note 5 - Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Inventory, Current [Table Text Block]

	June 30,		December 31,
	2023		2022
Raw materials	$	19,032	$	20,535
Work-in-process		16,117		10,648
Finished goods		26,254		25,306
Total	$	61,403	$	56,489


Inventories	$	42,604	$	39,765
Other long-term assets		18,799		16,724
Total	$	61,403	$	56,489

Note 6 - Acquired Intangible Assets, Net (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]

											December 31,
			Six Months Ended June 30, 2023								2022
			*Less:*
			*Accumulated*										*Weighted*
			*Currency*			*Less:*							*Average*
	*Gross*		*Translation*			*Accumulated*			*Net Book*		*Net Book*		*Useful*
	*Value*		*Adjustment*			*Amortization*			*Value*		*Value*		*Life*
Developed technology	$	89,580	$	(1,608	)	$	(26,584	)	$	61,388	$	64,286		15
IPR&D		2,656		(1,006	)		-			1,650		1,650	Indefinite
Customer relationships		9,000					(3,077	)		5,923		6,373		10
Distributor relationships		4,700		(415	)		(4,285	)		-		-		5
Patents		1,000		(189	)		(704	)		107		131		16
Tradenames		5,200					(3,561	)		1,639		2,159		5
Total	$	112,136	$	(3,218	)	$	(38,211	)	$	70,707	$	74,599		13

Note 7 - Goodwill (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Goodwill [Table Text Block]

	Six Months Ended June 30,
	2023
Balance, beginning of period	$	7,339
Effect of foreign currency adjustments		128
Balance, ending of period	$	7,467

Note 8 - Accrued Expenses (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Schedule of Accrued Liabilities [Table Text Block]

	June 30,		December 31,
	2023		2022
Compensation and related expenses	$	8,690	$	11,303
Professional fees		2,802		3,145
Operating lease liability - current		2,085		2,073
Clinical trial costs		462		999
Income taxes payable		931		810
Other		542		510
Total	$	15,512	$	18,840

Note 10 - Revenue and Geographic Information (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Revenue from External Customers by Products and Services [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022

OA Pain Management	$	29,334	$	24,093	$	51,967	$	45,058
Joint Preservation and Restoration		12,660		12,095		26,113		24,234
Non-Orthopedic		2,308		3,469		4,146		7,058
	$	44,302	$	39,657	$	82,226	$	76,350

Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]

	Three Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	32,867		74	%	$	29,686		75	%
Europe		5,675		13	%		5,292		13	%
Other		5,760		13	%		4,679		12	%
Total	$	44,302		100	%	$	39,657		100	%

	Six Months Ended June 30,
	2023					2022
			Percentage of					Percentage of
	Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	60,155		73	%	$	56,459		73	%
Europe		11,337		14	%		11,088		15	%
Other		10,734		13	%		8,803		12	%
Total	$	82,226		100	%	$	76,350		100	%

Note 11 - Equity Incentive Plan (Tables)

6 Months Ended

Jun. 30, 2023

Notes Tables

Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Cost of revenue	$	167	$	227	$	351	$	403
Research & development		653		503		1,170		870
Selling, general & administrative		3,330		3,351		6,346		5,323
Total stock-based compensation expense	$	4,150	$	4,081	$	7,867	$	6,626

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

						Weighted
						Average
				*Weighted*		*Remaining*		*Aggregate*
				*Average*		*Contractual*		*Intrinsic*
	*Number of*			*Exercise*		*Term*		*Value*
	*Options*			*Price*		*(in years)*		*(in thousands)*
Outstanding as of December 31, 2022		1,530,703		$	34.93
Granted		361,745		$	29.51
Exercised		(2,034	)	$	18.30			$	20
Forfeited and canceled		(45,958	)	$	36.61
Outstanding as of June 30, 2023		1,844,456		$	33.84		8.0	$	188
Vested, June 30, 2023		955,429		$	36.75		7.1	$	38
Vested or expected to vest, June 30, 2023		1,844,456		$	33.84		8.0	$	188

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]

	Six Months Ended
	June 30,
	2023								2022
Risk free interest rate		3.5	%		-		4.3	%		1.3	%		-		3.0	%
Expected volatility		48.7	%		-		49.4	%		53.8	%		-		55.2	%
Expected life (years)					4.5								4.5
Expected dividend yield					0.0	%							0.0	%
Fair value per option				$	11.74							$	11.28

Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block]

				Weighted
	*Number of*			*Average*
	*Shares*			Fair Value
Outstanding as of December 31, 2022		675,405		$	28.40
Granted		429,476		$	26.93
Vested		(247,369	)	$	28.93
Forfeited and cancelled		(34,098	)	$	27.49
Outstanding as of June 30, 2023		823,414		$	27.52

Schedule of Nonvested Performance-Based Units Activity [Table Text Block]

	Number of Shares			Weighted Average Fair Value
Outstanding as of December 31, 2022		117,897		$	34.98
Forfeited and cancelled		(117,897	)	$	34.98
Outstanding as of June 30, 2023		-		$	-

Note 2 - Basis of Presentation (Details Textual)	6 Months Ended
Note 2 - Basis of Presentation (Details Textual)	Jun. 30, 2023
Number of Operating Segments	1

Note 3 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 01, 2022
Accounts Receivable	$ 38,357		$ 36,235
Less: Allowance for credit losses	1,620		1,608
Net balance, end of period	36,737		$ 34,627
Balance, beginning of the period	1,608	$ 1,442
Amounts provided	241	226
Amounts recovered	(138)	(48)
Amounts written off	(103)	(111)
Translation adjustments	12	(104)
Balance, end of period	$ 1,620	$ 1,405

Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Money Market Funds [Member] - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Estimate of Fair Value Measurement [Member]
Cash equivalents	$ 54,154	$ 67,801
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 1 [Member]
Cash equivalents	54,154	67,801
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 2 [Member]
Cash equivalents	0	0
Estimate of Fair Value Measurement [Member] \| Fair Value, Inputs, Level 3 [Member]
Cash equivalents	0	0
Reported Value Measurement [Member]
Cash equivalents	$ 54,154	$ 67,801

Note 5 - Inventories (Details Textual) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Inventory Valuation Reserves	$ 10.2	$ 9.9

Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Raw materials	$ 19,032	$ 20,535
Work-in-process	16,117	10,648
Finished goods	26,254	25,306
Total	61,403	56,489
Inventories	42,604	39,765
Other long-term assets	$ 18,799	$ 16,724

Note 6 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amortization of Intangible Assets	$ 2.0	$ 1.9	$ 3.9	$ 3.9

Note 6 - Acquired Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Gross value	$ 112,136
Accumulated Currency Translation Adjustment	(3,218)
Current period impairment charge	(38,211)
Accumulated Amortization	70,707
Net book value	$ 70,707	$ 74,599
Useful life (Year)	13 years
Developed Technology Rights [Member]
Gross value	$ 89,580
Accumulated Currency Translation Adjustment	(1,608)
Current period impairment charge	(26,584)
Accumulated Amortization	$ 61,388
Net book value		64,286
Useful life (Year)	15 years
In Process Research and Development [Member]
Gross value	$ 2,656
Accumulated Currency Translation Adjustment	(1,006)
Current period impairment charge	0
Accumulated Amortization	1,650
Net book value		1,650
Customer Relationships [Member]
Gross value	9,000
Accumulated Currency Translation Adjustment
Current period impairment charge	(3,077)
Accumulated Amortization	$ 5,923
Net book value		6,373
Useful life (Year)	10 years
Distribution Rights [Member]
Gross value	$ 4,700
Accumulated Currency Translation Adjustment	(415)
Current period impairment charge	(4,285)
Accumulated Amortization	$ 0
Net book value		0
Useful life (Year)	5 years
Patents [Member]
Gross value	$ 1,000
Accumulated Currency Translation Adjustment	(189)
Current period impairment charge	(704)
Accumulated Amortization	$ 107
Net book value		131
Useful life (Year)	16 years
Trade Names [Member]
Gross value	$ 5,200
Accumulated Currency Translation Adjustment
Current period impairment charge	(3,561)
Accumulated Amortization	$ 1,639
Net book value		$ 2,159
Useful life (Year)	5 years

Note 7 - Goodwill - Changes in the Carrying Value of Goodwill (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Balance, beginning of period	$ 7,339
Effect of foreign currency adjustments	128
Balance, ending of period	$ 7,467

Note 8 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Compensation and related expenses	$ 8,690	$ 11,303
Professional fees	2,802	3,145
Clinical trial costs	462	999
Income taxes payable	931	810
Other	542	510
Total	15,512	18,840
Accrued Expenses and Other Current Liabilities [Member]
Operating lease liability - current	$ 2,085	$ 2,073

Note 9 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands	Oct. 21, 2021	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022
Standard and Extended Product Warranty Accrual, Ending Balance		$ 0		$ 0
Parcus Medical Arbitration [Member]
Loss Contingency, Damages Sought, Value	$ 60,000
Parcus Medical Arbitration [Member] \| Pending Litigation [Member]
Payments for Legal Settlements	$ 4,300
Loss Contingency Accrual			$ 3,300

Note 10 - Revenue and Geographic Information (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue from Contract with Customer, Excluding Assessed Tax	$ 44,302,000	$ 39,657,000	$ 82,226,000	$ 76,350,000
OA Pain Management [member]
Revenue from Contract with Customer, Excluding Assessed Tax	29,334,000	24,093,000	51,967,000	45,058,000
Veterinary [Member] \| OA Pain Management [member]
Revenue from Contract with Customer, Excluding Assessed Tax	$ 1,100	$ 1,600	$ 1,600	$ 3,400
DePuy Synthes Mitek Sports Medicine [Member] \| Revenue Benchmark [Member] \| Customer Concentration Risk [Member]
Concentration Risk, Percentage	48.00%	45.00%	46.00%	42.00%

Note 10 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 44,302	$ 39,657	$ 82,226	$ 76,350
OA Pain Management [member]
Revenue	29,334	24,093	51,967	45,058
Joint Preservation and Restoration [Member]
Revenue	12,660	12,095	26,113	24,234
Non-Orthopedic [Member]
Revenue	$ 2,308	$ 3,469	$ 4,146	$ 7,058

Note 10 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenue	$ 44,302	$ 39,657	$ 82,226	$ 76,350
Percentage of Revenue	100.00%	100.00%	100.00%	100.00%
UNITED STATES
Revenue	$ 32,867	$ 29,686	$ 60,155	$ 56,459
Percentage of Revenue	74.00%	75.00%	73.00%	73.00%
Europe [Member]
Revenue	$ 5,675	$ 5,292	$ 11,337	$ 11,088
Percentage of Revenue	13.00%	13.00%	14.00%	15.00%
Other Location [Member]
Revenue	$ 5,760	$ 4,679	$ 10,734	$ 8,803
Percentage of Revenue	13.00%	12.00%	13.00%	12.00%

Note 11 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions		6 Months Ended
	Jun. 14, 2023	Jun. 30, 2023	Jun. 30, 2022	Jun. 13, 2023	Nov. 04, 2021	Jun. 13, 2017
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares)		361,745
Premium-Priced Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Premium Priced Options, Exercise Price as Percentage of Market Price		110.00%
Share-Based Payment Arrangement, Option [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 8.5
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years
Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount		$ 17.9
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year)		2 years 1 month 6 days
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 26.93	$ 25.18
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value		$ 6.6	$ 5.4
Restricted Stock Units (RSUs) [Member] \| Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Performance Shares [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 0
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value			$ 0.6
The 2017 Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares)	435,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares)	5,285,000			4,850,000
Number of Shares Available for Grant Reduced By Each Share Award Issued Other Than Options or SARs (in shares)						2
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		800,000				5,285,000
The 2021 Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares)		10,374
Common Stock, Capital Shares Reserved for Future Issuance (in shares)					125,000
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year)		3 years
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year)		10 years

Note 11 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense	$ 4,150	$ 4,081	$ 7,867	$ 6,626
Cost of Sales [Member]
Stock-based compensation expense	167	227	351	403
Research and Development Expense [Member]
Stock-based compensation expense	653	503	1,170	870
Selling, General and Administrative Expenses [Member]
Stock-based compensation expense	$ 3,330	$ 3,351	$ 6,346	$ 5,323

Note 11 - Equity Incentive Plan - Stock Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Outstanding, shares (in shares) \| shares	1,530,703
Outstanding, Weighted Average Exercise (in dollars per share) \| $ / shares	$ 34.93
Granted, shares (in shares) \| shares	361,745
Granted, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 29.51
Exercised, shares (in shares) \| shares	(2,034)
Exercised, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 18.30
Exercised, Aggregate Intrinsic Value \| $	$ 20
Forfeited and canceled, shares (in shares) \| shares	(45,958)
Forfeited and canceled, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 36.61
Outstanding, shares (in shares) \| shares	1,844,456
Outstanding, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 33.84
Outstanding, Weighted Average Remaining Contractual Term (Year)	8 years
Outstanding, Aggregate Intrinsic Value \| $	$ 188
Vested, shares (in shares) \| shares	955,429
Vested, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 36.75
Vested, Weighted Average Remaining Contractual Term (Year)	7 years 1 month 6 days
Vested, Aggregate Intrinsic Value \| $	$ 38
Vested and expected to vest, shares (in shares) \| shares	1,844,456
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) \| $ / shares	$ 33.84
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year)	8 years
Vested and expected to vest, Aggregate Intrinsic Value \| $	$ 188

Note 11 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Expected life (years) (Year)	4 years 6 months	4 years 6 months
Expected dividend yield	0.00%	0.00%
Fair value per option	0.1174	0.1128
Minimum [Member]
Risk free interest rate	3.50%	1.30%
Expected volatility	48.70%	53.80%
Maximum [Member]
Risk free interest rate	4.30%	3.00%
Expected volatility	49.40%	55.20%

Note 11 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Outstanding, shares (in shares)	675,405
Outstanding, weighted average grant date fair value (in dollars per share)	$ 28.40
Granted (in shares)	429,476
Granted, weighted average grant date fair value (in dollars per share)	$ 26.93	$ 25.18
Vested, shares (in shares)	(247,369)
Vested, weighted average grant date fair value (in dollars per share)	$ 28.93
Forfeited and cancelled, shares (in shares)	(34,098)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share)	$ 27.49
Outstanding, shares (in shares)	823,414
Outstanding, weighted average grant date fair value (in dollars per share)	$ 27.52

Note 11 - Equity Incentive Plan - Performance Stock Units (Details) - Performance Shares [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Outstanding, shares (in shares) \| shares	117,897
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 34.98
Forfeited and cancelled, shares (in shares) \| shares	(117,897)
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 34.98
Outstanding, shares (in shares) \| shares	0
Outstanding, weighted average grant date fair value (in dollars per share) \| $ / shares	$ 0

Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Expense (Benefit)	$ (329)	$ (442)	$ (1,993)	$ (1,217)
Effective Income Tax Rate Reconciliation, Percent	10.70%	13.50%	13.20%	17.40%
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount				$ 600
Deferred Tax Assets, Valuation Allowance	$ 1,200		$ 1,200
Domestic Tax Authority [Member] \| Change in Effective Tax Rate Due to Discrete Non-deductible Stock Compensation Charge [Member]
Effective Income Tax Rate Reconciliation, Nondeductible Expense, Share-Based Payment Arrangement, Amount		$ 400
Deferred Tax Assets, Valuation Allowance	$ 300		$ 300

Note 13 - Share Repurchase (Details Textual) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	6 Months Ended
	May 12, 2023	Jul. 31, 2023	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Apr. 30, 2023	Apr. 13, 2023
Payments for Repurchase of Common Stock				$ 5,000	$ (0)
Cooperation Agreement [Member]
Stock Repurchase Program, Authorized Amount							$ 20,000
Cooperation Agreement [Member] \| Accelerated Stock Repurchase Program with Investment Bank [Member]
Stock Repurchase Program, Authorized Amount						$ 5,000
Cooperation Agreement [Member] \| Stock Repurchase Program on Open Market [Member]
Stock Repurchase Program, Authorized Amount						5,000
Cooperation Agreement [Member] \| Stock Repurchase Program on Open Market Subject to Positive Cash Flow[Member]
Stock Repurchase Program, Authorized Amount						$ 10,000
Accelerated Stock Repurchase Agreement [Member] \| Fixed Dollar Accelerated Share Repurchase Transaction (“ASR Agreement”) [Member] \| Bank of America [Member]
Stock Repurchase Program, Authorized Amount	$ 5,000
Payments for Repurchase of Common Stock	$ 5,000
Stock Repurchased During Period, Shares (in shares)	158,983	29,046
Accelerated Share Repurchases, Initial Price Paid Per Share (in dollars per share)	$ 25.16
Accelerated Share Repurchases, Percentage of Shares Repurchased	80.00%
Accelerated Share Repurchases, Final Price Paid Per Share (in dollars per share)		$ 26.59
Accelerated Stock Repurchase Agreement [Member] \| Fixed Dollar Accelerated Share Repurchase Transaction (“ASR Agreement”) [Member] \| Bank of America [Member] \| Additional Paid-in Capital [Member]
Treasury Stock, Value, Acquired, Par Value Method			$ 5,000

Note 14- Earnings Per Share ("EPS") (Details Textual) - shares shares in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	1.8	1.5
Restricted Stock Units and Performance Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares)	0.8	0.8

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