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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 September 30, 2024
☐
|
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 company ☐
|
Emerging growth 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 October 28, 2024, there were 14,645,596 outstanding shares of Common Stock, par value $0.01 per share.
ANIKA THERAPEUTICS, INC.
TABLE OF CONTENTS
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, CINGAL, HYAFF, HYALOFAST, HYVISC, INTEGRITY, 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 ® and ™ 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 may be 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)
|
|
September 30,
|
|
|
December 31,
|
|
ASSETS
|
|
2024
|
|
|
2023
|
|
Current assets:
|
|
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ |
62,368 |
|
|
$ |
72,867 |
|
Accounts receivable, net
|
|
|
28,357 |
|
|
|
35,961 |
|
Inventories
|
|
|
39,629 |
|
|
|
46,386 |
|
Prepaid expenses and other current assets
|
|
|
5,752 |
|
|
|
8,095 |
|
Total current assets
|
|
|
136,106 |
|
|
|
163,309 |
|
Property and equipment, net
|
|
|
44,572 |
|
|
|
46,198 |
|
Right-of-use assets
|
|
|
27,208 |
|
|
|
28,767 |
|
Other long-term assets
|
|
|
11,310 |
|
|
|
18,672 |
|
Deferred tax assets
|
|
|
1,472 |
|
|
|
1,489 |
|
Intangible assets, net
|
|
|
3,081 |
|
|
|
4,626 |
|
Goodwill
|
|
|
7,656 |
|
|
|
7,571 |
|
Total assets
|
|
$ |
231,405 |
|
|
$ |
270,632 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
$ |
6,805 |
|
|
$ |
9,860 |
|
Accrued expenses and other current liabilities
|
|
|
18,688 |
|
|
|
21,199 |
|
Total current liabilities
|
|
|
25,493 |
|
|
|
31,059 |
|
Other long-term liabilities
|
|
|
806 |
|
|
|
404 |
|
Lease liabilities
|
|
|
25,242 |
|
|
|
26,904 |
|
Commitments and contingencies (Note 9)
|
|
|
|
|
|
|
|
|
Stockholders’ equity:
|
|
|
|
|
|
|
|
|
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively
|
|
|
- |
|
|
|
- |
|
Common stock, $0.01 par value; 90,000 shares authorized, 15,087 issued and 14,694 outstanding and 14,848 issued and 14,660 outstanding at September 30, 2024 and December 31, 2023, respectively
|
|
|
147 |
|
|
|
147 |
|
Additional paid-in-capital
|
|
|
91,886 |
|
|
|
90,009 |
|
Accumulated other comprehensive loss
|
|
|
(5,701 |
)
|
|
|
(5,943 |
)
|
Retained earnings
|
|
|
93,532 |
|
|
|
128,052 |
|
Total stockholders’ equity
|
|
|
179,864 |
|
|
|
212,265 |
|
Total liabilities and stockholders’ equity
|
|
$ |
231,405 |
|
|
$ |
270,632 |
|
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
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Revenue
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
121,197 |
|
|
$ |
123,691 |
|
Cost of product revenue
|
|
|
37,313 |
|
|
|
16,521 |
|
|
|
67,764 |
|
|
|
46,932 |
|
Gross Profit
|
|
|
1,440 |
|
|
|
24,944 |
|
|
|
53,433 |
|
|
|
76,759 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & development
|
|
|
7,244 |
|
|
|
7,791 |
|
|
|
22,806 |
|
|
|
25,105 |
|
Selling, general & administrative
|
|
|
19,112 |
|
|
|
24,827 |
|
|
|
60,445 |
|
|
|
75,512 |
|
Long lived asset impairment
|
|
|
3,101 |
|
|
|
- |
|
|
|
3,101 |
|
|
|
- |
|
Total operating expenses
|
|
|
29,457 |
|
|
|
32,618 |
|
|
|
86,352 |
|
|
|
100,617 |
|
Loss from operations
|
|
|
(28,017 |
)
|
|
|
(7,674 |
)
|
|
|
(32,919 |
)
|
|
|
(23,858 |
)
|
Interest and other income, net
|
|
|
406 |
|
|
|
635 |
|
|
|
1,593 |
|
|
|
1,735 |
|
Loss before income taxes
|
|
|
(27,611 |
)
|
|
|
(7,039 |
)
|
|
|
(31,326 |
)
|
|
|
(22,123 |
)
|
Provision for (benefit from) income taxes
|
|
|
2,307 |
|
|
|
(463 |
) |
|
|
3,194 |
|
|
|
(2,456 |
)
|
Net loss
|
|
$ |
(29,918 |
)
|
|
$ |
(6,576 |
) |
|
$ |
(34,520 |
) |
|
$ |
(19,667 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$ |
(2.03 |
)
|
|
$ |
(0.45 |
) |
|
$ |
(2.34 |
) |
|
$ |
(1.34 |
)
|
Diluted
|
|
$ |
(2.03 |
)
|
|
$ |
(0.45 |
) |
|
$ |
(2.34 |
) |
|
$ |
(1.34 |
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,768 |
|
|
|
14,635 |
|
|
|
14,769 |
|
|
|
14,659 |
|
Diluted
|
|
|
14,768 |
|
|
|
14,635 |
|
|
|
14,769 |
|
|
|
14,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(29,918 |
)
|
|
$ |
(6,576 |
) |
|
$ |
(34,520 |
) |
|
$ |
(19,667 |
)
|
Foreign currency translation adjustment
|
|
|
715 |
|
|
|
(407 |
)
|
|
|
242 |
|
|
|
(121 |
)
|
Comprehensive loss
|
|
$ |
(29,203 |
)
|
|
$ |
(6,983 |
) |
|
$ |
(34,278 |
) |
|
$ |
(19,788 |
)
|
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)
|
|
Nine Months Ended September 30, 2024
|
|
|
|
Common Stock
|
|
|
|
|
|
|
Accumulated
|
|
|
|
|
|
|
|
Number of
|
|
|
$.01 Par
|
|
|
Additional
Paid
|
|
|
Retained
|
|
|
Other
Comprehensive
|
|
|
Total
Stockholders'
|
|
|
|
Shares
|
|
|
Value
|
|
|
in Capital
|
|
|
Earnings
|
|
|
Loss
|
|
|
Equity
|
|
Balance, January 1, 2024
|
|
|
14,660 |
|
|
$ |
147 |
|
|
$ |
90,009 |
|
|
$ |
128,052 |
|
|
$ |
(5,943 |
)
|
|
$ |
212,265 |
|
Issuance of common stock for equity awards
|
|
|
1 |
|
|
|
- |
|
|
|
23 |
|
|
|
- |
|
|
|
- |
|
|
|
23 |
|
Vesting of restricted stock units
|
|
|
250 |
|
|
|
2 |
|
|
|
(2 |
)
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation expense
|
|
|
- |
|
|
|
- |
|
|
|
3,430 |
|
|
|
- |
|
|
|
- |
|
|
|
3,430 |
|
Retirement of common stock for minimum tax withholdings
|
|
|
(90 |
)
|
|
|
(1 |
)
|
|
|
(2,295 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(2,296 |
)
|
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(4,514 |
)
|
|
|
- |
|
|
|
(4,514 |
)
|
Other comprehensive loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(372 |
) |
|
|
(372 |
) |
Balance, March 31, 2024
|
|
|
14,821 |
|
|
$ |
148 |
|
|
$ |
91,165 |
|
|
$ |
123,538 |
|
|
$ |
(6,315 |
)
|
|
$ |
208,536 |
|
Issuance of common stock for equity awards
|
|
|
2 |
|
|
|
- |
|
|
|
53 |
|
|
|
- |
|
|
|
- |
|
|
|
53 |
|
Vesting of restricted stock units
|
|
|
49 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
- |
|
|
|
- |
|
|
|
- |
|
Issuance of ESPP shares
|
|
|
24 |
|
|
|
- |
|
|
|
411 |
|
|
|
- |
|
|
|
- |
|
|
|
411 |
|
Stock-based compensation expense
|
|
|
- |
|
|
|
- |
|
|
|
3,103 |
|
|
|
- |
|
|
|
- |
|
|
|
3,103 |
|
Repurchase of common stock
|
|
|
(53 |
) |
|
|
(1 |
)
|
|
|
(1,369 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(1,370 |
)
|
Retirement of common stock for minimum tax withholdings
|
|
|
(4 |
)
|
|
|
- |
|
|
|
(206 |
)
|
|
|
- |
|
|
|
- |
|
|
|
(206 |
)
|
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(88 |
) |
|
|
- |
|
|
|
(88 |
) |
Other comprehensive loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(101 |
) |
|
|
(101 |
) |
Balance, June 30, 2024
|
|
|
14,839 |
|
|
$ |
148 |
|
|
$ |
93,156 |
|
|
$ |
123,450 |
|
|
$ |
(6,416 |
) |
|
$ |
210,338 |
|
Vesting of restricted stock units
|
|
|
10 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation expense
|
|
|
- |
|
|
|
- |
|
|
|
2,718 |
|
|
|
- |
|
|
|
- |
|
|
|
2,718 |
|
Repurchase of common stock
|
|
|
(152 |
) |
|
|
(1 |
) |
|
|
(3,967 |
) |
|
|
- |
|
|
|
- |
|
|
|
(3,968 |
) |
Retirement of common stock for minimum tax withholdings
|
|
|
(3 |
) |
|
|
- |
|
|
|
(21 |
) |
|
|
- |
|
|
|
- |
|
|
|
(21 |
) |
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29,918 |
) |
|
|
- |
|
|
|
(29,918 |
) |
Other comprehensive income
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
715 |
|
|
|
715 |
|
Balance, September 30, 2024
|
|
|
14,694 |
|
|
$ |
147 |
|
|
$ |
91,886 |
|
|
$ |
93,532 |
|
|
$ |
(5,701 |
) |
|
$ |
179,864 |
|
|
|
Nine Months Ended September 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 |
|
Vesting of restricted stock units
|
|
|
12 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Stock-based compensation expense
|
|
|
- |
|
|
|
- |
|
|
|
3,561 |
|
|
|
- |
|
|
|
- |
|
|
|
3,561 |
|
Repurchase of common stock
|
|
|
(29 |
) |
|
|
(1 |
) |
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Retirement of common stock for minimum tax withholdings
|
|
|
(3 |
) |
|
|
- |
|
|
|
(107 |
) |
|
|
- |
|
|
|
- |
|
|
|
(107 |
) |
Net loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(6,576 |
) |
|
|
- |
|
|
|
(6,576 |
) |
Other comprehensive loss
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(407 |
) |
|
|
(407 |
) |
Balance, September 30, 2023
|
|
|
14,637 |
|
|
$ |
146 |
|
|
$ |
85,852 |
|
|
$ |
191,052 |
|
|
$ |
(6,564 |
) |
|
$ |
270,486 |
|
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)
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
Net loss
|
|
$ |
(34,520 |
)
|
|
$ |
(19,667 |
)
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
5,324 |
|
|
|
4,806 |
|
Amortization of acquisition related intangible assets
|
|
|
985 |
|
|
|
5,837 |
|
Non-cash operating lease cost
|
|
|
1,561 |
|
|
|
1,633 |
|
Loss on disposal of property and equipment
|
|
|
97 |
|
|
|
1,852 |
|
Impairment of long-lived assets
|
|
|
3,101 |
|
|
|
- |
|
Stock-based compensation expense
|
|
|
10,875 |
|
|
|
11,428 |
|
Deferred income taxes
|
|
|
26 |
|
|
|
(4,484 |
) |
Provision for credit losses
|
|
|
1,023 |
|
|
|
74 |
|
Provision for inventory
|
|
|
26,078 |
|
|
|
2,607 |
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
6,638 |
|
|
|
(201 |
) |
Inventories
|
|
|
(11,815 |
)
|
|
|
(8,257 |
)
|
Prepaid expenses, other current and long-term assets
|
|
|
504 |
|
|
|
818 |
|
Accounts payable
|
|
|
(2,385 |
)
|
|
|
(1,319 |
) |
Operating lease liabilities
|
|
|
(1,505 |
)
|
|
|
(1,575 |
) |
Accrued expenses, other current and long-term liabilities
|
|
|
(2,734 |
)
|
|
|
914 |
|
Income taxes
|
|
|
568 |
|
|
|
108 |
|
Net cash provided by (used in) operating activities
|
|
|
3,821 |
|
|
|
(5,426 |
) |
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(6,427 |
)
|
|
|
(3,587 |
)
|
Acquisition of intangible assets
|
|
|
(600 |
) |
|
|
- |
|
Net cash used in investing activities
|
|
|
(7,027 |
)
|
|
|
(3,587 |
)
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from employee stock purchase program
|
|
|
411 |
|
|
|
456 |
|
Cash paid for tax withheld on vested restricted stock awards
|
|
|
(2,523 |
)
|
|
|
(2,159 |
)
|
Proceeds from exercises of equity awards
|
|
|
76 |
|
|
|
37 |
|
Repurchases of common stock
|
|
|
(5,339 |
)
|
|
|
(5,000 |
) |
Net cash used in financing activities
|
|
|
(7,375 |
)
|
|
|
(6,666 |
)
|
|
|
|
|
|
|
|
|
|
Exchange rate impact on cash
|
|
|
82 |
|
|
|
3 |
|
|
|
|
|
|
|
|
|
|
Decrease in cash and cash equivalents
|
|
|
(10,499 |
)
|
|
|
(15,676 |
)
|
Cash and cash equivalents at beginning of period
|
|
|
72,867 |
|
|
|
86,327 |
|
Cash and cash equivalents at end of period
|
|
$ |
62,368 |
|
|
$ |
70,651 |
|
Supplemental disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
Non-cash investing activities:
|
|
|
|
|
|
|
|
|
Purchases of property and equipment included in accounts payable and accrued expenses
|
|
$ |
118 |
|
|
$ |
749 |
|
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)
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. The Company has over 30 years of expertise in hyaluronic acid (“HA”) technology.
In early 2020, the Company expanded its overall technology platform through its acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation company, and Arthrosurface Incorporated (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions.
On October 31, 2024, the Company sold its equity interests in Arthrosurface (Note 15) and the Company announced its intention to divest of the Parcus Medical business. These decisions were a result of a strategic review to focus on the Company’s core HA technology and regenerative solutions products to maximize shareholder value.
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.
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 omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2023 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, 2023. The results of operations for the three and nine-month periods ended September 30, 2024 are not indicative of the results to be expected for the year ending December 31, 2024.
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 September 30, 2024 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.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the new guidance will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows for the entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also disaggregate income taxes paid. ASU 2023-09 is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
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
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Accounts receivable
|
|
$ |
30,927 |
|
|
$ |
37,580 |
|
Less: Allowance for credit losses
|
|
|
2,570 |
|
|
|
1,619 |
|
Net balance, end of period
|
|
$ |
28,357 |
|
|
$ |
35,961 |
|
A summary of activity in the allowance for credit losses is as follows:
|
|
As of September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Balance, beginning of the period
|
|
$ |
1,619 |
|
|
$ |
1,608 |
|
Amounts provided
|
|
|
1,284 |
|
|
|
353 |
|
Amounts recovered
|
|
|
(261 |
)
|
|
|
(279 |
)
|
Amounts written off
|
|
|
(78 |
)
|
|
|
(101 |
)
|
Translation adjustments
|
|
|
6 |
|
|
|
(7 |
)
|
Balance, end of period
|
|
$ |
2,570 |
|
|
$ |
1,574 |
|
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 nine-month periods ended September 30, 2024 and 2023, respectively.
The classification of the Company’s cash equivalents within the fair value hierarchy was as follows:
|
|
September 30,
|
|
|
Active
Markets
for Identical
Assets
|
|
|
Significant
Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
Amortized
|
|
|
|
2024
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Cost
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds
|
|
$ |
45,538 |
|
|
$ |
45,538 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
45,538 |
|
|
|
December 31,
|
|
|
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
|
|
$ |
55,485 |
|
|
$ |
55,485 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
55,485 |
|
Inventories consist of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
16,401 |
|
|
$ |
15,507 |
|
Work-in-process
|
|
|
16,423 |
|
|
|
17,002 |
|
Finished goods
|
|
|
17,528 |
|
|
|
32,084 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
$ |
39,629 |
|
|
$ |
46,386 |
|
Other long-term assets
|
|
|
10,723 |
|
|
|
18,207 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
Inventories are stated net of inventory reserves of approximately $6.5 million and $11.7 million, as of September 30, 2024 and December 31, 2023, respectively. As described in more detail in Note 15, the Company sold its Arthrosurface business on October 31, 2024. As a result of this transaction, the Company adjusted the carrying value of the inventories related to the Arthrosurface business to the net realizable value. Accordingly, the company recorded a write-down of inventories of $22.7 million which was charged to Cost of Goods Sold during the three-month and nine-month periods ended September 30, 2024.
6.
|
Acquired Intangible Assets, Net
|
Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months ended September 30, 2024 |
|
|
2023
|
|
|
|
|
|
|
|
Gross Value
|
|
|
Plus: Additions
|
|
|
Less: Accumulated Currency Translation Adjustment
|
|
|
Less: Current Period Impairment Charge
|
|
|
Less: Accumulated Amortization
|
|
|
Net Book Value
|
|
|
Net Book Value
|
|
|
Weighted Average Useful Life
|
|
Developed technology
|
|
$ |
33,061 |
|
|
$ |
600 |
|
|
$
|
(1,608 |
) |
|
$
|
(718 |
) |
|
$ |
(29,997 |
) |
|
$ |
1,338 |
|
|
$ |
1,973 |
|
|
$ |
15 |
|
In-process research & development
|
|
|
2,656 |
|
|
|
- |
|
|
|
(1,006 |
) |
|
|
- |
|
|
|
- |
|
|
|
1,650 |
|
|
|
1,650 |
|
|
Indefinite
|
|
Customer relationships
|
|
|
3,887 |
|
|
|
- |
|
|
|
- |
|
|
|
(316 |
) |
|
|
(3,571 |
) |
|
|
- |
|
|
|
360 |
|
|
|
10 |
|
Distributor Relationships
|
|
|
4,700 |
|
|
|
- |
|
|
|
(415 |
) |
|
|
- |
|
|
|
(4,285 |
) |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Patents
|
|
|
1,000 |
|
|
|
- |
|
|
|
(189 |
) |
|
|
- |
|
|
|
(764 |
) |
|
|
47 |
|
|
|
83 |
|
|
|
16 |
|
Tradenames
|
|
|
4,641 |
|
|
|
- |
|
|
|
- |
|
|
|
(126 |
) |
|
|
(4,469 |
) |
|
|
46 |
|
|
|
560 |
|
|
|
5 |
|
Total
|
|
$ |
49,945 |
|
|
$ |
600 |
|
|
$
|
(3,218 |
) |
|
$
|
(1,160 |
) |
|
$ |
(43,086 |
) |
|
$ |
3,081 |
|
|
$ |
4,626 |
|
|
|
12 |
|
The aggregate amortization expense related to intangible assets was $0.3 million and $1.9 million for the three-month periods ended September 30, 2024 and 2023, respectively and $1.0 million and $5.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. During the three-month period ended September 30, 2024, the Company acquired $0.6 million new drug application (“NDA”) that has regulatory approval in the U.S. that it has recorded as developed technology. The Company also recorded a $1.2 million charge to intangible assets related to its Arthrosurface asset group during the three-month period ended September 30, 2024 due to the Company not expecting to recover the value of the intangible asset from the expected net proceeds related to the sale of the Arthrosurface business (see Note 15).
As of September 30, 2024 scheduled amortization of intangible assets is as follows:
Remainder of 2024
|
|
$ |
252 |
|
2025
|
|
|
347 |
|
2026
|
|
|
232 |
|
2027
|
|
|
182 |
|
2028
|
|
|
32 |
|
Thereafter
|
|
|
386 |
|
Total
|
|
$ |
1,431 |
|
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 nine-months ended September 30, 2024 were as follows:
|
|
Nine Months Ended
September 30,
|
|
|
|
2024
|
|
Balance, beginning of period
|
|
$ |
7,571 |
|
Effect of foreign currency adjustments
|
|
|
85 |
|
Balance, ending of period
|
|
$ |
7,656 |
|
8.
|
Accrued Expenses and Other Current Liabilities
|
Accrued expenses and other current liabilities consist of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Compensation and related expenses
|
|
$ |
10,500 |
|
|
$ |
11,828 |
|
Professional fees
|
|
|
3,449 |
|
|
|
3,240 |
|
Operating lease liability – current
|
|
|
2,292 |
|
|
|
2,133 |
|
Stock-based compensation
|
|
|
1,624 |
|
|
|
- |
|
Clinical trial costs
|
|
|
363 |
|
|
|
460 |
|
Income taxes payable
|
|
|
82 |
|
|
|
1,240 |
|
Discontinuation of software development project
|
|
|
- |
|
|
|
1,904 |
|
Other
|
|
|
378 |
|
|
|
394 |
|
Total
|
|
$ |
18,688 |
|
|
$ |
21,199 |
|
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 are immaterial. The Company had no accrued warranties as of September 30, 2024 or December 31, 2023 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.
10.
|
Revenue and Geographic Information
|
Revenue by product family is as follows:
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OA Pain Management
|
|
$ |
24,428 |
|
|
$ |
24,888 |
|
|
$ |
75,404 |
|
|
$ |
76,855 |
|
Joint Preservation and Restoration
|
|
|
11,950 |
|
|
|
13,470 |
|
|
|
39,345 |
|
|
|
39,583 |
|
Non-Orthopedic
|
|
|
2,375 |
|
|
|
3,107 |
|
|
|
6,448 |
|
|
|
7,253 |
|
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
121,197 |
|
|
$ |
123,691 |
|
Revenue from the Company’s sole significant US customer, J&J Medtech (previously known as DePuy Synthes Mitek Sports Medicine), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 45% and 44% for the three-months ended September 30, 2024 and 2023, respectively, and 43% and 45% for the nine-months ended September 30, 2024 and 2023, 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 September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
27,699 |
|
|
|
71 |
%
|
|
$ |
30,831 |
|
|
|
74 |
%
|
Europe
|
|
|
5,688 |
|
|
|
15 |
%
|
|
|
5,420 |
|
|
|
13 |
%
|
Other
|
|
|
5,366 |
|
|
|
14 |
%
|
|
|
5,214 |
|
|
|
13 |
%
|
Total
|
|
$ |
38,753 |
|
|
|
100 |
%
|
|
$ |
41,465 |
|
|
|
100 |
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
85,923 |
|
|
|
71 |
%
|
|
$ |
90,986 |
|
|
|
74 |
%
|
Europe
|
|
|
18,264 |
|
|
|
15 |
%
|
|
|
16,757 |
|
|
|
13 |
%
|
Other
|
|
|
17,010 |
|
|
|
14 |
%
|
|
|
15,948 |
|
|
|
13 |
%
|
Total
|
|
$ |
121,197 |
|
|
|
100 |
%
|
|
$ |
123,691 |
|
|
|
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 4.6 million shares of common stock may be issued under the 2017 Plan. There were 0.7 million shares available for future grant at September 30, 2024 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 and subsequently amended on December 22, 2023 and May 2, 2024. On May 2, 2024, the Company’s board of directors approved an amendment to the Inducement Plan increasing the number of shares by 100,000 shares. The Inducement Plan reserves 350,000 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 0.1 million shares available for future grant at September 30, 2024 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:
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Cost of revenue
|
|
$ |
92 |
|
|
$ |
181 |
|
|
$ |
391 |
|
|
$ |
532 |
|
Research & development
|
|
|
485 |
|
|
|
304 |
|
|
|
1,587 |
|
|
|
1,474 |
|
Selling, general & administrative
|
|
|
2,817 |
|
|
|
3,076 |
|
|
|
8,897 |
|
|
|
9,422 |
|
Total stock-based compensation expense
|
|
$ |
3,394 |
|
|
$ |
3,561 |
|
|
$ |
10,875 |
|
|
$ |
11,428 |
|
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, 2023
|
|
|
1,812,729 |
|
|
$ |
33.42 |
|
|
|
|
|
|
$ |
127 |
|
Granted
|
|
|
541,100 |
|
|
$ |
28.13 |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(3,556 |
)
|
|
$ |
21.96 |
|
|
|
|
|
|
$ |
14 |
|
Forfeited and canceled
|
|
|
(127,008 |
)
|
|
$ |
37.50 |
|
|
|
|
|
|
$ |
30 |
|
Outstanding as of September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
Vested, September 30, 2024
|
|
|
1,276,640 |
|
|
$ |
34.57 |
|
|
|
6.5 |
|
|
$ |
102 |
|
Vested or expected to vest, September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
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 nine months September 30, 2024 and 2023, along with the weighted-average grant-date fair values, were as follows:
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Risk free interest rate
|
|
|
3.6% - 4.6 |
%
|
|
|
3.5% - 4.4 |
% |
Expected volatility
|
|
|
44.5% - 48.2 |
%
|
|
|
48.2% - 49.4 |
% |
Expected life (years)
|
|
|
4.5 |
|
|
|
4.5 |
|
Expected dividend yield
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Fair value per option
|
|
$ |
10.53 |
|
|
$ |
11.46 |
|
As of September 30, 2024, there was $7.4 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 nine-month period ended September 30, 2024 was as follows:
|
|
|
|
|
|
Weighted
|
|
|
|
Number of
|
|
|
Average
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding as of December 31, 2023
|
|
|
771,358 |
|
|
$ |
27.19 |
|
Granted
|
|
|
491,541 |
|
|
$ |
26.62 |
|
Vested
|
|
|
(308,634 |
)
|
|
$ |
27.73 |
|
Forfeited and cancelled
|
|
|
(74,874 |
)
|
|
$ |
26.43 |
|
Outstanding as of September 30, 2024
|
|
|
879,391 |
|
|
$ |
26.74 |
|
The weighted-average grant-date fair value per share of RSUs granted was $26.62 and $26.66 for the nine-month periods ended September 30, 2024 and 2023, respectively. The total fair value of RSUs vested was $9.6 million and $6.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $7.1 million of unrecognized compensation cost related to time-based RSUs that are expected to settle in shares, which was expected to be recognized over a weighted-average period of 1.3 years.
The Company’s annual grant of RSU awards in March 2024 can be settled at vesting in cash or shares at the Company’s election. The Company has recorded these RSUs as a liability due to the expectation that the Company will settle the vesting of the March 2024 RSU awards in cash due to a potential shortage of shares in the 2017 Plan at the time of vesting. As a result, these RSUs will be subject to change in value at the time of each reporting period. As of September 30, 2024, the Company had 381,029 shares outstanding in which a liability of $1.6 million was recorded in Accrued Expenses and Other Liabilities. There was $7.7 million of unrecognized compensation cost for these RSUs recorded as a liability which was expected to vest over a weighted-average period of 2.4 years.
The income tax expense was $2.3 million and $3.2 million for the three- and nine-month periods ended September 30, 2024, resulting in effective tax rates of (8.4%) and (10.2%), respectively. The income tax benefit was $0.5 million and $2.5 million for the three- and nine-month periods ended September 30, 2023, resulting in an effective tax rate of 6.6% and 11.1%, respectively.
The net change in the effective tax rate for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, was primarily due to the impact of the valuation allowance in the US in both the current and prior periods and the impact of recording of $1.5 million of discrete items during the nine-month period ended September 30, 2024. The Company’s effective tax rate for the three-month and nine-month periods ended September 30, 2024 was primarily driven by the full valuation on the Company's deferred tax assets in the US and the projected taxable income for the Company resulting in expected current tax expense in 2024.
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. The Company has incurred operating losses in recent years. As a result, the Company anticipates that deferred tax assets originating during the year ended December 31, 2024 will exceed the availability of reversing taxable temporary differences. Due to significant negative evidence, including the Company’s 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 nine-month period ended September 30, 2024 includes an adjustment for the valuation allowance required against the U.S. deferred tax assets. As of September 30, 2024, 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. In September 2024, the Company was notified by the Italian tax authorities that it had selected the Company’s tax returns for its Italian subsidiary for 2021 for examination and remains under review.
13.
|
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 nine-month periods ended September 30, 2024 and 2023, 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 2.2 million shares and 1.8 million shares were outstanding at September 30, 2024 and 2023, respectively. Restricted stock units totaling 0.9 million and 0.8 million were outstanding at September 30, 2024 and 2023, respectively. These securities were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.
In May 2024, the Company agreed to implement a share repurchase program for an aggregate purchase price of $40.0 million to occur as follows: (i) first $15.0 million was effected through a Rule 10b5-1 Plan initiated prior to June 1, 2024 and to be effective through June 30, 2025, and (ii) the remaining amount to be purchased in the open market through June 2026. In the event of positive “free cash flow” as defined in the Cooperation Agreement dated May 28, 2024, with Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson, for the period from July 1, 2024 through June 30, 2025, the amount under the share repurchase program shall be increased by 50% of such positive amount and in no event would we be required to make any purchases in the event that the Company’s cash would be less than $45.0 million after taking into account the share repurchase and reasonably anticipated capital expenditures and restructuring costs. This new authorization replaces our share repurchase program previously announced in April 2023.
On May 28, 2024, the Company entered into a share repurchase agreement under a Rule 10b5-1 with Bank of America. As of September 30, 2024, the Company had repurchased 205,404 shares at an average cost of $25.99 per share for a total cost of $5.3 million.
On October 31, 2024 (the “Closing Date”), the Company completed the sale of all of the outstanding equity interests (the “Transaction”) of Arthrosurface Incorporated, a Delaware corporation and former wholly-owned subsidiary of the Company (“Arthrosurface”), which held the Company’s Arthrosurface business, to Phoenix Brio, Incorporated, a Delaware corporation (“Buyer”), pursuant to the terms and conditions of a Share Purchase Agreement, dated as of the Closing Date (the “Purchase Agreement”), by and among the Company, Arthrosurface and Buyer (the “Transaction”).
As consideration for the Transaction, at the closing Buyer delivered to the Company a ten-year non-interest bearing promissory note in the principal amount of $7.0 million. Under the terms of the Purchase Agreement, the Company is also eligible to receive: (i) for each calendar quarter, an amount equal to a percentage of the net sales (the “Revenue Payments”) for the sale of certain commercial and pipeline products during the period commencing on the Closing Date and ending on the earlier of the fifth (5th) anniversary of the Closing Date or the date on which the Buy-Out Payment (as defined below) is paid to the Company; and (ii) a percentage of the gross proceeds with respect to the sale of certain commercial and pipeline products in a bona-fide arm’s length transaction with a third party that is not an affiliate of Buyer or the Company occurring within the first twenty four (24) months following the Closing Date. The Buyer can also elect to make a payment in an amount equal to the greater of (A) $14.0 million or (B) ten (10) times the Revenue Payments ((A) and (B) together, the “Buy-Out Payment”) paid to the Company during the last full calendar year prior to the consummation of a change of control transaction or Buyer’s written notice to the Company that it is electing to make the Buy-Out Payment. Pursuant to the Purchase Agreement, the aggregate consideration is subject to customary post-closing adjustments.
As a result of the Transaction, the Company tested the assets associated with the Arthrosurface business to determine if the carrying value of the assets at September 30, 2024 were fully recoverable. Given that the expected proceeds from the sale of the Arthrosurface business is expected to be less than the carrying value of its net assets, the Company recorded asset impairment charges totaling $27.4 million during the three-month period ended September 30, 2024 related to a write-down of its accounts receivable, inventories, property and equipment and intangible assets related to the Arthrosurface business.
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, 2023, or our 2023 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 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 2023 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 OA pain management, regenerative solutions, sports medicine and Arthrosurface joint solutions.
We have over thirty years of global expertise developing, manufacturing and commercializing products on 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, 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 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 augmented 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 market of joint preservation. We believe our future success will be driven by our:
|
●
|
Over 30 years of experience in HA and HA-based regenerative solutions and early intervention orthopedics combined with seasoned leadership with a strong financial foundation for future investment in meaningful solutions for our customers and their patients;
|
|
●
|
Utilizing proprietary HA technology and manufacturing expertise to provide new and differentiated solutions in next generation OA Pain Management (eg. Cingal) and regenerative (eg. Integrity Implant System and Hyalofast) markets;
|
|
●
|
Introducing key HA products into the US market upon FDA approval/clearance, such as Cingal, Hyalofast and Integrity, our arthroscopic patch system for rotator cuff and other tendon repairs, and additional products in development that leverage our proprietary Hyaff regenerative platform;
|
|
●
|
Robust network of stakeholders in our target markets to identify evolving unmet patient treatment needs;
|
|
●
|
Global commercial expertise, which we will leverage to drive growth across our product portfolio, including continued international expansion;
|
|
●
|
Opportunity to pursue strategic inorganic growth opportunities, including potential partnerships and smaller acquisitions and technology licensing, and leveraging our strong financial foundation and operational capabilities; and
|
|
●
|
Energized and experienced team focused on strong values, talent, and culture.
|
On October 31, 2024 (the “Closing Date”), we completed the sale of all of the outstanding equity interests (the “Transaction”) of Arthrosurface Incorporated, a Delaware corporation and former wholly-owned subsidiary of the Company (“Arthrosurface”), which held our Arthrosurface business, to Phoenix Brio, Incorporated, a Delaware corporation (“Buyer”), pursuant to the terms and conditions of a Share Purchase Agreement, dated as of the Closing Date (the “Purchase Agreement”), by and amongst us, Arthrosurface and Buyer (the “Transaction”).
As consideration for the Transaction, at the closing Buyer delivered to us a ten-year non-interest bearing promissory note in the principal amount of $7.0 million. Under the terms of the Purchase Agreement, we are also eligible to receive: (i) for each calendar quarter, an amount equal to a percentage of the net sales (the “Revenue Payments”) for the sale of certain commercial and pipeline products during the period commencing on the Closing Date and ending on the earlier of the fifth (5th) anniversary of the Closing Date or the date on which the Buy-Out Payment (as defined below) is paid to us; and (ii) a percentage of the gross proceeds with respect to the sale of certain commercial and pipeline products in a bona-fide arm’s length transaction with a third party that is not an affiliate of Buyer or us occurring within the first twenty four (24) months following the Closing Date. The Buyer can also elect to make a payment in an amount equal to the greater of (A) $14.0 milllion or (B) ten (10) times the Revenue Payments ((A) and (B) together, the “Buy-Out Payment”) paid to us during the last full calendar year prior to the consummation of a change of control transaction or Buyer’s written notice to us that it is electing to make the Buy-Out Payment. Pursuant to the Purchase Agreement, the aggregate consideration is subject to customary post-closing adjustments.
We also announced on October 31, 2024 our intention to divest of the Parcus Medical business. These decisions were a result of a strategic review to focus on our core HA technology and our regenerative solutions products to maximize shareholder value.
Products
OA Pain Management
Our OA Pain Management product family consists of Monovisc and Orthovisc, our injectable, HA, OA Pain Management offerings that are indicated to provide pain relief from osteoarthritis conditions; and Cingal, our novel, next generation, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a 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 approximately 40 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. We have been actively engaging with the U.S. Food and Drug Administration, or the FDA, on next steps for U.S. regulatory approval. We acquired the Aristospan NDA regulatory approval in the U.S. in September 2024 to assist with our Cingal regulatory filing with the FDA.
Joint Preservation and Restoration
Our Joint Preservation and Restoration product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Integrity, our new hyaluronic acid-based scaffold for rotator cuff and other tendon repairs, Tactoset, our HA-enhanced injectable bone substitute, and Hyalofast, our HA, biodegradable scaffold used for cartilage regeneration currently available outside the United States in over 35 countries; (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 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. Our Non-Orthopedic product family also includes 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.
Results of Operations
Three and Nine Months Ended September 30, 2024 Compared to Three and Nine Months Ended September 30, 2023
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
$ Change
|
|
|
% Change
|
|
|
2024
|
|
|
2023
|
|
|
$ Change
|
|
|
% Change
|
|
|
|
(in thousands, except percentages)
|
|
|
|
|
|
|
(in thousands, except percentages)
|
|
|
|
|
|
Revenue
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
(2,712 |
) |
|
|
(7 |
%) |
|
$ |
121,197 |
|
|
$ |
123,691 |
|
|
$ |
(2,494 |
) |
|
|
(2 |
%) |
Cost of revenue
|
|
|
37,313 |
|
|
|
16,521 |
|
|
|
20,792 |
|
|
|
126 |
% |
|
|
67,764 |
|
|
|
46,932 |
|
|
|
20,832 |
|
|
|
44 |
% |
Gross Profit
|
|
|
1,440 |
|
|
|
24,944 |
|
|
|
(23,504 |
) |
|
|
(94 |
%) |
|
|
53,433 |
|
|
|
76,759 |
|
|
|
(23,326 |
) |
|
|
(30 |
%) |
Gross Margin
|
|
|
4 |
% |
|
|
60 |
% |
|
|
|
|
|
|
|
|
|
|
44 |
% |
|
|
62 |
% |
|
|
|
|
|
|
|
|
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research & development
|
|
|
7,244 |
|
|
|
7,791 |
|
|
|
(547 |
) |
|
|
(7 |
%) |
|
|
22,806 |
|
|
|
25,105 |
|
|
|
(2,299 |
) |
|
|
(9 |
%) |
Selling, general & administrative
|
|
|
19,112 |
|
|
|
24,827 |
|
|
|
(5,715 |
) |
|
|
(23 |
%) |
|
|
60,445 |
|
|
|
75,512 |
|
|
|
(15,067 |
) |
|
|
(20 |
%) |
Long lived asset impairment
|
|
|
3,101 |
|
|
|
- |
|
|
|
3,101 |
|
|
|
100 |
% |
|
|
3,101 |
|
|
|
- |
|
|
|
3,101 |
|
|
|
100 |
% |
Total operating expenses
|
|
|
29,457 |
|
|
|
32,618 |
|
|
|
(3,161 |
) |
|
|
(10 |
%) |
|
|
86,352 |
|
|
|
100,617 |
|
|
|
(14,265 |
) |
|
|
(14 |
%) |
Income (loss) from operations
|
|
|
(28,017 |
) |
|
|
(7,674 |
) |
|
|
(20,343 |
) |
|
|
265 |
% |
|
|
(32,919 |
) |
|
|
(23,858 |
) |
|
|
(9,061 |
) |
|
|
38 |
% |
Interest and other income, net
|
|
|
406 |
|
|
|
635 |
|
|
|
(229 |
) |
|
|
(36 |
%) |
|
|
1,593 |
|
|
|
1,735 |
|
|
|
(142 |
) |
|
|
(8 |
%) |
Income (loss) before income taxes
|
|
|
(27,611 |
) |
|
|
(7,039 |
) |
|
|
(20,572 |
) |
|
|
292 |
% |
|
|
(31,326 |
) |
|
|
(22,123 |
) |
|
|
(9,203 |
) |
|
|
42 |
% |
Provision for (benefit from) income taxes
|
|
|
2,307 |
|
|
|
(463 |
) |
|
|
2,770 |
|
|
|
(598 |
%) |
|
|
3,194 |
|
|
|
(2,456 |
) |
|
|
5,650 |
|
|
|
(230 |
%) |
Net loss
|
|
$ |
(29,918 |
) |
|
$ |
(6,576 |
) |
|
$ |
(23,342 |
) |
|
|
355 |
% |
|
$ |
(34,520 |
) |
|
$ |
(19,667 |
) |
|
$ |
(14,853 |
) |
|
|
76 |
% |
Revenue
The following table presents revenue by product family for the three and nine-month periods ended September 30, 2024 and 2023:
|
|
Three Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
$ Change
|
|
|
% Change
|
|
|
|
(in thousands, except percentages)
|
|
OA Pain Management
|
|
$ |
24,428 |
|
|
$ |
24,888 |
|
|
$ |
(460 |
) |
|
|
(2 |
%) |
Joint Preservation and Restoration
|
|
|
11,950 |
|
|
|
13,470 |
|
|
|
(1,520 |
) |
|
|
(11 |
%) |
Non-Orthopedic
|
|
|
2,375 |
|
|
|
3,107 |
|
|
|
(732 |
) |
|
|
(24 |
%) |
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
(2,712 |
) |
|
|
(7 |
%) |
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
$ Change
|
|
|
% Change
|
|
|
|
(in thousands, except percentages)
|
|
OA Pain Management
|
|
$ |
75,404 |
|
|
$ |
76,855 |
|
|
$ |
(1,451 |
) |
|
|
(2 |
%) |
Joint Preservation and Restoration
|
|
|
39,345 |
|
|
|
39,583 |
|
|
|
(238 |
) |
|
|
(1 |
%) |
Non-Orthopedic
|
|
|
6,448 |
|
|
|
7,253 |
|
|
|
(805 |
) |
|
|
(11 |
%) |
|
|
$ |
121,197 |
|
|
$ |
123,691 |
|
|
$ |
(2,494 |
) |
|
|
(2 |
%) |
Revenue from our OA Pain Management product family decreased 2% for each of the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, due primarily to unfavorable timing of strategic partner orders as distributor ordering patterns can vary significantly on a quarterly basis.
Revenue from our Joint Preservation and Restoration product family decreased 11% and 1% for the three- and nine-month periods ended September 30, 2024, respectively, as compared to the same periods in 2023, primarily due to lower sales of certain legacy Arthrosurface and sports medicine products, offset somewhat from growing commercial adoption of our newest products, particularly Integrity.
Revenue from our Non-Orthopedic product family decreased 24% and 11% for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, primarily due to unfavorable timing of distributor ordering patterns as well as due to the end of life of certain legacy non-orthopedic products.
Gross Profit and Margin
Gross profit for the three-month period ended September 30, 2024 decreased by $23.5 million and decreased $23.3 million for the nine-month period ended September 30, 2024 to $1.4 million and $53.4 million, respectively. Gross profit for the three- and nine-month periods ended September 30, 2023 was $24.9 million and $76.8 million, respectively. The decrease in gross profit for the three-month and nine-month periods ended September 30, 2024 was due primarily to the write down of inventories and related raw material deposits with the Arthrosurface business in the amount of $23.4 million during the three-month period ended September 30, 2024.
Gross margin for the three- and nine-month periods ended September 30, 2024 was 4% and 44%, respectively. Gross margin for the three- and nine-month period ended September 30, 2023 was 60% and 62%, respectively. The increase in gross margin for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023 was primarily due to the write-down of Arthrosurface inventories.
Research and Development
Research and development expenses for the three- and nine-month periods ended September 30, 2024 were $7.2 million and $22.8 million, respectively. Research and development expenses for the three- and nine-month periods ended September 30, 2023 were $7.8 million and $25.1 million, respectively. The decrease for the three-month and nine-month periods ended September 30, 2024 was primarily related to lower product development and regulatory costs.
Selling, General and Administrative
Selling, general and administrative expenses for the three- and nine-month periods ended September 30, 2024 were $19.1 million and $60.4 million, respectively. Selling, general and administrative expenses for the three- and nine-month periods ended September 30, 2023 were $24.8 million and $75.5 million, respectively. This decrease for the three- and nine-month periods ended September 30, 2024 was primarily due to a $3.3 million payment on the Parcus Medical unitholder arbitration settlement in 2023, a $1.4 million benefit on the settlement of a contract obligation related to a discontinuation of a software project, cost savings as a result of recent headcount reductions taken in first quarter of 2024, and lower shareholder activism costs in 2024.
Impairment of Long-Lived Assets
We assess our long-lived assets for impairment under certain circumstances, such as when events or changes in circumstances indicate there may be impairment. On October 31, 2024, we sold our equity interest in Arthrosurface Incorporated. in which the expected consideration will be less than carrying value of the net assets of the Arthrosurface reporting unit at September 30, 2024. As a result, we performed an assessment of long-lived assets for impairment related to Arthrosurface reporting unit. The results of these impairment tests indicated that the estimated fair value of this reporting unit was less than its carrying value. Consequently, a non-cash impairment of long-lived assets charge of $3.1 million was recorded in the three-month period ended September 30, 2024. The decline in fair value was primarily due to expectation of lower cash flows related the Arthrosurface reporting unit.
Income Taxes
Income tax expense was $2.3 million and $3.2 million for the three- and nine-month periods ended September 30, 2024, resulting in effective tax rates of (8.4%) and (10.2%), respectively. The income tax benefit was $0.5 million and $2.5 million for the three- and nine-month periods ended September 30, 2023, resulting in an effective tax rate of 6.6% and 11.1%, respectively. The net change in the effective tax rate for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, was primarily due to the impact of the valuation allowance in the U.S. in both the current and prior periods and the impact of recording of $1.5 million of discrete items during the nine-month period ended September 30, 2024. The Company’s effective tax rate for the three- and nine-month periods ended September 30, 2024 was primarily driven by the full valuation on the Company's deferred tax assets in the US and the projected taxable income for the Company, and resulting current tax payable, for the three- and nine-month periods ended September 30, 2024.
Net Loss
For the three- and nine-month periods ended September 30, 2024, net loss was $29.9 million and $34.5 million, or $2.03 loss per diluted share and $2.34 loss per diluted share, respectively, compared to a net loss of $6.6 million and $19.7 million, or $0.45 loss per diluted share and $1.34 loss per diluted share, for the same periods in the prior year. The decrease in net loss and diluted net loss per share was primarily due to impairment charges and write-down of assets related to the Arthrosurface business.
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, 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 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, 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, certain writedowns of inventories to realizable value 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 adjusted gross profit and gross margin, both non-GAAP metrics, to gross profit, the most directly comparable GAAP financial measure for the three and nine-month periods ended September 30, 2024 and 2023, respectively:
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Gross profit
|
|
$ |
1,440 |
|
|
$ |
24,944 |
|
|
$ |
53,433 |
|
|
$ |
76,759 |
|
Product rationalization charges
|
|
|
- |
|
|
|
748 |
|
|
|
472 |
|
|
|
748 |
|
Writedown of inventories
|
|
|
23,438 |
|
|
|
- |
|
|
|
23,438 |
|
|
|
- |
|
Acquisition related intangible asset amortization
|
|
|
153 |
|
|
|
1,561 |
|
|
|
464 |
|
|
|
4,684 |
|
Adjusted gross profit
|
|
$ |
25,031 |
|
|
$ |
27,253 |
|
|
$ |
77,807 |
|
|
$ |
82,191 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross margin
|
|
|
65 |
% |
|
|
66 |
% |
|
|
64 |
% |
|
|
66 |
% |
Adjusted gross profit for the three- and nine-month periods ended September 30, 2024 decreased $2.3 million and $4.4 million to $25.0 million and $77.8 million, respectively, representing adjusted gross margin of 65% and 64%, respectively. Adjusted gross profit for the three- and nine-month periods ended September 30, 2023 was $27.3 million and $82.2 million, respectively, or adjusted gross margin of 66% and 66%, respectively. The decrease in adjusted gross margin for the three- and nine-month periods ended September 30, 2024 as compared to 2023 was due to lower revenue largely due to a higher proportion of international revenues which have lower margins.
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 GAAP, and should not be considered in isolation of, or as an alternative to, measures prepared in accordance with GAAP. There are a number of limitations related to the use of adjusted EBITDA rather than net (loss) income, which is the nearest 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 share-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, impairments or writedowns on acquired assets, and the impact of inventory fair-value step up on cost of revenue; |
|
●
|
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 adjusted EBITDA, a non-GAAP metric, to net loss, the most directly comparable GAAP financial measure, for the three and nine-month periods ended September 30, 2024 and 2023, respectively:
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Net loss
|
|
$ |
(29,918 |
) |
|
$ |
(6,576 |
) |
|
$ |
(34,520 |
) |
|
$ |
(19,667 |
) |
Interest and other income, net
|
|
|
(406 |
) |
|
|
(635 |
) |
|
|
(1,593 |
) |
|
|
(1,735 |
) |
Provision for (benefit from) income taxes
|
|
|
2,307 |
|
|
|
(463 |
) |
|
|
3,194 |
|
|
|
(2,456 |
) |
Depreciation and amortization
|
|
|
2,045 |
|
|
|
1,755 |
|
|
|
5,800 |
|
|
|
5,282 |
|
Share-based compensation
|
|
|
3,394 |
|
|
|
3,561 |
|
|
|
10,875 |
|
|
|
11,428 |
|
Arbitration settlement
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
3,250 |
|
Product rationalization charges
|
|
|
- |
|
|
|
748 |
|
|
|
472 |
|
|
|
748 |
|
Acquisition related intangible asset amortization
|
|
|
143 |
|
|
|
1,787 |
|
|
|
509 |
|
|
|
5,361 |
|
Impairment/writedown of assets
|
|
|
27,401 |
|
|
|
- |
|
|
|
27,401 |
|
|
|
- |
|
Discontinuation of software development project
|
|
|
- |
|
|
|
4,473 |
|
|
|
(1,404 |
) |
|
|
4,473 |
|
Non-recurring professional fees
|
|
|
465 |
|
|
|
- |
|
|
|
465 |
|
|
|
- |
|
Severance costs
|
|
|
- |
|
|
|
- |
|
|
|
839 |
|
|
|
- |
|
Costs of shareholder activism
|
|
|
- |
|
|
|
- |
|
|
|
2,185 |
|
|
|
3,033 |
|
Adjusted EBITDA
|
|
$ |
5,431 |
|
|
$ |
4,650 |
|
|
$ |
14,223 |
|
|
$ |
9,717 |
|
Adjusted EBITDA in the three-month period ended September 30, 2024 increased $0.7 million as compared with the same period in 2023. Adjusted EBITDA for the period was primarily driven by lower operating expenses offset by the reduced volume of higher margin US OA Pain Management revenue.
Adjusted EBITDA in the nine-month period ended September 30, 2024, increased $4.5 million as compared with the same period in 2023. The increase in adjusted EBITDA for the period was due to lower operating expenses, growth in new product sales, offset partially by lower OA Pain Management revenue in the US.
Adjusted Net Income (Loss) 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, share-based compensation, and other non-recurring items, such as product rationalization charges, severance costs and costs of shareholder activism. We define adjusted EPS as 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 adjusted net loss, a non-GAAP metric, to net income (loss), the most directly comparable GAAP financial measure, for the three and nine-month periods ended September 30, 2024 and 2023, respectively:
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Net loss
|
|
$ |
(29,918 |
) |
|
$ |
(6,576 |
) |
|
$ |
(34,520 |
) |
|
$ |
(19,667 |
) |
Product rationalization, tax effected
|
|
|
- |
|
|
|
699 |
|
|
|
392 |
|
|
|
665 |
|
Arbitration settlement, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
2,889 |
|
Share based compensation, tax effected
|
|
|
2,820 |
|
|
|
3,327 |
|
|
|
9,037 |
|
|
|
10,159 |
|
Acquisition related intangible asset amortization, tax effected
|
|
|
119 |
|
|
|
1,669 |
|
|
|
423 |
|
|
|
4,767 |
|
Impairment/writedown of assets, tax effected
|
|
|
22,770 |
|
|
|
- |
|
|
|
22,770 |
|
|
|
- |
|
Discontinuation of software development project, tax effected
|
|
|
- |
|
|
|
4,179 |
|
|
|
(1,167 |
) |
|
|
3,976 |
|
Non-recurring professional fees, tax effected
|
|
|
386 |
|
|
|
- |
|
|
|
386 |
|
|
|
- |
|
Severance costs, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
697 |
|
|
|
- |
|
Costs of shareholder activism, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
1,816 |
|
|
|
2,696 |
|
Adjusted net (loss) income
|
|
$ |
(3,823 |
) |
|
$ |
3,298 |
|
|
$ |
(166 |
) |
|
$ |
5,485 |
|
The following is a reconciliation of adjusted diluted EPS, a non-GAAP metric, to diluted EPS, the most directly comparable GAAP financial measure, for the three and nine-month periods ended September 30, 2024 and 2023, respectively:
|
|
For the Three Months Ended
September 30,
|
|
|
For the Nine Months Ended
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Diluted (loss) earnings per share (EPS)
|
|
$ |
(2.03 |
) |
|
$ |
(0.45 |
) |
|
$ |
(2.34 |
) |
|
$ |
(1.34 |
) |
Product rationalization, tax effected
|
|
|
- |
|
|
|
0.05 |
|
|
|
0.03 |
|
|
|
0.05 |
|
Arbitration settlement, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
0.20 |
|
Share based compensation, tax effected
|
|
|
0.19 |
|
|
|
0.23 |
|
|
|
0.61 |
|
|
|
0.69 |
|
Acquisition related intangible asset amortization; tax effected
|
|
|
0.01 |
|
|
|
0.11 |
|
|
|
0.03 |
|
|
|
0.32 |
|
Impairment/writedown of assets, tax effected
|
|
|
1.55 |
|
|
|
- |
|
|
|
1.55 |
|
|
|
- |
|
Discontinuation of software development project, tax effected
|
|
|
- |
|
|
|
0.29 |
|
|
|
(0.08 |
) |
|
|
0.27 |
|
Non-recurring professional fees, tax effected
|
|
|
0.03 |
|
|
|
- |
|
|
|
0.02 |
|
|
|
- |
|
Severance costs, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
0.05 |
|
|
|
- |
|
Cost of shareholder activism, tax effected
|
|
|
- |
|
|
|
- |
|
|
|
0.12 |
|
|
|
0.18 |
|
Adjusted diluted earnings per share (EPS)
|
|
$ |
(0.25 |
) |
|
$ |
0.23 |
|
|
$ |
(0.01 |
) |
|
$ |
0.37 |
|
Adjusted net income and adjusted diluted earnings per share in the three-month period ended September 30, 2024 decreased $7.1 million and $0.48, respectively, as compared with the same period in 2023. The decrease for the period was primarily due to lower revenues due to timing of strategic ordering patterns with OA Pain Management customers that have higher margins.
Adjusted net income and adjusted diluted earnings per share in the nine-month period ended September 30, 2024 decreased $5.7 million and $0.38, respectively, as compared with the same period in 2023. The increase for the period was primarily due to lower operating expenses in 2024 partially offset by lower revenues on timing of strategic ordering patterns with higher margin OA Pain Management customers.
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 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 and cash equivalents were $62.4 million and $72.9 million, and working capital totaled $110.6 million and $132.2 million, at September 30, 2024 and December 31, 2023, 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 September 30, 2024, and December 31, 2023, there were no outstanding borrowings, and we are in compliance with the terms of the credit facility.
Summary of Cash Flows (in thousands):
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Cash (used in) provided by
|
|
|
|
|
|
|
|
|
Operating activities
|
|
$ |
3,821 |
|
|
$ |
(5,426 |
) |
Investing activities
|
|
|
(7,027 |
) |
|
|
(3,587 |
) |
Financing activities
|
|
|
(7,375 |
) |
|
|
(6,666 |
) |
Effect of exchange rate changes on cash
|
|
|
82 |
|
|
|
3 |
|
Net decrease in cash and cash equivalents
|
|
$ |
(10,499 |
) |
|
$ |
(15,676 |
) |
The following changes contributed to the net change in cash and cash equivalents in the nine-month period ended September 30, 2024 as compared to the same period in 2023.
Operating Activities
Cash provided by operating activities was $3.8 million for the nine-month period ended September 30, 2024, as compared to cash used in operating activities of $5.4 million for the same period in 2023. The increase in cash provided by operating activities for the nine-months ended September 30, 2024, compared to the same period in prior year, was primarily due to a lower net loss during the nine-month period ended September 30, 2024 and higher non-recurring costs in 2023 for the Parcus Medical arbitration settlement and shareholder activism expenses.
Investing Activities
Cash used in investing activities was $7.0 million for the nine-month period ended September 30, 2024, as compared to cash used in investing activities of $3.6 million for the same period in 2023. The change was primarily due to an increase in capital expenditures in 2024 to support the expansion of manufacturing capacity at our Bedford facility and a purchase of developed technology for $0.6 million.
Financing Activities
Cash used in financing activities was $7.4 million for the nine-month period ended September 30, 2024, as compared to cash used in financing activities of $6.7 million for the same period in 2023. In both periods, the cash used in financing activities was primarily attributable to utilization of cash for share repurchases and employee tax withholding in exchange for shares surrendered by equity award holders. We paid $5.3 million and $5.0 million in share repurchases for the nine-month periods ended September 2024 and 2023, respectively.
Critical Accounting Policies and Estimates
The preparation of our condensed consolidated financial statements in conformity with 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 2023 Form 10-K for the year ended December 31, 2023. 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 2023 Form 10-K for the fiscal year ended December 31, 2023 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 2023 Form 10-K for the year ended December 31, 2023. There were no material changes to our contractual obligations reported in our 2023 Form 10-K during the nine months ended September 30, 2024. 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, 2023. There have been no material changes in the first six months of 2024 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 September 30, 2024 that our disclosure controls and procedures are effective to ensure that information required to be disclosed by us in reports we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. On an on-going basis, we review and document our disclosure controls and procedures, and our internal control over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business.
(b) Changes in internal controls over financial reporting.
There were no material changes in our internal control over financial reporting during the quarter ended September 30, 2024, that have materially affected, or were reasonably likely to materially affect, our internal control over financial reporting.
PART II:
|
OTHER INFORMATION
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
We are 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, we do not expect the resolution of these occasional legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flow. There have been no material changes to the information provided in the section captioned “Part I, Item 3. Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2023.
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, 2023 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 periods ended March 31, 2024 and June 30, 2024. 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, 2023 and in “Part II, Item 1A. Risk Factors” in our Quarterly Reports on Form 10-Q for the quarterly periods ended March 31, 2024 and June 30, 2024, 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.
The impact of the Russian invasion of Ukraine and the conflict in the Middle East on the global economy, energy supplies and raw materials is uncertain, but may prove to negatively impact our business and operations.
The short and long-term implications of Russia’s invasion of Ukraine and the conflict in the Middle East are difficult to predict at this time. We continue to monitor any adverse impact that the outbreak of war in Ukraine, the subsequent institution of sanctions against Russia by the United States and several European and Asian countries, and the conflict in the Middle East may have on the global economy in general, on our business and operations and on the businesses and operations of our suppliers and other third parties with which we conduct business. For example, a prolonged conflict in Ukraine or the Middle East may result in increased inflation, escalating energy prices and constrained availability, and thus increasing costs, of raw materials. We also have suppliers and customers in and around those areas that we periodically do business with that could be disrupted by these events. We will continue to monitor this fluid situation and develop contingency plans as necessary to address any disruptions to our business operations as they develop. To the extent these conflicts may adversely affect our business as discussed above, it may also have the effect of heightening many of the other risks described herein. Such risks include, but are not limited to, adverse effects on macroeconomic conditions, including inflation; disruptions to our global technology infrastructure, including through cyberattack, ransom attack, or cyber-intrusion; adverse changes in international trade policies and relations; disruptions in global supply chains; and constraints, volatility, or disruption in the capital markets, any of which could negatively affect our business and financial condition.
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Issuer Purchases of Equity Securities
The following is a summary of stock repurchases for the three-month period ended September 30, 2024 (in thousands, except share and per share data):
Period
|
|
(a)
Total number of shares
purchased (1)
|
|
|
(b)
Average
Price per Share
|
|
|
(c)
Total number of
shares purchased as
part of publicly
announced plans or
programs
|
|
|
(d)
Maximum number (or
approximate dollar
value) of shares that may
yet be purchased under
the plans or programs
|
|
July 1 to 31, 2024
|
|
|
49,245 |
|
|
$ |
27.23 |
|
|
|
49,245 |
|
|
$ |
37,289 |
|
August 1 to 31, 2024
|
|
|
53,605 |
|
|
$ |
25.76 |
|
|
|
53,605 |
|
|
$ |
35,908 |
|
September 1 to 30, 2024
|
|
|
50,002 |
|
|
$ |
24.94 |
|
|
|
50,002 |
|
|
$ |
34,661 |
|
Total
|
|
|
152,852 |
|
|
|
|
|
|
|
152,852 |
|
|
|
|
|
(1) In May 2024, we agreed to implement a share repurchase program for an aggregate purchase price of $40.0 million to occur as follows: (i) first $15.0 million was to be effected through a Rule 10b5-1 plan initiated prior to June 1, 2024 and to be effective through June 30, 2025, and (ii) the remaining amount to be purchased in the open market (the “2024 Share Repurchase Program”). In the event of positive “free cash flow” as defined in the Cooperation Agreement dated May 28, 2024, with Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson, for the period from July 1, 2024 through June 30, 2025, the amount under the share repurchase program shall be increased by 50% of such positive amount and in no event would we be required to make any purchases in the event that our cash would be less than $45.0 million after taking into account the share repurchase and reasonably anticipated capital expenditures and restructuring costs. This new authorization replaces our share repurchase program previously announced in April 2023. On May 28, 2024, the Company entered into a share repurchase agreement under a Rule 10b5-1 with Bank of America. As of September 30, 2024, the Company had repurchased 205,404 shares at an average cost of $25.99 per share, representing 13% of the then estimated total number of shares expected to be repurchased under the 2024 Share Repurchase Program.
Recent Sales of Unregistered Securities
None.
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
None.
ITEM 4.
|
MINE SAFETY DISCLOSURES.
|
Not applicable.
ITEM 5.
|
OTHER INFORMATION.
|
Rule 10b5-1 Trading Plans
During the fiscal quarter ended September 30, 2024, 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.”
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)
|
|
|
(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 Stephen Griffin, 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 Stephen Griffin, 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 September 30, 2024 as filed with the SEC on October 31, 2024, formatted in Inline XBRL (eXtensible Business Reporting Language), as follows:
|
|
i.
|
Condensed Consolidated Balance Sheets as of September 30, 2024 (unaudited) and December 31, 2023 (unaudited)
|
|
ii.
|
Condensed Consolidated Statements of Operations and Comprehensive Income for the Three and Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited)
|
|
iii.
|
Condensed Consolidated Statements of Stockholders’ Equity for the Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited)
|
|
iv.
|
Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and September 30, 2023 (unaudited)
|
|
v.
|
Notes to Condensed Consolidated Financial Statements (unaudited)
|
104
|
Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
|
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: November 4, 2024
|
By:
|
/s/ STEPHEN GRIFFIN
|
|
|
|
Stephen Griffin
|
|
|
|
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 September 30, 2024 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;
|
|
4.
|
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:
|
|
a.
|
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;
|
|
b.
|
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;
|
|
c.
|
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
|
|
d.
|
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):
|
|
a.
|
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
|
|
b.
|
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: November 4, 2024
/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, Stephen Griffin, certify that:
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q for the period ended September 30, 2024 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;
|
|
4.
|
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:
|
|
a.
|
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;
|
|
b.
|
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;
|
|
c.
|
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
|
|
d.
|
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):
|
|
a.
|
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
|
|
b.
|
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: November 4, 2024
/s/ STEPHEN GRIFFIN
Stephen Griffin
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: November 4, 2024
/s/ CHERYL BLANCHARD
Cheryl R. Blanchard, Ph.D.
President and Chief Executive Officer
(Principal Executive Officer)
/s/ STEPHEN GRIFFIN
Stephen Griffin
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.
v3.24.3
Document And Entity Information - shares
|
9 Months Ended |
|
Sep. 30, 2024 |
Oct. 28, 2024 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2024
|
|
Document Transition Report |
false
|
|
Entity File Number |
001-14027
|
|
Entity Registrant Name |
Anika Therapeutics, Inc.
|
|
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 $0.01 per share
|
|
Trading Symbol |
ANIK
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding (in shares) |
|
14,645,596
|
Entity Central Index Key |
0000898437
|
|
Current Fiscal Year End Date |
--12-31
|
|
Document Fiscal Year Focus |
2024
|
|
Document Fiscal Period Focus |
Q3
|
|
Amendment Flag |
false
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v3.24.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Current assets: |
|
|
Cash and cash equivalents |
$ 62,368
|
$ 72,867
|
Accounts receivable, net |
28,357
|
35,961
|
Inventories |
39,629
|
46,386
|
Prepaid expenses and other current assets |
5,752
|
8,095
|
Total current assets |
136,106
|
163,309
|
Property and equipment, net |
44,572
|
46,198
|
Right-of-use assets |
27,208
|
28,767
|
Other long-term assets |
11,310
|
18,672
|
Deferred tax assets |
1,472
|
1,489
|
Intangible assets, net |
3,081
|
4,626
|
Goodwill |
7,656
|
7,571
|
Total assets |
231,405
|
270,632
|
Current liabilities: |
|
|
Accounts payable |
6,805
|
9,860
|
Accrued expenses and other current liabilities |
18,688
|
21,199
|
Total current liabilities |
25,493
|
31,059
|
Other long-term liabilities |
806
|
404
|
Lease liabilities |
25,242
|
26,904
|
Commitments and contingencies (Note 9) |
|
|
Stockholders’ equity: |
|
|
Preferred stock, $0.01 par value; 1,250 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively |
0
|
0
|
Common stock, $0.01 par value; 90,000 shares authorized, 15,087 issued and 14,694 outstanding and 14,848 issued and 14,660 outstanding at September 30, 2024 and December 31, 2023, respectively |
147
|
147
|
Additional paid-in-capital |
91,886
|
90,009
|
Accumulated other comprehensive loss |
(5,701)
|
(5,943)
|
Retained earnings |
93,532
|
128,052
|
Total stockholders’ equity |
179,864
|
212,265
|
Total liabilities and stockholders’ equity |
$ 231,405
|
$ 270,632
|
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v3.24.3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares shares in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
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) |
15,087
|
14,848
|
Common stock, shares outstanding (in shares) |
14,694
|
14,660
|
X |
- DefinitionFace amount or stated value per share of common stock.
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v3.24.3
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Revenue |
$ 38,753
|
$ 41,465
|
$ 121,197
|
$ 123,691
|
Cost of product revenue |
37,313
|
16,521
|
67,764
|
46,932
|
Gross Profit |
1,440
|
24,944
|
53,433
|
76,759
|
Operating Expenses: |
|
|
|
|
Research & development |
7,244
|
7,791
|
22,806
|
25,105
|
Selling, general & administrative |
19,112
|
24,827
|
60,445
|
75,512
|
Long lived asset impairment |
3,101
|
0
|
3,101
|
0
|
Total operating expenses |
29,457
|
32,618
|
86,352
|
100,617
|
Loss from operations |
(28,017)
|
(7,674)
|
(32,919)
|
(23,858)
|
Interest and other income, net |
406
|
635
|
1,593
|
1,735
|
Loss before income taxes |
(27,611)
|
(7,039)
|
(31,326)
|
(22,123)
|
Provision for (benefit from) income taxes |
2,307
|
(463)
|
3,194
|
(2,456)
|
Net loss |
$ (29,918)
|
$ (6,576)
|
$ (34,520)
|
$ (19,667)
|
Net loss per share: |
|
|
|
|
Basic (in dollars per share) |
$ (2.03)
|
$ (0.45)
|
$ (2.34)
|
$ (1.34)
|
Diluted (in dollars per share) |
$ (2.03)
|
$ (0.45)
|
$ (2.34)
|
$ (1.34)
|
Weighted average common shares outstanding: |
|
|
|
|
Basic (in shares) |
14,768
|
14,635
|
14,769
|
14,659
|
Diluted (in shares) |
14,768
|
14,635
|
14,769
|
14,659
|
Net loss |
$ (29,918)
|
$ (6,576)
|
$ (34,520)
|
$ (19,667)
|
Foreign currency translation adjustment |
715
|
(407)
|
242
|
(121)
|
Comprehensive loss |
$ (29,203)
|
$ (6,983)
|
$ (34,278)
|
$ (19,788)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.24.3
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
Common Stock Outstanding [Member] |
Additional Paid-in Capital [Member] |
Retained Earnings [Member] |
AOCI Attributable to Parent [Member] |
Total |
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 loss |
0
|
0
|
(10,350)
|
0
|
(10,350)
|
Other comprehensive income (loss) |
$ 0
|
0
|
0
|
272
|
272
|
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 loss |
|
|
|
|
(19,667)
|
Balance (in shares) at Sep. 30, 2023 |
14,637
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 146
|
85,852
|
191,052
|
(6,564)
|
270,486
|
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 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
|
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
|
Vesting of restricted stock units (in shares) |
12
|
|
|
|
|
Vesting of restricted stock units |
$ 0
|
0
|
0
|
0
|
0
|
Stock-based compensation expense |
$ 0
|
3,561
|
0
|
0
|
3,561
|
Retirement of common stock for minimum tax withholdings (in shares) |
(3)
|
|
|
|
|
Retirement of common stock for minimum tax withholdings |
$ 0
|
(107)
|
0
|
0
|
(107)
|
Net loss |
0
|
0
|
(6,576)
|
0
|
(6,576)
|
Other comprehensive income (loss) |
$ 0
|
0
|
0
|
(407)
|
(407)
|
Repurchase of common stock (in shares) |
(29)
|
|
|
|
|
Repurchase of common stock |
$ (1)
|
1
|
0
|
0
|
0
|
Balance (in shares) at Sep. 30, 2023 |
14,637
|
|
|
|
|
Balance at Sep. 30, 2023 |
$ 146
|
85,852
|
191,052
|
(6,564)
|
270,486
|
Balance (in shares) at Dec. 31, 2023 |
14,660
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 147
|
90,009
|
128,052
|
(5,943)
|
212,265
|
Issuance of common stock for equity awards (in shares) |
1
|
|
|
|
|
Issuance of common stock for equity awards |
$ 0
|
23
|
0
|
0
|
23
|
Vesting of restricted stock units (in shares) |
250
|
|
|
|
|
Vesting of restricted stock units |
$ 2
|
(2)
|
0
|
0
|
0
|
Stock-based compensation expense |
$ 0
|
3,430
|
0
|
0
|
3,430
|
Retirement of common stock for minimum tax withholdings (in shares) |
(90)
|
|
|
|
|
Retirement of common stock for minimum tax withholdings |
$ (1)
|
(2,295)
|
0
|
0
|
(2,296)
|
Net loss |
0
|
0
|
(4,514)
|
0
|
(4,514)
|
Other comprehensive income (loss) |
$ 0
|
0
|
0
|
(372)
|
(372)
|
Balance (in shares) at Mar. 31, 2024 |
14,821
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 148
|
91,165
|
123,538
|
(6,315)
|
208,536
|
Balance (in shares) at Dec. 31, 2023 |
14,660
|
|
|
|
|
Balance at Dec. 31, 2023 |
$ 147
|
90,009
|
128,052
|
(5,943)
|
212,265
|
Net loss |
|
|
|
|
(34,520)
|
Balance (in shares) at Sep. 30, 2024 |
14,694
|
|
|
|
|
Balance at Sep. 30, 2024 |
$ 147
|
91,886
|
93,532
|
(5,701)
|
179,864
|
Balance (in shares) at Mar. 31, 2024 |
14,821
|
|
|
|
|
Balance at Mar. 31, 2024 |
$ 148
|
91,165
|
123,538
|
(6,315)
|
208,536
|
Issuance of common stock for equity awards (in shares) |
2
|
|
|
|
|
Issuance of common stock for equity awards |
$ 0
|
53
|
0
|
0
|
53
|
Vesting of restricted stock units (in shares) |
49
|
|
|
|
|
Vesting of restricted stock units |
$ 1
|
(1)
|
0
|
0
|
0
|
Stock-based compensation expense |
$ 0
|
3,103
|
0
|
0
|
3,103
|
Retirement of common stock for minimum tax withholdings (in shares) |
(4)
|
|
|
|
|
Retirement of common stock for minimum tax withholdings |
$ 0
|
(206)
|
0
|
0
|
(206)
|
Net loss |
0
|
0
|
(88)
|
0
|
(88)
|
Other comprehensive income (loss) |
$ 0
|
0
|
0
|
(101)
|
(101)
|
Issuance of ESPP shares (in shares) |
24
|
|
|
|
|
Issuance of ESPP shares |
$ 0
|
411
|
0
|
0
|
411
|
Repurchase of common stock (in shares) |
(53)
|
|
|
|
|
Repurchase of common stock |
$ (1)
|
(1,369)
|
0
|
0
|
(1,370)
|
Balance (in shares) at Jun. 30, 2024 |
14,839
|
|
|
|
|
Balance at Jun. 30, 2024 |
$ 148
|
93,156
|
123,450
|
(6,416)
|
210,338
|
Vesting of restricted stock units (in shares) |
10
|
|
|
|
|
Vesting of restricted stock units |
$ 0
|
0
|
0
|
0
|
0
|
Stock-based compensation expense |
$ 0
|
2,718
|
0
|
0
|
2,718
|
Retirement of common stock for minimum tax withholdings (in shares) |
(3)
|
|
|
|
|
Retirement of common stock for minimum tax withholdings |
$ 0
|
(21)
|
0
|
0
|
(21)
|
Net loss |
0
|
0
|
(29,918)
|
0
|
(29,918)
|
Other comprehensive income (loss) |
$ 0
|
0
|
0
|
715
|
715
|
Repurchase of common stock (in shares) |
(152)
|
|
|
|
|
Repurchase of common stock |
$ (1)
|
(3,967)
|
0
|
0
|
(3,968)
|
Balance (in shares) at Sep. 30, 2024 |
14,694
|
|
|
|
|
Balance at Sep. 30, 2024 |
$ 147
|
$ 91,886
|
$ 93,532
|
$ (5,701)
|
$ 179,864
|
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v3.24.3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Cash flows from operating activities: |
|
|
Net loss |
$ (34,520)
|
$ (19,667)
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
Depreciation |
5,324
|
4,806
|
Amortization of acquisition related intangible assets |
985
|
5,837
|
Non-cash operating lease cost |
1,561
|
1,633
|
Loss on disposal of property and equipment |
97
|
1,852
|
Long lived asset impairment |
3,101
|
0
|
Stock-based compensation expense |
10,875
|
11,428
|
Deferred income taxes |
26
|
(4,484)
|
Provision for credit losses |
1,023
|
74
|
Provision for inventory |
26,078
|
2,607
|
Changes in operating assets and liabilities: |
|
|
Accounts receivable |
6,638
|
(201)
|
Inventories |
(11,815)
|
(8,257)
|
Prepaid expenses, other current and long-term assets |
504
|
818
|
Accounts payable |
(2,385)
|
(1,319)
|
Operating lease liabilities |
(1,505)
|
(1,575)
|
Accrued expenses, other current and long-term liabilities |
(2,734)
|
914
|
Income taxes |
568
|
108
|
Net cash provided by (used in) operating activities |
3,821
|
(5,426)
|
Cash flows from investing activities: |
|
|
Purchases of property and equipment |
(6,427)
|
(3,587)
|
Acquisition of intangible assets |
(600)
|
0
|
Net cash used in investing activities |
(7,027)
|
(3,587)
|
Cash flows from financing activities: |
|
|
Proceeds from employee stock purchase program |
411
|
456
|
Cash paid for tax withheld on vested restricted stock awards |
(2,523)
|
(2,159)
|
Proceeds from exercises of equity awards |
76
|
37
|
Repurchases of common stock |
(5,339)
|
(5,000)
|
Net cash used in financing activities |
(7,375)
|
(6,666)
|
Exchange rate impact on cash |
82
|
3
|
Decrease in cash and cash equivalents |
(10,499)
|
(15,676)
|
Cash and cash equivalents at beginning of period |
72,867
|
86,327
|
Cash and cash equivalents at end of period |
62,368
|
70,651
|
Supplemental disclosure of cash flow information: |
|
|
Purchases of property and equipment included in accounts payable and accrued expenses |
$ 118
|
$ 749
|
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v3.24.3
Note 1 - Nature of Business
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Nature of Operations [Text Block] |
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. The Company has over 30 years of expertise in hyaluronic acid (“HA”) technology.
In early 2020, the Company expanded its overall technology platform through its acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation company, and Arthrosurface Incorporated (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions.
On October 31, 2024, the Company sold its equity interests in Arthrosurface (Note 15) and the Company announced its intention to divest of the Parcus Medical business. These decisions were a result of a strategic review to focus on the Company’s core HA technology and regenerative solutions products to maximize shareholder value.
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.
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v3.24.3
Note 2 - Basis of Presentation
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Business Description and Basis of Presentation [Text Block] |
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 omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2023 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, 2023. The results of operations for the three and nine-month periods ended September 30, 2024 are not indicative of the results to be expected for the year ending December 31, 2024.
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 September 30, 2024 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.
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the new guidance will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows for the entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also disaggregate income taxes paid. ASU 2023-09 is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
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v3.24.3
Note 3 - Accounts Receivable
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Accounts and Nontrade Receivable [Text Block] |
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
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Accounts receivable
|
|
$ |
30,927 |
|
|
$ |
37,580 |
|
Less: Allowance for credit losses
|
|
|
2,570 |
|
|
|
1,619 |
|
Net balance, end of period
|
|
$ |
28,357 |
|
|
$ |
35,961 |
|
A summary of activity in the allowance for credit losses is as follows:
|
|
As of September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Balance, beginning of the period
|
|
$ |
1,619 |
|
|
$ |
1,608 |
|
Amounts provided
|
|
|
1,284 |
|
|
|
353 |
|
Amounts recovered
|
|
|
(261 |
)
|
|
|
(279 |
)
|
Amounts written off
|
|
|
(78 |
)
|
|
|
(101 |
)
|
Translation adjustments
|
|
|
6 |
|
|
|
(7 |
)
|
Balance, end of period
|
|
$ |
2,570 |
|
|
$ |
1,574 |
|
|
X |
- DefinitionThe entire disclosure for accounts receivable, contract receivable, receivable held-for-sale, and nontrade receivable.
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v3.24.3
Note 4 - Fair Value Measurements
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Fair Value Disclosures [Text Block] |
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 nine-month periods ended September 30, 2024 and 2023, respectively.
The classification of the Company’s cash equivalents within the fair value hierarchy was as follows:
|
|
September 30,
|
|
|
Active
Markets
for Identical
Assets
|
|
|
Significant
Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
Amortized
|
|
|
|
2024
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Cost
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds
|
|
$ |
45,538 |
|
|
$ |
45,538 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
45,538 |
|
|
|
December 31,
|
|
|
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
|
|
$ |
55,485 |
|
|
$ |
55,485 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
55,485 |
|
|
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v3.24.3
Note 5 - Inventories
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Inventory Disclosure [Text Block] |
Inventories consist of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
16,401 |
|
|
$ |
15,507 |
|
Work-in-process
|
|
|
16,423 |
|
|
|
17,002 |
|
Finished goods
|
|
|
17,528 |
|
|
|
32,084 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
$ |
39,629 |
|
|
$ |
46,386 |
|
Other long-term assets
|
|
|
10,723 |
|
|
|
18,207 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
Inventories are stated net of inventory reserves of approximately $6.5 million and $11.7 million, as of September 30, 2024 and December 31, 2023, respectively. As described in more detail in Note 15, the Company sold its Arthrosurface business on October 31, 2024. As a result of this transaction, the Company adjusted the carrying value of the inventories related to the Arthrosurface business to the net realizable value. Accordingly, the company recorded a write-down of inventories of $22.7 million which was charged to Cost of Goods Sold during the three-month and nine-month periods ended September 30, 2024.
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v3.24.3
Note 6 - Acquired Intangible Assets, Net
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Goodwill and Intangible Assets Disclosure [Text Block] |
6.
|
Acquired Intangible Assets, Net
|
Intangible assets as of September 30, 2024 and December 31, 2023 consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months ended September 30, 2024 |
|
|
2023
|
|
|
|
|
|
|
|
Gross Value
|
|
|
Plus: Additions
|
|
|
Less: Accumulated Currency Translation Adjustment
|
|
|
Less: Current Period Impairment Charge
|
|
|
Less: Accumulated Amortization
|
|
|
Net Book Value
|
|
|
Net Book Value
|
|
|
Weighted Average Useful Life
|
|
Developed technology
|
|
$ |
33,061 |
|
|
$ |
600 |
|
|
$
|
(1,608 |
) |
|
$
|
(718 |
) |
|
$ |
(29,997 |
) |
|
$ |
1,338 |
|
|
$ |
1,973 |
|
|
$ |
15 |
|
In-process research & development
|
|
|
2,656 |
|
|
|
- |
|
|
|
(1,006 |
) |
|
|
- |
|
|
|
- |
|
|
|
1,650 |
|
|
|
1,650 |
|
|
Indefinite
|
|
Customer relationships
|
|
|
3,887 |
|
|
|
- |
|
|
|
- |
|
|
|
(316 |
) |
|
|
(3,571 |
) |
|
|
- |
|
|
|
360 |
|
|
|
10 |
|
Distributor Relationships
|
|
|
4,700 |
|
|
|
- |
|
|
|
(415 |
) |
|
|
- |
|
|
|
(4,285 |
) |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Patents
|
|
|
1,000 |
|
|
|
- |
|
|
|
(189 |
) |
|
|
- |
|
|
|
(764 |
) |
|
|
47 |
|
|
|
83 |
|
|
|
16 |
|
Tradenames
|
|
|
4,641 |
|
|
|
- |
|
|
|
- |
|
|
|
(126 |
) |
|
|
(4,469 |
) |
|
|
46 |
|
|
|
560 |
|
|
|
5 |
|
Total
|
|
$ |
49,945 |
|
|
$ |
600 |
|
|
$
|
(3,218 |
) |
|
$
|
(1,160 |
) |
|
$ |
(43,086 |
) |
|
$ |
3,081 |
|
|
$ |
4,626 |
|
|
|
12 |
|
The aggregate amortization expense related to intangible assets was $0.3 million and $1.9 million for the three-month periods ended September 30, 2024 and 2023, respectively and $1.0 million and $5.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. During the three-month period ended September 30, 2024, the Company acquired $0.6 million new drug application (“NDA”) that has regulatory approval in the U.S. that it has recorded as developed technology. The Company also recorded a $1.2 million charge to intangible assets related to its Arthrosurface asset group during the three-month period ended September 30, 2024 due to the Company not expecting to recover the value of the intangible asset from the expected net proceeds related to the sale of the Arthrosurface business (see Note 15).
As of September 30, 2024 scheduled amortization of intangible assets is as follows:
Remainder of 2024
|
|
$ |
252 |
|
2025
|
|
|
347 |
|
2026
|
|
|
232 |
|
2027
|
|
|
182 |
|
2028
|
|
|
32 |
|
Thereafter
|
|
|
386 |
|
Total
|
|
$ |
1,431 |
|
|
X |
- References
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v3.24.3
Note 7 - Goodwill
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Goodwill Disclosure [Text Block] |
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 nine-months ended September 30, 2024 were as follows:
|
|
Nine Months Ended
September 30,
|
|
|
|
2024
|
|
Balance, beginning of period
|
|
$ |
7,571 |
|
Effect of foreign currency adjustments
|
|
|
85 |
|
Balance, ending of period
|
|
$ |
7,656 |
|
|
X |
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- DefinitionThe entire disclosure for goodwill.
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v3.24.3
Note 8 - Accrued Expenses and Other Current Liabilities
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Accounts Payable and Accrued Liabilities Disclosure [Text Block] |
8.
|
Accrued Expenses and Other Current Liabilities
|
Accrued expenses and other current liabilities consist of the following:
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Compensation and related expenses
|
|
$ |
10,500 |
|
|
$ |
11,828 |
|
Professional fees
|
|
|
3,449 |
|
|
|
3,240 |
|
Operating lease liability – current
|
|
|
2,292 |
|
|
|
2,133 |
|
Stock-based compensation
|
|
|
1,624 |
|
|
|
- |
|
Clinical trial costs
|
|
|
363 |
|
|
|
460 |
|
Income taxes payable
|
|
|
82 |
|
|
|
1,240 |
|
Discontinuation of software development project
|
|
|
- |
|
|
|
1,904 |
|
Other
|
|
|
378 |
|
|
|
394 |
|
Total
|
|
$ |
18,688 |
|
|
$ |
21,199 |
|
|
X |
- DefinitionThe entire disclosure for accounts payable and accrued liabilities at the end of the reporting period.
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v3.24.3
Note 9 - Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Commitments and Contingencies Disclosure [Text Block] |
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 are immaterial. The Company had no accrued warranties as of September 30, 2024 or December 31, 2023 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.
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
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v3.24.3
Note 10 - Revenue and Geographic Information
|
9 Months Ended |
Sep. 30, 2024 |
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 September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OA Pain Management
|
|
$ |
24,428 |
|
|
$ |
24,888 |
|
|
$ |
75,404 |
|
|
$ |
76,855 |
|
Joint Preservation and Restoration
|
|
|
11,950 |
|
|
|
13,470 |
|
|
|
39,345 |
|
|
|
39,583 |
|
Non-Orthopedic
|
|
|
2,375 |
|
|
|
3,107 |
|
|
|
6,448 |
|
|
|
7,253 |
|
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
121,197 |
|
|
$ |
123,691 |
|
Revenue from the Company’s sole significant US customer, J&J Medtech (previously known as DePuy Synthes Mitek Sports Medicine), part of the Johnson & Johnson Medical Companies, as a percentage of the Company’s total revenue was 45% and 44% for the three-months ended September 30, 2024 and 2023, respectively, and 43% and 45% for the nine-months ended September 30, 2024 and 2023, 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 September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
27,699 |
|
|
|
71 |
%
|
|
$ |
30,831 |
|
|
|
74 |
%
|
Europe
|
|
|
5,688 |
|
|
|
15 |
%
|
|
|
5,420 |
|
|
|
13 |
%
|
Other
|
|
|
5,366 |
|
|
|
14 |
%
|
|
|
5,214 |
|
|
|
13 |
%
|
Total
|
|
$ |
38,753 |
|
|
|
100 |
%
|
|
$ |
41,465 |
|
|
|
100 |
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
85,923 |
|
|
|
71 |
%
|
|
$ |
90,986 |
|
|
|
74 |
%
|
Europe
|
|
|
18,264 |
|
|
|
15 |
%
|
|
|
16,757 |
|
|
|
13 |
%
|
Other
|
|
|
17,010 |
|
|
|
14 |
%
|
|
|
15,948 |
|
|
|
13 |
%
|
Total
|
|
$ |
121,197 |
|
|
|
100 |
%
|
|
$ |
123,691 |
|
|
|
100 |
%
|
|
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v3.24.3
Note 11 - Equity Incentive Plan
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Share-Based Payment Arrangement [Text Block] |
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 4.6 million shares of common stock may be issued under the 2017 Plan. There were 0.7 million shares available for future grant at September 30, 2024 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 and subsequently amended on December 22, 2023 and May 2, 2024. On May 2, 2024, the Company’s board of directors approved an amendment to the Inducement Plan increasing the number of shares by 100,000 shares. The Inducement Plan reserves 350,000 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 0.1 million shares available for future grant at September 30, 2024 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:
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Cost of revenue
|
|
$ |
92 |
|
|
$ |
181 |
|
|
$ |
391 |
|
|
$ |
532 |
|
Research & development
|
|
|
485 |
|
|
|
304 |
|
|
|
1,587 |
|
|
|
1,474 |
|
Selling, general & administrative
|
|
|
2,817 |
|
|
|
3,076 |
|
|
|
8,897 |
|
|
|
9,422 |
|
Total stock-based compensation expense
|
|
$ |
3,394 |
|
|
$ |
3,561 |
|
|
$ |
10,875 |
|
|
$ |
11,428 |
|
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, 2023
|
|
|
1,812,729 |
|
|
$ |
33.42 |
|
|
|
|
|
|
$ |
127 |
|
Granted
|
|
|
541,100 |
|
|
$ |
28.13 |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(3,556 |
)
|
|
$ |
21.96 |
|
|
|
|
|
|
$ |
14 |
|
Forfeited and canceled
|
|
|
(127,008 |
)
|
|
$ |
37.50 |
|
|
|
|
|
|
$ |
30 |
|
Outstanding as of September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
Vested, September 30, 2024
|
|
|
1,276,640 |
|
|
$ |
34.57 |
|
|
|
6.5 |
|
|
$ |
102 |
|
Vested or expected to vest, September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
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 nine months September 30, 2024 and 2023, along with the weighted-average grant-date fair values, were as follows:
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Risk free interest rate
|
|
|
3.6% - 4.6 |
%
|
|
|
3.5% - 4.4 |
% |
Expected volatility
|
|
|
44.5% - 48.2 |
%
|
|
|
48.2% - 49.4 |
% |
Expected life (years)
|
|
|
4.5 |
|
|
|
4.5 |
|
Expected dividend yield
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Fair value per option
|
|
$ |
10.53 |
|
|
$ |
11.46 |
|
As of September 30, 2024, there was $7.4 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 nine-month period ended September 30, 2024 was as follows:
|
|
|
|
|
|
Weighted
|
|
|
|
Number of
|
|
|
Average
|
|
|
|
Shares
|
|
|
Fair Value
|
|
Outstanding as of December 31, 2023
|
|
|
771,358 |
|
|
$ |
27.19 |
|
Granted
|
|
|
491,541 |
|
|
$ |
26.62 |
|
Vested
|
|
|
(308,634 |
)
|
|
$ |
27.73 |
|
Forfeited and cancelled
|
|
|
(74,874 |
)
|
|
$ |
26.43 |
|
Outstanding as of September 30, 2024
|
|
|
879,391 |
|
|
$ |
26.74 |
|
The weighted-average grant-date fair value per share of RSUs granted was $26.62 and $26.66 for the nine-month periods ended September 30, 2024 and 2023, respectively. The total fair value of RSUs vested was $9.6 million and $6.8 million for the nine-month periods ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was $7.1 million of unrecognized compensation cost related to time-based RSUs that are expected to settle in shares, which was expected to be recognized over a weighted-average period of 1.3 years.
The Company’s annual grant of RSU awards in March 2024 can be settled at vesting in cash or shares at the Company’s election. The Company has recorded these RSUs as a liability due to the expectation that the Company will settle the vesting of the March 2024 RSU awards in cash due to a potential shortage of shares in the 2017 Plan at the time of vesting. As a result, these RSUs will be subject to change in value at the time of each reporting period. As of September 30, 2024, the Company had 381,029 shares outstanding in which a liability of $1.6 million was recorded in Accrued Expenses and Other Liabilities. There was $7.7 million of unrecognized compensation cost for these RSUs recorded as a liability which was expected to vest over a weighted-average period of 2.4 years.
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v3.24.3
Note 12 - Income Taxes
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Income Tax Disclosure [Text Block] |
The income tax expense was $2.3 million and $3.2 million for the three- and nine-month periods ended September 30, 2024, resulting in effective tax rates of (8.4%) and (10.2%), respectively. The income tax benefit was $0.5 million and $2.5 million for the three- and nine-month periods ended September 30, 2023, resulting in an effective tax rate of 6.6% and 11.1%, respectively.
The net change in the effective tax rate for the three- and nine-month periods ended September 30, 2024, as compared to the same periods in 2023, was primarily due to the impact of the valuation allowance in the US in both the current and prior periods and the impact of recording of $1.5 million of discrete items during the nine-month period ended September 30, 2024. The Company’s effective tax rate for the three-month and nine-month periods ended September 30, 2024 was primarily driven by the full valuation on the Company's deferred tax assets in the US and the projected taxable income for the Company resulting in expected current tax expense in 2024.
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. The Company has incurred operating losses in recent years. As a result, the Company anticipates that deferred tax assets originating during the year ended December 31, 2024 will exceed the availability of reversing taxable temporary differences. Due to significant negative evidence, including the Company’s 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 nine-month period ended September 30, 2024 includes an adjustment for the valuation allowance required against the U.S. deferred tax assets. As of September 30, 2024, 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. In September 2024, the Company was notified by the Italian tax authorities that it had selected the Company’s tax returns for its Italian subsidiary for 2021 for examination and remains under review.
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v3.24.3
Note 13 - Earnings Per Share ("EPS")
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Earnings Per Share [Text Block] |
13.
|
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 nine-month periods ended September 30, 2024 and 2023, 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 2.2 million shares and 1.8 million shares were outstanding at September 30, 2024 and 2023, respectively. Restricted stock units totaling 0.9 million and 0.8 million were outstanding at September 30, 2024 and 2023, respectively. These securities were not included in the computation of diluted EPS because the awards’ impact on EPS would have been anti-dilutive.
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v3.24.3
Note 14 - Share Repurchase
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Equity [Text Block] |
In May 2024, the Company agreed to implement a share repurchase program for an aggregate purchase price of $40.0 million to occur as follows: (i) first $15.0 million was effected through a Rule 10b5-1 Plan initiated prior to June 1, 2024 and to be effective through June 30, 2025, and (ii) the remaining amount to be purchased in the open market through June 2026. In the event of positive “free cash flow” as defined in the Cooperation Agreement dated May 28, 2024, with Caligan Partners LP, Caligan Partners Master Fund LP and David Johnson, for the period from July 1, 2024 through June 30, 2025, the amount under the share repurchase program shall be increased by 50% of such positive amount and in no event would we be required to make any purchases in the event that the Company’s cash would be less than $45.0 million after taking into account the share repurchase and reasonably anticipated capital expenditures and restructuring costs. This new authorization replaces our share repurchase program previously announced in April 2023.
On May 28, 2024, the Company entered into a share repurchase agreement under a Rule 10b5-1 with Bank of America. As of September 30, 2024, the Company had repurchased 205,404 shares at an average cost of $25.99 per share for a total cost of $5.3 million.
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v3.24.3
Note 15 - Subsequent Event
|
9 Months Ended |
Sep. 30, 2024 |
Notes to Financial Statements |
|
Subsequent Events [Text Block] |
On October 31, 2024 (the “Closing Date”), the Company completed the sale of all of the outstanding equity interests (the “Transaction”) of Arthrosurface Incorporated, a Delaware corporation and former wholly-owned subsidiary of the Company (“Arthrosurface”), which held the Company’s Arthrosurface business, to Phoenix Brio, Incorporated, a Delaware corporation (“Buyer”), pursuant to the terms and conditions of a Share Purchase Agreement, dated as of the Closing Date (the “Purchase Agreement”), by and among the Company, Arthrosurface and Buyer (the “Transaction”).
As consideration for the Transaction, at the closing Buyer delivered to the Company a ten-year non-interest bearing promissory note in the principal amount of $7.0 million. Under the terms of the Purchase Agreement, the Company is also eligible to receive: (i) for each calendar quarter, an amount equal to a percentage of the net sales (the “Revenue Payments”) for the sale of certain commercial and pipeline products during the period commencing on the Closing Date and ending on the earlier of the fifth (5th) anniversary of the Closing Date or the date on which the Buy-Out Payment (as defined below) is paid to the Company; and (ii) a percentage of the gross proceeds with respect to the sale of certain commercial and pipeline products in a bona-fide arm’s length transaction with a third party that is not an affiliate of Buyer or the Company occurring within the first twenty four (24) months following the Closing Date. The Buyer can also elect to make a payment in an amount equal to the greater of (A) $14.0 million or (B) ten (10) times the Revenue Payments ((A) and (B) together, the “Buy-Out Payment”) paid to the Company during the last full calendar year prior to the consummation of a change of control transaction or Buyer’s written notice to the Company that it is electing to make the Buy-Out Payment. Pursuant to the Purchase Agreement, the aggregate consideration is subject to customary post-closing adjustments.
As a result of the Transaction, the Company tested the assets associated with the Arthrosurface business to determine if the carrying value of the assets at September 30, 2024 were fully recoverable. Given that the expected proceeds from the sale of the Arthrosurface business is expected to be less than the carrying value of its net assets, the Company recorded asset impairment charges totaling $27.4 million during the three-month period ended September 30, 2024 related to a write-down of its accounts receivable, inventories, property and equipment and intangible assets related to the Arthrosurface business.
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v3.24.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2024 |
Accounting Policies [Abstract] |
|
Basis of Accounting, Policy [Policy Text Block] |
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 omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2023 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, 2023. The results of operations for the three and nine-month periods ended September 30, 2024 are not indicative of the results to be expected for the year ending December 31, 2024.
|
Segment Reporting, Policy [Policy Text Block] |
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 September 30, 2024 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.
|
New Accounting Pronouncements, Policy [Policy Text Block] |
Recent Accounting Pronouncements
In November 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, are intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the new guidance will enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements. The purpose of the amendments is to enable investors to better understand an entity’s overall performance and assess potential future cash flows for the entity. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-07 on its consolidated financial statements and related disclosures.
In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements. Under the new guidance, entities must consistently categorize and provide greater disaggregation of information in the rate reconciliation and must also disaggregate income taxes paid. ASU 2023-09 is effective for fiscal years and interim periods beginning after December 15, 2024. The Company is evaluating the impact of ASU 2023-09 on its consolidated financial statements and related disclosures.
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v3.24.3
Note 3 - Accounts Receivable (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
|
|
As of
|
|
|
As of
|
|
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Accounts receivable
|
|
$ |
30,927 |
|
|
$ |
37,580 |
|
Less: Allowance for credit losses
|
|
|
2,570 |
|
|
|
1,619 |
|
Net balance, end of period
|
|
$ |
28,357 |
|
|
$ |
35,961 |
|
|
|
As of September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Balance, beginning of the period
|
|
$ |
1,619 |
|
|
$ |
1,608 |
|
Amounts provided
|
|
|
1,284 |
|
|
|
353 |
|
Amounts recovered
|
|
|
(261 |
)
|
|
|
(279 |
)
|
Amounts written off
|
|
|
(78 |
)
|
|
|
(101 |
)
|
Translation adjustments
|
|
|
6 |
|
|
|
(7 |
)
|
Balance, end of period
|
|
$ |
2,570 |
|
|
$ |
1,574 |
|
|
X |
- DefinitionTabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables.
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v3.24.3
Note 4 - Fair Value Measurements (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Fair Value, Assets Measured on Recurring Basis [Table Text Block] |
|
|
September 30,
|
|
|
Active
Markets
for Identical
Assets
|
|
|
Significant
Other
Observable
Inputs
|
|
|
Significant
Unobservable
Inputs
|
|
|
Amortized
|
|
|
|
2024
|
|
|
(Level 1)
|
|
|
(Level 2)
|
|
|
(Level 3)
|
|
|
Cost
|
|
Cash equivalents:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money Market Funds
|
|
$ |
45,538 |
|
|
$ |
45,538 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
45,538 |
|
|
|
December 31,
|
|
|
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
|
|
$ |
55,485 |
|
|
$ |
55,485 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
55,485 |
|
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
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v3.24.3
Note 5 - Inventories (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Schedule of Inventory, Current [Table Text Block] |
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Raw materials
|
|
$ |
16,401 |
|
|
$ |
15,507 |
|
Work-in-process
|
|
|
16,423 |
|
|
|
17,002 |
|
Finished goods
|
|
|
17,528 |
|
|
|
32,084 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Inventories
|
|
$ |
39,629 |
|
|
$ |
46,386 |
|
Other long-term assets
|
|
|
10,723 |
|
|
|
18,207 |
|
Total
|
|
$ |
50,352 |
|
|
$ |
64,593 |
|
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
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v3.24.3
Note 6 - Acquired Intangible Assets, Net (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31,
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months ended September 30, 2024 |
|
|
2023
|
|
|
|
|
|
|
|
Gross Value
|
|
|
Plus: Additions
|
|
|
Less: Accumulated Currency Translation Adjustment
|
|
|
Less: Current Period Impairment Charge
|
|
|
Less: Accumulated Amortization
|
|
|
Net Book Value
|
|
|
Net Book Value
|
|
|
Weighted Average Useful Life
|
|
Developed technology
|
|
$ |
33,061 |
|
|
$ |
600 |
|
|
$
|
(1,608 |
) |
|
$
|
(718 |
) |
|
$ |
(29,997 |
) |
|
$ |
1,338 |
|
|
$ |
1,973 |
|
|
$ |
15 |
|
In-process research & development
|
|
|
2,656 |
|
|
|
- |
|
|
|
(1,006 |
) |
|
|
- |
|
|
|
- |
|
|
|
1,650 |
|
|
|
1,650 |
|
|
Indefinite
|
|
Customer relationships
|
|
|
3,887 |
|
|
|
- |
|
|
|
- |
|
|
|
(316 |
) |
|
|
(3,571 |
) |
|
|
- |
|
|
|
360 |
|
|
|
10 |
|
Distributor Relationships
|
|
|
4,700 |
|
|
|
- |
|
|
|
(415 |
) |
|
|
- |
|
|
|
(4,285 |
) |
|
|
- |
|
|
|
- |
|
|
|
5 |
|
Patents
|
|
|
1,000 |
|
|
|
- |
|
|
|
(189 |
) |
|
|
- |
|
|
|
(764 |
) |
|
|
47 |
|
|
|
83 |
|
|
|
16 |
|
Tradenames
|
|
|
4,641 |
|
|
|
- |
|
|
|
- |
|
|
|
(126 |
) |
|
|
(4,469 |
) |
|
|
46 |
|
|
|
560 |
|
|
|
5 |
|
Total
|
|
$ |
49,945 |
|
|
$ |
600 |
|
|
$
|
(3,218 |
) |
|
$
|
(1,160 |
) |
|
$ |
(43,086 |
) |
|
$ |
3,081 |
|
|
$ |
4,626 |
|
|
|
12 |
|
|
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] |
Remainder of 2024
|
|
$ |
252 |
|
2025
|
|
|
347 |
|
2026
|
|
|
232 |
|
2027
|
|
|
182 |
|
2028
|
|
|
32 |
|
Thereafter
|
|
|
386 |
|
Total
|
|
$ |
1,431 |
|
|
X |
- DefinitionTabular disclosure of finite-lived and indefinite-lived intangible assets by major class.
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v3.24.3
Note 7 - Goodwill (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Schedule of Goodwill [Table Text Block] |
|
|
Nine Months Ended
September 30,
|
|
|
|
2024
|
|
Balance, beginning of period
|
|
$ |
7,571 |
|
Effect of foreign currency adjustments
|
|
|
85 |
|
Balance, ending of period
|
|
$ |
7,656 |
|
|
X |
- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
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v3.24.3
Note 8 - Accrued Expenses and Other Current Liabilities (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Schedule of Accrued Liabilities [Table Text Block] |
|
|
September 30,
|
|
|
December 31,
|
|
|
|
2024
|
|
|
2023
|
|
Compensation and related expenses
|
|
$ |
10,500 |
|
|
$ |
11,828 |
|
Professional fees
|
|
|
3,449 |
|
|
|
3,240 |
|
Operating lease liability – current
|
|
|
2,292 |
|
|
|
2,133 |
|
Stock-based compensation
|
|
|
1,624 |
|
|
|
- |
|
Clinical trial costs
|
|
|
363 |
|
|
|
460 |
|
Income taxes payable
|
|
|
82 |
|
|
|
1,240 |
|
Discontinuation of software development project
|
|
|
- |
|
|
|
1,904 |
|
Other
|
|
|
378 |
|
|
|
394 |
|
Total
|
|
$ |
18,688 |
|
|
$ |
21,199 |
|
|
X |
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v3.24.3
Note 10 - Revenue and Geographic Information (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Revenue from External Customers by Products and Services [Table Text Block] |
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OA Pain Management
|
|
$ |
24,428 |
|
|
$ |
24,888 |
|
|
$ |
75,404 |
|
|
$ |
76,855 |
|
Joint Preservation and Restoration
|
|
|
11,950 |
|
|
|
13,470 |
|
|
|
39,345 |
|
|
|
39,583 |
|
Non-Orthopedic
|
|
|
2,375 |
|
|
|
3,107 |
|
|
|
6,448 |
|
|
|
7,253 |
|
|
|
$ |
38,753 |
|
|
$ |
41,465 |
|
|
$ |
121,197 |
|
|
$ |
123,691 |
|
|
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block] |
|
|
Three Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
27,699 |
|
|
|
71 |
%
|
|
$ |
30,831 |
|
|
|
74 |
%
|
Europe
|
|
|
5,688 |
|
|
|
15 |
%
|
|
|
5,420 |
|
|
|
13 |
%
|
Other
|
|
|
5,366 |
|
|
|
14 |
%
|
|
|
5,214 |
|
|
|
13 |
%
|
Total
|
|
$ |
38,753 |
|
|
|
100 |
%
|
|
$ |
41,465 |
|
|
|
100 |
%
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
|
|
|
|
|
Percentage of
|
|
|
|
|
|
|
Percentage of
|
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
|
Revenue
|
|
Geographic Location:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
United States
|
|
$ |
85,923 |
|
|
|
71 |
%
|
|
$ |
90,986 |
|
|
|
74 |
%
|
Europe
|
|
|
18,264 |
|
|
|
15 |
%
|
|
|
16,757 |
|
|
|
13 |
%
|
Other
|
|
|
17,010 |
|
|
|
14 |
%
|
|
|
15,948 |
|
|
|
13 |
%
|
Total
|
|
$ |
121,197 |
|
|
|
100 |
%
|
|
$ |
123,691 |
|
|
|
100 |
%
|
|
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v3.24.3
Note 11 - Equity Incentive Plan (Tables)
|
9 Months Ended |
Sep. 30, 2024 |
Notes Tables |
|
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
2024
|
|
|
2023
|
|
|
2024
|
|
|
2023
|
|
Cost of revenue
|
|
$ |
92 |
|
|
$ |
181 |
|
|
$ |
391 |
|
|
$ |
532 |
|
Research & development
|
|
|
485 |
|
|
|
304 |
|
|
|
1,587 |
|
|
|
1,474 |
|
Selling, general & administrative
|
|
|
2,817 |
|
|
|
3,076 |
|
|
|
8,897 |
|
|
|
9,422 |
|
Total stock-based compensation expense
|
|
$ |
3,394 |
|
|
$ |
3,561 |
|
|
$ |
10,875 |
|
|
$ |
11,428 |
|
|
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, 2023
|
|
|
1,812,729 |
|
|
$ |
33.42 |
|
|
|
|
|
|
$ |
127 |
|
Granted
|
|
|
541,100 |
|
|
$ |
28.13 |
|
|
|
|
|
|
|
|
|
Exercised
|
|
|
(3,556 |
)
|
|
$ |
21.96 |
|
|
|
|
|
|
$ |
14 |
|
Forfeited and canceled
|
|
|
(127,008 |
)
|
|
$ |
37.50 |
|
|
|
|
|
|
$ |
30 |
|
Outstanding as of September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
Vested, September 30, 2024
|
|
|
1,276,640 |
|
|
$ |
34.57 |
|
|
|
6.5 |
|
|
$ |
102 |
|
Vested or expected to vest, September 30, 2024
|
|
|
2,223,265 |
|
|
$ |
31.92 |
|
|
|
7.5 |
|
|
$ |
248 |
|
|
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] |
|
|
Nine Months Ended
|
|
|
|
September 30,
|
|
|
|
2024
|
|
|
2023
|
|
Risk free interest rate
|
|
|
3.6% - 4.6 |
%
|
|
|
3.5% - 4.4 |
% |
Expected volatility
|
|
|
44.5% - 48.2 |
%
|
|
|
48.2% - 49.4 |
% |
Expected life (years)
|
|
|
4.5 |
|
|
|
4.5 |
|
Expected dividend yield
|
|
|
0.0 |
% |
|
|
0.0 |
% |
Fair value per option
|
|
$ |
10.53 |
|
|
$ |
11.46 |
|
|
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, 2023
|
|
|
771,358 |
|
|
$ |
27.19 |
|
Granted
|
|
|
491,541 |
|
|
$ |
26.62 |
|
Vested
|
|
|
(308,634 |
)
|
|
$ |
27.73 |
|
Forfeited and cancelled
|
|
|
(74,874 |
)
|
|
$ |
26.43 |
|
Outstanding as of September 30, 2024
|
|
|
879,391 |
|
|
$ |
26.74 |
|
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
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X |
- DefinitionNumber of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.
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v3.24.3
Note 3 - Accounts Receivable - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Accounts receivable |
$ 30,927
|
|
$ 37,580
|
Balance, beginning of the period |
1,619
|
$ 1,608
|
|
Less: Allowance for credit losses |
2,570
|
|
1,619
|
Amounts provided |
1,284
|
353
|
|
Net balance, end of period |
28,357
|
|
$ 35,961
|
Amounts recovered |
(261)
|
(279)
|
|
Amounts written off |
(78)
|
(101)
|
|
Translation adjustments |
6
|
(7)
|
|
Balance, end of period |
$ 2,570
|
$ 1,574
|
|
X |
- DefinitionAmount of translation adjustments affecting the allowance for doubtful accounts receivable.
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v3.24.3
Note 4 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - Money Market Funds [Member] - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Estimate of Fair Value Measurement [Member] |
|
|
Cash equivalents |
$ 45,538
|
$ 55,485
|
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] |
|
|
Cash equivalents |
45,538
|
55,485
|
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 |
$ 45,538
|
$ 55,485
|
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v3.24.3
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Dec. 31, 2023 |
Inventory Valuation Reserves |
$ 6,500
|
$ 6,500
|
|
$ 11,700
|
Inventory Write-down |
|
26,078
|
$ 2,607
|
|
Arthrosurface [Member] | Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] |
|
|
|
|
Inventory Write-down |
$ 22,700
|
|
|
|
Arthrosurface [Member] | Discontinued Operations, Held-for-Sale or Disposed of by Sale [Member] |
|
|
|
|
Inventory Write-down |
|
$ 22,700
|
|
|
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v3.24.3
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Raw materials |
$ 16,401
|
$ 15,507
|
Work-in-process |
16,423
|
17,002
|
Finished goods |
17,528
|
32,084
|
Total |
50,352
|
64,593
|
Inventories |
39,629
|
46,386
|
Other long-term assets |
$ 10,723
|
$ 18,207
|
X |
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v3.24.3
Note 6 - Acquired Intangible Assets, Net (Details Textual) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Amortization of Intangible Assets |
$ 300
|
$ 1,900
|
$ 1,000
|
$ 5,800
|
Plus: Additions |
|
|
600
|
|
Impairment of Intangible Assets, Finite-Lived |
|
|
$ 1,160
|
|
Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] | Arthrosurface [Member] |
|
|
|
|
Impairment of Intangible Assets, Finite-Lived |
1,200
|
|
|
|
Licensing Agreements [Member] |
|
|
|
|
Plus: Additions |
$ 600
|
|
|
|
X |
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v3.24.3
Note 6 - Acquired Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Gross Value |
$ 49,945
|
|
Plus: Additions |
600
|
|
Less: Accumulated Currency Translation Adjustment |
(3,218)
|
|
Less: Current Period Impairment Charge |
(1,160)
|
|
Less: Accumulated Amortization |
(43,086)
|
|
Net Book Value |
$ 3,081
|
$ 4,626
|
Weighted Average Useful Life (Year) |
12 years
|
|
In Process Research and Development [Member] |
|
|
Gross Value |
$ 2,656
|
|
Less: Accumulated Currency Translation Adjustment |
(1,006)
|
|
Less: Current Period Impairment Charge |
0
|
|
Net Book Value |
1,650
|
1,650
|
Developed Technology Rights [Member] |
|
|
Gross Value |
33,061
|
|
Plus: Additions |
600
|
|
Less: Accumulated Currency Translation Adjustment |
(1,608)
|
|
Less: Current Period Impairment Charge |
(718)
|
|
Less: Accumulated Amortization |
(29,997)
|
|
Net Book Value |
$ 1,338
|
1,973
|
Weighted Average Useful Life (Year) |
15 years
|
|
Customer Relationships [Member] |
|
|
Gross Value |
$ 3,887
|
|
Plus: Additions |
0
|
|
Less: Accumulated Currency Translation Adjustment |
0
|
|
Less: Current Period Impairment Charge |
(316)
|
|
Less: Accumulated Amortization |
(3,571)
|
|
Net Book Value |
$ 0
|
360
|
Weighted Average Useful Life (Year) |
10 years
|
|
Distribution Rights [Member] |
|
|
Gross Value |
$ 4,700
|
|
Plus: Additions |
0
|
|
Less: Accumulated Currency Translation Adjustment |
(415)
|
|
Less: Current Period Impairment Charge |
0
|
|
Less: Accumulated Amortization |
(4,285)
|
|
Net Book Value |
$ 0
|
0
|
Weighted Average Useful Life (Year) |
5 years
|
|
Patents [Member] |
|
|
Gross Value |
$ 1,000
|
|
Plus: Additions |
0
|
|
Less: Accumulated Currency Translation Adjustment |
(189)
|
|
Less: Current Period Impairment Charge |
0
|
|
Less: Accumulated Amortization |
(764)
|
|
Net Book Value |
$ 47
|
83
|
Weighted Average Useful Life (Year) |
16 years
|
|
Trade Names [Member] |
|
|
Gross Value |
$ 4,641
|
|
Plus: Additions |
0
|
|
Less: Accumulated Currency Translation Adjustment |
0
|
|
Less: Current Period Impairment Charge |
(126)
|
|
Less: Accumulated Amortization |
(4,469)
|
|
Net Book Value |
$ 46
|
$ 560
|
Weighted Average Useful Life (Year) |
5 years
|
|
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- DefinitionRepresents the amount of the accumulated currency translation adjustment.
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Note 8 - Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands |
Sep. 30, 2024 |
Dec. 31, 2023 |
Compensation and related expenses |
$ 10,500
|
$ 11,828
|
Professional fees |
$ 3,449
|
$ 3,240
|
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] |
Total
|
Total
|
Operating lease liability – current |
$ 2,292
|
$ 2,133
|
Stock-based compensation |
1,624
|
0
|
Clinical trial costs |
363
|
460
|
Income taxes payable |
82
|
1,240
|
Discontinuation of software development project |
0
|
1,904
|
Other |
378
|
394
|
Total |
$ 18,688
|
$ 21,199
|
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Note 10 - Revenue and Geographic Information - Revenues (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Revenue |
$ 38,753
|
$ 41,465
|
$ 121,197
|
$ 123,691
|
OA Pain Management [member] |
|
|
|
|
Revenue |
24,428
|
24,888
|
75,404
|
76,855
|
Joint Preservation and Restoration [Member] |
|
|
|
|
Revenue |
11,950
|
13,470
|
39,345
|
39,583
|
Non-Orthopedic [Member] |
|
|
|
|
Revenue |
$ 2,375
|
$ 3,107
|
$ 6,448
|
$ 7,253
|
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v3.24.3
Note 10 - Revenue and Geographic Information - Total Revenue by Geographic Location (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Revenue |
$ 38,753
|
$ 41,465
|
$ 121,197
|
$ 123,691
|
Percentage of Revenue |
100.00%
|
100.00%
|
100.00%
|
100.00%
|
UNITED STATES |
|
|
|
|
Revenue |
$ 27,699
|
$ 30,831
|
$ 85,923
|
$ 90,986
|
Percentage of Revenue |
71.00%
|
74.00%
|
71.00%
|
74.00%
|
Europe [Member] |
|
|
|
|
Revenue |
$ 5,688
|
$ 5,420
|
$ 18,264
|
$ 16,757
|
Percentage of Revenue |
15.00%
|
13.00%
|
15.00%
|
13.00%
|
Other Location [Member] |
|
|
|
|
Revenue |
$ 5,366
|
$ 5,214
|
$ 17,010
|
$ 15,948
|
Percentage of Revenue |
14.00%
|
13.00%
|
14.00%
|
13.00%
|
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v3.24.3
Note 11 - Equity Incentive Plan (Details Textual) - USD ($) $ / shares in Units, $ in Millions |
|
|
9 Months Ended |
|
|
May 02, 2024 |
Jun. 14, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Jun. 13, 2023 |
Jun. 13, 2017 |
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, Total |
|
|
$ 7.4
|
|
|
|
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, Total |
|
|
$ 7.1
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
1 year 3 months 18 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) |
|
|
$ 26.62
|
$ 26.66
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value |
|
|
$ 9.6
|
$ 6.8
|
|
|
Restricted Stock Units (RSUs) [Member] | March 2024 [Member] |
|
|
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total |
|
|
$ 7.7
|
|
|
|
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
|
2 years 4 months 24 days
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Unsettled, Number |
|
|
381,029
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Outstanding |
|
|
$ 1.6
|
|
|
|
Restricted Stock Units (RSUs) [Member] | Minimum [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) |
|
|
3 years
|
|
|
|
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) |
|
|
700,000
|
|
|
4.6
|
The 2021 Inducement Plan [Member] |
|
|
|
|
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) |
|
|
0.1
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance, Number of Shares Increased |
100,000
|
|
|
|
|
|
Common Stock, Capital Shares Reserved for Future Issuance (in shares) |
350,000
|
|
|
|
|
|
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
|
|
|
|
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v3.24.3
Note 11 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Stock-based compensation expense |
$ 3,394
|
$ 3,561
|
$ 10,875
|
$ 11,428
|
Cost of Sales [Member] |
|
|
|
|
Stock-based compensation expense |
92
|
181
|
391
|
532
|
Research and Development Expense [Member] |
|
|
|
|
Stock-based compensation expense |
485
|
304
|
1,587
|
1,474
|
Selling, General and Administrative Expenses [Member] |
|
|
|
|
Stock-based compensation expense |
$ 2,817
|
$ 3,076
|
$ 8,897
|
$ 9,422
|
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v3.24.3
Note 11 - Equity Incentive Plan - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands |
9 Months Ended |
|
Sep. 30, 2024 |
Dec. 31, 2023 |
Outstanding, shares (in shares) |
1,812,729
|
|
Outstanding, Weighted Average Exercise (in dollars per share) |
$ 33.42
|
|
Outstanding, aggregate intrinsic value |
$ 248
|
$ 127
|
Granted, shares (in shares) |
541,100
|
|
Granted, Weighted Average Exercise Price (in dollars per share) |
$ 28.13
|
|
Exercised, shares (in shares) |
(3,556)
|
|
Exercised, Weighted Average Exercise Price (in dollars per share) |
$ 21.96
|
|
Exercised, Aggregate Intrinsic Value |
$ 14
|
|
Forfeited and canceled, shares (in shares) |
(127,008)
|
|
Forfeited and canceled (in dollars per share) |
$ 37.5
|
|
Forfeited and canceled, aggregate intrinsic value |
$ 30
|
|
Outstanding, shares (in shares) |
2,223,265
|
|
Outstanding, Weighted Average Exercise Price (in dollars per share) |
$ 31.92
|
|
Outstanding, Weighted Average Remaining Contractual Term (Year) |
7 years 6 months
|
|
Vested, shares (in shares) |
1,276,640
|
|
Vested, Weighted Average Exercise Price (in dollars per share) |
$ 34.57
|
|
Vested, Weighted Average Remaining Contractual Term (Year) |
6 years 6 months
|
|
Vested, Aggregate Intrinsic Value |
$ 102
|
|
Vested and expected to vest, shares (in shares) |
2,223,265
|
|
Vested and expected to vest, Weighted Average Exercise Price (in dollars per share) |
$ 31.92
|
|
Vested and expected to vest, Weighted Average Remaining Contractual Term (Year) |
7 years 6 months
|
|
Vested and expected to vest, Aggregate Intrinsic Value |
$ 248
|
|
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v3.24.3
Note 11 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details) - $ / shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Expected life (years) (Year) |
4 years 6 months
|
4 years 6 months
|
Expected dividend yield |
0.00%
|
0.00%
|
Fair value per option (in dollars per share) |
$ 10.53
|
$ 11.46
|
Minimum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
3.60%
|
3.50%
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
44.50%
|
48.20%
|
Maximum [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate |
4.60%
|
4.40%
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate |
48.20%
|
|
X |
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v3.24.3
Note 11 - Equity Incentive Plan - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares
|
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2023 |
Outstanding, shares (in shares) |
771,358
|
|
Outstanding, weighted average grant date fair value (in dollars per share) |
$ 27.19
|
|
Granted (in shares) |
491,541
|
|
Granted, weighted average grant date fair value (in dollars per share) |
$ 26.62
|
$ 26.66
|
Vested, shares (in shares) |
(308,634)
|
|
Vested, weighted average grant date fair value (in dollars per share) |
$ 27.73
|
|
Forfeited and cancelled, shares (in shares) |
(74,874)
|
|
Forfeited and cancelled, weighted average grant date fair value (in dollars per share) |
$ 26.43
|
|
Outstanding, shares (in shares) |
879,391
|
|
Outstanding, weighted average grant date fair value (in dollars per share) |
$ 26.74
|
|
X |
- DefinitionThe number of equity-based payment instruments, excluding stock (or unit) options, that were forfeited during the reporting period.
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v3.24.3
Note 12 - Income Taxes (Details Textual) - USD ($) $ in Thousands |
1 Months Ended |
3 Months Ended |
9 Months Ended |
Sep. 30, 2024 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Sep. 30, 2024 |
Sep. 30, 2023 |
Income Tax Expense (Benefit) |
|
$ 2,307
|
$ (463)
|
$ 3,194
|
$ (2,456)
|
Effective Income Tax Rate Reconciliation, Percent |
|
(8.40%)
|
6.60%
|
(10.20%)
|
11.10%
|
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount |
|
$ 1,500
|
|
$ 1,500
|
|
Foreign Tax Jurisdiction, Other [Member] | Ministry of Economic Affairs and Finance, Italy [Member] |
|
|
|
|
|
Income Tax Examination, Year under Examination |
2021
|
|
|
|
|
v3.24.3
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
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v3.24.3
Note 14 - Share Repurchase (Details Textual) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
4 Months Ended |
|
Sep. 30, 2024 |
Jun. 30, 2024 |
Sep. 30, 2023 |
Jun. 30, 2023 |
Sep. 30, 2024 |
May 28, 2024 |
Stock Repurchased During Period, Value |
$ 3,968
|
$ 1,370
|
$ (0)
|
$ 5,050
|
|
|
May 2024 Share Repurchase Plan [Member] |
|
|
|
|
|
|
Share Repurchase Program, Authorized, Amount |
|
|
|
|
|
$ 40,000
|
Share Repurchase Program, Authorized, Increase Percentage |
|
|
|
|
|
50.00%
|
Share Repurchase Program, Authorized, Minimum Cash Balance |
|
|
|
|
|
$ 45,000
|
May 2024 Share Repurchase Plan, Rule 10b5-1 [Member] |
|
|
|
|
|
|
Share Repurchase Program, Authorized, Amount |
|
|
|
|
|
$ 15,000
|
Stock Repurchased During Period, Shares |
|
|
|
|
205,404
|
|
Stock Repurchased During Period, Average Cost Per Share |
|
|
|
|
$ 25.99
|
|
Stock Repurchased During Period, Value |
|
|
|
|
$ 5,300
|
|
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v3.24.3
Note 15 - Subsequent Event (Details Textual) - Arthrosurface [Member] - Disposal Group, Held-for-Sale or Disposed of by Sale, Not Discontinued Operations [Member] $ in Millions |
|
3 Months Ended |
Oct. 31, 2024
USD ($)
|
Sep. 30, 2024
USD ($)
|
Disposal Group, Not Discontinued Operation, Gain (Loss) on Disposal |
|
$ (27.4)
|
Subsequent Event [Member] |
|
|
Notes Receivable, Term |
10 years
|
|
Financing Receivable, before Allowance for Credit Loss |
$ 7.0
|
|
Disposal Group, Consideration, Revenue Payments Period |
5 years
|
|
Disposal Group, Consideration, Period for Payment of Percentage of Gross Proceeds for Third Party Sales |
24 months
|
|
Disposal Group, Consideration, Change of Control, Minimum |
$ 14.0
|
|
Disposal Group, Consideration, Change of Control, Multiplier of Revenue Payments |
10
|
|
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Anika Therapeutics (NASDAQ:ANIK)
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