a50624368.htm

0001157523-13-002386.txt : 20130506 0001157523-13-002386.hdr.sgml : 20130506 20130506163510 ACCESSION NUMBER: 0001157523-13-002386 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20130331 FILED AS OF DATE: 20130506 DATE AS OF CHANGE: 20130506 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANIKA THERAPEUTICS INC CENTRAL INDEX KEY: 0000898437 STANDARD INDUSTRIAL CLASSIFICATION: SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841] IRS NUMBER: 043145961 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14027 FILM NUMBER: 13816541 BUSINESS ADDRESS: STREET 1: 236 WEST CUMMINGS PARK CITY: WOBURN STATE: MA ZIP: 01801 BUSINESS PHONE: 6179326616 MAIL ADDRESS: STREET 1: 236 WEST CUMMINGS PARK CITY: WOBURN STATE: MA ZIP: 01801 FORMER COMPANY: FORMER CONFORMED NAME: ANIKA RESEARCH INC DATE OF NAME CHANGE: 19930309 10-Q 1 a50624368.htm ANIKA THERAPEUTICS, INC. 10-Q a50624368.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

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

For the quarterly period ended March 31, 2013

o	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 000-21326

Anika Therapeutics, Inc.

(Exact Name of Registrant as Specified in Its Charter)

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

32 Wiggins Avenue, Bedford, Massachusetts	01730
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (781) 457-9000

Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report: N/A

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 x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant 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 and post such files).

Yes x No o

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

Large accelerated filer o

Accelerated filer x

Non-accelerated filer o

(Do not check if a smaller

reporting company)

Smaller reporting

company o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act)

Yes o No x

As of May 3, 2013, there were 13,996,250 outstanding shares of Common Stock, par value $.01 per share.

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

	Anika Therapeutics, Inc. and Subsidiaries
	Condensed Consolidated Balance Sheets
	(unaudited)

		March 31,			December 31,
		2013			2012
	ASSETS
Current assets:
	Cash and cash equivalents	$	50,965,566		$	44,067,477
	Accounts receivable, net of reserves of $327,270 and $337,459 at March 31, 2013 and December 31, 2012, respectively		14,784,266			21,462,481
	Inventories		9,947,961			8,283,472
	Current portion deferred income taxes		1,989,422			2,031,583
	Prepaid expenses and other		1,007,669			1,539,477
	Total current assets		78,694,884			77,384,490
Property and equipment, at cost			51,566,576			52,376,013
Less: accumulated depreciation			(17,087,726	)		(17,263,032	)
			34,478,850			35,112,981
Long-term deposits and other			162,545			171,053
Intangible assets, net			19,229,922			20,334,636
Goodwill			8,792,165			9,065,891
Total Assets		$	141,358,366		$	142,069,051

	LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
	Accounts payable	$	2,696,550		$	2,341,838
	Accrued expenses		4,252,574			5,837,044
	Deferred revenue		2,191,667			2,875,067
	Current portion of long-term debt		1,600,000			1,600,000
	Income taxes payable		-			1,798,669
	Total current liabilities		10,740,791			14,452,618
Other long-term liabilities			1,294,140			1,541,124
Long-term deferred revenue			2,111,111			2,152,778
Deferred tax liability			6,784,019			6,997,397
Long-term debt			7,600,000			8,000,000
Commitments and contingencies (Note 10)
Stockholders’ equity:
	Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively		-			-
	Common stock, $.01 par value; 30,000,000 shares authorized, 14,006,135 and 13,866,060 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively		140,061			138,659
	Additional paid-in-capital		67,014,641			65,431,424
	Accumulated currency translation adjustment		(3,404,080	)		(2,654,630	)
	Retained earnings		49,077,683			46,009,681
	Total stockholders’ equity		112,828,305			108,925,134
	Total Liabilities and Stockholders’ Equity	$	141,358,366		$	142,069,051

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
	(unaudited)

		Three Months Ended March 31,
		2013			2012
Product revenue		$	14,494,489		$	13,613,328
Licensing, milestone and contract revenue			752,522			747,332
	Total revenue		15,247,011			14,360,660

Operating expenses:
	Cost of product revenue		4,841,170			6,413,481
	Research & development		1,582,910			1,533,103
	Selling, general & administrative		3,947,114			3,351,016
	Restructuring charges		(135,607	)		-
Total operating expenses			10,235,587			11,297,600
Income from operations			5,011,424			3,063,060
	Interest expense, net		(39,558	)		(51,203	)
Income before income taxes			4,971,866			3,011,857
	Provision for income taxes		1,903,864			1,099,738
Net income		$	3,068,002		$	1,912,119

	Basic net income per share:
Net income		$	0.23		$	0.15
	Basic weighted average common shares outstanding		13,406,952			13,162,824
	Diluted net income per share:
	Net income	$	0.21		$	0.14
Diluted weighted average common shares outstanding			14,357,110			14,089,946

Net income			3,068,002			1,912,119
Other comprehensive income (loss)
	Foreign currency translation adjustment		(749,450	)		756,461
Comprehensive income		$	2,318,552		$	2,668,580

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
	(unaudited)
		Three Months Ended March 31,
		2013			2012
Cash flows from operating activities:
Net income		$	3,068,002		$	1,912,119
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Depreciation and amortization		1,202,208			986,913
	Stock-based compensation expense		422,959			320,510
	Deferred income taxes		(139,747	)		(82,206	)
	Provision for inventory		258,195			49,558
	Tax benefit from exercise of stock options		(64,642	)		(394,076	)
	Changes in operating assets and liabilities:
	Accounts receivable		6,373,839			358,471
	Inventories		(1,969,179	)		(1,769,606	)
	Prepaid expenses, other current and long-term assets		705,078			(324,152	)
	Long-term deposits and other		8,499			8,499
	Accounts payable		1,354,318			(476,940	)
	Accrued expenses		(2,351,133	)		(1,341,407	)
	Deferred revenue		(725,067	)		(716,667	)
	Income taxes payable		(1,834,739	)		(215,156	)
	Other long-term liabilities		(239,737	)		(5,509	)
Net cash provided by (used in) operating activities			6,068,854			(1,689,649	)

Cash flows from investing activities:
	Purchase of property and equipment, net		(35,802	)		(224,059	)
	Proceeds from sale of property and equipment		135,607			-
Net cash provided by (used in) investing activities			99,805			(224,059	)

Cash flows from financing activities:
	Principal payments on debt		(400,000	)		(400,000	)
	Proceeds from exercise of stock options		1,097,016			114,656
	Tax benefit from exercise of stock options		64,642			394,076
Net cash provided by financing activities			761,658			108,732

Exchange rate impact on cash			(32,228	)		30,932

Increase (decrease) in cash and cash equivalents			6,898,089			(1,774,044	)
Cash and cash equivalents at beginning of period			44,067,477			35,777,222
Cash and cash equivalents at end of period		$	50,965,566		$	34,003,178

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

ANIKA THERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

1.	Nature of Business

Anika Therapeutics, Inc. (“Anika,” and together with its subsidiaries,” the “Company,” “we,” “us,” or “our”) was incorporated in 1992 as a Massachusetts company. Anika develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

The Company is subject to risks common to companies in the biotechnology and medical device industries 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 the U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements as well as the ability to grow the Company’s business.

2.	Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“U.S.”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The December 31, 2012 consolidated balance sheet is derived from our audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. 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 position of the Company as of March 31, 2013 and the results of its operations for the three months ended March 31, 2013 and 2012 and cash flows for the three months ended March 31, 2013 and 2012.

Pursuant to the Health Care and Education Reconciliation Act of 2010 and in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under Accounting Standards Codification (“ASC”) 605-45. For the period ended March 31, 2013, amounts included in revenue and cost of goods sold for MDET were immaterial. There have been no other changes in our significant accounting policies for the three months ended March 31, 2013 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

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, 2012. The results of operations for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income.

3.	Recent Accounting Pronouncements Issued or Adopted

In February 2013, the FASB issued Accounting Standards Update (“ASU”) No. 2013-02, Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income. The provisions of ASU 2013-02 are effective for annual and interim periods beginning after December 15, 2012. The objective of this Update is to improve the reporting of reclassifications out of accumulated other comprehensive income. The amendments in this Update seek to attain that objective by requiring an entity to report the effect of significant reclassifications out of accumulated other comprehensive income on the respective line items in net income if the amount being reclassified is required under U.S. generally accepted accounting principles to be reclassified in its entirety to net income. The adoption of this amendment did not have a material impact on our consolidated financial position, results of operations, or cash flows.

In March 2013, the FASB issued ASU No. 2013-05, Foreign Currency Matters (Topic 830): Parent’s Accounting for the Cumulative Translation Adjustment upon Derecognition of Certain Subsidiaries or Groups of Assets within a Foreign Entity or of an Investment in a Foreign Entity. The provisions of ASU 2013-05 are effective for annual and interim periods beginning after December 15, 2013. The objective of the amendments in this Update is to resolve the diversity in practice about whether Subtopic 810-10, Consolidation—Overall, or Subtopic 830-30, Foreign Currency Matters—Translation of Financial Statements, applies to the release of the cumulative translation adjustment into net income when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a nonprofit activity or a business (other than a sale of in substance real estate or conveyance of oil and gas mineral rights) within a foreign entity. The adoption of this amendment will not have a material impact on our consolidated financial position, results of operations, or cash flows.

4.	Fair Value Measurements

We measure certain assets and liabilities, such as fixed income investments, at fair value based upon exit price, representing the amount that would be received on the sale of an asset or paid to transfer a liability, as the case may be, in an orderly transaction between market participants. As such, fair value may be based on assumptions that market participants would use in pricing an asset or liability. To increase the comparability of fair value measurements, the following hierarchical levels of inputs to valuation methodologies are used:

●

Level 1 – Valuation is based upon quoted prices for identical instruments traded in active markets. Level 1 instruments include securities traded on active exchange markets, such as the New York Stock Exchange.

●

Level 2 – Valuation is based upon quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant assumptions are observable in the market.

●

Level 3 – Valuation is generated from model-based techniques that use significant assumptions not observable in the market. These unobservable assumptions reflect our own estimates of assumptions market participants would use in pricing the asset or liability.

The following table summarizes our assets measured and recorded at fair value on a recurring basis, by level, within the fair value hierarchy:

	March 31, 2013
	Level 1		Level 2		Level 3		Total
Cash equivalents - money market accounts	$	34,264,269	$	-	$	-	$	34,264,269

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Cash equivalents - money market accounts	$	34,264,268	$	-	$	-	$	34,264,268

The carrying value of our debt instrument was $9,200,000 and $9,600,000 at March 31, 2013 and December 31, 2012 respectively. The estimated fair value of our debt instrument approximated book value at both dates using market observable inputs and interest rate measurements.

5.	Equity Incentive Plan

The Company estimates the fair value of stock options and stock appreciation rights using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three months ended March 31, 2013 and 2012 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

	Three Months Ended March 31,
	2013	2012
Risk free interest rate	0.70%	0.64%
Expected volatility	57.60%	57.60%
Expected lives (years)	4	4
Expected dividend yield	0.00%	0.00%

The Company recorded $422,959 and $320,510 of share-based compensation expense for the three months ended March 31, 2013 and 2012, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective employees.

There were 354,500 stock options granted under the Second Amended and Restated 2003 Stock Option and Incentive Plan (the “Second Amended 2003 Plan”) during the three months ended March 31, 2013. There were 13,800 restricted stock units (“RSUs”) granted to members of the Company’s Board of Directors under the Second Amended 2003 Plan during the same period ended March 31, 2013. The stock options and RSUs granted to employees and directors become exercisable or vest ratably over four years from the date of grant.

As of March 31, 2013, there was approximately $3.3 million of total unrecognized compensation cost related to non-vested stock options, stock appreciation rights (“SARs”), and restricted stock awards (“RSAs”) granted under the Company’s incentive plans. This cost is expected to be recognized over a weighted-average period of 3.0 years.

The total intrinsic value of stock options and SARs exercised during the three month periods ended March 31, 2013 and 2012 was approximately $464,241 and $1,192,545, respectively. Cash received from the exercise of stock options during the three-month periods ended March 31, 2013 and 2012 was $1,097,016 and $114,656, respectively.

There were approximately 2.0 million options and SARs outstanding under the Company’s incentive plans at March 31, 2013 with a weighted-average exercise price of $8.72 per share, an aggregate intrinsic value of approximately $11.7 million, and a weighted-average remaining contractual term of 6.44 years.

None of the options or SARs outstanding at March 31, 2013 or 2012, respectively, had cash-settlement features.

The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards contain service or performance conditions and generally become exercisable ratably over one to four years and have a ten year contractual term.

6.	Earnings Per Share

The Company reports earnings per share in accordance with ASC 260, Earnings Per Share, which establishes standards for computing and presenting earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Under the treasury stock method, unexercised “in-the-money” stock options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period.

Basic and diluted earnings per share for the three months ended March 31, 2013 and 2012 are as follows:

	Three months ended March 31,
	2013		2012
Shares used in the calculation of Basic earnings per share		13,406,952		13,162,824
Effect of dilutive securities:
Stock options, SARs, RSAs, and shares held in escrow		950,158		927,122
Diluted shares used in the calculation of earnings per share		14,357,110		14,089,946

In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”) on December 30, 2009, the Company issued 1,981,192 shares of its common stock of which 500,000 of these shares remain in escrow at March 31, 2013. These 500,000 shares are included in the diluted potential common shares but are excluded from the basic earnings per share calculation. See Note 10 for additional information relative to this item.

Equity awards of 555,001 and 380,551 shares were outstanding for the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

7.	Inventories

Inventories consist of the following:

	March 31,		December 31,
	2013		2012
Raw materials	$	5,990,124	$	6,109,807
Work-in-process		1,947,084		777,056
Finished goods		2,010,753		1,396,609
Total	$	9,947,961	$	8,283,472

Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead.

8.	Intangible Assets and Goodwill

In connection with the acquisition of Anika S.r.l., the Company acquired various intangible assets and goodwill. The Company evaluated the various intangibles and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangibles. The in-process research and development intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition including write-off(s) for abandoned projects. Until such determination is made, they are not amortized.

The Company reviews its long-lived assets for impairment at least annually. Additionally, the Company will initiate a review for impairment if events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of the assets are no longer appropriate. Each impairment test will be based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

Intangible assets as of March 31, 2013 and December 31, 2012 consist of the following:

			March 31, 2013								December 31, 2012
	Gross Value		Currency Translation Adjustment			Accumulated Amortization			Net Book Value		Net Book Value		Useful Life
Developed technology	$	16,700,000	$	(1,785,407	)	$	(3,217,884	)	$	11,696,709	$	12,370,042		15
In-process research & development		5,502,686		(588,296	)		-			4,914,390		4,980,574	Indefinite
Distributor relationships		4,700,000		(502,480	)		(2,758,442	)		1,439,078		1,733,453		5
Patents		1,000,000		(106,910	)		(183,407	)		709,683		749,166		16
Elevess trade name		1,000,000		-			(529,938	)		470,062		501,401		9
Total	$	28,902,686	$	(2,983,093	)	$	(6,689,671	)	$	19,229,922	$	20,334,636

The aggregate amortization expense related to intangible assets was $519,982 and $516,278 for the three months ended March 31, 2013 and 2012, respectively.

Changes in the carrying value of goodwill for the three months ended March 31, 2013 were as follows:

Balance at December 31, 2012	$	9,065,891
Effect of foreign currency adjustments		(273,726	)
Balance at March 31, 2013	$	8,792,165

9.	Accrued Expenses

Accrued expenses consist of the following:

	March 31,		December 31,
	2013		2012
Payroll and benefits	$	1,948,135	$	2,477,833
Professional fees		559,098		642,853
Clinical trial costs		134,835		102,414
SRL Research grant		82,203		110,350
Restructuring costs		310,578		933,732
Other		1,217,725		1,569,862
Total	$	4,252,574	$	5,837,044

10.	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 product. The Company may also warrant that the products it manufactures do not infringe, violate or breach any patent or intellectual property rights, 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 negligence or acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure. Based on the Company’s historical activity in combination with its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no accrued warranties and has no history of claims paid.

On July 7, 2010, Genzyme Corporation (“Genzyme”) filed a complaint against the Company in the United States District Court for the District of Massachusetts seeking unspecified damages and equitable relief. The Complaint alleges that the Company has infringed U.S. Patent No. 5,143,724 by manufacturing MONOVISC in the United States for sale outside the United States and will infringe U.S. Patent Nos. 5,143,724 and 5,399,351 if the Company begins manufacture and sale of MONOVISC in the United States. On August 30, 2010, the Company filed an answer denying liability. On April 26, 2011, Genzyme filed a motion to add its newly-issued U.S. Patent No. 7,931,030 to this litigation and also filed a separate new complaint in the District of Massachusetts alleging that the Company's manufacture and sale of MONOVISC in the United States will infringe that patent. On May 23, 2011, the Court entered orders permitting Genzyme to file its supplemental complaint adding its newly-issued U.S. Patent No. 7,931,030 to this litigation and requiring Genzyme to withdraw its separately filed complaint. On July 14, 2011, the Company filed an answer to the supplemental complaint, denying liability. On May 10, 2012, Genzyme dismissed its claim of infringement of U.S. Patent No. 5,399,351 and is no longer asserting that patent against the Company. The Company believes that neither MONOVISC, nor its manufacture, does or will infringe any valid and enforceable claim of the asserted patents. Management has assessed and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, Contingencies, an accrual has not been recorded for this loss contingency. Pursuant to the terms of the licensing and supply agreement entered into with Depuy Mitek, Inc. in December 2011, DePuy Mitek agreed to assume certain obligations of the Company related to this litigation. On August 3, 2012, a jury in the United States District Court for the District of Massachusetts held U.S. Patent No. 7,931,030 invalid as obvious and not infringed in litigation between Genzyme and Seikagaku Corporation, Zimmer Holdings Inc., Zimmer, Inc. and Zimmer U.S., Inc. concerning the Gel-One product. On September 19, 2012, Genzyme and the Company jointly requested that the Court stay Genzyme’s lawsuit against the Company pending the full resolution of the Seikagaku/Zimmer lawsuit, including through any appeal of the judgment entered in that lawsuit. The District Court granted the motion on September 28, 2012.

In 2011, Merogel Injectable was withdrawn from the market due to a labeling error on the product’s packaging, discovered by the Company. We settled the matter related to this dispute with Medtronic in August, 2012. This labeling error relates to conduct that initially occurred prior to our acquisition of Anika S.r.l. from Fidia Farmaceutici S.p.A. and, as a result, we have made claims against Fidia for indemnification for Anika’s losses related to this issue. Fidia has informed us that it does not believe that it has liability for this matter, and has asserted a counterclaim against Anika for failing to consent to the release of the remaining shares held in escrow upon the closing of the Anika S.r.l. acquisition. We have begun an arbitration process with Fidia in the London Court of International Arbitration to resolve the matter. Management has assessed Fidia’s claims and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, Contingencies, an accrual has not been recorded for this loss contingency.

We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations or cash flow.

11.	Long-term Debt

On January 31, 2008, the Company entered into an unsecured Credit Agreement with Bank of America. As of March 31, 2013, the Company had an outstanding debt balance of $9,200,000, at an interest rate of 1.53%. The interest payable on our debt is determined, at the Company’s option, based on LIBOR plus 1.25%, or the lender’s prime rate.

ASC 825, Financial Instruments, requires disclosure about the fair value of financial instruments in interim as well as in annual financial statements. The carrying value of our debt instrument was $9,200,000 and $9,600,000 at March 31, 2013 and December 31, 2012, respectively, of which $1,600,000 was recorded as current at each date. The estimated fair value of our debt, which is a Level 2 instrument for fair value measurement purposes, approximated book value at March 31, 2013 and December 31, 2012, respectively.

12.	Income Taxes

Income tax expense was $1,903,864 and $1,099,738 for the three months ended March 31, 2013 and 2012, respectively. The effective tax rates were 38.3% and 36.5% for the three months ended March 31, 2013 and 2012, respectively. The increase in the effective tax rate is primarily due to the applicability of a higher federal rate bracket in the current quarter combined with increases in the non-deductibility of certain expenses.

In the normal course of business, Anika and its subsidiaries may be periodically examined by various taxing authorities. We file income tax returns in the U.S. federal jurisdiction, in certain U.S. states, and in Italy. 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. The 2009 through 2012 tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state purposes. The 2009 through 2012 tax years remain subject to examination by the appropriate governmental authorities in Italy.

In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward and its investment tax credit carryforward. We have concluded that the positive evidence outweighs the negative evidence and, thus, that those deferred tax assets not otherwise subject to a valuation allowance are realizable on a “more likely than not” basis. As such, we have not recorded a valuation allowance at March 31, 2013 or December 31, 2012, respectively.

13.	Related Party

In connection with our acquisition of Anika S.r.l. on December 30, 2009, Fidia Farmaceutici S.p.A. (“Fidia”) acquired ownership of 1,981,192 shares of the Company's common stock, of which 500,000 shares remain in escrow at March 31, 2013. As of March 31, 2013, Fidia owns approximately 14.16% of the outstanding shares of the Company.

As part of the acquisition, the Company, primarily through Anika S.r.l., entered into a series of operating agreements with Fidia as follows:

Agreement Type	Description	Term in Years
Lease	Rent of space in Abano Terme, Italy	Six
Finished goods supply	Manufacture and supply of goods	Five
Raw material supply	Hyaluronic acid powder (EXPIRED)	Three
Services	Finance, administrative, security	One to Six
Accounts receivable	Collection of trade receivables outstanding as of	Two
management	December 30, 2009 (EXPIRED)
Marketing and Promotion	Promote Anika Srl products in Italy through	Three
	Fidia sales force (TERMINATED)

Historically, Anika S.r.l. has relied on Fidia, its former parent company, for several functional activities. In connection with the purchase of Anika S.r.l., the Company has negotiated a lease for approximately 26,000 square feet of office, laboratory and warehouse space in Abano Terme, Italy, and a finished goods supply agreement.

14.	Segment and Geographic Information

The Company has one reportable operating segment, the results of which are disclosed in the accompanying unaudited condensed consolidated financial statements.

Product revenue by product group is as follows:

	Three Months Ended March 31,
	2013		2012
Orthobiologics	$	11,283,547	$	10,116,845
Surgical		988,864		983,628
Dermal		241,584		501,315
Ophthalmic		928,458		1,323,994
Veterinary		1,052,036		687,546
	$	14,494,489	$	13,613,328

Product revenue by geographic location in total and as a percentage of total product revenue, for the three months ended March 31, 2013 and 2012 are as follows:

		Three Months Ended March 31,
		2013					2012
				Percentage of					Percentage of
Geographic Location:		Revenue		Revenue			Revenue		Revenue
	United States	$	11,566,779		80	%	$	10,390,045		76	%
	Europe		1,547,914		11	%		1,770,752		13	%
	Other		1,379,796		9	%		1,452,531		11	%
	Total	$	14,494,489		100	%	$	13,613,328		100	%

15.	Restructuring Charges

In December 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, effective January 1, 2013, established by the EMA for Advanced Therapy Medicinal Products. The restructuring plan involved a workforce reduction as well as associated asset abandonments. The Company recorded restructuring and impairment charges in the fourth quarter of 2012 of approximately $2.5 million. Of the total restructuring and impairment charges related to the tissue engineering operation, approximately $1.2 million related to the non-cash termination and related impairment of an IPR&D project, $0.3 million related to the disposal of property and equipment, and $0.1 million related to the disposal of inventory. The remaining $0.9 million relates to cash payments that are anticipated to occur in 2013, primarily for employee termination costs.

We made substantial progress in the first quarter of 2013 in completing the planned restructuring. During the current quarter, we sold certain previously impaired and written-off equipment resulting in a $135,607 restructuring credit recorded during the three months ended March 31, 2013. The carrying value of the restructuring accrual approximated fair value at March 31, 2013.

The following table summarizes restructuring accrual activity for the three months ended March 31, 2013:

	2013 Restructuring Accrual
	Employee Severance and Related Benefits			Activity Termination and Facility Closure Costs			Total
December 31, 2012	$	801,453		$	132,279		$	933,732
Q1 2013 Charges to Operations		-			-			-
Cash Proceeds, Disbursements		(587,662	)		(43,142	)		(630,804	)
Write Offs and Abandonments		-			-			-
Foreign Exchange Impact		7,931			(281	)		7,650
Restructuring Accrual - March 31, 2013	$	221,722		$	88,856		$	310,578

ITEM 2.

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

This Quarterly Report on Form 10-Q 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, including statements regarding:

·	Our expectations regarding future sales and product revenue, including geographic expansions, possible retroactive price adjustments, and expectations of unit volumes or other offsets to price reductions, for our products;

·	Our manufacturing capacity and efficiency gains and work-in-process manufacturing operations;

·	The timing, scope and rate of patient enrollment for clinical trials;

·	The development of possible line extensions and new products;

·	Our ability to achieve or maintain compliance with laws and regulations;

·	The timing of and/or receipt of Food and Drug Administration, foreign or other regulatory approvals, clearances, and/or reimbursement approvals of current, new or potential products, and any limitations on such approvals;

·	Our intention to seek patent protection for our products and processes, and protect our intellectual property;

·	Our ability to effectively compete against current and future competitors;

·	Negotiations with potential and existing partners, including our performance under any of our existing and future distribution or supply agreements or our expectations with respect to sales and sales threshold milestones pursuant to such agreements;

·	The level of our revenue or sales in particular geographic areas and/or for particular products, and the market share for any of our products;

·	Our current strategy, including our corporate objectives and research and development and collaboration activities;

·	Our and Bausch & Lomb’s performance under the non-exclusive supply agreement for AMVISC® and AMVISC® Plus ophthalmic viscoelastic products that expires on December 31, 2014, and our expectations regarding revenue generated from ophthalmic products;

·	Our ability to commercialize AnikaVisc and AnikaVisc Plus, and our expectations regarding such commercialization and the potential revenue generated thereby;

·	Our expectations regarding our orthobiologics products, including expectations regarding new products, expanded uses of existing products, new distribution partnerships, and revenue growth;

·	Our intention to increase market share for our orthobiologics products in international and domestic markets or otherwise penetrate growing markets for osteoarthritis of the knee and other joints;

·	Our expectations regarding next generation osteoarthritis/orthobiologics product developments, clinical trials, regulatory approvals and commercial launches;

·	Our ability to identify a new distribution partner for HYDRELLE™ in the United States and the impact this may have on future sales of this product;

Our ability to license our aesthetics product to new distribution partners outside of the United States; our ability, and the ability of our distribution partners, to market our aesthetic dermatology product; and our expectations regarding the distribution and sales of our ELEVESSTM product and the timing thereof;

·	Our expectations regarding our existing aesthetics product line’s extensions;

·	Our expectations regarding product gross margin;

Our expectations regarding U.S. MONOVISCTM and the results of the related premarket approval (“PMA”) filing with the FDA, including our submission of a PMA amendment in connection with recent discussions with the FDA following their rejection of our appeal of the non-approvable letter, and the likelihood of our obtaining such approval and/or the anticipated timing thereof;

·	Our expectations regarding the commencement of a clinical trial for CINGAL™, including the expense associated therewith, and our ability to obtain regulatory approvals for CINGAL;

·	Our expectation for changes in operating expenses, including research and development and selling, general and administrative expenses;

·	The rate at which we use cash, the amounts used and generated by operations, and our expectation regarding the adequacy of such cash;

·	Our expectation for capital expenditures spending and future amounts of interest income and expense;

·	Our ability to continue streamlining operations and improving our manufacturing activities;

·	Possible negotiations or re-negotiations with existing or new distribution or collaboration partners;

·	Our ability to remain in compliance with debt covenants;

·	Our ability to obtain additional funds through equity or debt financings, strategic alliances with corporate partners and other sources, to the extent our current sources of funds are insufficient;

·	Our ability to successfully complete the restructuring of Anika S.r.l., including the closing of the tissue engineering facility in Abano Treme, Italy, and manage its operation from one with losses, into a company generating profits;

·	Our abilities to effectively commercialize the many research and development projects underway;

·	Our ability to obtain U.S. approval for the orthopedic and other product franchises of Anika S.r.l., including the timing and potential success of such efforts, and to expand sales of these products in the U.S., including the impact such efforts may have on our revenue;

·	Our ability to satisfactorily resolve the dispute with Fidia Farmaceutici S.p.A regarding the Merogel Injectable product; and

·	Our ability to successfully defend the Company against lawsuits and claims, including the Genzyme lawsuit, and the uncertain financial impact such lawsuits and claims and related defense costs may have on the Company.

Furthermore, additional statements identified by words such 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 which do not relate to historical matters, also identify forward-looking statements.

You should not rely on forward-looking statements because they involve known and unknown risks, uncertainties and other factors, some of which are beyond our control, including those factors described in the section titled “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.These risks, uncertainties and other factors may cause our actual results, performance or achievement to be materially different from anticipated future results, performance or achievement, expressed or implied by the forward-looking statements. These forward-looking statements are based upon the current assumptions of our management and are only expectations of future results. You should carefully review all of these factors, and you should be aware that there may be other factors that could cause these differences, including those factors discussed herein and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section of this Quarterly Report on Form 10-Q, as well as the risk factors described in our Annual Report on Form 10-K for the year ended December 31, 2012 and in our press releases and other filings with the Securities and Exchange Commission. We undertake no obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors of new information, future events or other changes.

Management Overview

Anika Therapeutics, Inc. (together with its subsidiaries, “Anika,” the “Company,” “we,” “us,” or “our”) develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

Anika’s proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to therapeutic use. Our patented technology chemically modifies the HA molecule to allow for longer residence time in the body. Anika Therapeutics, Inc.’s wholly-owned subsidiary, Anika Therapeutics S.r.l., has over 20 products currently commercialized, primarily in Europe. These products are also all made from hyaluronic acid, based on two technologies: “HYAFF”, which is a solid form of HA, and ACP gel, an autocross-linked polymer of HA. Both technologies are protected by an extensive portfolio of owned and licensed patents. We offer therapeutic products from these aforementioned technologies in the following areas:

	Anika	Anika S.r.l.
Orthobiologics	X	X
Dermal Advanced wound care Aesthetic dermatology	X	X
Surgical Anti-adhesion Ear, nose and throat care (“ENT”)	X	X X
Ophthalmic	X
Veterinary	X

In December 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards established by the European Medicines Agency (“EMA”) for Advanced Therapy Medicinal Products (“ATMP”) (cell based) products that were effective January 1, 2013. The Company adopted a restructuring plan which includes a reduction-in-force of 12 people and provides for severance payments and the disposal of related supplies, equipment, and other assets. The plan was intended to improve the efficiency and financial performance of the Company's Italian operations by reducing costs and focusing on products and technology with strong commercial potential. We made substantial progress during the first quarter of 2013 in completing the planned activities. We expect to be substantially completed with the implementation of the restructuring plan during the first six months of 2013.

Historically, a significant portion of the Company’s accounts receivable, arising from product sales within Italy by Anika S.r.l., were due from public hospitals or other government-funded healthcare agencies. As of March 31, 2013, the Company’s accounts receivable from all Italian customers totaled approximately $1.1 million, of which public hospital or agency receivables were approximately $0.3 million, as compared to accounts receivable from all Italian customers of approximately $3.2 million, of which public hospital or agency receivables totaled approximately $2.4 million, at March 31, 2012.

Please see Management’s Discussion and Analysis of Financial Condition and Results of Operations-Management Overview (Item 7) to the Company’s Annual Report on Form 10-K for the year ended December 31, 2012, for a description of each of the above therapeutic areas, including the individual products.

Research and Development

Anika’s research and development efforts primarily consist of the development of new medical applications for our HA-based technologies, the management of clinical trials and studies for certain product candidates, the preparation and processing of applications for regulatory approvals or clearances at all relevant stages of product development, and process development and scale-up manufacturing activities relative to our existing and new products. Our development focus includes products for tissue protection, healing and repair. Our investment in R&D varies considerably depending on the number and size of clinical trials and studies underway. We anticipate that we will commit significant resources to research and development, including clinical trials, in the future.

Two key products currently under development or regulatory review include MONOVISC for U.S. marketing approval and CINGAL. Our first next generation osteoarthritis product is MONOVISC, a single-injection treatment product that uses a non-animal source HA. MONOVISC is also our first osteoarthritis product based on our proprietary cross-linked HA-technology. We received Conformité Européenne (“CE”) Mark approval for the MONOVISC product in October 2007, and began sales in Europe during the second quarter of 2008, following a small, post-marketing clinical study. In the U.S., we filed the final module of our MONOVISC PMA containing the clinical data in December 2009. We were informed that there were deficiencies in our submissions through a deficiency/non-approvable letter. In December 2012, the FDA upheld its non-approvable decision following our appeal. Subsequent to that decision, in January 2013, the Company submitted a new PMA amendment which is under review by the FDA. The Company continues to discuss pathways for MONOVISC approval with the FDA.

Our second single-injection osteoarthritis product under development is CINGAL, which is based on our hyaluronic acid material with an added active therapeutic molecule designed to provide broad pain relief for a longer period of time. We have completed the formulation and biocompatibility studies of the product. Preparation for the clinical trial is substantially completed and we expect to commence patient enrollment during the first half of 2013 to obtain the needed clinical data for a CE Mark submission and approval.

The technologies obtained through our acquisition of Anika S.r.l. have enhanced our research and development capabilities, and our pipeline of candidate products. Anika S.r.l. has research and development programs for products including Hyalofast, an innovative, biodegradable support for human bone marrow mesenchymal stem cells used in connection with soft tissue regeneration; Hyalospine, an adhesion prevention gel for use after spinal surgery; Hyalobone, a bone tissue filler; and Hemostatic Patch, a resorbable hemostatic pad for bleeding control and hemostasis promotion in various surgical procedures.

Litigation and Other Legal Matters

Results of Operations

	Anika Therapeutics, Inc. and Subsidiaries
	Condensed Consolidated Statements of Operations
	(unaudited)

		Three Months Ended March 31,
		2013			2012			Inc/(Dec)			Inc/(Dec)
Product revenue		$	14,494,489		$	13,613,328		$	881,161			6.5	%
Licensing, milestone and contract revenue			752,522			747,332			5,190			0.7	%
	Total revenue		15,247,011			14,360,660			886,351			6.2	%

Operating expenses:
	Cost of product revenue		4,841,170			6,413,481			(1,572,311	)		(24.5	%)
	Research & development		1,582,910			1,533,103			49,807			3.2	%
	Selling, general & administrative		3,947,114			3,351,016			596,098			17.8	%
	Restructuring charges		(135,607	)		-			(135,607	)		-
Total operating expenses			10,235,587			11,297,600			(1,062,013	)		(9.4	%)
Income from operations			5,011,424			3,063,060			1,948,364			63.6	%
	Interest income (expense), net		(39,558	)		(51,203	)		11,645			(22.7	%)
Income before income taxes			4,971,866			3,011,857			1,960,009			65.1	%
	Provision for income taxes		1,903,864			1,099,738			804,126			73.1	%
Net income		$	3,068,002		$	1,912,119		$	1,155,883			60.5	%
	Product gross margin		9,653,319			7,199,847			2,453,472			34.1	%
	Product gross margin		66.6	%		52.9	%

Product Revenue

Product revenue for the quarter ended March 31, 2013 was $14,494,489, an increase of 6%, as compared to $13,613,328 for the quarter ended March 31, 2012. The first quarter increase was primarily driven by the growth of our orthobiologics franchise, as well as an increase in revenue from our veterinary product, HYVISC. The growth of the Orthobiologics franchise continues to be driven by U.S. demand for ORTHOVISC. The increase in veterinary product revenue was due to the timing of our distributor’s ordering pattern. Increases in ORTHOVISC and HYVISC revenues were partially offset by a decline in Ophthalmic revenue driven by lower sales under our supply agreement with Bausch and Lomb, and a decrease in Dermal revenue due primarily to order timing on behalf of our distribution partners.

The following table presents product revenue by group for the three month periods ended March 31, 2013 and 2012:

	Three Months Ended March 31,				Increase (Decrease)
	2013		2012		$			%
Orthobiologics	$	11,283,547	$	10,116,845	$	1,166,702		11.5	%
Dermal		241,584		501,315		(259,731	)	(51.8	%)
Ophthalmic		928,458		1,323,994		(395,536	)	(29.9	%)
Surgical		988,864		983,628		5,236		0.5	%
Veterinary		1,052,036		687,546		364,490		53.0	%
	$	14,494,489	$	13,613,328	$	881,161		6.5	%

Orthobiologics

The Orthobiologics franchise consists of our joint health and orthopedic products. Overall, sales increased 12% for the three months ended March 31, 2013, as compared to the same period in 2012. The increases were led by our ORTHOVISC sales in the U.S. First-quarter revenue from U.S. sales of ORTHOVISC increased by 12% from the same period last year. This increase reflects DePuy Mitek’s continued efforts to broaden awareness and expand penetration of ORTHOVISC in both the physician and patient communities across the country.

International orthobiologics product revenue increased 9% for the three months ended March 31, 2013, as compared to the same period in 2012. This was primarily driven by an increase in Anika S.r.l. orthopedic products due to increased revenue from existing distributors and expansion into new territories. International sales of ORTHOVISC and MONOVISC remained substantially unchanged, compared to the same period in 2012, as the European economy continues to face economic challenges. Inspite of the challenges, we have built strong positions in several countries such as Austria, Egypt, Turkey and Saudi Arabia. We plan to model those successes as we expand to other territories. During the first quarter of 2013, the distribution rights for Orthovisc and Monovisc in Canada were transferred to Pharmascience, resulting in an increase in product revenue. Pharmascience is a major pharmaceutical company in Canada with significant market reach, and this new relationship gives us the potential for additional growth in that market.

Dermal

Our dermal products consist of advanced wound care products and aesthetic dermal fillers. Overall, dermal product sales decreased 52% for the quarter to $241,584, compared with revenue of $501,315 for the same period in 2012. The decrease is related to no aesthetics product shipments in the first quarter of 2013 as a result of order timing. Anika’s advanced wound care products treat complex skin wounds ranging from burns to diabetic ulcers and leading products include Hyalomatrix and Hyalofill. Outside of the U.S., we are focused on Hyalomatrix in Latin America. During the first quarter 2013, we received product approval for Hyalomatrix in Mexico, under the name HYALOMATRIXPA®, and we expect to begin product shipments to Mexico by the middle of 2013. We continue to anticipate additional Latin American approvals for our advanced wound care products later in the year and into 2014. During the quarter ended March 31, 2013, we terminated our U.S. distribution agreement with Misonix for Hyalomatrix, and we are actively seeking a new partner in the United States. For the full year 2013, we expect revenue from our dermal products to grow from 2012.

Surgical

Our surgical group consists of products used to prevent post-surgical adhesions in abdominal, spinal, and ear, nose and throat (“ENT”) disorders. Sales of our surgical products increased modestly to $988,864 for the three months ended March 31, 2013, as compared to $983,628 in the same period last year. Sales of our ENT products almost doubled from the first quarter last year. This was primarily the result of our resuming shipments of Merogel Injectable to Medtronic following the resolution of a labeling error on the product’s packaging. Medtronic re-launched the compliant version of Merogel Injectable in the U.S. in February 2013. The increase in ENT revenue was partially offset by the decreases in our anti-adhesion products including Hyalobarrier and INCERT. Such decreases were primarily due to order timing, which we expect to recover in future quarters.

Ophthalmic

Our ophthalmic business consists of HA viscoelastic products used in ophthalmic surgery. Ophthalmic product sales decreased 30% to $928,458 for the three months ended March 31, 2013, as compared to the same period in 2012 related to sales to Bausch and Lomb. As previously disclosed, we expect ophthalmic revenue to be lower in 2013 compared to 2012 under the terms of the current Bausch & Lomb supply agreement.

Veterinary

Veterinary revenue from HYVISC increased 53% to $1,052,036 for the three months ended March 31, 2013. The increase for the three-month period was primarily due to order timing by our distribution partner, Boehringer Ingelheim Vetmedica. We expect overall HYVISC revenue for 2013 to be at a comparable level to 2012’s revenue for this product.

Licensing, milestone and contract revenue

Licensing, milestone and contract revenue for the three months ended March 31, 2013 was $752,522 as compared to $747,332 during the same period in 2012. Licensing and milestone revenue includes the ratable recognition of the $27,000,000 in up-front and milestone payments related to the U.S. ORTHOVISC distribution agreement with Depuy Mitek received in 2004. These amounts are being recognized in income over the ten-year expected life of the agreement, or $2,700,000 per year. 2013 will be the final year for the ratable recognition of these milestone payments. In November 2012, Depuy Mitek exercised its option and extended the distribution agreement for an additional five years through December 2018.

In December 2011, the Company also entered into a fifteen-year licensing and supply agreement with DePuy Mitek to market MONOVISC in the U.S. The Company received an initial payment of $2,500,000 in December 2011, which is being recognized ratably over the fifteen year term of the agreement. The Company is entitled to receive additional payments from DePuy Mitek, following FDA approval and the mutual decision to launch MONOVISC, as well as payments related to future regulatory, clinical and sales milestones.

Product gross profit and margin

Product gross profit for the three months ended March 31, 2013 and 2012 was $9,653,319 and $7,199,847, or 67% and 53% of product revenue, respectively. The increase in product gross profit and margin for the quarter ended March 31, 2013, as compared to the same quarter in the previous year, was primarily due to the elimination of duplicate manufacturing facility costs, manufacturing process improvements and scale efficiencies at our Bedford, Massachusetts facility, and favorable product sales mix in the quarter. Although we expect to continue to benefit from these positive factors, this quarter’s product gross margin may not be indicative of the rest of the year due to the future mix of our product sales.

Research and development

Research and development expenses increased 3% for the three months ended March 31, 2013 to $1,582,910 from $1,533,103 for the same period in the prior year. The increase was primarily due to start-up expenses related to the planned CINGAL clinical trial in the current year. The modest increase in R&D spending for the first quarter was due to non-recurring development expenses in same period last year for Hyalograft C autograft and Hyalospine. Research and development expenses are expected to increase in future quarters with increased expenditures planned on clinical trials for CINGAL, as well as spending on further development of Anika’s pipeline of new products and new products expected to be developed based on our technology assets.

Selling, general and administrative

Selling, general and administrative (“SG&A”) expenses increased 18% for the three months ended March 31, 2013 to $3,947,114 from $3,351,016 for the same period in the prior year. The increase in expense for the quarter was primarily due to personnel and external professional spending.

Restructuring Charge

In December 2012, the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, established by the EMA, which were effective January 1, 2013. We made substantial progress in the first quarter of 2013 in completing the planned restructuring. During the current quarter, we sold certain previously impaired and written-off equipment resulting in a $135,607 restructuring credit recorded during the three months ended March 31, 2013.

Interest income (expense), net

Net interest expense was $39,558 and $51,203 for the three months ended March 31, 2013 and 2012, respectively. The decrease in interest expense for the quarter is primarily due to a lower level of interest-bearing debt in 2013 as compared to the same period in 2012.

Income taxes

Provisions for income taxes were $1,903,864 and $1,099,738 for the three months ended March 31, 2013 and 2012, based on effective tax rates of 38.3% and 36.5%, respectively. The increase in the effective tax rate for the three-month period ended March 31, 2013, as compared to the same period in 2012, is primarily due to the applicability of a higher federal rate bracket in the current quarter combined with increases in the non-deductibility of certain expenses.

The Company files income tax returns in the U.S. on a federal basis, in certain U.S. states, and in Italy. 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. Our 2009 through 2012 tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state tax purposes. The 2009 through 2012 tax years remain subject to examination by the appropriate governmental authorities for Italy.

Liquidity and Capital Resources

We require cash to fund our operating expenses and capital expenditures. We expect that our requirements for cash to fund operations will increase as the scope of our operations expands. Historically, we funded our cash requirements from operations, available cash and investments on hand, and debt. Cash and cash equivalents totaled approximately $51.0 million and $44.1 million at March 31, 2013 and December 31, 2012, respectively. Working capital totaled approximately $68.0 million at March 31, 2013 and $62.9 million at December 31, 2012, respectively. The Company believes it has adequate financial resources to support its business over the next twelve months.

Cash provided by operating activities was $6,068,854 for the three months ended March 31, 2013 as compared to cash used in operating activities of $1,689,649 for the same period in the prior year. This increase in cash provided by operations during the three months ended March 31, 2013 was primarily due to a $1.2 million increase in net income combined with a $6.0 million decrease in accounts receivable, as compared to the same period in 2012.

Cash provided by investing activities was $99,805 for the three months ended March 31, 2013, as compared to cash used in investing activities of $224,059 for the same period in 2012. The increase in cash provided by investing activities is a result of the proceeds received from the sale of property and equipment relating to our reorganization at Anika S.r.l., partially offset by capital expenditures and related projects associated with maintaining our Bedford facility.

Cash provided by financing activities was $761,658 for the three months ended March 31, 2013 as compared to cash provided by financing activities of $108,732 for the same period in 2012. The increase in cash provided is attributable to an increase in funds received due to employee stock option exercises, combined with their associated income tax benefits received during the first three months of 2013 as compared to the same period in the prior year.

Critical Accounting Estimates

There have been no significant changes in our critical accounting estimates during the three months ended March 31, 2013, as compared to the critical accounting estimates disclosed in Management’s Discussion and Analysis of Financial Condition and Results of Operations included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

Recent Accounting Pronouncements

Information with respect to Recent Accounting Pronouncements may be found in Note 3 of the Notes to Condensed Consolidated Financial Statements (unaudited) in this Form 10-Q, which information is incorporated herein by reference.

Contractual Obligations and Other Commercial Commitments

We have made significant capital investments related to the build-out and validation of our facility in Bedford, Massachusetts. This capital project has been financed with cash on hand and the proceeds of a $16,000,000 unsecured Credit Agreement with Bank of America entered into on January 31, 2008. This term loan has quarterly principal payments of $400,000 and a final installment of $5,200,000 due on the maturity date of December 31, 2015. We commenced making quarterly principal payments on March 31, 2009. Total debt outstanding was $9,200,000 as of March 31, 2013. Interest is payable at a rate based upon (at the Company’s election) either Bank of America’s prime rate or LIBOR plus 125 basis points.

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.

We do not have any special purpose entities or off-balance sheet financing arrangements.

ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes to our market risks since the date of our Annual Report on Form 10-K for the year ended December 31, 2012.

As of March 31, 2013, we did not utilize any derivative financial instruments, market risk sensitive instruments or other financial and commodity instruments for which fair value disclosure would be required under ASC 825, Financial Instruments, and ASC 815, Derivatives and Hedging. Our investments consist of money market funds primarily invested in U.S. Treasury obligations and repurchase agreements secured by U.S. Treasury obligations, and municipal bonds that are carried on our books at amortized cost, which approximates fair market value.

Primary Market Risk Exposures

Our primary market risk exposures are in the areas of interest rate risk and currency rate risk. We have three supplier contracts denominated in foreign currencies. Unfavorable fluctuations in exchange rates would have a negative impact on our financial statements. The impact of changes in currency exchange rates for these supplier contracts on our financial statements was immaterial for the three months ended March 31, 2013. The impact of exchange rates related to the consolidation of the balance sheet amounts for our Anika S.r.l. subsidiary resulted in an unfavorable currency translation adjustment of $749,450 during the first three months of 2013. We currently do not seek to hedge this exposure to fluctuations in exchange rates.

Our investment portfolio of cash equivalents and long-term debt are subject to interest rate fluctuations, changes in credit quality of the issuer, or otherwise. As of March 31, 2013, we were subject to interest rate risk on $9.2 million of variable rate debt. The interest payable on our debt is determined, at the Company's option, based on LIBOR plus 1.25% or the lender’s prime rate and, therefore, is affected by changes in market interest rates. Based on the outstanding debt amount as of March 31, 2013, we would have a decrease in future annual cash flow of approximately $84,000 for every 1% increase in the interest rate over the next twelve month period.

ITEM 4.

CONTROLS AND PROCEDURES

(a)

Evaluation of disclosure controls and procedures.

As required by Rule 13a-15 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), we carried out an evaluation under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report. Based upon that evaluation, the chief executive officer and principal financial officer have concluded 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 Securities and Exchange Commission rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by the Company in the reports it files or submits under the Exchange Act is accumulated and communicated to the Company’s 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 changes in our internal control over financial reporting during the first three months of fiscal year 2013 that have materially affected, or that are reasonably likely to materially affect, our internal controls over financial reporting.

PART II: OTHER INFORMATION

ITEM 1.

LEGAL PROCEEDINGS

ITEM 1A.

RISK FACTORS

To our knowledge, there have been no material changes to the risk factors described in “Part I., Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, except to the extent additional factual information disclosed elsewhere in this Quarterly Report on Form 10-Q relates to such risk factors. In addition to the other information set forth in this report, you should carefully consider the factors discussed in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2012, which could materially affect our business, financial condition or future results. The risks described in our Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.

ITEM 6. EXHIBITS

Exhibit No.	Description

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

*31.1	Certification of Charles H. Sherwood, Ph.D. 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 Sylvia Cheung 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 Charles H. Sherwood, Ph.D. and Sylvia Cheung, 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 March 31, 2013, as filed with the SEC on May 4, 2013, formatted in XBRL (eXtensible Business Reporting Language), as follows:
	i.	Condensed Consolidated Balance Sheets as of March 31, 2013 (unaudited) and December 31, 2012
	ii.	Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2013 and March 31, 2012 (unaudited)
	iii.	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2013 and March 31, 2012 (unaudited)
	iv.	Notes to Condensed Consolidated Financial Statements (unaudited)

*	Filed herewith
**	Furnished herewith.
§	As provided in Rule 406T of Regulation S-T, this information is furnished and not filed for purposes of Sections 11 and 12 of the Securities Act of 1933, as amended, and Section 18 of the Securities Exchange Act of 1934, as amended.

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.

May 6, 2013	By:	/s/ SYLVIA CHEUNG
		Sylvia Cheung
		Chief Financial Officer
		(Authorized Officer and Principal Financial Officer)

EX-31.1 2 a50624368ex31_1.htm EXHIBIT 31.1 a50624368ex31_1.htm

Exhibit 31.1

CERTIFICATION

I, Charles H. Sherwood, certify that:

I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2013 of Anika Therapeutics, Inc.;

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;

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

The registrant’s other certifying officer(s) 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

The registrant’s other certifying officer(s) 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: May 6, 2013	/s/ CHARLES H. SHERWOOD
	Charles H. Sherwood, Ph.D.
	Chief Executive Officer
	Principal Executive Officer

EX-31.2 3 a50624368ex31_2.htm EXHIBIT 31.2 a50624368ex31_2.htm Exhibit 31.2

CERTIFICATION

I, Sylvia Cheung, certify that:

I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2013 of Anika Therapeutics, Inc.;

(a)

(b)

(c)

(d)

(a)

(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: May 6, 2013	/s/ SYLVIA CHEUNG
	Sylvia Cheung
	Chief Financial Officer
	Principal Financial Officer

EX-32.1 4 a50624368ex32_1.htm EXHIBIT 32.1 a50624368ex32_1.htm Exhibit 32.1

Section 906 Certification

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 (the “Exchange Act”), 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: May 6, 2013	/s/ CHARLES H. SHERWOOD
	Charles H. Sherwood, Ph.D.
	Chief Executive Officer
	Principal Executive Officer

Date: May 6, 2013	/s/ SYLVIA CHEUNG
	Sylvia Cheung
	Chief Financial Officer
	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 Exchange Act.

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<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="6%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 15.</font></div> </td> <td valign="top" width="94%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Restructuring Charges</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In December 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, effective January 1, 2013, established by the EMA for Advanced Therapy Medicinal Products. The restructuring plan involved a workforce reduction as well as associated asset abandonments. The Company recorded restructuring and impairment charges in the fourth quarter of 2012 of approximately $2.5 million. Of the total restructuring and impairment charges related to the tissue engineering operation, approximately $1.2 million related to the non-cash termination and related impairment of an IPR&D project, $0.3 million related to the disposal of property and equipment, and $0.1 million related to the disposal of inventory. The remaining $0.9 million relates to cash payments that are anticipated to occur in 2013, primarily for employee termination costs.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We made substantial progress in the first quarter of 2013 in completing the planned restructuring. During the current quarter, we sold certain previously impaired and written-off equipment resulting in a $135,607 restructuring credit recorded during the three months ended March 31, 2013. The carrying value of the restructuring accrual approximated fair value at March 31, 2013.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes restructuring accrual activity for the three months ended March 31, 2013:</font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="90%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="40%" colspan="10"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013 Restructuring Accrual</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="58%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Employee Severance and Related Benefits</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Activity Termination and Facility Closure Costs</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Total</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2012</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">801,453</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">132,279</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">933,732</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q1 2013 Charges to Operations</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash Proceeds, Disbursements</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(587,662</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(43,142</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(630,804</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Write Offs and Abandonments</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign Exchange Impact</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,931</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(281</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,650</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Restructuring Accrual - March 31, 2013</font></div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">221,722</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,856</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,578</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic and diluted earnings per share for the three months ended March 31, 2013 and 2012 are as follows: </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table cellpadding="0" cellspacing="0" width="85%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="72%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="6" valign="bottom" width="26%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three months ended March 31,</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr> <td valign="bottom" width="72%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="72%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Shares used in the calculation of Basic earnings per share</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,406,952</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,162,824</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="72%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of dilutive securities:</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="72%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="LETTER-SPACING: 3pt">    </font> Stock options, SARs, RSAs, and shares held in escrow</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">950,158</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">927,122</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="72%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Diluted shares used in the calculation of earnings per share</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,357,110</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,089,946</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

5011424

14494489

1354318

400000

2318552

0.0000

1202208

422959

0.21

-239737

135607

-273726

7650

0.383

P4Y

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Product revenue by product group is as follows:</font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="60%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="34%" colspan="6"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three Months Ended March 31,</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="16%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="16%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Orthobiologics</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,283,547</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,116,845</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Surgical</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">988,864</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">983,628</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dermal</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">241,584</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">501,315</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ophthalmic</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">928,458</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,323,994</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Veterinary</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,052,036</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">687,546</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="49%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,494,489</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="15%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,613,328</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="15%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

519982

1097016

6068854

99805

-725067

35802

6898089

-8499

258195

135607

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes our assets measured and recorded at fair value on a recurring basis, by level, within the fair value hierarchy:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <div align="center"> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="14" valign="bottom" width="54%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> March 31, 2013</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 1</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 2</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 3</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Total</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash equivalents - money market accounts</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,264,269</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,264,269</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="44%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="14" valign="bottom" width="54%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> December 31, 2012</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="44%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 1</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 2</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Level 3</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Total</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="44%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash equivalents - money market accounts</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,264,268</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">34,264,268</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

-705078

500000

354500

P3Y

14357110

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="6%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 8.  </font></div> </td> <td valign="top" width="94%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Intangible Assets and Goodwill</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In connection with the acquisition of Anika S.r.l., the Company acquired various intangible assets and goodwill. The Company evaluated the various intangibles and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangibles. The in-process research and development intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition including write-off(s) for abandoned projects. Until such determination is made, they are not amortized. </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company reviews its long-lived assets for impairment at least annually. Additionally, the Company will initiate a review for impairment if events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of the assets are no longer appropriate. Each impairment test will be based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.</font></div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt">  </div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Intangible assets as of March 31, 2013 and December 31, 2012 consist of the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="10" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> March 31, 2013</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="6" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> <font style="DISPLAY: inline; FONT-WEIGHT: bold">December 31, 2012</font></font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Gross Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Currency Translation Adjustment</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Accumulated Amortization</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Net Book<br /> Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Net Book<br /> Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Useful Life</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Developed technology</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,700,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,785,407</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,217,884</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,696,709</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,370,042</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In-process research & development</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,502,686</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(588,296</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,914,390</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,980,574</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="2" valign="bottom" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Indefinite</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Distributor relationships</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,700,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(502,480</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,758,442</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,439,078</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,733,453</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Patents</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(106,910</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(183,407</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">709,683</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">749,166</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Elevess trade name</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(529,938</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">470,062</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">501,401</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">    Total</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,902,686</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,983,093</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,689,671</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,229,922</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,334,636</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> <div align="center"> </div> </div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The aggregate amortization expense related to intangible assets was $519,982 and $516,278 for the three months ended March 31, 2013 and 2012, respectively.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Changes in the carrying value of goodwill for the three months ended March 31, 2013 were as follows:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table cellpadding="0" cellspacing="0" width="65%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="86%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at December 31, 2012</font></div> </td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,065,891</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="86%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Effect of foreign currency adjustments</font></div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(273,726</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="86%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Balance at March 31, 2013</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8,792,165</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

15247011

-6373839

-749450

0.23

1582910

761658

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The following table summarizes restructuring accrual activity for the three months ended March 31, 2013:</font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> </div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="90%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="40%" colspan="10"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013 Restructuring Accrual</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="58%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Employee Severance and Related Benefits</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Activity Termination and Facility Closure Costs</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td style="BORDER-BOTTOM: black 4px double" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Total</font></div> </td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">December 31, 2012</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">801,453</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">132,279</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">933,732</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Q1 2013 Charges to Operations</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Cash Proceeds, Disbursements</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(587,662</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(43,142</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(630,804</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Write Offs and Abandonments</font></div> </td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Foreign Exchange Impact</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,931</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(281</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,650</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Restructuring Accrual - March 31, 2013</font></div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">221,722</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">88,856</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,578</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div>

1097016

-39558

630804

0.5760

13406952

1969179

950158

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Accrued expenses consist of the following:</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 36pt; MARGIN-RIGHT: 0pt" align="left"></div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="90%"> <tr> <td valign="bottom" width="58%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> March 31,</font></div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> December 31,</font></div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Payroll and benefits</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,948,135</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2,477,833</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Professional fees</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">559,098</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">642,853</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Clinical trial costs</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">134,835</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">102,414</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SRL Research grant</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82,203</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">110,350</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Restructuring costs</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310,578</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">933,732</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,217,725</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,569,862</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="58%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,252,574</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,837,044</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="14%" nowrap="nowrap"></td> </tr> </table> </div> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"></div> </div> </div>

4841170

752522

422959

4971866

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <div> <table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="6%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 10.</font></div> </td> <td align="left" valign="top" width="94%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Commitments and Contingencies</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">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 product. The Company may also warrant that the products it manufactures do not infringe, violate or breach any patent or intellectual property rights, 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 negligence or acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure. Based on the Company’s historical activity in combination with its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no accrued warranties and has no history of claims paid.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> On July 7, 2010, Genzyme Corporation (“Genzyme”) filed a complaint against the Company in the United States District Court for the District of Massachusetts seeking unspecified damages and equitable relief. The Complaint alleges that the Company has infringed U.S. Patent No. 5,143,724 by manufacturing MONOVISC in the United States for sale outside the United States and will infringe U.S. Patent Nos. 5,143,724 and 5,399,351 if the Company begins manufacture and sale of MONOVISC in the United States. On August 30, 2010, the Company filed an answer denying liability. On April 26, 2011, Genzyme filed a motion to add its newly-issued U.S. Patent No. 7,931,030 to this litigation and also filed a separate new complaint in the District of Massachusetts alleging that the Company's manufacture and sale of MONOVISC in the United States will infringe that patent. On May 23, 2011, the Court entered orders permitting Genzyme to file its supplemental complaint adding its newly-issued U.S. Patent No. 7,931,030 to this litigation and requiring Genzyme to withdraw its separately filed complaint. On July 14, 2011, the Company filed an answer to the supplemental complaint, denying liability. On May 10, 2012, Genzyme dismissed its claim of infringement of U.S. Patent No. 5,399,351 and is no longer asserting that patent against the Company. The Company believes that neither MONOVISC, nor its manufacture, does or will infringe any valid and enforceable claim of the asserted patents. Management has assessed and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, <font style="FONT-STYLE: italic; DISPLAY: inline">Contingencies</font>, an accrual has not been recorded for this loss contingency.<font style="DISPLAY: inline; FONT-WEIGHT: bold"> </font>Pursuant to the terms of the licensing and supply agreement entered into with Depuy Mitek, Inc. in December 2011, DePuy Mitek agreed to assume certain obligations of the Company related to this litigation. On August 3, 2012, a jury in the United States District Court for the District of Massachusetts held U.S. Patent No. 7,931,030 invalid as obvious and not infringed in litigation between Genzyme and Seikagaku Corporation, Zimmer Holdings Inc., Zimmer, Inc. and Zimmer U.S., Inc. concerning the Gel-One product. On September 19, 2012, Genzyme and the Company jointly requested that the Court stay Genzyme’s lawsuit against the Company pending the full resolution of the Seikagaku/Zimmer lawsuit, including through any appeal of the judgment entered in that lawsuit. The District Court granted the motion on September 28, 2012.</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> </div> <div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">In 2011, Merogel Injectable was withdrawn from the market due to a labeling error on the product’s packaging, discovered by the Company. We settled the matter related to this dispute with Medtronic in August, 2012. This labeling error relates to conduct that initially occurred prior to our acquisition of Anika S.r.l. from Fidia Farmaceutici S.p.A. and, as a result, we have made claims against Fidia for indemnification for Anika’s losses related to this issue. Fidia has informed us that it does not believe that it has liability for this matter, and has asserted a counterclaim against Anika for failing to consent to the release of the remaining shares held in escrow upon the closing of the Anika S.r.l. acquisition. We have begun an arbitration process with Fidia in the London Court of International Arbitration to resolve the matter. Management has assessed Fidia’s claims and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, <font style="FONT-STYLE: italic; DISPLAY: inline">Contingencies</font>, an accrual has not been recorded for this loss contingency.</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"><br /></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations or cash flow.</font></div> </div> </div>

<div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="6%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 14.</font></div> </td> <td valign="top" width="94%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Segment and Geographic Information</font></div> </td> </tr> </table> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> </font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company has one reportable operating segment, the results of which are disclosed in the accompanying unaudited condensed consolidated financial statements.</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block"></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> Product revenue by product group is as follows:</font></font></div> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"></div> <div style="TEXT-ALIGN: left; TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="60%"> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="37%" colspan="7"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three Months Ended March 31,</font></div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="17%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="17%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Orthobiologics</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,283,547</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,116,845</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Surgical</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">988,864</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">983,628</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dermal</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">241,584</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">501,315</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Ophthalmic</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">928,458</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,323,994</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="49%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Veterinary</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,052,036</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">687,546</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" bgcolor="transparent" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="49%"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,494,489</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="16%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,613,328</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="13%" nowrap="nowrap"></td> </tr> </table> </div> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> <font style="MARGIN-LEFT: 36pt" id="TAB1"></font>Product revenue by geographic location in total and as a percentage of total product revenue, for the three months ended March 31, 2013 and 2012 are as follows:</font></font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="3%"></td> <td valign="bottom" width="41%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="54%" colspan="14"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three Months Ended March 31,</font></div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="3%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="41%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="23%" colspan="6"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="26%" colspan="6"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> </tr> <tr> <td valign="bottom" width="3%"></td> <td valign="bottom" width="41%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="2"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Percentage of</font></div> </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Percentage of</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="44%" colspan="2" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Geographic Location:</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="3%" align="left"></td> <td valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,566,779</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,390,045</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">76</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="3%" align="left"></td> <td valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Europe</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,547,914</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,770,752</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="3%" align="left"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,379,796</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,452,531</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="3%" align="left"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,494,489</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,613,328</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> </table> </div> </div> </div> </div>

-139747

64642

555001

3068002

64642

3947114

1903864

-32228

-2351133

-1834739

-2983093 464241 1.00 <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 36pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Intangible assets as of March 31, 2013 and December 31, 2012 consist of the following:</font></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table cellpadding="0" cellspacing="0" width="90%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="2" valign="bottom" width="10%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="10" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> March 31, 2013</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="6" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> <font style="DISPLAY: inline; FONT-WEIGHT: bold">December 31, 2012</font></font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr> <td valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Gross Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Currency Translation Adjustment</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Accumulated Amortization</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Net Book<br /> Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Net Book<br /> Value</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> <td colspan="2" valign="bottom" width="10%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Useful Life</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">  </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Developed technology</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16,700,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(1,785,407</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(3,217,884</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,696,709</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,370,042</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">In-process research & development</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,502,686</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(588,296</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,914,390</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,980,574</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td colspan="2" valign="bottom" width="10%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Indefinite</font></div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Distributor relationships</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4,700,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(502,480</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,758,442</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,439,078</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,733,453</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Patents</font></div> </td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(106,910</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(183,407</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">709,683</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">749,166</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="#CCEEFF"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Elevess trade name</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,000,000</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">-</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(529,938</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">470,062</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">501,401</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> <tr bgcolor="white"> <td align="left" valign="bottom" width="28%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">    Total</font></div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">28,902,686</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(2,983,093</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(6,689,671</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,229,922</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,334,636</font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">  </font></td> <td valign="bottom" width="9%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font></td> </tr> </table> </div> </div> </div> <div style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Product revenue by geographic location in total and as a percentage of total product revenue, for the three months ended March 31, 2013 and 2012 are as follows:</font> <div style="TEXT-INDENT: 0pt; DISPLAY: block"></div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"> <div align="center"> <table style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt" cellspacing="0" cellpadding="0" width="80%"> <tr> <td valign="bottom" width="3%"></td> <td valign="bottom" width="41%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="54%" colspan="14"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Three Months Ended March 31,</font></div> </td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="3%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="41%"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="23%" colspan="6"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2013</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="26%" colspan="6"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> 2012</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> </tr> <tr> <td valign="bottom" width="3%"></td> <td valign="bottom" width="41%"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="2"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Percentage of</font></div> </td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="9%" colspan="2"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td valign="bottom" width="12%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Percentage of</font></div> </td> </tr> <tr> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="44%" colspan="2" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Geographic Location:</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="9%" colspan="2"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid" valign="bottom" width="12%" colspan="3"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> Revenue</font></div> </td> </tr> <tr bgcolor="#CCEEFF"> <td valign="bottom" width="3%" align="left"></td> <td valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">United States</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,566,779</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">80</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> $</font></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,390,045</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">76</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="white"> <td valign="bottom" width="3%" align="left"></td> <td valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Europe</font></div> </td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,547,914</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td valign="bottom" width="1%" align="right"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,770,752</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="TEXT-ALIGN: right" valign="bottom" width="11%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13</font></td> <td style="TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="#CCEEFF"> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="3%" align="left"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Other</font></div> </td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,379,796</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,452,531</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 2px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11</font></td> <td style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> <tr bgcolor="white"> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="3%" align="left"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="41%" align="left"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total</font></div> </td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,494,489</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%" align="right"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="8%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,613,328</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="4%" nowrap="nowrap"></td> <td style="PADDING-BOTTOM: 4px" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%"></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right" valign="bottom" width="11%"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">100</font></td> <td style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left" valign="bottom" width="1%" nowrap="nowrap"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font></td> </tr> </table> </div> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block"></div> </div> </div>

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Changes in Carrying Value of Goodwill (Detail) (USD $)	3 Months Ended
Changes in Carrying Value of Goodwill (Detail) (USD $)	Mar. 31, 2013
Goodwill [Line Items]
Beginning balance	$ 9,065,891
Effect of foreign currency adjustments	(273,726)
Ending balance	$ 8,792,165

- Definition

Carrying amount as of the balance sheet date, which is the cumulative amount paid and (if applicable) the fair value of any noncontrolling interest in the acquiree, adjusted for any amortization recognized prior to the adoption of any changes in generally accepted accounting principles (as applicable) and for any impairment charges, in excess of the fair value of net assets acquired in one or more business combination transactions.

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Summary of Restructuring Accrual Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013
Schedule Of Accrual Activity [Line Items]
December 31, 2012	$ 933,732
Q1 2013 Charges to Operations
Cash Proceeds, Disbursements	(630,804)
Write Offs and Abandonments
Foreign Exchange Impact	7,650
Restructuring Accrual - March 31, 2013	310,578
Employee Severance And Related Benefits
Schedule Of Accrual Activity [Line Items]
December 31, 2012	801,453
Q1 2013 Charges to Operations
Cash Proceeds, Disbursements	(587,662)
Write Offs and Abandonments
Foreign Exchange Impact	7,931
Restructuring Accrual - March 31, 2013	221,722
Activity Termination and Facility Closure Costs
Schedule Of Accrual Activity [Line Items]
December 31, 2012	132,279
Q1 2013 Charges to Operations
Cash Proceeds, Disbursements	(43,142)
Write Offs and Abandonments
Foreign Exchange Impact	(281)
Restructuring Accrual - March 31, 2013	$ 88,856

- Definition

Amount of any reversal and other adjustment made during the period to the amount of a previously accrued liability for a specified type of restructuring cost, excluding adjustments for costs incurred during the period, costs settled during the period, and foreign currency translation adjustments.

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- Definition

Net total Increase or Decrease in the accrual for restructuring costs during the reporting period.

+ References+ Details

- Definition

Amount of cash paid in the period to fully or partially settle a specified, previously accrued type of restructuring cost.

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- Definition

Amount of foreign currency translation adjustment increasing or decreasing the accrual for a specified type of restructuring cost.

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Product Revenue by Geographic Location and Percentage of Total Product Revenue (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Revenues from External Customers and Long-Lived Assets [Line Items]
Product revenue	$ 14,494,489	$ 13,613,328
Percentage of revenue	100.00%	100.00%
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Product revenue	11,566,779	10,390,045
Percentage of revenue	80.00%	76.00%
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Product revenue	1,547,914	1,770,752
Percentage of revenue	11.00%	13.00%
Other
Revenues from External Customers and Long-Lived Assets [Line Items]
Product revenue	$ 1,379,796	$ 1,452,531
Percentage of revenue	9.00%	11.00%

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Equity Incentive Plan - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expense	$ 422,959	$ 320,510
Stock options granted to employees	354,500
Unrecognized stock-based compensation cost	3,300,000
Unrecognized stock-based compensation cost, weighted-average recognition period	3 years
Intrinsic value of stock options and SARs	464,241	1,192,545
Cash received from exercise of stock options	1,097,016	114,656
Options and SARs outstanding	2,000,000
Weighted average exercise price per share	$ 8.72
Intrinsic value of Options and SARs	$ 11,700,000
Weighted average remaining contractual term	6 years 5 months 9 days
Stock Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based awards, contractual term	10 years
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, vesting period	4 years
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock units granted to Board of Directors	13,800
Stock Options and Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock option and incentive plan, vesting period	4 years

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Intangible Assets and Goodwill (Tables)

3 Months Ended

Mar. 31, 2013

Intangible assets

Intangible assets as of March 31, 2013 and December 31, 2012 consist of the following:

			March 31, 2013								December 31, 2012
	Gross Value		Currency Translation Adjustment			Accumulated Amortization			Net Book Value		Net Book Value		Useful Life
Developed technology	$	16,700,000	$	(1,785,407	)	$	(3,217,884	)	$	11,696,709	$	12,370,042		15
In-process research & development		5,502,686		(588,296	)		-			4,914,390		4,980,574	Indefinite
Distributor relationships		4,700,000		(502,480	)		(2,758,442	)		1,439,078		1,733,453		5
Patents		1,000,000		(106,910	)		(183,407	)		709,683		749,166		16
Elevess trade name		1,000,000		-			(529,938	)		470,062		501,401		9
Total	$	28,902,686	$	(2,983,093	)	$	(6,689,671	)	$	19,229,922	$	20,334,636

Changes in Carrying Value of Goodwill

Changes in the carrying value of goodwill for the three months ended March 31, 2013 were as follows:

Balance at December 31, 2012	$	9,065,891
Effect of foreign currency adjustments		(273,726	)
Balance at March 31, 2013	$	8,792,165

- Definition

Tabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.

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Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
Income Taxes - Additional Information (Detail) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Income Taxes [Line Items]
Income tax expense	$ 1,903,864	$ 1,099,738
Effective income tax rate	38.30%	36.50%
Federal \| Minimum
Income Taxes [Line Items]
Tax years subject to examination	2009
Federal \| Maximum
Income Taxes [Line Items]
Tax years subject to examination	2012
State \| Minimum
Income Taxes [Line Items]
Tax years subject to examination	2009
State \| Maximum
Income Taxes [Line Items]
Tax years subject to examination	2012
Italy \| Minimum
Income Taxes [Line Items]
Tax years subject to examination	2009
Italy \| Maximum
Income Taxes [Line Items]
Tax years subject to examination	2012

- Definition

A ratio calculated by dividing the reported amount of income tax expense attributable to continuing operations for the period by GAAP-basis pretax income from continuing operations.

+ References+ Details

- Definition

The sum of the current income tax expense or benefit and the deferred income tax expense or benefit pertaining to continuing operations.

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Intangible Assets (Detail) (USD $)	3 Months Ended	12 Months Ended
Intangible Assets (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	$ 28,902,686
Currency Translation Adjustment	(2,983,093)
Accumulated Amortization	(6,689,671)
Net Book Value	19,229,922	20,334,636
Developed technology
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	16,700,000
Currency Translation Adjustment	(1,785,407)
Accumulated Amortization	(3,217,884)
Net Book Value	11,696,709	12,370,042
Useful Life		15 years
Distributor relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	4,700,000
Currency Translation Adjustment	(502,480)
Accumulated Amortization	(2,758,442)
Net Book Value	1,439,078	1,733,453
Useful Life		5 years
Patents
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	1,000,000
Currency Translation Adjustment	(106,910)
Accumulated Amortization	(183,407)
Net Book Value	709,683	749,166
Useful Life		16 years
Elevess trade name
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	1,000,000
Accumulated Amortization	(529,938)
Net Book Value	470,062	501,401
Useful Life		9 years
In-process research & development
Acquired Finite-Lived Intangible Assets [Line Items]
Gross Value	5,502,686
Currency Translation Adjustment	(588,296)
Net Book Value	$ 4,914,390	$ 4,980,574

XML 19 R47.htm IDEA: XBRL DOCUMENT

Restructuring Charges - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Dec. 31, 2012
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		$ 2,500,000
Restructuring charges	135,607
In-process research & development
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		1,200,000
Noncash disposal of property and equipment
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		300,000
Disposal of inventory
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		100,000
Employee termination costs
Restructuring Cost and Reserve [Line Items]
Restructuring and impairment charges		$ 900,000

- Definition

Amount charged against earnings in the period for incurred and estimated costs associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, excluding asset retirement obligations.

+ References+ Details

XML 20 R9.htm IDEA: XBRL DOCUMENT

Fair Value Measurements

3 Months Ended

Mar. 31, 2013

Fair Value Measurements

4.	Fair Value Measurements

●

The following table summarizes our assets measured and recorded at fair value on a recurring basis, by level, within the fair value hierarchy:

	March 31, 2013
	Level 1		Level 2		Level 3		Total
Cash equivalents - money market accounts	$	34,264,269	$	-	$	-	$	34,264,269

	December 31, 2012
	Level 1		Level 2		Level 3		Total
Cash equivalents - money market accounts	$	34,264,268	$	-	$	-	$	34,264,268

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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M.B!L969T)SX\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE XML 22 R43.htm IDEA: XBRL DOCUMENT

Related Party - Additional Information (Detail)	1 Months Ended
Related Party - Additional Information (Detail)	Dec. 30, 2009	Mar. 31, 2013
Related Party Transaction [Line Items]
Square footage of leased space	26,000
Anika Therapeutics S.r.l.
Related Party Transaction [Line Items]
Issuance of common stock in connection with acquisition	1,981,192
Shares remain in escrow		500,000
Fidia Farmaceutici Spa
Related Party Transaction [Line Items]
Percentage of ownership interests		14.16%

XML 23 R29.htm IDEA: XBRL DOCUMENT

Restructuring Charges (Tables)

3 Months Ended

Mar. 31, 2013

Summary of Restructuring Accrual Activity

The following table summarizes restructuring accrual activity for the three months ended March 31, 2013:

	2013 Restructuring Accrual
	Employee Severance and Related Benefits			Activity Termination and Facility Closure Costs			Total
December 31, 2012	$	801,453		$	132,279		$	933,732
Q1 2013 Charges to Operations		-			-			-
Cash Proceeds, Disbursements		(587,662	)		(43,142	)		(630,804	)
Write Offs and Abandonments		-			-			-
Foreign Exchange Impact		7,931			(281	)		7,650
Restructuring Accrual - March 31, 2013	$	221,722		$	88,856		$	310,578

- Definition

Tabular disclosure of an entity's restructuring reserve that occurred during the period associated with the exit from or disposal of business activities or restructurings for each major type of cost. This element may also include a description of any reversal and other adjustment made during the period to the amount of an accrued liability for restructuring activities. This element may be used to encapsulate the roll forward presentations of an entity's restructuring reserve by type of cost and in total, and explanation of changes that occurred in the period.

+ References+ Details

XML 24 R28.htm IDEA: XBRL DOCUMENT

Segment and Geographic Information (Tables)

3 Months Ended

Mar. 31, 2013

Revenue by Product Group

Product revenue by product group is as follows:

	Three Months Ended March 31,
	2013		2012
Orthobiologics	$	11,283,547	$	10,116,845
Surgical		988,864		983,628
Dermal		241,584		501,315
Ophthalmic		928,458		1,323,994
Veterinary		1,052,036		687,546
	$	14,494,489	$	13,613,328

Product Revenue by Geographic Location and Percentage of Total Product Revenue

Product revenue by geographic location in total and as a percentage of total product revenue, for the three months ended March 31, 2013 and 2012 are as follows:

		Three Months Ended March 31,
		2013					2012
				Percentage of					Percentage of
Geographic Location:		Revenue		Revenue			Revenue		Revenue
	United States	$	11,566,779		80	%	$	10,390,045		76	%
	Europe		1,547,914		11	%		1,770,752		13	%
	Other		1,379,796		9	%		1,452,531		11	%
	Total	$	14,494,489		100	%	$	13,613,328		100	%

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References+ Details

XML 25 R44.htm IDEA: XBRL DOCUMENT

Series of Operating Agreements (Detail)	1 Months Ended
Series of Operating Agreements (Detail)	Dec. 30, 2009
Lease
Related Party Transaction [Line Items]
Agreement Type	Lease
Description	Rent of space in Abano Terme, Italy
Term in Years	6 years
Finished goods supply
Related Party Transaction [Line Items]
Agreement Type	Finished goods supply
Description	Manufacture and supply of goods
Term in Years	5 years
Raw material supply
Related Party Transaction [Line Items]
Agreement Type	Raw material supply
Description	Hyaluronic acid powder (EXPIRED)
Term in Years	3 years
Services
Related Party Transaction [Line Items]
Agreement Type	Services
Description	Finance, administrative, security
Services \| Minimum
Related Party Transaction [Line Items]
Term in Years	1 year
Services \| Maximum
Related Party Transaction [Line Items]
Term in Years	6 years
Accounts receivable management
Related Party Transaction [Line Items]
Agreement Type	Accounts receivable management
Description	Collection of trade receivables outstanding as of December 30, 2009 (EXPIRED)
Term in Years	2 years
Marketing and Promotion
Related Party Transaction [Line Items]
Agreement Type	Marketing and Promotion
Description	Promote Anika Srl products in Italy through Fidia sales force (TERMINATED)
Term in Years	3 years

- Definition

A description of the related party transaction, including transactions to which no amounts or nominal amounts were ascribed and such other information deemed necessary to an understanding of the effects of the transactions on the financial statements. Examples of common related party transactions are, sales, purchases and transfers of realty and personal property, services received or furnished, loans and leases to and from top management and affiliates.

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-Name Regulation S-X (SX)

-Number 210

-Section 08

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Assets Measured and Recorded at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2013	Dec. 31, 2012
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents - money market accounts	$ 34,264,269	$ 34,264,268
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Cash equivalents - money market accounts	$ 34,264,269	$ 34,264,268

- Definition

This element represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption or as a parenthetical disclosure. Additionally, this element may be used in connection with the fair value disclosures required in the footnote disclosures to the financial statements. The element may be used in both the balance sheet and disclosure in the same submission. This item includes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Company may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months.

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XML 27 R31.htm IDEA: XBRL DOCUMENT

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Debt instrument, carrying value	$ 9,200,000	$ 9,600,000

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

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Recent Accounting Pronouncements Issued or Adopted

3 Months Ended

Mar. 31, 2013

Recent Accounting Pronouncements Issued or Adopted

3.	Recent Accounting Pronouncements Issued or Adopted

- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

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XML 29 R32.htm IDEA: XBRL DOCUMENT

Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards (Detail)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Share based Compensation Arrangement by Share based Payment Award, Fair Value Assumptions, Method Used [Line Items]
Risk free interest rate	0.70%	0.64%
Expected volatility	57.60%	57.60%
Expected lives (years)	4 years	4 years
Expected dividend yield	0.00%	0.00%

- Definition

The estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.

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Accrued Expenses (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Schedule of Accrued Liabilities [Line Items]
Payroll and benefits	$ 1,948,135	$ 2,477,833
Professional fees	559,098	642,853
Clinical trial costs	134,835	102,414
SRL Research grant	82,203	110,350
Restructuring costs	310,578	933,732
Other	1,217,725	1,569,862
Total	$ 4,252,574	$ 5,837,044

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

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Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 7

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

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-Name Regulation S-X (SX)

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-Name Accounting Standards Codification

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-Glossary Current Liabilities

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-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

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-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

- Definition

Carrying value as of the balance sheet date of the obligations incurred through that date and payable for employees' services provided. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References

+ Details

- Definition

Carrying value as of the balance sheet date of obligations incurred through that date and payable arising from transactions not otherwise specified in the taxonomy. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

+ References+ Details

- Definition

Carrying amount as of the balance sheet date of known and estimated obligations associated with exit from or disposal of business activities or restructurings pursuant to a duly authorized plan, which are expected to be paid in the next twelve months or in the normal operating cycle if longer. Costs of such activities include those for one-time termination benefits, termination of an operating lease or other contract, consolidating or closing facilities, relocating employees, and costs associated with an ongoing benefit arrangement, but excludes costs associated with the retirement of a long-lived asset.

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XML 31 R2.htm IDEA: XBRL DOCUMENT

Condensed Consolidated Balance Sheets (unaudited) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Current assets:
Cash and cash equivalents	$ 50,965,566	$ 44,067,477
Accounts receivable, net of reserves of $327,270 and $337,459 at March 31, 2013 and December 31, 2012, respectively	14,784,266	21,462,481
Inventories	9,947,961	8,283,472
Current portion deferred income taxes	1,989,422	2,031,583
Prepaid expenses and other	1,007,669	1,539,477
Total current assets	78,694,884	77,384,490
Property and equipment, at cost	51,566,576	52,376,013
Less: accumulated depreciation	(17,087,726)	(17,263,032)
Property, Plant and Equipment, Net, Total	34,478,850	35,112,981
Long-term deposits and other	162,545	171,053
Intangible assets, net	19,229,922	20,334,636
Goodwill	8,792,165	9,065,891
Total Assets	141,358,366	142,069,051
Current liabilities:
Accounts payable	2,696,550	2,341,838
Accrued expenses	4,252,574	5,837,044
Deferred revenue	2,191,667	2,875,067
Current portion of long-term debt	1,600,000	1,600,000
Income taxes payable		1,798,669
Total current liabilities	10,740,791	14,452,618
Other long-term liabilities	1,294,140	1,541,124
Long-term deferred revenue	2,111,111	2,152,778
Deferred tax liability	6,784,019	6,997,397
Long-term debt	7,600,000	8,000,000
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively
Common stock, $.01 par value; 30,000,000 shares authorized, 14,006,135 and 13,866,060 shares issued and outstanding at March 31, 2013 and December 31, 2012, respectively	140,061	138,659
Additional paid-in-capital	67,014,641	65,431,424
Accumulated currency translation adjustment	(3,404,080)	(2,654,630)
Retained earnings	49,077,683	46,009,681
Total stockholders' equity	112,828,305	108,925,134
Total Liabilities and Stockholders' Equity	$ 141,358,366	$ 142,069,051

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Revenue by Product Group (Detail) (USD $)	3 Months Ended
Revenue by Product Group (Detail) (USD $)	Mar. 31, 2013	Mar. 31, 2012
Revenue from External Customer [Line Items]
Product revenue	$ 14,494,489	$ 13,613,328
Orthobiologics
Revenue from External Customer [Line Items]
Product revenue	11,283,547	10,116,845
Surgical
Revenue from External Customer [Line Items]
Product revenue	988,864	983,628
Dermal
Revenue from External Customer [Line Items]
Product revenue	241,584	501,315
Ophthalmic
Revenue from External Customer [Line Items]
Product revenue	928,458	1,323,994
Veterinary
Revenue from External Customer [Line Items]
Product revenue	$ 1,052,036	$ 687,546

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Nature of Business
3 Months Ended

Mar. 31, 2013

Nature of Business

1.

Nature of Business

Anika Therapeutics, Inc. (“Anika,” and together with its subsidiaries,” the “Company,” “we,” “us,” or “our”) was incorporated in 1992 as a Massachusetts company. Anika develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (“HA”), a naturally occurring, biocompatible polymer found throughout the body. Due to its unique biophysical and biochemical properties, HA plays an important role in a number of physiological functions such as the protection and lubrication of soft tissues and joints, the maintenance of the structural integrity of tissues, and the transport of molecules to and within cells.

The Company is subject to risks common to companies in the biotechnology and medical device industries 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 the U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements as well as the ability to grow the Company’s business.

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Earnings Per Share - Additional Information (Detail)
3 Months Ended 1 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Dec. 30, 2009

Anika Therapeutics S.r.l.

Mar. 31, 2013

Anika Therapeutics S.r.l.

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Issuance of common stock in connection with acquisition 1,981,192

Shares remain in escrow 500,000

Equity awards outstanding included in the diluted potential common shares 500,000

Equity awards outstanding but not included in the computation of diluted earnings per share 555,001 380,551

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Equity Incentive Plan (Tables)
3 Months Ended

Mar. 31, 2013

Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights Awards

The fair value of each stock option award during the three months ended March 31, 2013 and 2012 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

Three Months Ended

March 31,

2013

2012

Risk free interest rate

0.70%

0.64%

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57.60%

57.60%

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4

4

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0.00%

0.00%

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Inventories (Detail) (USD $)

Mar. 31, 2013

Dec. 31, 2012

Inventory Disclosure [Line Items]

Raw materials $ 5,990,124 $ 6,109,807

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Inventories (Tables)
3 Months Ended

Mar. 31, 2013

Inventories

Inventories consist of the following:

March 31,

December 31,

2013

2012

Raw materials
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Finished goods
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    Total
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Basis of Presentation
3 Months Ended

Mar. 31, 2013

Basis of Presentation

2.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“U.S.”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. The December 31, 2012 consolidated balance sheet is derived from our audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the U.S. 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 position of the Company as of March 31, 2013 and the results of its operations for the three months ended March 31, 2013 and 2012 and cash flows for the three months ended March 31, 2013 and 2012.

Pursuant to the Health Care and Education Reconciliation Act of 2010 and in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (“MDET”) became effective on January 1, 2013 for sales of certain medical devices. Some of our product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under Accounting Standards Codification (“ASC”) 605-45. For the period ended March 31, 2013, amounts included in revenue and cost of goods sold for MDET were immaterial. There have been no other changes in our significant accounting policies for the three months ended March 31, 2013 as compared to the significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2012.

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, 2012. The results of operations for the three months ended March 31, 2013 are not necessarily indicative of the results to be expected for the year ending December 31, 2013. Certain prior period amounts have been reclassified to conform to the current period presentation. There was no impact on operating income.

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Mar. 31, 2013

Dec. 31, 2012

Accounts receivable, reserves $ 327,270 $ 337,459

Preferred stock, par value $ 0.01 $ 0.01

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Income Taxes
3 Months Ended

Mar. 31, 2013

Income Taxes

12.

Income Taxes

Income tax expense was $1,903,864 and $1,099,738 for the three months ended March 31, 2013 and 2012, respectively. The effective tax rates were 38.3% and 36.5% for the three months ended March 31, 2013 and 2012, respectively. The increase in the effective tax rate is primarily due to the applicability of a higher federal rate bracket in the current quarter combined with increases in the non-deductibility of certain expenses.

In the normal course of business, Anika and its subsidiaries may be periodically examined by various taxing authorities. We file income tax returns in the U.S. federal jurisdiction, in certain U.S. states, and in Italy. 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. The 2009 through 2012 tax years remain subject to examination by the IRS and other taxing authorities for U.S. federal and state purposes. The 2009 through 2012 tax years remain subject to examination by the appropriate governmental authorities in Italy.

In connection with the preparation of the financial statements, the Company performed an analysis to ascertain if it was more likely than not that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carryforward and its investment tax credit carryforward. We have concluded that the positive evidence outweighs the negative evidence and, thus, that those deferred tax assets not otherwise subject to a valuation allowance are realizable on a “more likely than not” basis. As such, we have not recorded a valuation allowance at March 31, 2013 or December 31, 2012, respectively.

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In connection with our acquisition of Anika S.r.l. on December 30, 2009, Fidia Farmaceutici S.p.A. (“Fidia”) acquired ownership of 1,981,192 shares of the Company's common stock, of which 500,000 shares remain in escrow at March 31, 2013. As of March 31, 2013, Fidia owns approximately 14.16% of the outstanding shares of the Company.

As part of the acquisition, the Company, primarily through Anika S.r.l., entered into a series of operating agreements with Fidia as follows:

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Six

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Hyaluronic acid powder (EXPIRED)

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Mar. 31, 2012

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Research & development 1,582,910 1,533,103

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Income from operations 5,011,424 3,063,060

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Income before income taxes 4,971,866 3,011,857

Provision for income taxes 1,903,864 1,099,738

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Inventories
3 Months Ended

Mar. 31, 2013

Inventories

7.

Inventories

Inventories consist of the following:

March 31,

December 31,

2013

2012

Raw materials
$ 5,990,124 $ 6,109,807

Work-in-process
1,947,084 777,056

Finished goods
2,010,753 1,396,609

    Total
$ 9,947,961 $ 8,283,472

Inventories are stated at the lower of cost or market, with cost being determined using the first-in, first-out method. Work-in-process and finished goods inventories include materials, labor, and manufacturing overhead.

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Earnings Per Share
3 Months Ended

Mar. 31, 2013

Earnings Per Share

6.

Earnings Per Share

The Company reports earnings per share in accordance with ASC 260, Earnings Per Share, which establishes standards for computing and presenting earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted average number of common shares outstanding and the number of dilutive potential common share equivalents during the period. Under the treasury stock method, unexercised “in-the-money” stock options are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period.

Basic and diluted earnings per share for the three months ended March 31, 2013 and 2012 are as follows:

Three months ended March 31,

2013

2012

Shares used in the calculation of Basic earnings per share
13,406,952 13,162,824

Effect of dilutive securities:

    Stock options, SARs, RSAs, and shares held in escrow
950,158 927,122

Diluted shares used in the calculation of earnings per share
14,357,110 14,089,946

In connection with the acquisition of Anika Therapeutics S.r.l. (“Anika S.r.l.”) on December 30, 2009, the Company issued 1,981,192 shares of its common stock of which 500,000 of these shares remain in escrow at March 31, 2013. These 500,000 shares are included in the diluted potential common shares but are excluded from the basic earnings per share calculation. See Note 10 for additional information relative to this item.

Equity awards of 555,001 and 380,551 shares were outstanding for the three months ended March 31, 2013 and 2012, respectively, but were not included in the computation of diluted earnings per share because the awards’ impact on earnings per share was anti-dilutive.

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Earnings Per Share (Tables)
3 Months Ended

Mar. 31, 2013

Basic and Diluted Earnings Per Share

Basic and diluted earnings per share for the three months ended March 31, 2013 and 2012 are as follows:

Three months ended March 31,

2013

2012

Shares used in the calculation of Basic earnings per share
13,406,952 13,162,824

Effect of dilutive securities:

    Stock options, SARs, RSAs, and shares held in escrow
950,158 927,122

Diluted shares used in the calculation of earnings per share
14,357,110 14,089,946

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Segment and Geographic Information
3 Months Ended

Mar. 31, 2013

Segment and Geographic Information

14.

Segment and Geographic Information

The Company has one reportable operating segment, the results of which are disclosed in the accompanying unaudited condensed consolidated financial statements.

Product revenue by product group is as follows:

Three Months Ended March 31,

2013

2012

Orthobiologics
$ 11,283,547 $ 10,116,845

Surgical
988,864 983,628

Dermal
241,584 501,315

Ophthalmic
928,458 1,323,994

Veterinary
1,052,036 687,546

$ 14,494,489 $ 13,613,328

Product revenue by geographic location in total and as a percentage of total product revenue, for the three months ended March 31, 2013 and 2012 are as follows:

Three Months Ended March 31,

2013

2012

Percentage of

Percentage of

Geographic Location:
Revenue

Revenue

Revenue

Revenue

United States
$ 11,566,779 80 % $ 10,390,045 76 %

Europe
1,547,914 11 % 1,770,752 13 %

Other
1,379,796 9 % 1,452,531 11 %

Total
$ 14,494,489 100 % $ 13,613,328 100 %

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- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Commitments and Contingencies
3 Months Ended

Mar. 31, 2013

Commitments and Contingencies

10.

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 product. The Company may also warrant that the products it manufactures do not infringe, violate or breach any patent or intellectual property rights, 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 negligence or acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure. Based on the Company’s historical activity in combination with its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. The Company has no accrued warranties and has no history of claims paid.

On July 7, 2010, Genzyme Corporation (“Genzyme”) filed a complaint against the Company in the United States District Court for the District of Massachusetts seeking unspecified damages and equitable relief. The Complaint alleges that the Company has infringed U.S. Patent No. 5,143,724 by manufacturing MONOVISC in the United States for sale outside the United States and will infringe U.S. Patent Nos. 5,143,724 and 5,399,351 if the Company begins manufacture and sale of MONOVISC in the United States. On August 30, 2010, the Company filed an answer denying liability. On April 26, 2011, Genzyme filed a motion to add its newly-issued U.S. Patent No. 7,931,030 to this litigation and also filed a separate new complaint in the District of Massachusetts alleging that the Company's manufacture and sale of MONOVISC in the United States will infringe that patent. On May 23, 2011, the Court entered orders permitting Genzyme to file its supplemental complaint adding its newly-issued U.S. Patent No. 7,931,030 to this litigation and requiring Genzyme to withdraw its separately filed complaint. On July 14, 2011, the Company filed an answer to the supplemental complaint, denying liability. On May 10, 2012, Genzyme dismissed its claim of infringement of U.S. Patent No. 5,399,351 and is no longer asserting that patent against the Company. The Company believes that neither MONOVISC, nor its manufacture, does or will infringe any valid and enforceable claim of the asserted patents. Management has assessed and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, Contingencies, an accrual has not been recorded for this loss contingency. Pursuant to the terms of the licensing and supply agreement entered into with Depuy Mitek, Inc. in December 2011, DePuy Mitek agreed to assume certain obligations of the Company related to this litigation. On August 3, 2012, a jury in the United States District Court for the District of Massachusetts held U.S. Patent No. 7,931,030 invalid as obvious and not infringed in litigation between Genzyme and Seikagaku Corporation, Zimmer Holdings Inc., Zimmer, Inc. and Zimmer U.S., Inc. concerning the Gel-One product. On September 19, 2012, Genzyme and the Company jointly requested that the Court stay Genzyme’s lawsuit against the Company pending the full resolution of the Seikagaku/Zimmer lawsuit, including through any appeal of the judgment entered in that lawsuit. The District Court granted the motion on September 28, 2012.

In 2011, Merogel Injectable was withdrawn from the market due to a labeling error on the product’s packaging, discovered by the Company. We settled the matter related to this dispute with Medtronic in August, 2012. This labeling error relates to conduct that initially occurred prior to our acquisition of Anika S.r.l. from Fidia Farmaceutici S.p.A. and, as a result, we have made claims against Fidia for indemnification for Anika’s losses related to this issue. Fidia has informed us that it does not believe that it has liability for this matter, and has asserted a counterclaim against Anika for failing to consent to the release of the remaining shares held in escrow upon the closing of the Anika S.r.l. acquisition. We have begun an arbitration process with Fidia in the London Court of International Arbitration to resolve the matter. Management has assessed Fidia’s claims and determined that contingent losses related to this matter are not probable. Therefore, pursuant to ASC 450, Contingencies, an accrual has not been recorded for this loss contingency.

We are also involved in various other legal proceedings arising in the normal course of business. Although the outcomes of these other legal proceedings are inherently difficult to predict, we do not expect the resolution of these other legal proceedings to have a material adverse effect on our financial position, results of operations or cash flow.

X

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The entire disclosure for commitments and contingencies.

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Intangible Assets and Goodwill
3 Months Ended

Mar. 31, 2013

Intangible Assets and Goodwill

8.

Intangible Assets and Goodwill

In connection with the acquisition of Anika S.r.l., the Company acquired various intangible assets and goodwill. The Company evaluated the various intangibles and related cash flows from these intangible assets, as well as the useful lives and amortization methods related to these intangibles. The in-process research and development intangible assets initially have indefinite lives and are reviewed periodically to assess the project status, valuation, and disposition including write-off(s) for abandoned projects. Until such determination is made, they are not amortized.

The Company reviews its long-lived assets for impairment at least annually. Additionally, the Company will initiate a review for impairment if events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable or that the useful lives of the assets are no longer appropriate. Each impairment test will be based on a comparison of the undiscounted cash flows to the recorded value of the asset. If impairment is indicated, the asset is written down to its estimated fair value.

Intangible assets as of March 31, 2013 and December 31, 2012 consist of the following:

March 31, 2013
December 31, 2012

Gross Value

Currency Translation Adjustment

Accumulated Amortization

Net Book
Value

Net Book
Value

Useful Life

Developed technology
$ 16,700,000 $ (1,785,407 ) $ (3,217,884 ) $ 11,696,709 $ 12,370,042 15

In-process research & development
5,502,686 (588,296 ) - 4,914,390 4,980,574
Indefinite

Distributor relationships
4,700,000 (502,480 ) (2,758,442 ) 1,439,078 1,733,453 5

Patents
1,000,000 (106,910 ) (183,407 ) 709,683 749,166 16

Elevess trade name
1,000,000 - (529,938 ) 470,062 501,401 9

    Total
$ 28,902,686 $ (2,983,093 ) $ (6,689,671 ) $ 19,229,922 $ 20,334,636

The aggregate amortization expense related to intangible assets was $519,982 and $516,278 for the three months ended March 31, 2013 and 2012, respectively.

Changes in the carrying value of goodwill for the three months ended March 31, 2013 were as follows:

Balance at December 31, 2012
$ 9,065,891

Effect of foreign currency adjustments
(273,726 )

Balance at March 31, 2013
$ 8,792,165

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Accrued Expenses
3 Months Ended

Mar. 31, 2013

Accrued Expenses

9.

Accrued Expenses

Accrued expenses consist of the following:

March 31,

December 31,

2013

2012

Payroll and benefits
$ 1,948,135 $ 2,477,833

Professional fees
559,098 642,853

Clinical trial costs
134,835 102,414

SRL Research grant
82,203 110,350

Restructuring costs
310,578 933,732

Other
1,217,725 1,569,862

Total
$ 4,252,574 $ 5,837,044

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Long-term Debt
3 Months Ended

Mar. 31, 2013

Long-term Debt

11.

Long-term Debt

On January 31, 2008, the Company entered into an unsecured Credit Agreement with Bank of America. As of March 31, 2013, the Company had an outstanding debt balance of $9,200,000, at an interest rate of 1.53%. The interest payable on our debt is determined, at the Company’s option, based on LIBOR plus 1.25%, or the lender’s prime rate.

ASC 825, Financial Instruments, requires disclosure about the fair value of financial instruments in interim as well as in annual financial statements. The carrying value of our debt instrument was $9,200,000 and $9,600,000 at March 31, 2013 and December 31, 2012, respectively, of which $1,600,000 was recorded as current at each date. The estimated fair value of our debt, which is a Level 2 instrument for fair value measurement purposes, approximated book value at March 31, 2013 and December 31, 2012, respectively.

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Basic and Diluted Earnings Per Share (Detail)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]

Shares used in the calculation of Basic earnings per share 13,406,952 13,162,824

Effect of dilutive securities:

Stock options, SARs, RSAs, and shares held in escrow 950,158 927,122

Diluted shares used in the calculation of earnings per share 14,357,110 14,089,946

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Fair Value Measurements (Tables)
3 Months Ended

Mar. 31, 2013

Assets Measured and Recorded at Fair Value on Recurring Basis

The following table summarizes our assets measured and recorded at fair value on a recurring basis, by level, within the fair value hierarchy:

March 31, 2013

Level 1

Level 2

Level 3

Total

Cash equivalents - money market accounts
$ 34,264,269 $ - $ - $ 34,264,269

December 31, 2012

Level 1

Level 2

Level 3

Total

Cash equivalents - money market accounts
$ 34,264,268 $ - $ - $ 34,264,268

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3 Months Ended

Mar. 31, 2013

Accrued Expenses

Accrued expenses consist of the following:

March 31,

December 31,

2013

2012

Payroll and benefits
$ 1,948,135 $ 2,477,833

Professional fees
559,098 642,853

Clinical trial costs
134,835 102,414

SRL Research grant
82,203 110,350

Restructuring costs
310,578 933,732

Other
1,217,725 1,569,862

Total
$ 4,252,574 $ 5,837,044

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Long-term Debt - Additional Information (Detail) (USD $)

Mar. 31, 2013

Dec. 31, 2012

Debt Instrument [Line Items]

Total debt outstanding $ 9,200,000 $ 9,600,000

Debt instrument interest rate 1.53%

Current portion of long-term debt $ 1,600,000 $ 1,600,000

LIBOR

Debt Instrument [Line Items]

Debt instrument variable rate 1.25%

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Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Cash flows from operating activities:

Net income $ 3,068,002 $ 1,912,119

Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization 1,202,208 986,913

Stock-based compensation expense 422,959 320,510

Deferred income taxes (139,747) (82,206)

Provision for inventory 258,195 49,558

Tax benefit from exercise of stock options (64,642) (394,076)

Changes in operating assets and liabilities:

Accounts receivable 6,373,839 358,471

Inventories (1,969,179) (1,769,606)

Prepaid expenses, other current and long-term assets 705,078 (324,152)

Long-term deposits and other 8,499 8,499

Accounts payable 1,354,318 (476,940)

Accrued expenses (2,351,133) (1,341,407)

Deferred revenue (725,067) (716,667)

Income taxes payable (1,834,739) (215,156)

Other long-term liabilities (239,737) (5,509)

Net cash provided by (used in) operating activities 6,068,854 (1,689,649)

Cash flows from investing activities:

Purchase of property and equipment, net (35,802) (224,059)

Proceeds from sale of property and equipment 135,607

Net cash provided by (used in) investing activities 99,805 (224,059)

Cash flows from financing activities:

Principal payments on debt (400,000) (400,000)

Proceeds from exercise of stock options 1,097,016 114,656

Tax benefit from exercise of stock options 64,642 394,076

Net cash provided by financing activities 761,658 108,732

Exchange rate impact on cash (32,228) 30,932

Increase (decrease) in cash and cash equivalents 6,898,089 (1,774,044)

Cash and cash equivalents at beginning of period 44,067,477 35,777,222

Cash and cash equivalents at end of period $ 50,965,566 $ 34,003,178

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Equity Incentive Plan
3 Months Ended

Mar. 31, 2013

Equity Incentive Plan

5.

Equity Incentive Plan

The Company estimates the fair value of stock options and stock appreciation rights using the Black-Scholes valuation model. Fair value of restricted stock is measured by the grant-date price of the Company’s shares. The fair value of each stock option award during the three months ended March 31, 2013 and 2012 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

Three Months Ended

March 31,

2013

2012

Risk free interest rate

0.70%

0.64%

Expected volatility

57.60%

57.60%

Expected lives (years)

4

4

Expected dividend yield

0.00%

0.00%

            The Company recorded $422,959 and $320,510 of share-based compensation expense for the three months ended March 31, 2013 and 2012, respectively, for equity compensation awards. The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to the respective employees.

There were 354,500 stock options granted under the Second Amended and Restated 2003 Stock Option and Incentive Plan (the “Second Amended 2003 Plan”) during the three months ended March 31, 2013. There were 13,800 restricted stock units (“RSUs”) granted to members of the Company’s Board of Directors under the Second Amended 2003 Plan during the same period ended March 31, 2013. The stock options and RSUs granted to employees and directors become exercisable or vest ratably over four years from the date of grant.

As of March 31, 2013, there was approximately $3.3 million of total unrecognized compensation cost related to non-vested stock options, stock appreciation rights (“SARs”), and restricted stock awards (“RSAs”) granted under the Company’s incentive plans. This cost is expected to be recognized over a weighted-average period of 3.0 years.

The total intrinsic value of stock options and SARs exercised during the three month periods ended March 31, 2013 and 2012 was approximately $464,241 and $1,192,545, respectively. Cash received from the exercise of stock options during the three-month periods ended March 31, 2013 and 2012 was $1,097,016 and $114,656, respectively.

There were approximately 2.0 million options and SARs outstanding under the Company’s incentive plans at March 31, 2013 with a weighted-average exercise price of $8.72 per share, an aggregate intrinsic value of approximately $11.7 million, and a weighted-average remaining contractual term of 6.44 years.

None of the options or SARs outstanding at March 31, 2013 or 2012, respectively, had cash-settlement features.

The Company may satisfy the awards upon exercise, or upon fulfillment of the vesting requirements for other equity-based awards, with either authorized but unissued shares or shares reacquired by the Company. Stock-based awards are granted with an exercise price equal to the market price of the Company’s stock on the date of grant. Awards contain service or performance conditions and generally become exercisable ratably over one to four years and have a ten year contractual term.

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Related Party (Tables)
3 Months Ended

Mar. 31, 2013

Series of Operating Agreements

As part of the acquisition, the Company, primarily through Anika S.r.l., entered into a series of operating agreements with Fidia as follows:

Agreement Type

Description

Term in Years

Lease

Rent of space in Abano Terme, Italy

Six

Finished goods supply

Manufacture and supply of goods

Five

Raw material supply

Hyaluronic acid powder (EXPIRED)

Three

Services

Finance, administrative, security

One to Six

Accounts receivable

Collection of trade receivables outstanding as of

Two

management

December 30, 2009 (EXPIRED)

Marketing and Promotion

Promote Anika Srl products in Italy through

Three

Fidia sales force (TERMINATED)

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Acquired Intangible Assets, Net - Additional Information (Detail) (USD $)
3 Months Ended

Mar. 31, 2013

Mar. 31, 2012

Finite-Lived Intangible Assets [Line Items]

Amortization expense related to intangible assets $ 519,982 $ 516,278

X

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The aggregate expense charged against earnings to allocate the cost of acquired intangible assets. As a noncash expense, this element is added back to net income when calculating cash provided by (used in) operations using the indirect method.

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Restructuring Charges
3 Months Ended

Mar. 31, 2013

Restructuring Charges

15.

Restructuring Charges

In December 2012 the Company announced the closure of its tissue engineering facility in Abano Terme, Italy due to the inability to meet strict regulatory standards, effective January 1, 2013, established by the EMA for Advanced Therapy Medicinal Products. The restructuring plan involved a workforce reduction as well as associated asset abandonments. The Company recorded restructuring and impairment charges in the fourth quarter of 2012 of approximately $2.5 million. Of the total restructuring and impairment charges related to the tissue engineering operation, approximately $1.2 million related to the non-cash termination and related impairment of an IPR&D project, $0.3 million related to the disposal of property and equipment, and $0.1 million related to the disposal of inventory. The remaining $0.9 million relates to cash payments that are anticipated to occur in 2013, primarily for employee termination costs.

We made substantial progress in the first quarter of 2013 in completing the planned restructuring. During the current quarter, we sold certain previously impaired and written-off equipment resulting in a $135,607 restructuring credit recorded during the three months ended March 31, 2013. The carrying value of the restructuring accrual approximated fair value at March 31, 2013.

The following table summarizes restructuring accrual activity for the three months ended March 31, 2013:

2013 Restructuring Accrual

Employee Severance and Related Benefits

Activity Termination and Facility Closure Costs

Total

December 31, 2012
$ 801,453 $ 132,279 $ 933,732

Q1 2013 Charges to Operations
- - -

Cash Proceeds, Disbursements
(587,662 ) (43,142 ) (630,804 )

Write Offs and Abandonments
- - -

Foreign Exchange Impact
7,931 (281 ) 7,650

Restructuring Accrual - March 31, 2013
$ 221,722 $ 88,856 $ 310,578

X

- Definition

The entire disclosure for restructuring and related activities. Description of restructuring activities such as exit and disposal activities, include facts and circumstances leading to the plan, the expected plan completion date, the major types of costs associated with the plan activities, total expected costs, the accrual balance at the end of the period, and the periods over which the remaining accrual will be settled.

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Earnings Per Share - Additional Information (Detail)	3 Months Ended		1 Months Ended
Earnings Per Share - Additional Information (Detail)	Mar. 31, 2013	Mar. 31, 2012	Dec. 30, 2009 Anika Therapeutics S.r.l.	Mar. 31, 2013 Anika Therapeutics S.r.l.
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Issuance of common stock in connection with acquisition			1,981,192
Shares remain in escrow				500,000
Equity awards outstanding included in the diluted potential common shares	500,000
Equity awards outstanding but not included in the computation of diluted earnings per share	555,001	380,551

Inventories (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Inventory Disclosure [Line Items]
Raw materials	$ 5,990,124	$ 6,109,807
Work-in-process	1,947,084	777,056
Finished goods	2,010,753	1,396,609
Total	$ 9,947,961	$ 8,283,472

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Accounts receivable, reserves	$ 327,270	$ 337,459
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	1,250,000	1,250,000
Preferred stock, shares issued
Preferred stock, shares outstanding
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	30,000,000	30,000,000
Common stock, shares issued	14,006,135	13,866,060
Common stock, shares outstanding	14,006,135	13,866,060

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2013	May 03, 2013
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2013
Document Fiscal Year Focus	2013
Document Fiscal Period Focus	Q1
Trading Symbol	ANIK
Entity Registrant Name	ANIKA THERAPEUTICS INC
Entity Central Index Key	0000898437
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		13,996,250

Basic and Diluted Earnings Per Share (Detail)	3 Months Ended
Basic and Diluted Earnings Per Share (Detail)	Mar. 31, 2013	Mar. 31, 2012
Schedule of Earnings Per Share, Basic and Diluted, by Common Class [Line Items]
Shares used in the calculation of Basic earnings per share	13,406,952	13,162,824
Effect of dilutive securities:
Stock options, SARs, RSAs, and shares held in escrow	950,158	927,122
Diluted shares used in the calculation of earnings per share	14,357,110	14,089,946

Long-term Debt - Additional Information (Detail) (USD $)	Mar. 31, 2013	Dec. 31, 2012
Debt Instrument [Line Items]
Total debt outstanding	$ 9,200,000	$ 9,600,000
Debt instrument interest rate	1.53%
Current portion of long-term debt	$ 1,600,000	$ 1,600,000
LIBOR
Debt Instrument [Line Items]
Debt instrument variable rate	1.25%

Condensed Consolidated Statements of Cash Flows (unaudited) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Cash flows from operating activities:
Net income	$ 3,068,002	$ 1,912,119
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	1,202,208	986,913
Stock-based compensation expense	422,959	320,510
Deferred income taxes	(139,747)	(82,206)
Provision for inventory	258,195	49,558
Tax benefit from exercise of stock options	(64,642)	(394,076)
Changes in operating assets and liabilities:
Accounts receivable	6,373,839	358,471
Inventories	(1,969,179)	(1,769,606)
Prepaid expenses, other current and long-term assets	705,078	(324,152)
Long-term deposits and other	8,499	8,499
Accounts payable	1,354,318	(476,940)
Accrued expenses	(2,351,133)	(1,341,407)
Deferred revenue	(725,067)	(716,667)
Income taxes payable	(1,834,739)	(215,156)
Other long-term liabilities	(239,737)	(5,509)
Net cash provided by (used in) operating activities	6,068,854	(1,689,649)
Cash flows from investing activities:
Purchase of property and equipment, net	(35,802)	(224,059)
Proceeds from sale of property and equipment	135,607
Net cash provided by (used in) investing activities	99,805	(224,059)
Cash flows from financing activities:
Principal payments on debt	(400,000)	(400,000)
Proceeds from exercise of stock options	1,097,016	114,656
Tax benefit from exercise of stock options	64,642	394,076
Net cash provided by financing activities	761,658	108,732
Exchange rate impact on cash	(32,228)	30,932
Increase (decrease) in cash and cash equivalents	6,898,089	(1,774,044)
Cash and cash equivalents at beginning of period	44,067,477	35,777,222
Cash and cash equivalents at end of period	$ 50,965,566	$ 34,003,178

Acquired Intangible Assets, Net - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2013	Mar. 31, 2012
Finite-Lived Intangible Assets [Line Items]
Amortization expense related to intangible assets	$ 519,982	$ 516,278