0001171843-19-002946.txt : 20190506 0001171843-19-002946.hdr.sgml : 20190506 20190503190534 ACCESSION NUMBER: 0001171843-19-002946 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 68 CONFORMED PERIOD OF REPORT: 20190331 FILED AS OF DATE: 20190506 DATE AS OF CHANGE: 20190503 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: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-14027 FILM NUMBER: 19797709 BUSINESS ADDRESS: STREET 1: 32 WIGGINS AVENUE CITY: BEDFORD STATE: MA ZIP: 01730 BUSINESS PHONE: (781) 457-9000 MAIL ADDRESS: STREET 1: 32 WIGGINS AVENUE CITY: BEDFORD STATE: MA ZIP: 01730 FORMER COMPANY: FORMER CONFORMED NAME: ANIKA THERAPEUTICS INC DATE OF NAME CHANGE: 19970114 FORMER COMPANY: FORMER CONFORMED NAME: ANIKA RESEARCH INC DATE OF NAME CHANGE: 19930309 10-Q 1 f10q_050319p.htm FORM 10-Q

 

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

 

FORM 10-Q

 

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

 

For the quarterly period ended March 31, 2019

 

☐  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)

 

Delaware 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)

 

(781) 457-9000

(Registrant’s Telephone Number, Including Area Code)

 

N/A

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

 

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

 

Title of Each Class

Trading Symbol

Name of Each Exchange on Which Registered

     

Common Stock, par value $0.01 per share

ANIK

NASDAQ Global Select Market

 

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

 

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

 

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

 

Large accelerated filer  ☐   Accelerated filer ☒   Non-accelerated filer ☐  

Smaller reporting

company ☐

Emerging growth

company ☐

 

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

 

APPLICABLE ONLY TO CORPORATE ISSUERS:

 

As of April 22, 2019, there were 14,206,920 outstanding shares of Common Stock, par value $.01 per share.

 

 

 

 

ANIKA THERAPEUTICS, INC.

TABLE OF CONTENTS

 

 

 

 

 

 

 

Page

Part I Financial Information  
Item 1. Financial Statements (unaudited): 3
  Condensed Consolidated Balance Sheets as of March 31, 2019 and December 31, 2018 3
  Condensed Consolidated Statements of Operations and Comprehensive Income for the three-months ended March 31, 2019 and 2018 4
  Condensed Consolidated Statements of Stockholders’ Equity for the three-months ended March 31, 2019 and 2018 5
  Condensed Consolidated Statements of Cash Flows for the three-months ended March 31, 2019 and 2018 6
  Notes to Condensed Consolidated Financial Statements 7
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 13
Item 3. Quantitative and Qualitative Disclosures About Market Risk 19
Item 4. Controls and Procedures 19
Part II Other Information  
Item 1. Legal Proceedings 19
Item 1A. Risk Factors 19
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20
Item 6. Exhibits 21
Signatures 22

 

 

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

 

ANIKA, ANIKA THERAPEUTICS, CINGAL, HYAFF, MONOVISC, and ORTHOVISC are our registered trademarks. This Quarterly Report on Form 10-Q also contains registered marks, trademarks, and trade names that are the property of other companies and licensed to us.

 

 

 

 

 

PART I: FINANCIAL INFORMATION

 

ITEM 1. FINANCIAL STATEMENTS

 

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Balance Sheets

(in thousands, except per share data)

(unaudited)

         

ASSETS  March 31,
2019
  December 31,
2018
Current assets:          
Cash and cash equivalents  $95,514   $89,042 
Investments   71,222    69,972 
Accounts receivable, net of reserves of $1,210 and $1,525 at March 31, 2019 and December 31, 2018, respectively   18,265    20,775 
Inventories, net   22,617    21,300 
Prepaid expenses and other current assets   2,077    1,854 
Total current assets   209,695    202,943 
Property and equipment, net   53,051    54,111 
Right-of-use assets   23,748     
Other long-term assets   4,003    4,897 
Intangible assets, net   8,467    9,191 
Goodwill   7,695    7,851 
Total assets  $306,659   $278,993 
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable  $3,571   $3,143 
Accrued expenses and other current liabilities   8,031    8,146 
Total current liabilities   11,602    11,289 
Other long-term liabilities   366    550 
Deferred tax liability   3,388    3,542 
Lease liabilities   22,232     
Commitments and contingencies (Note 13)          
Stockholders’ equity:          
Preferred stock, $.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively        
Common stock, $.01 par value; 60,000 shares authorized, 14,214 and 14,210 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively   142    142 
Additional paid-in-capital   52,030    50,763 
Accumulated other comprehensive loss   (5,841)   (5,526)
Retained earnings   222,740    218,233 
Total stockholders’ equity   269,071    263,612 
Total liabilities and stockholders’ equity  $306,659   $278,993 

 

 

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

 

3

 

 

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations and Comprehensive Income

(in thousands, except per share data)

(unaudited)

         

   Three Months Ended March 31,
   2019  2018
Product revenue  $24,717   $21,258 
Licensing, milestone and contract revenue   6    6 
Total revenue   24,723    21,264 
           
Operating expenses:          
Cost of product revenue   7,311    7,845 
Research & development   4,258    5,161 
Selling, general & administrative   7,672    16,090 
Total operating expenses   19,241    29,096 
Income (loss) from operations   5,482    (7,832)
Interest and other income, net   498    95 
Income (loss) before income taxes   5,980    (7,737)
Provision for (benefit from) income taxes   1,473    (1,051)
Net income (loss)  $4,507   $(6,686)
           
Basic net income (loss) per share:          
Net income (loss)  $0.32   $(0.46)
Basic weighted average common shares outstanding   14,185    14,679 
Diluted net income (loss) per share:          
Net income (loss)  $0.31   $(0.46)
Diluted weighted average common shares outstanding   14,314    14,679 
           
Net income (loss)  $4,507   $(6,686)
Foreign currency translation adjustment   (315)   620 
Comprehensive income (loss)  $4,192   $(6,066)

 

 

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

 

4

 

 

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Stockholders' Equity

(in thousands)

                       

   For the three months ended March 31, 2019
               Accumulated   
   Common Stock     Other  Total
   Number of  $.01 Par  Additional Paid  Retained  Comprehensive  Stockholders'
   Shares  Value  in Capital  Earnings  Loss  Equity
Balance, January 1, 2019   14,210   $142   $50,763   $218,233   $(5,526)  $263,612 
Issuance of common stock for equity awards   7        5            5 
Retirement of common stock for minimum tax withholdings   (3)       (124)           (124)
Stock-based compensation expense           1,386            1,386 
Net income               4,507        4,507 
Other comprehensive loss                   (315)   (315)
Balance, March 31, 2019   14,214   $142   $52,030   $222,740   $(5,841)  $269,071 

 

   For the three months ended March 31, 2018
               Accumulated   
   Common Stock     Other  Total
   Number of  $.01 Par  Additional Paid  Retained  Comprehensive  Stockholders'
   Shares  Value  in Capital  Earnings  Loss  Equity
Balance, January 1, 2018   14,688   $147   $68,617   $199,511   $(4,784)  $263,491 
Issuance of common stock for equity awards   89    1    511            512 
Retirement of common stock for minimum tax withholdings   (32)   (1)   (1,735)           (1,736)
Stock-based compensation expense           7,565            7,565 
Net loss               (6,686)       (6,686)
Other comprehensive income                   620    620 
Balance, March 31, 2018   14,745   $147   $74,958   $192,825   $(4,164)  $263,766 

 

 

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

 

5

 

 

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Cash Flows

(in thousands)

(unaudited)

 

   Three Months Ended March 31,
   2019  2018
Cash flows from operating activities:          
Net income (loss)  $4,507   $(6,686)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:          
Depreciation and amortization   1,477    1,473 
Amortization of right-of-use assets   297     
Loss on disposal of fixed assets   721    142 
Loss on impairment of intangible asset   281     
Stock-based compensation expense   1,386    7,565 
Deferred income taxes   (124)   (75)
Provision for inventory   381    3,246 
Accretion to amortized cost of investments   (363)    
Changes in operating assets and liabilities:          
Accounts receivable   2,489    5,730 
Inventories   (1,617)   (3,924)
Prepaid expenses, other current and long-term assets   (182)   509 
Accounts payable   496    (180)
Lease liabilities   (269)    
Accrued expenses, other current and long-term liabilities   (1,928)   3,270 
Income taxes   910    (1,478)
Net cash provided by operating activities   8,462    9,592 
           
Cash flows from investing activities:          
Proceeds from maturity of investments   58,094    15,250 
Purchase of investments   (58,981)   (12,500)
Purchase of property and equipment   (1,030)   (2,543)
Net cash (used in) provided by investing activities   (1,917)   207 
           
Cash flows from financing activities:          
Cash paid for tax withheld on vested restricted stock awards   (124)   (1,735)
Proceeds from exercise of equity awards   5    512 
Net cash (used in) financing activities   (119)   (1,223)
           
Exchange rate impact on cash   46    (35)
           
Increase in cash and cash equivalents   6,472    8,541 
Cash and cash equivalents at beginning of period   89,042    133,256 
Cash and cash equivalents at end of period  $95,514   $141,797 
Supplemental disclosure of cash flow information:              
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019  $24,110   $ 
Non-cash investing activities:          
Purchases of property and equipment included in accounts payable and accrued expenses  $246   $207 

 

 

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

 

6

 

 

ANIKA THERAPEUTICS, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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

(unaudited)

 

1.   Nature of Business

 

Anika Therapeutics, Inc. (the “Company”) is a global, integrated orthopedic and regenerative medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing products based on its proprietary Hyaluronic Acid (“HA”) technology. The Company’s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.

 

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 U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.

 

2.   Basis of Presentation

 

The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) and in accordance with accounting principles generally accepted in the United States (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The December 31, 2018 balances reported herein are derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial statements.

 

The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 10-K for the year ended December 31, 2018. The results of operations for the three-month period ended March 31, 2019 are not necessarily indicative of the results to be expected for the year ending December 31, 2019.

 

Recent Accounting Pronouncements

 

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which, among other things, results in the recognition of lease assets and lease liabilities by lessees on the Company’s balance sheets for virtually all leases. ASU 2016-02 supersedes most previous lease accounting guidance and is effective for interim and annual periods beginning after December 15, 2018. The Company adopted the new guidance as of January 1, 2019 using the modified retrospective adoption method in which it did not restate prior periods. The adoption of this standard did not have a material impact on the condensed consolidated statement of operations. See Note 12 for further details.

 

In August 2018, the FASB issued ASU No. 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40), which amends ASU No. 2015-05, Customers Accounting for Fees in a Cloud Computing Agreement, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The most significant change will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. Accordingly, the amendments in ASU 2018-15 require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. ASU 2018-15 is effective for fiscal years and interim periods beginning after December 15, 2019. Early adoption is permitted, including adoption in any interim period for all entities. The Company is assessing ASU 2018-15 and the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. 

 

3.   Revenue

   

The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. As of March 31, 2019, deferred revenue was $67 thousand.

  

The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent 72% and 76% of total Company revenues for the three-month periods ended March 31, 2019 and March 31, 2018, respectively. The Company has agreements with other customers that may include the delivery of a license and supply of product.

  

7

 

 

The following tables provide the disaggregated revenue by major product group and primary geographical market. Product revenue by product group was as follows: 

 

   Three Months Ended March 31,
   2019  2018
Orthobiologics  $21,748   $19,489 
Surgical   1,392    1,245 
Dermal   129    (539)
Other   1,448    1,063 
Product Revenue  $24,717   $21,258 

 

Total revenue by geographic location was as follows:

 

   Three Months Ended March 31,
   2019  2018
   Total
Revenue
  Percentage of
Revenue
  Total
Revenue
  Percentage of
Revenue
Geographic Location:                    
United States  $20,089    81%  $16,910    80%
Europe   2,526    10%   2,391    11%
Other   2,108    9%   1,963    9%
Total Revenue  $24,723    100%  $21,264    100%

 

  

On May 2, 2018, the Company publicly disclosed a voluntary recall of certain lots of its HYAFF-based products, HYALOFAST, HYALOGRAFT C, and HYALOMATRIX. The Company initiated the recall after internal quality testing, which indicated that the products were at risk of not maintaining certain measures throughout their entire shelf life. While there was no indication of any safety or efficacy issue related to the products at the time, the Company removed the products from the field as a precautionary measure. During the three-month period ended March 31, 2018, the Company recorded a revenue reserve for this voluntary recall of $1.1 million of which $0.9 million was related to revenue recorded in prior periods. The adjustments related to the initial revenue reserve subsequent to March 31, 2018 were immaterial. The revenue reserves impacted Dermal and Orthobiologics product groups and all geographic locations.

 

4.   Investments

 

All of the Company’s investments are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held investments, including U.S. treasury bills totaling $71.2 million and $70.0 million as of March 31, 2019 and December 31, 2018, respectively. Unrealized gains and losses as well as the associated tax impact on the Company’s available-for-sale securities were immaterial as of March 31, 2019 and December 31, 2018.

 

5.   Fair Value Measurements

 

The Company’s investments are all classified within Level 1 of the fair value hierarchy and are valued based on quoted prices in active markets. For cash and cash equivalents, current receivables, accounts payable, and interest accrual, the carrying amounts approximate fair value because of the short maturity of these instruments, and therefore fair value information is not included in the table below. 

 

The fair value hierarchy of the Company's cash equivalents and investments at fair value was as follows:

 

      Fair Value Measurements at Reporting Date Using   
   March 31, 2019  Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                         
Money market funds  $2,147   $2,147   $   $   $2,147 
                          
Investments:                         
U.S. treasury bills  $71,221   $71,221   $   $   $71,221 

 

      Fair Value Measurements at Reporting Date Using   
   December 31, 2018  Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                         
Money market funds  $4,984   $4,984   $   $   $4,984 
                          
Investments:                         
U.S. treasury bills  $69,972   $69,972   $   $   $69,972 

 

8

 

 

6.   Equity Incentive Plan

 

The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) are measured by the grant-date price of the Company’s shares. Fair value of performance restricted stock units (“PSUs”) is measured by the grant-date price of the Company’s shares with corresponding compensation cost recognized over the requisite service period. Compensation cost is recognized based on the estimated probabilities of achieving the performance goals. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related compensation cost that will be recorded in the period of the change. If the performance targets are not achieved, no compensation cost is recognized and any previously recognized compensation cost is reversed. 

 

The fair value of each stock option award during the three-month periods ended March 31, 2019 and 2018 was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:

 

   Three Months Ended March 31,
   2019  2018
Risk free interest rate  2.44% - 2.54%  2.15% - 2.37%
Expected volatility  44.34% - 44.41%  38.74% - 40.81%
Expected life (years)   3.5    4.5 
Expected dividend yield   0.00%    0.00% 

 

The Company recorded $1.4 million and $7.6 million of stock-based compensation expense for the three-month periods ended March 31, 2019 and 2018, respectively. Upon the retirement of the Company’s former Chief Executive Officer on March 9, 2018, all of his outstanding stock-based compensation awards vested in full and became exercisable in accordance with their terms, resulting in a one-time expense of $6.2 million that was fully recognized during the three-month period ended March 31, 2018.

  

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

 

   Three Months Ended March 31,
   2019  2018
Cost of product revenue  $92   $(216)
Research & development   177    210 
Selling, general & administrative   1,117    7,571 
Total stock-based compensation expense  $1,386   $7,565 

 

The following table sets forth share information for stock-based compensation awards granted and exercised during the three-month periods ended March 31, 2019 and 2018:

 

   Three Months Ended March 31,
   2019  2018
Grants:          
Stock Options   104,292    192,300 
RSAs       64,578 
RSUs   165,507    8,130 
PSUs   114,500     
Exercises:          
Stock Options   500    11,425 
SARs        

 

During the three-month period ended March 31, 2019, the Company granted stock-based compensation awards in the form of stock options, PSUs and RSUs to employees and RSUs to non-employee directors, the majority of which become exercisable or vest ratably over a three-year period. The PSUs granted to employees contained performance conditions with business and financial targets. The business target, amounting to 30% of the total performance conditions, will be measured based on achievement in the 2019 fiscal year, while the financial targets, amounting to 70% of the total performance conditions, will ultimately be measured with respect to the Company’s operating results in the 2021 fiscal year. The Company recorded $0.1 million of stock-based compensation expense associated with PSUs for the three-month period ended March 31, 2019.

 

7.   Earnings Per Share (“EPS”)

 

Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are not considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, RSUs, and PSUs using the treasury stock method.

 

9

 

 

The following table provides share information used in the calculation of the Company's basic and diluted earnings (loss) per share (in thousands):

 

   Three Months Ended March 31,
   2019  2018
Shares used in the calculation of basic earnings per share   14,185    14,679 
Effect of dilutive securities:          
Stock options, SARs, RSAs, RSUs and PSUs   129     
Diluted shares used in the calculation of earnings per share   14,314    14,679 

 

Stock options to purchase 1.0 million shares for the three-month period ended March 31, 2019 were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. For the three months ended March 31, 2018, the net loss available to common stockholders is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. The assumed exercise of stock options at March 31, 2018 would have been anti-dilutive.

 

8. Inventories

 

Inventories consist of the following:

 

   March 31,
2019
  December 31,
2018
Raw materials  $12,751   $13,688 
Work-in-process   5,972    4,626 
Finished goods   7,536    6,819 
Total  $26,259   $25,133 
           
Inventories  $22,617   $21,300 
Other long-term assets   3,642    3,833 

 

Other long-term assets include $3.6 million and $3.8 million of inventory expected to remain on hand beyond one year as of March 31, 2019 and December 31, 2018, respectively. 

 

9. Intangible Assets

 

Intangible assets as of March 31, 2019 and December 31, 2018 consisted of the following:

 

      March 31, 2019  December 31, 2018      
   Gross Value  Accumulated
Currency
Translation
Adjustment
  Impairment  Accumulated
Amortization
  Net Book
Value
  Accumulated
Currency
Translation
Adjustment
  Accumulated
Amortization
  Net Book
Value
  Useful Life
Developed technology  $17,100   $(2,929)  $(281)  $(8,927)  $4,963   $(2,824)  $(8,672)  $5,604   15
In-process research & development   4,406    (1,232)        -    3,174    (1,168)   -    3,238   Indefinite
Distributor relationships   4,700    (415)        (4,285)   -    (415)   (4,285)   -   5
Patents   1,000    (176)        (494)   330    (169)   (482)   349   16
Elevess trade name   1,000    -         (1,000)   -    -    (1,000)   -   9
Total  $28,206   $(4,752)  $(281)  $(14,706)  $8,467   $(4,576)  $(14,439)  $9,191    

 

The aggregate amortization expense related to intangible assets was $0.3 million for the three-month periods ended March 31, 2019 and 2018.

 

The Company recorded a $0.3 million impairment charge for the HYALOSPINE developed technology asset in the three-month period ended March 31, 2019. HYALOSPINE was an adhesion prevention gel for use after spinal surgery, and received initial CE Mark approval in January 2015. In March 2019, the Company made the decision not to renew the CE Mark as the product was not aligned with the Company’s core strategic focus. As a result, an impairment charge was recorded. This amount is included in selling, general & administrative expenses on our condensed consolidated statements of operations. 

 

Through March 31, 2019, except as set forth in this paragraph, there have not been any other events or changes in circumstances that indicate that the carrying value of the other acquired intangible assets may not be recoverable. The Company was notified by the distributor of MEROGEL INJECTIBLE that it would not continue to order the product from the Company or market the product. As a result, the depreciation schedule of the remaining $0.1 million of net book value was accelerated. The Company continues to monitor and evaluate the financial performance of its business including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its recorded amount. 

 

10

 

 

10. Goodwill

 

The Company completed its annual impairment review as of November 30, 2018 and concluded that no impairment in the carrying value of goodwill exists as of that date. Through March 31, 2019, there have been no events or changes in circumstances that indicate that the carrying value of goodwill may not be recoverable. Changes in the carrying value of goodwill were as follows:

 

   March 31,
2019
Balance at January 1, 2019  $7,851 
Effect of foreign currency adjustments   (156)
Balance at March 31, 2019  $7,695 

 

11. Accrued Expenses

 

Accrued expenses consist of the following:

 

   March 31,
2019
  December 31,
2018
Compensation and related expenses  $2,563   $4,446 
Professional fees   1,810    1,989 
Research grants   392    400 
Clinical trial costs   419    577 
Income taxes payable   1,296    385 
Lease liability - current   1,075     
Other   476    349 
Total  $8,031   $8,146 

 

Included in Compensation and related expenses as of March 31, 2019 are the accrued and unpaid costs related to the retirement of the Company’s former Chief Executive Officer as of March 9, 2018. On the same date, the Company and the former Chief Executive Officer entered into a release agreement related to terms in his employment agreement. Under the terms of these agreements, the former Chief Executive Officer is entitled to receive from the Company, as a result of his retirement, aggregate benefits of $1.7 million over the 18-month period subsequent to March 9, 2018, among other benefits. The unpaid amounts under these agreements are included in accrued expenses. As more fully described in Note 6, all of the former Chief Executive Officer’s outstanding equity awards vested in full and became exercisable upon his retirement.

 

12. Operating Leases

 

The Company adopted Topic 842 as of January 1, 2019 using the modified retrospective adoption method, which did not require it to restate prior periods. The Company has elected the transition relief package of practical expedients permitted within Topic 842. Accordingly, the Company has not reassessed the classification of its existing leases as of the transition date, whether existing contracts at the transition date contain a lease, or whether unamortized initial direct costs before the transition adjustments would have met the definition of initial direct costs at lease commencement. The Company also applied practical expedients to not separate lease and nonlease components for all new leases as well as leases commencing before the effective date if certain criteria are met, and does not record leases on its balance sheet with terms of twelve months or less. Lease expense associated with leases with terms of twelve months or less are immaterial and recognized as incurred. The Company has included options to extend in the terms of its leases where it is reasonably certain that it will exercise these options.

 

At the inception of an arrangement the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. Lease liabilities and the corresponding right-of-use assets are recorded based on the present values of lease payments over the expected lease terms. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rates, which are the rates that would be incurred to borrow on a collateralized basis, over similar terms, amounts equal to the lease payments in a similar economic environment. Variable payments that do not depend on a rate or index are not included in the lease liability and are recognized as incurred. Certain adjustments to the right-of-use assets may be required for items such as initial direct costs paid or incentives received. If significant events, changes in circumstances, or other events indicate that the lease term or other inputs have changed, the Company would reassess lease classification, remeasure the lease liability by using revised inputs as of the reassessment date, and adjust the right-of-use asset.

 

The Company leases approximately 134,000 square feet of administrative, research and development, and manufacturing space in Bedford, Massachusetts, and approximately 33,000 square feet of office, research and development, training, and warehousing space in Padova, Italy. The current term of the Bedford lease extends to 2022 with several extension options, and the current term of the Padova lease extends to 2026.

 

The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on January 1, 2019 as follows:

 

Incremental borrowing rate. The Company derives its incremental borrowing rate from information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents a collateralized rate of interest the Company would have to pay to borrow over a similar term an amount equal to the lease payments in a similar economic environment. The Company’s lease agreements do not provide implicit rates. As the Company did not have any external borrowings at the transition date with comparable terms to its lease agreements, the Company estimated its incremental borrowing rate based on its credit quality, line of credit agreement and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of the lease.

 

Lease and nonlease components. The Company is required to pay variable fees for operating expenses in addition to monthly base rent for certain operating leases. The amounts of additional rent associated with these fees are considered nonlease components. The Company has elected the practical expedient which allows nonlease components in a contract to be accounted for as part of a single lease component to which they relate. Any variable components of these operating costs are excluded from lease payments and are recognized in the period incurred.

 

Extension Options. The terms of the Company’s leases include options to extend the lease term. As of the transition date to Topic 842 the Company has included extension options reasonably certain to be exercised in the lease term.

 

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The components of lease expense and other information are as follows: 

 

   For the three months ending
March 31, 2019
Lease cost     
Operating lease cost  $522 
Short-term lease cost   2 
Variable Lease Cost   52 
Total lease cost  $576 
      
Other information     
Operating cash flows from operating leases  $497 
Weighted-average remaining lease term (in years)   17.6 
Weighted-average discount rate   4.1%

 

Future minimum commitments due under these lease agreements as of March 31, 2019 are as follows:

 

Years ending December 31,  Operating Lease Obligation
2019 (remaining 9 months)  $1,490 
2020   2,025 
2021   2,024 
2022   1,981 
2023   1,965 
Thereafter   23,530 
Present value adjustment   (9,708)
Present value of lease payments   23,307 
Less current portion included in Accrued expenses and other current liabilities   (1,075)
Lease liabilities  $22,232 

 

13. Commitments and Contingencies

 

In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company may also warrant that the products it manufactures do not infringe, violate, or breach any U.S. or international patent or intellectual property right, trade secret, or other proprietary information of any third party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company had no accrued warranties as of March 31, 2019 or December 31, 2018, and has no history of claims paid.

 

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

 

14. Income Taxes

 

The provision for income taxes was $1.5 million for the three-month period ended March 31, 2019, based on an effective tax rate of 24.6%. The benefit from income taxes was $1.1 million for the three-month period ended March 31, 2018, based on an effective tax benefit rate of (13.6%). The net increase in the effective tax rate for the three-month period ended March 31, 2019, as compared to the same period in 2018, was primarily due to the windfall tax benefit the Company realized in March 2018 due to limitations on the deductibility of executive compensation for accelerated stock vesting upon the retirement of its former Chief Executive Officer on March 9, 2018. The Company realized an immaterial shortfall for the three-month period ended March 31, 2019.

 

The Company files income tax returns in the United States 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.

 

In connection with the preparation of the financial statements, the Company assesses whether 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 carry-forward. The Company has concluded that the positive evidence outweighs the negative evidence and, thus, the deferred tax assets not otherwise subject to a valuation allowance are realizable on a “more likely than not” basis. As such, the Company did not record a valuation allowance as of March 31, 2019 or December 31, 2018.

 

 

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (amounts in thousands, except per share amounts or as otherwise noted)

 

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

 

Please also refer to those factors described in Part II, Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2018 for important factors that we believe could cause actual results to differ materially from those in our forward-looking statements. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

 

Management Overview

 

We are a global, integrated orthopedic and regenerative medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. We have over two decades of global expertise developing, manufacturing, and commercializing our products based on our proprietary hyaluronic acid (“HA”) technology. Our orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.

 

Our therapeutic offerings consist of products in the following areas: Orthobiologics, Dermal, Surgical, and Other, which includes our ophthalmic and veterinary products. All of our products are based on 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.

 

Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to therapeutic use. Our patented technology chemically modifies HA to allow for longer residence time in the body. We also offer products made from HA based on two other technologies: HYAFF, which is a solid form of HA, and ACP gel, an autocross-linked polymer of HA. Our technologies are protected by an extensive portfolio of owned and licensed patents.

 

Since our inception in 1992, we have utilized a commercial partnership model for the distribution of our products to end-users. Our strong, worldwide network of distributors has historically provided, and continues to provide, a solid foundation for our revenue growth and territorial expansion. For near-term and long-term opportunities in the U.S. market, especially with respect to surgical products utilized in an operating room environment, we have evaluated a potential hybrid commercial approach that would see us balance a small direct model with an optimal form of strategic partnership, an approach we intend to utilize for the commercialization of our injectable, HA-based surgical bone repair product. For longer-term future products in the U.S. market, we intend to evaluate the appropriate commercial model for each instance on a case-by-case basis, based on market dynamics, product type and other factors. These models could include direct sales, distribution partnerships, or a hybrid of those forms. We believe that the combination of the direct and distribution commercial models will maximize the revenue potential from our current and future product portfolio.

 

Please see the section captioned “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations-Management Overview” in our Annual Report on Form 10-K for the year ended December 31, 2018, for a description of each of the above therapeutic areas, including the individual products.

 

On May 2, 2018, we publicly disclosed a voluntary recall of certain production lots of our HYAFF-based products, HYALOFAST, HYALOGRAFT C, and HYALOMATRIX. We communicated with all affected distributors in advance of that announcement, and we are taking all required or otherwise appropriate actions with respect to applicable regulatory bodies. We initiated the recall following internal quality testing, which indicated that the products were at risk of not maintaining certain measures throughout their entire shelf life. While there was no indication of any safety or efficacy issue related to the products, we are committed to the highest standards of quality and removed the products from the field as a precautionary measure. During the fourth quarter of 2018, we resolved this matter and resumed shipment of these products.

 

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Research and Development

 

Our research and development efforts primarily consist of the development of new medical applications for our HA-based technology, the management of clinical trials 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 for our existing and new products. Our development focus is orthopedic and regenerative medicine and includes products for tissue protection, repair, and regeneration. We anticipate that we will continue to commit significant resources in the near future to research and development activities, including in relation to preclinical activities and clinical trials. These activities are aimed at the delivery of a steady cascade of new product development and launches over the next several years.

 

Our third generation, single-injection osteoarthritis product under development in the United States, CINGAL, which is composed of our proprietary cross-linked HA material combined with an approved steroid and is designed to provide both short- and long-term pain relief to patients, is a main pipeline product and a component of our growth strategy. We completed an initial CINGAL Phase III clinical trial, including the associated statistical analysis for 368 enrolled patients, during the fourth quarter of 2014 with data indicating that the product met all primary and secondary endpoints relative to placebo set forth for the trial. During the first half of 2015, we completed a CINGAL retreatment study with 242 patients who had participated in the Phase III clinical trial and reported safety data related to the retreatment study. This initial Phase III clinical trial and the associated retreatment study supported the Health Canada and CE Mark approval of the product, and the commercial launch of the product in both Canada and the European Union occurred in the second quarter of 2016. In the United States, after discussions with the U.S. Food and Drug Administration (“FDA”) related to the regulatory pathway for CINGAL, we conducted a formal meeting with the FDA’s Office of Combination Products (“OCP”) to present and discuss our data in September 2015, and we submitted a formal request for designation with OCP a month later. In its response to our formal request for designation, OCP assigned the product to the FDA’s Center for Drug Evaluation and Research (“CDER”) as the lead agency center for premarket review and regulation. We then held discussions with CDER to understand the requirements for submitting a New Drug Application (“NDA”) for CINGAL. We held a meeting with CDER in September 2016 to align on an approval framework and on submission requirements for this NDA for CINGAL, including the execution of an additional Phase III clinical trial to supplement our existing CINGAL pivotal study data. We submitted an IND in late 2016, and discussions with CDER indicated that they did not have objections to our clinical protocol design. As a result, we commenced work on this second Phase III clinical trial (“CINGAL 16-02 Study”) in the first quarter of 2017, and the first patient was treated in the second quarter of 2017. Enrollment of the 576 patients in this second Phase III clinical trial was completed during October 2017, and we completed the six-month patient follow-up in April 2018. We received and analyzed the data from the CINGAL 16-02 Study during the second quarter of 2018, and, while substantial pain reduction associated with CINGAL was evident at each measurement point, we determined based on statistical analysis that it did not meet the primary study endpoint of demonstrating a statistically significant difference in pain reduction between CINGAL and the approved steroid component of CINGAL at the six-month time point. In the third quarter of 2017, we initiated an additional three-month extended follow-up study in conjunction with the CINGAL 16-02 Study to investigate the efficacy of CINGAL over this longer period. The first patients were enrolled in this follow-up study in the fourth quarter of 2017 and we completed the nine-month patient follow-up in the third quarter of 2018. We recently met with the FDA to discuss the potential approval pathway for CINGAL in the United States moving forward in light of the work we have previously done. In the meeting, the FDA indicated that an additional Phase III clinical trial would be necessary to support U.S. marketing approval for CINGAL, and we are continuing to align with the FDA on the parameters and requirements for this additional clinical trial. Concurrently, we are refreshing our primary market research in advance of making our final decision on how to proceed with respect to seeking U.S. marketing approval for CINGAL from the FDA.

 

We have several research and development programs underway for new products, including for HYALOFAST (in the United States), an innovative product for cartilage tissue repair, and other early stage regenerative medicine development programs. HYALOFAST, which received CE Mark approval in September 2009, is commercially available in Europe and certain international countries. During the first quarter of 2015, we submitted an Investigational Device Exemption (“IDE”) for HYALOFAST to the FDA, which was approved in July 2015. We commenced patient enrollment in a clinical trial in December 2015, and we are advancing site initiations and patient enrollment activities. In the second quarter of 2016, a supplement to the HYALOFAST IDE was approved to expand the inclusion criteria for the clinical study, which was aimed at decreasing the time needed to complete the clinical trial. The previously-described voluntary recall of certain production lots of our HYAFF-based products did not impact the HYALOFAST clinical trial, as the product used in the clinical trial is not sourced from the affected production lots. Given the changing medical landscape with respect to the randomization arm for this trial, the microfracture procedure, we are actively pursuing alternative strategies to accelerate patient enrollment.

 

In the third quarter of 2017, we submitted an application to the FDA for 510(k) clearance of an injectable, HA-based surgical bone repair product that is reabsorbed by the body and replaced by the growth of new bone during the healing process. The 510(k) clearance was received from the FDA in December 2017, and we expect to make this bone repair product commercially available in the United States during the second half of 2019 utilizing the previously-described hybrid commercial approach. In addition to other early stage research and development initiatives we are currently undertaking, we are working to expand our regenerative medicine pipeline with a new product candidate in the form of an implant for rotator cuff repair utilizing our proprietary solid HA, which could be used to repair partial and full-thickness rotator cuff tears. We finalized development of an initial product prototype during the fourth quarter of 2018, and we are performing preclinical testing of and developing the surgical instrumentation for the potential product.

 

We are also currently proceeding with other research and development programs, one of which utilizes our proprietary HA technology to treat pain associated with common repetitive overuse injuries, such as lateral epicondylitis, also known as tennis elbow. We submitted a CE Mark application for this treatment during the first quarter of 2016 and received a CE Mark for the treatment of pain associated with tennis elbow in December 2016. We began work towards a post-market clinical study in relation to the CE Mark for this product in the fourth quarter of 2018. Outside of the United States, this product is marketed under the trade name ORTHOVISC-T. Additionally, in the second quarter of 2016, we submitted an IDE to the FDA to conduct a Phase III clinical trial for this treatment, which was approved by the FDA in June 2016. Notwithstanding that approval and in light of recent changes to the regulatory environment for HA-based products, in the first quarter of 2019, the FDA requested that we submit this product to OCP for designation, which we did early in the second quarter of 2019. We also have several other research and development programs underway focused on expanding the indications of our current products, including MONOVISC. During 2019, we will also be performing post-market clinical work in relation to the CE Mark for MONOVISC.

 

In January 2018, we entered into an agreement with the University of Liverpool to develop an injectable mesenchymal stem cell therapy for the treatment of age-related osteoarthritis with the goal of bringing a therapeutics candidate through clinical trials to market to meet an unmet therapeutic need. We are currently in the preclinical phase of this program and aim to finalize proof of concept during the second quarter of 2020.

 

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Results of Operations

 

 

Three Months Ended March 31, 2019 Compared to Three Months Ended March 31, 2018

                 

   Three Months Ended March 31,
   2019  2018  $ Inc/(Dec)  % Inc/(Dec)
   (in thousands, except percentages)
Product revenue  $24,717   $21,258   $3,459    16%
Licensing, milestone and contract revenue   6    6        0%
Total revenue   24,723    21,264    3,459    16%
                     
Operating expenses:                    
Cost of product revenue   7,311    7,845    (534)   (7%)
Research & development   4,258    5,161    (903)   (17%)
Selling, general & administrative   7,672    16,090    (8,418)   (52%)
Total operating expenses   19,241    29,096    (9,855)   (34%)
Income (loss) from operations   5,482    (7,832)   13,314    170%
Interest and other income, net   498    95    403    424%
Income (loss) before income taxes   5,980    (7,737)   13,717    177%
Provision for (benefit from) income taxes   1,473    (1,051)   2,524    240%
Net income (loss)  $4,507   $(6,686)  $11,193    167%
Product gross profit  $17,406   $13,413   $3,993    30%
Product gross margin   70%   63%          

 

Product Revenue

 

Product revenue for the three-month period ended March 31, 2019 was $24.7 million, an increase of 16%, or $3.5 million, as compared to $21.3 million for the three-month period ended March 31, 2018. For the three-month period ended March 31, 2019, the increase in product revenue was mainly driven by growth in viscosupplement revenue domestically and internationally, as well as higher sales of our HYAFF-based products. 

 

The following tables present product revenue by product group:

 

   Three Months Ended March 31,
   2019  2018  $ Inc/(Dec)  % Inc/(Dec)
   (in thousands, except percentages)
Orthobiologics  $21,748   $19,489   $2,259    12%
Surgical   1,392    1,245    147    12%
Dermal   129    (539)   668    124%
Other   1,448    1,063    385    36%
Total  $24,717   $21,258   $3,459    16%

 

Orthobiologics

 

Our orthobiologics franchise consists of orthopedic pain management and regenerative therapies. Overall, sales increased by 12%, or $2.3 million, for the three-month period ended March 31, 2019, as compared to the same period in 2018, largely as a result of increased revenue from our viscosupplement products both domestically and internationally. Domestically, the increased viscosupplement revenue was primarily driven by order timing. Growth in our international viscosupplement revenue largely resulted from a year-over-year increase in sales of our single-injections products during the quarter. Despite the increase in the quarter ended March 31, 2019 as compared to same period in the prior year, we expect orthobiologics product revenue in 2019 to decrease as compared to 2018, primarily due to the ORTHOVISC and MONOVISC pricing declines in the U.S. viscosupplement market, offset in part by growth in international CINGAL revenue and the commercial launch of our injectable, HA-based surgical bone repair product in the U.S. via the previously-described hybrid commercial approach.

 

Surgical 

 

Our surgical franchise consists of products used to prevent surgical adhesions and to treat ear, nose, and throat (“ENT”) disorders. Sales of our surgical products increased by 12%, or $0.1 million, during the three-month period ended March 31, 2019, as compared to the same period in 2018. The increase in surgical product revenue for the three-month period was primarily due to an increase in sales to our worldwide ENT commercial partner, which was partially offset by a decrease in sales of our surgical anti-adhesion products. We expect surgical product revenue to increase in 2019 as compared to 2018 primarily due to increased worldwide revenue associated with sales of our surgical anti-adhesion product and ENT sales.

 

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Dermal

 

Our dermal franchise consists of advanced wound care products, which are based on our HYAFF technology, and aesthetic dermal fillers. Our advanced wound care products treat complex skin wounds ranging from burns to diabetic ulcers, with HYALOMATRIX and HYALOFILL as the lead products. For the three-month period ended March 31, 2019, dermal product sales increased by $0.7 million as compared to the same quarter in 2018 as we resumed shipment of HYALOMATRIX products following the previously-described voluntary recall of certain production lots of our HYAFF-based products in 2018. We expect dermal sales to increase in 2019 as a result of resuming HYALOMATRIX shipments which was impacted by the previously mentioned voluntary recall in 2018.

 

Other

 

Other product revenue includes revenues from our ophthalmic and veterinary franchises. Other product revenue increased by 36%, or $0.4 million, as compared to the same period in 2018, primarily due to increased sales of our veterinary product. We expect other revenue to decrease modestly in 2019 as compared to 2018, primarily as a result of decreased sales to one of our ophthalmic distributors offset in part by increased revenue from veterinary products.

 

Licensing, Milestone and Contract Revenue 

 

Licensing, milestone and contract revenue for the three-month periods ended March 31, 2019 and 2018 was $6 thousand. We expect licensing, milestone and contract revenue to be at an equivalent level in 2019 as compared to 2018.

 

Product Gross Profit and Margin

 

Product gross profit for the three-month period ended March 31, 2019 was $17.4 million, representing 70% of product revenue. Product gross profit for the three-month period ended March 31, 2018 was $13.4 million, or 63% of product revenue for the period. The increase in product gross margin for the three-month period ended March 31, 2019, as compared to the same period in 2018, was due primarily to previously-described voluntary recall. During the first quarter of 2018, product gross margin was negatively impacted by an increase in inventory reserves, including those related to the recall.

  

Research and Development

 

Research and development expenses for the three-month period ended March 31, 2019 were $4.3 million, or 17% of total revenue for the period, a decrease of $0.9 million as compared to the same period in 2018. The decrease in research and development expense was primarily due to lower clinical trial expenses related to CINGAL for the three-month period ended March 31, 2019, as compared to March 31, 2018, offset in part by higher pre-clinical product development activities with respect to certain product candidates in our research and development pipeline and additional expenses associated with compliance activities related to the European Union Medical Device Regulation. Research and development spending is expected to potentially increase in 2019, as compared to 2018, as we further develop new products and initiate clinical trials based on our development activities, perform required post-market clinical follow-ups for our MONOVISC and ORTHOVISC-T products in the European Union, and as a result of current or future changes to the regulatory environments in the jurisdictions in which we do business.

 

Selling, General and Administrative

 

Selling, general and administrative expenses for the three-month period ended March 31, 2019 were $7.7 million, representing 31% of total revenue for the period, a decrease of $8.4 million as compared to the same period in 2018. The decrease was primarily due to non-cash stock-based compensation expense related to the retirement of our former Chief Executive Officer within the three-month period ending March 31, 2018. We expect selling, general and administrative expenses for 2019 to decrease in comparison to 2018 due to the above mentioned one-time charge. The decrease will be partially offset by investments in our commercial capabilities and the implementation of improved business and financial technology platforms required to grow our business both domestically and internationally.

 

Income Taxes

 

The provision for income taxes was $1.5 million for the three-month period ended March 31, 2019, based on an effective tax rate of 24.6%. The benefit from income taxes was $1.1 million for the three-month period ended March 31, 2018, based on an effective tax benefit rate of (13.6%). The net increase in the effective tax rate for the three-month period ended March 31, 2019, as compared to the same period in 2018, was primarily due to the windfall tax benefit the Company realized in March 2018 due to limitations on the deductibility of executive compensation for accelerated stock vesting upon the retirement of its former Chief Executive Officer on March 9, 2018. We realized an immaterial shortfall for the three-month period ended March 31, 2019.

 

16

 

 

How We Evaluate Our Operations

 

We present information below with respect to adjusted EBITDA, which we define as our net income excluding interest expense (net), income tax benefit (expense), depreciation and amortization, and stock-based compensation. This financial measure is not based on any standardized methodology prescribed by accounting principles generally accepted in the United States (“GAAP”) and are not necessarily comparable to similarly titled measures presented by other companies.

 

We have presented adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our operating performance and to develop operational goals for managing our business. We believe this financial measure helps identify underlying trends in our business that could otherwise be masked by the effect of the expenses that we exclude. In particular, we believe that the exclusion of the expenses eliminated in calculating adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core operating performance. Accordingly, we believe that adjusted EBITDA provides useful information to investors and others in understanding and evaluating our operating results, enhancing the overall understanding of our past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by our management in its financial and operational decision-making.

 

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

 

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

 

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

 

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

 

adjusted EBITDA does not reflect changes in, or cash requirements for, working capital needs;

 

adjusted EBITDA does not reflect provision for (benefit from) income taxes or the cash requirements to pay taxes; and

 

adjusted EBITDA does not reflect historical cash expenditures or future requirements for capital expenditures or contractual commitments.

 

17

 

 

The following is a reconciliation of net income to adjusted EBITDA for the three-month periods ended March 31, 2019 and 2018, respectively:

 

   Three Months Ended March 31,
   2019  2018
Net income  $4,507   $(6,686)
Interest and other income, net   (498)   (95)
Provision for income taxes   1,473    (1,051)
Depreciation and amortization   1,477    1,473 
Stock-based compensation   1,386    7,565 
Adjusted EBITDA  $8,345   $1,206 

 

Adjusted EBITDA in the three months ended March 31, 2019, as compared with the comparable period in 2018, reflected an increase of $4.0 million in gross profit and a decrease of $9.3 million in other operating expenses, in addition to the changes in interest and other income, net, provision for (benefit from) income taxes, depreciation and amortization, and stock-based compensation shown in the preceding table.

 

Liquidity and Capital Resources

 

We require cash to fund our operating expenses and to make capital expenditures. We expect that our requirements for cash to fund these uses will increase as our operations expand. Historically we have generated positive cash flow from operations, which, together with our available cash, investments, and debt, have met our cash requirements. Cash, cash equivalents, and investments aggregated $166.7 million and $159.0 million, and working capital totaled $198.1 million and $191.7 million as of March 31, 2019 and December 31, 2018, respectively. In addition, as of March 31, 2019, we have $50.0 million of available credit under our senior revolving credit facility with Bank of America, N.A. We believe that we have adequate financial resources to support our business for at least the twelve months from the issuance date of our financial statements. As of March 31, 2019, we were in compliance with the terms of our credit agreement with Bank of America, N.A.

 

Cash provided by operating activities was $8.5 million for the three-month period ended March 31, 2019, as compared to cash provided by operating activities of $9.6 million for the same period in 2018. The decrease in cash provided by operations for the three-month period ended March 31, 2019, as compared to the same period in 2018, was primarily related to a decrease in collections of our accounts receivable due to timing of receipts and a decrease in accrued expenses. These factors were partially offset by a decrease in prepayments of income taxes.

 

Cash used in investing activities was $1.9 million for the three-month period ended March 31, 2019, as compared to cash provided by investing activities of $0.2 million for the same period in 2018. The change was due to increased purchases of investments, partially offset by lower capital expenditures as compared to the same period in 2018.

 

Cash used by financing activities was $0.1 million for the three-month period ended March 31, 2019, as compared to cash used by financing activities of $1.2 million for the same period in 2018. The decrease in cash used in financing activities for the three-month period ended March 31, 2019, was primarily attributable to decreased utilization of cash for employee tax withholding in exchange for shares surrendered by equity award holders.

 

Critical Accounting Policies and Estimates

 

There were no other significant changes in our critical accounting policies or estimates during the three months ended March 31, 2019 to augment the critical accounting estimates disclosed under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018, other than those described in the Notes to the condensed consolidated financial statements included in this report, including the adoption of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification, Leases, (ASC 842) effective January 1, 2019. As a result of our adoption of the new lease standard, we re-assessed the estimates, assumptions, and judgments that are most critical in our recognition of leases.  For information regarding the impact of recently adopted accounting standards, refer to Notes 2 and 12 to the condensed financial statements included in this report.

 

Recent Accounting Pronouncements

 

A discussion of Recent Accounting Pronouncements is included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and is updated in the Notes to the condensed consolidated financial statements included in this report.

 

Contractual Obligations and Other Commercial Commitments

 

Our contractual obligations and other commercial commitments are summarized in the section captioned “Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources—Contractual Obligations and Other Commercial Commitments” in our Annual Report on Form 10-K for the year ended December 31, 2018. We had no material changes outside the ordinary course to our contractual obligations reported in our 2018 Annual Report on Form 10-K during the three months ended March 31, 2019. For additional discussion, see Note 13 to the condensed consolidated financial statements included in this report.

 

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

 

18

 

 

Off-balance Sheet Arrangements

 

We do not use special purpose entities or other off-balance sheet financing techniques that we believe have, or are reasonably likely to have, a current or future material effect on our financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, or capital resources.

 

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

 

Our market risks and the ways we manage them are summarized in the section captioned “Part II, Item 7A, Quantitative and Qualitative Disclosures About Market Risk” in our Annual Report on Form 10-K for the year ended December 31, 2018. There have been no material changes in the first three months of 2019 to our market risks or to our management of such risks.

 

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 chief 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 SEC rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by our company in the reports it files or submits under the Exchange Act is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decisions regarding required disclosure. On an on-going basis, we review and document our disclosure controls and procedures, and our internal control over financial reporting, and may from time to time make changes aimed at enhancing their effectiveness and to ensure that our systems evolve with our business. 

  

  (b) Changes in internal controls over financial reporting.

 

There were no changes in our internal control over financial reporting during the three-month period ended March 31, 2019 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

 

We are involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, we do not expect the resolution of these occasional legal proceedings to have a material adverse effect on our financial position, results of operations, or cash flow. There have been no material changes to the information provided in the section captioned “Part I, Item 3, Legal Proceedings” in our Annual Report on Form 10-K for the year ended December 31, 2018.

 

ITEM 1A. RISK FACTORS

 

There have been no material changes to the risk factors described in the section captioned “Part I, Item 1A, Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018. In addition to the other information set forth in this report, you should carefully consider the factors discussed in the section captioned “Part I, Item 1A, Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2018, which could materially affect our business, financial condition, or future results. The risks described in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q 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 have a material adverse effect on our business, financial condition, and/or operating results.

 

19

 

 

ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds

 

Issuer Purchases of Equity Securities

 

Under our equity compensation plans, and subject to the specific approval of the Compensation Committee of our Board of Directors, grantees have the option of electing to satisfy tax withholding obligations at the time of vesting or exercise by allowing us to withhold shares of stock otherwise issuable to the grantee. During the three months ended March 31, 2019, we withheld 2,625 shares to satisfy grantee tax withholding obligations on restricted stock award vesting events. On May 2, 2019, we announced that the Board of Directors had approved a $50.0 million stock repurchase program to include a $30.0 million accelerated share repurchase program and up to an additional $20.0 million of our common stock to be purchased on the open market.

 

Period  Total Number
of Shares
Purchased
  Average
Price Paid
per Share
  Total Number of
Shares Purchased as
Part of Publicly
Announced Plans or
Programs
  Maximum Number (or
Approximate Dollar
Value) of Shares that May
Yet be Purchased Under
the Plans or Programs
January 1 to 31, 2019   -    -    -   $- 
February 1 to 28, 2019   2,625   $38.07    -   $- 
March 1 to 31, 2019   -    -    -   $- 
Total   2,625         -      

 

 

 

 

 

 

 

 

20

 

 

 

ITEM 6. EXHIBITS

 

Exhibit No.   Description
     
10.1   Amendment No. 2, dated April 9, 2019, to Employment Agreement, dated July 27, 2017, as amended March 8, 2018, by and between Anika Therapeutics, Inc. and Joseph G. Darling
     
10.2   Amendment No. 2, dated April 9, 2019, to Employment Agreement, dated March 22, 2010, as amended December 8, 2010, by and between Anika Therapeutics, Inc. and Sylvia Cheung
     
10.3   Executive Retention Agreement, dated April 9, 2019, by and between Anika Therapeutics, Inc. and Thomas Finnerty
     
10.4   Executive Retention Agreement, dated April 9, 2019, by and between Anika Therapeutics, Inc. and Edward S. Ahn
     
(31)   Rule 13a-14(a)/15d-14(a) Certifications
       
*31.1   Certification of Joseph G. Darling, 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 Joseph G. Darling, 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, 2019 as filed with the SEC on May 3, 2019, formatted in XBRL (eXtensible Business Reporting Language), as follows:
     
    i. Condensed Consolidated Balance Sheets as of March 31, 2019 (unaudited) and December 31, 2018 (unaudited)
    ii. Condensed Consolidated Statements of Operations and Comprehensive Income for the Three Months Ended March 31, 2019 and March 31, 2018 (unaudited)
    iii. Condensed Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2019 and March 31, 2018 (unaudited)
    iv. Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2019 and March 31, 2018 (unaudited)
    v. Notes to Condensed Consolidated Financial Statements (unaudited)

 

* Filed herewith
**  Furnished herewith.

 

 

 

 

 

 

21

 

 

 

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.
   
Date: May 3, 2019 By: /s/ SYLVIA CHEUNG  
    Sylvia Cheung
    Chief Financial Officer
    (Authorized Officer and Principal Financial Officer)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

22

 

EX-31.1 2 exh_311.htm EXHIBIT 31.1

Exhibit 31.1

 

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

 

I, Joseph G. Darling, certify that:

 

  1.

I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2019 of Anika Therapeutics, Inc.;

 

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

 

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

 

  4. The registrant’s other certifying officer(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

 

  5. 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 3, 2019   /s/ JOSEPH G. DARLING
    Joseph G. Darling
    President and Chief Executive Officer
    Principal Executive Officer

 

 

 

 

EX-31.2 3 exh_312.htm EXHIBIT 31.2

Exhibit 31.2

 

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

 

I, Sylvia Cheung, certify that:

 

  1.

I have reviewed this report on Form 10-Q for the quarterly period ended March 31, 2019 of Anika Therapeutics, Inc.;

 

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

 

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

 

  4. The registrant’s other certifying officer(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

 

  5. 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 3, 2019   /s/ SYLVIA CHEUNG
    Sylvia Cheung
    Chief Financial Officer
    Principal Financial Officer

 
 

 

 

EX-32.1 4 exh_321.htm EXHIBIT 32.1

Exhibit 32.1

 

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

 

The undersigned officers of Anika Therapeutics, Inc. (the “Company”) hereby certify to their knowledge and in their respective capacities that the Company’s quarterly report on Form 10-Q to which this certification is attached (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended (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 3, 2019   /s/ JOSEPH G. DARLING
    Joseph G. Darling.
    President and Chief Executive Officer
    Principal Executive Officer
     
     
Date: May 3, 2019   /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 Securities Exchange Act of 1934, as amended.

 

 

 

 

 

 

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font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Net Book <br /> Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Currency <br /> Translation<br /> Adjustment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Amortization</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Net Book <br /> Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Useful Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 21%">Developed technology</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,100</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,929</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(281</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,927</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,963</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,824</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,672</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 6%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">In-process research &amp; development</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,232</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,174</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,168</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,238</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Indefinite</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Distributor relationships</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,700</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(415</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,285</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(415</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,285</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Patents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(176</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(494</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">330</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(169</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(482</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Elevess trade name</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,206</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,752</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(281</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,706</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,467</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,576</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,439</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,191</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-left: 10pt">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,089</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,910</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Europe</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,526</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,391</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,108</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,963</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total Revenue</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,723</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,264</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table></div> 1700000 P1Y180D false --12-31 Q1 2019 2019-03-31 10-Q 0000898437 14206920 Yes false Accelerated Filer Anika Therapeutics, Inc. false anik <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Accrued Expenses</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">Accrued expenses consist of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Compensation and related expenses</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,446</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,810</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,989</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research grants</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">392</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Clinical trial costs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">419</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">577</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income taxes payable</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,296</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease liability - current</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,075</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,031</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,146</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Included in Compensation and related expenses as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>are the accrued and unpaid costs related to the retirement of the Company&#x2019;s former Chief Executive Officer as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 9, 2018. </div>On the same date, the Company and the former Chief Executive Officer entered into a release agreement related to terms in his employment agreement. Under the terms of these agreements, the former Chief Executive Officer is entitled to receive from the Company, as a result of his retirement, aggregate benefits of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.7</div> million over the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18</div>-month period subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 9, 2018, </div>among other benefits. The unpaid amounts under these agreements are included in accrued expenses. As more fully described in Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,</div> all of the former Chief Executive Officer&#x2019;s outstanding equity awards vested in full and became exercisable upon his retirement.</div></div> 3571000 3143000 18265000 20775000 1296000 385000 8031000 8146000 1810000 1989000 -5841000 -5526000 52030000 50763000 124000 124000 1000 1735000 1736000 1386000 1386000 7565000 7565000 1386000 7565000 6200000 92000 -216000 177000 210000 1117000 7571000 1210000 1525000 300000 1000000 134000 33000 306659000 278993000 209695000 202943000 71200000 70000000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated financial statements and related notes have been prepared by the Company pursuant to the rules&nbsp;and regulations of the Securities and Exchange Commission (the &#x201c;SEC&#x201d;) and in accordance with accounting principles generally accepted in the United States (&#x201c;US GAAP&#x201d;). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>balances reported herein are derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial statements.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company&#x2019;s annual financial statements filed with its Annual Report on Form&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018. </div>The results of operations for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results to be expected for the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-style: italic;">Recent Accounting Pronouncements</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2016, </div>the Financial Accounting Standards Board (&#x201c;FASB&#x201d;) issued Accounting Standards Update (&#x201c;ASU&#x201d;) <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02,</div> <div style="display: inline; font-style: italic;">Leases</div> (Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div>), which, among other things, results in the recognition of lease assets and lease liabilities by lessees on the Company&#x2019;s balance sheets for virtually all leases. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">02</div> supersedes most previous lease accounting guidance and is effective for interim and annual periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2018. </div>The Company adopted the new guidance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>using the modified retrospective adoption method in which it did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> restate prior periods. The adoption of this standard did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have a material impact on the condensed consolidated statement of operations. See Note <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12</div> for further details.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> August 2018, </div>the FASB issued ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15,</div>&nbsp;<div style="display: inline; font-style: italic;">Intangibles &#x2013; Goodwill and Other &#x2013; Internal-Use Software&nbsp;(Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div>)</div>, which amends ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No.</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">05,</div>&nbsp;Customers Accounting for Fees in a Cloud Computing Agreement,&nbsp;to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The most significant change will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. Accordingly, the amendments in ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">350</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40</div> to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> is effective for fiscal years and interim periods beginning after <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 15, 2019. </div>Early adoption is permitted, including adoption in any interim period for all entities. The Company is assessing ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> and the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures.&nbsp;</div></div> 246000 207000 95514000 89042000 133256000 141797000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Investments</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">All of the Company&#x2019;s investments are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held investments, including U.S. treasury bills totaling <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$71.2</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$70.0</div> million as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>respectively. Unrealized gains and losses as well as the associated tax impact on the Company&#x2019;s available-for-sale securities were immaterial as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div></div> 6472000 8541000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Commitments and Contingencies</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also warrant that the products it manufactures do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> infringe, violate, or breach any U.S. or international patent or intellectual property right, trade secret, or other proprietary information of any <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">third</div> party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company&#x2019;s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company had <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> </div>accrued warranties as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>and has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> history of claims paid.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> expect the resolution of these occasional legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.</div></div> 0.01 0.01 60000000 60000000 14214000 14210000 14214000 14210000 142000 142000 4192000 -6066000 67000 7311000 7845000 19241000 29096000 -124000 -75000 0 0 3388000 3542000 1477000 1473000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6.</div></div></td> <td style="width: 7px"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Equity Incentive Plan</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company estimates the fair value of stock options and stock appreciation rights (&#x201c;SARs&#x201d;) using the Black-Scholes valuation model. Fair value of restricted stock awards (&#x201c;RSAs&#x201d;) and restricted stock units (&#x201c;RSUs&#x201d;) are measured by the grant-date price of the Company&#x2019;s shares. Fair value of performance restricted stock units (&#x201c;PSUs&#x201d;) is measured by the grant-date price of the Company&#x2019;s shares with corresponding compensation cost recognized over the requisite service period. Compensation cost is recognized based on the estimated probabilities of achieving the performance goals. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related compensation cost that will be recorded in the period of the change. If the performance targets are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> achieved, <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> compensation cost is recognized and any previously recognized compensation cost is reversed.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value of each stock option award during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018</div> was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.44%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.54%</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.15%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.37%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.34%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.41%</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38.74%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40.81%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Expected life (years)</td> <td style="width: 2%">&nbsp;</td> <td style="width: 4%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 2%">&nbsp;</td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 4%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.4</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$7.6</div> million of stock-based compensation expense for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> respectively. Upon the retirement of the Company&#x2019;s former Chief Executive Officer on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 9, 2018, </div>all of his outstanding stock-based compensation awards vested in full and became exercisable in accordance with their terms, resulting in a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div>-time expense of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$6.2</div> million that was fully recognized during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Cost of product revenue</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research&nbsp;&amp; development</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Selling, general&nbsp;&amp; administrative</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,117</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,571</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,386</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,565</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following table sets forth share information for stock-based compensation awards granted and exercised during the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018:</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Grants:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Stock Options</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,292</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">192,300</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">RSAs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,578</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">RSUs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">165,507</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,130</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">PSUs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,500</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercises:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock Options</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">500</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,425</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">SARs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>the Company granted stock-based compensation awards in the form of stock options, PSUs and RSUs to employees and RSUs to non-employee directors, the majority of which become exercisable or vest ratably over a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-year period. The PSUs granted to employees contained performance conditions with business and financial targets. The business target, amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">30%</div> of the total performance conditions, will be measured based on achievement in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2019</div> fiscal year, while the financial targets, amounting to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">70%</div> of the total performance conditions, will ultimately be measured with respect to the Company&#x2019;s operating results in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2021</div> fiscal year. The Company recorded <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million of stock-based compensation expense associated with PSUs for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Grants:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 68%; text-align: left; padding-left: 10pt">Stock Options</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">104,292</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">192,300</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">RSAs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">64,578</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">RSUs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">165,507</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,130</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">PSUs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">114,500</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Exercises:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Stock Options</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">500</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11,425</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt">SARs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table></div> 0.32 -0.46 0.31 -0.46 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 47px"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7.</div></div></td> <td style="width: 7px"><div style="display: inline; font-weight: bold;">&nbsp;</div></td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Earnings Per Share (&#x201c;EPS&#x201d;)</div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, RSUs, and PSUs using the treasury stock method.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 9; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; background-color: white">The following table provides share information used in the calculation of the Company's basic and diluted earnings (loss) per share (in thousands):</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Shares used in the calculation of basic earnings per share</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,185</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,679</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of dilutive securities:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Stock options, SARs, RSAs, RSUs and PSUs</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted shares used in the calculation of earnings per share</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,314</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,679</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Stock options to purchase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.0</div> million shares for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. For the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the net loss available to common stockholders is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. The assumed exercise of stock options at <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>would have been anti-dilutive.</div></div> 46000 -35000 0.246 0.136 2563000 4446000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in<br /> Active Markets<br /> &nbsp;for Identical Assets&nbsp;<br /> &nbsp;(Level 1)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant Other<br /> &nbsp;Observable Inputs&nbsp;<br /> &nbsp;(Level 2)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant&nbsp;<br /> &nbsp;Unobservable Inputs&nbsp;<br /> &nbsp;(Level 3)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash equivalents:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Money market funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Investments:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">U.S. treasury bills</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div><div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in<br /> Active Markets<br /> &nbsp;for Identical Assets&nbsp;<br /> &nbsp;(Level 1)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant Other<br /> &nbsp;Observable Inputs&nbsp;<br /> &nbsp;(Level 2)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant&nbsp;<br /> &nbsp;Unobservable Inputs&nbsp;<br /> &nbsp;(Level 3)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash equivalents:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Money market funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Investments:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">U.S. treasury bills</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Fair Value Measurements</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company&#x2019;s investments are all classified within Level <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> of the fair value hierarchy and are valued based on quoted prices in active markets. For cash and cash equivalents, current receivables, accounts payable, and interest accrual, the carrying amounts approximate fair value because of the short maturity of these instruments, and therefore fair value information is <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the table below.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The fair value hierarchy of the Company's cash equivalents and investments at fair value was as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31, 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in<br /> Active Markets<br /> &nbsp;for Identical Assets&nbsp;<br /> &nbsp;(Level 1)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant Other<br /> &nbsp;Observable Inputs&nbsp;<br /> &nbsp;(Level 2)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant&nbsp;<br /> &nbsp;Unobservable Inputs&nbsp;<br /> &nbsp;(Level 3)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash equivalents:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Money market funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,147</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Investments:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">U.S. treasury bills</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">71,221</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" margin: 0">&nbsp;</div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="11" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Fair Value Measurements at Reporting Date Using</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2018</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Quoted Prices in<br /> Active Markets<br /> &nbsp;for Identical Assets&nbsp;<br /> &nbsp;(Level 1)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant Other<br /> &nbsp;Observable Inputs&nbsp;<br /> &nbsp;(Level 2)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Significant&nbsp;<br /> &nbsp;Unobservable Inputs&nbsp;<br /> &nbsp;(Level 3)</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amortized Cost</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Cash equivalents:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 40%; text-align: left">Money market funds</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right">&#x2013;</td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,984</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Investments:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">U.S. treasury bills</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right">&#x2013;</td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">69,972</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 297000 P15Y P5Y P16Y P9Y 8927000 8672000 4285000 4285000 494000 482000 1000000 1000000 14706000 14439000 -721000 -142000 7695000 7851000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Intangible Assets</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Intangible assets as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018 </div>consisted of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="15" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">March 31, 2019</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="7" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">December 31, 2018</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: right; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">&nbsp;</td> </tr> <tr style="vertical-align: bottom"> <td style="font-size: 10pt; white-space: nowrap">&nbsp;</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Gross Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Currency <br /> Translation<br /> Adjustment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Impairment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Amortization</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Net Book <br /> Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Currency <br /> Translation<br /> Adjustment</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Accumulated <br /> Amortization</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td colspan="3" style="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid; white-space: nowrap">Net Book <br /> Value</td> <td style="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; white-space: nowrap">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center; white-space: nowrap">Useful Life</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt; width: 21%">Developed technology</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17,100</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,929</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(281</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,927</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,963</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(2,824</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(8,672</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">)</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 1%; font-size: 10pt; text-align: left">$</td> <td style="width: 6%; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,604</div></td> <td style="width: 1%; font-size: 10pt; text-align: left">&nbsp;</td> <td style="width: 1%; font-size: 10pt">&nbsp;</td> <td style="width: 6%; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">In-process research &amp; development</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,406</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,232</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,174</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,168</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,238</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">Indefinite</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Distributor relationships</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,700</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(415</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,285</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(415</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,285</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Patents</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(176</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(494</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">330</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(169</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(482</div></td> <td style="font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349</div></td> <td style="font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt">&nbsp;</td> <td style="font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; text-indent: -10pt; padding-left: 10pt">Elevess trade name</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,000</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">-</div></td> <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 1pt">&nbsp;</td> <td style="padding-bottom: 1pt; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; text-indent: 0pt; padding-left: 10pt">Total</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">28,206</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,752</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(281</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,706</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,467</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(4,576</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(14,439</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">)</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9,191</div></td> <td style="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</td> <td style="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</td> <td style="padding-bottom: 2.5pt; font-size: 10pt; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The aggregate amortization expense related to intangible assets was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company recorded a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.3</div> million impairment charge for the HYALOSPINE developed technology asset in the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019. </div>HYALOSPINE was an adhesion prevention gel for use after spinal surgery, and received initial CE Mark approval in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 2015. </div>In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2019, </div>the Company made the decision <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> to renew the CE Mark as the product was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> aligned with the Company&#x2019;s core strategic focus. As a result, an impairment charge was recorded. This amount is included in selling, general &amp; administrative expenses on our condensed consolidated statements of operations.&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">Through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>except as set forth in this paragraph, there have <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> been any other events or changes in circumstances that indicate that the carrying value of the other acquired intangible assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. The Company was notified by the distributor of MEROGEL INJECTIBLE that it would <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> continue to order the product from the Company or market the product. As a result, the depreciation schedule of the remaining <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.1</div> million of net book value was accelerated. The Company continues to monitor and evaluate the financial performance of its business including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its recorded amount.&nbsp;</div></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 47px"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Goodwill</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;"></div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company completed its annual impairment review as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> November 30, 2018 </div>and concluded that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> impairment in the carrying value of goodwill exists as of that date. Through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>there have been <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> events or changes in circumstances that indicate that the carrying value of goodwill <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be recoverable. Changes in the carrying value of goodwill were as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Balance at January 1, 2019</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of foreign currency adjustments</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(156</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2019</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,695</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> -156000 0 300000 281000 281000 5980000 -7737000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Income Taxes</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The provision for income taxes was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.5</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>based on an effective tax rate of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24.6%.</div>&nbsp;The benefit from income taxes was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>based on an effective tax benefit rate of (<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13.6%</div>). The net increase in the effective tax rate for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>as compared to the same period in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018,</div> was primarily due to the windfall tax benefit the Company realized in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 2018 </div>due to limitations on the deductibility of executive compensation for accelerated stock vesting upon the retirement of its former Chief Executive Officer on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 9, 2018. </div>The Company realized an immaterial shortfall for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019.</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company files income tax returns in the United States on a federal basis, in certain U.S. states, and in Italy.&nbsp; 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.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection with the preparation of the financial statements, the Company assesses whether it was more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> that it would be able to utilize, in future periods, the net deferred tax assets associated with its net operating loss carry-forward. The Company has concluded that the positive evidence outweighs the negative evidence and, thus, the deferred tax assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> otherwise subject to a valuation allowance are realizable on a &#x201c;more likely than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not&#x201d;</div> basis. As such, the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> </div>record a valuation allowance as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018.</div></div></div> 1473000 -1051000 496000 -180000 -2489000 -5730000 910000 -1478000 -1928000 3270000 1617000 3924000 182000 -509000 17100000 4406000 4700000 1000000 1000000 28206000 100000 8467000 9191000 4963000 5604000 3174000 3238000 330000 349000 498000 95000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Inventories</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Inventories consist of the following:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div> <table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw materials</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,751</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,688</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,972</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,626</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,536</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,819</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,259</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,133</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Inventories</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,617</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,300</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other long-term assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,642</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,833</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Other long-term assets include <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.6</div> million and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$3.8</div> million of inventory expected to remain on hand beyond <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2018, </div>respectively.&nbsp;</div></div> 7536000 6819000 22617000 21300000 3642000 3833000 12751000 13688000 1100000 900000 5972000 4626000 381000 3246000 363000 576000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ending <br /> March 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Lease cost</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left">Operating lease cost</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">522</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term lease cost</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable Lease Cost</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">576</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Other information</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating cash flows from operating leases</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">497</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average remaining lease term (in years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.6</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average discount rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.1</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; padding-left: 10pt; text-indent: -10pt">Years ending December 31,</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center">Operating Lease Obligation</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-left: 10pt; text-indent: -10pt">2019 (remaining 9 months)</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,490</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2020</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,025</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2021</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,024</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,981</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2023</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,965</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Thereafter</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,530</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Present value adjustment</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,708</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Present value of lease payments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,307</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Less current portion included in Accrued expenses and other current liabilities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,075</div></td> <td style="white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Lease liabilities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,232</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> 23530000 1965000 1981000 2024000 2025000 1490000 9708000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="text-align: justify; width: 47px"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12.</div></div></div></td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Operating Leases</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company adopted Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>using the modified retrospective adoption method, which did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> require it to restate prior periods. The Company has elected the transition relief package of practical expedients permitted within Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842.</div> Accordingly, the Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> reassessed the classification of its existing leases as of the transition date, whether existing contracts at the transition date contain a lease, or whether unamortized initial direct costs before the transition adjustments would have met the definition of initial direct costs at lease commencement. The Company also applied practical expedients to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> separate lease and nonlease components for all new leases as well as leases commencing before the effective date if certain criteria are met, and does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> record leases on its balance sheet with terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months or less. Lease expense associated with leases with terms of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">twelve</div> months or less are immaterial and recognized as incurred. The Company has included options to extend in the terms of its leases where it is reasonably certain that it will exercise these options.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">At the inception of an arrangement the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. Lease liabilities and the corresponding right-of-use assets are recorded based on the present values of lease payments over the expected lease terms. The interest rate implicit in lease contracts is typically <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> readily determinable. As such, the Company utilizes the appropriate incremental borrowing rates, which are the rates that would be incurred to borrow on a collateralized basis, over similar terms, amounts equal to the lease payments in a similar economic environment. Variable payments that do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> depend on a rate or index are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> included in the lease liability and are recognized as incurred. Certain adjustments to the right-of-use assets <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be required for items such as initial direct costs paid or incentives received. If significant events, changes in circumstances, or other events indicate that the lease term or other inputs have changed, the Company would reassess lease classification, remeasure the lease liability by using revised inputs as of the reassessment date, and adjust the right-of-use asset.</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company leases approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">134,000</div> square feet of administrative, research and development, and manufacturing space in Bedford, Massachusetts, and approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">33,000</div> square feet of office, research and development, training, and warehousing space in Padova, Italy. The current term of the Bedford lease extends to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2022</div> with several extension options, and the current term of the Padova lease extends to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2026.</div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0">The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2019 </div>as follows:</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Incremental borrowing rate</div>. The Company derives its incremental borrowing rate from information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents a collateralized rate of interest the Company would have to pay to borrow over a similar term an amount equal to the lease payments in a similar economic environment. The Company&#x2019;s lease agreements do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> provide implicit rates. As the Company did <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> have any external borrowings at the transition date with comparable terms to its lease agreements, the Company estimated its incremental borrowing rate based on its credit quality, line of credit agreement and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of the lease.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;"></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; font-style: italic;">Lease and nonlease components. </div>The Company is required to pay variable fees for operating expenses in addition to monthly base rent for certain operating leases. The amounts of additional rent associated with these fees are considered nonlease components. The Company has elected the practical expedient which allows nonlease components in a contract to be accounted for as part of a single lease component to which they relate. Any variable components of these operating costs are excluded from lease payments and are recognized in the period incurred.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><div style="display: inline; font-style: italic;">Extension Options.</div> The terms of the Company&#x2019;s leases include options to extend the lease term. As of the transition date to Topic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">842</div> the Company has included extension options reasonably certain to be exercised in the lease term.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <!-- Field: Page; Sequence: 11; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The components of lease expense and other information are as follows:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the three months ending <br /> March 31, 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Lease cost</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 76%; text-align: left">Operating lease cost</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 20%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">522</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Short-term lease cost</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Variable Lease Cost</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">52</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Total lease cost</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">576</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Other information</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Operating cash flows from operating leases</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">497</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Weighted-average remaining lease term (in years)</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">17.6</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Weighted-average discount rate</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.1</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Future minimum commitments due under these lease agreements as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>are as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold; padding-left: 10pt; text-indent: -10pt">Years ending December 31,</td> <td style="font-weight: bold">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center">Operating Lease Obligation</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 80%; text-align: left; padding-left: 10pt; text-indent: -10pt">2019 (remaining 9 months)</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 16%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,490</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2020</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,025</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2021</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,024</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2022</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,981</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">2023</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,965</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-left: 10pt; text-indent: -10pt">Thereafter</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,530</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt; text-indent: -10pt">Present value adjustment</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(9,708</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Present value of lease payments</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">23,307</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Less current portion included in Accrued expenses and other current liabilities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="text-align: left; border-bottom: Black 1pt solid">&nbsp;</td> <td style="text-align: right; border-bottom: Black 1pt solid"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(1,075</div></td> <td style="white-space: nowrap; text-align: left; border-bottom: Black 1pt solid">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt; text-indent: -10pt">Lease liabilities</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,232</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div></div> 306659000 278993000 11602000 11289000 71222000 69972000 71221000 71221000 71221000 69972000 69972000 69972000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Nature of Business</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">Anika Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a global, integrated orthopedic and regenerative medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> decades of global expertise developing, manufacturing, and commercializing products based on its proprietary Hyaluronic Acid (&#x201c;HA&#x201d;) technology. The Company&#x2019;s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in; text-align: justify">The Company is subject to risks common to companies in the biotechnology and medical device industries including, but <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (&#x201c;FDA&#x201d;) and foreign regulations and approval requirements, as well as the ability to grow the Company&#x2019;s business through appropriate commercial strategies.</div></div> -119000 -1223000 -1917000 207000 8462000 9592000 4507000 -6686000 4507000 -6686000 5482000 -7832000 522000 23307000 1075000 22232000 497000 23748000 0.041 P17Y219D 476000 349000 4003000 4897000 -315000 620000 -315000 -315000 620000 620000 366000 550000 124000 1735000 58981000 12500000 1030000 2543000 0.01 0.01 1250000 1250000 0 0 0 0 0 0 2077000 1854000 58094000 15250000 5000 512000 0 0 53051000 54111000 4258000 5161000 222740000 218233000 24717000 21258000 6000 6000 24723000 21264000 21748000 1392000 129000 1448000 20089000 16910000 2526000 2391000 2108000 1963000 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; min-width: 700px;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 47px; text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></div></div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-family: Times New Roman, Times, Serif; font-size: 10pt"><div style="display: inline; font-weight: bold;">Revenue</div></div></td> </tr> </table> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><div style="display: inline; font-weight: bold;">&nbsp;</div>&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company&#x2019;s right to consideration is unconditional. As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019, </div>deferred revenue was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$67</div> thousand.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (&#x201c;Mitek&#x201d;) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">72%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">76%</div> of total Company revenues for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2019 </div>and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>respectively. The Company has agreements with other customers that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include the delivery of a license and supply of product.</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <!-- Field: Page; Sequence: 7; Value: 3 --> <!-- Field: /Page --> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following tables provide the disaggregated revenue by major product group and primary geographical market. Product revenue by product group was as follows:&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Orthobiologics</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,748</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,489</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Surgical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,392</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,245</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dermal</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(539</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,063</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Product Revenue</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,717</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,258</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; color: red">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Total revenue by geographic location was as follows:</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div> <table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="15" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total<br /> Revenue</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Percentage of<br /> Revenue</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font-weight: bold; text-align: left">Geographic Location:</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td style="font-weight: bold">&nbsp;</td> <td style="font-weight: bold; text-align: left">&nbsp;</td> <td style="font-weight: bold; text-align: right">&nbsp;</td> <td style="white-space: nowrap; font-weight: bold; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="width: 52%; text-align: left; padding-left: 10pt">United States</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">20,089</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">81</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">16,910</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 1%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 9%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">80</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-left: 10pt">Europe</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,526</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div></td> <td style="white-space: nowrap; text-align: left">%</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,391</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11</div></td> <td style="white-space: nowrap; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,108</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,963</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">9</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">%</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 20pt">Total Revenue</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,723</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">%</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,264</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">100</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">%</td> </tr> </table> </div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;&nbsp;</div> <div style=" font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> May 2, 2018, </div>the Company publicly disclosed a voluntary recall of certain lots of its HYAFF-based products, HYALOFAST, HYALOGRAFT C, and HYALOMATRIX. The Company initiated the recall after internal quality testing, which indicated that the products were at risk of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> maintaining certain measures throughout their entire shelf life. While there was <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> indication of any safety or efficacy issue related to the products at the time, the Company removed the products from the field as a precautionary measure. During the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div>-month period ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018, </div>the Company recorded a revenue reserve for this voluntary recall of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$1.1</div> million of which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$0.9</div> million was related to revenue recorded in prior periods. The adjustments related to the initial revenue reserve subsequent to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>were immaterial. The revenue reserves impacted Dermal and Orthobiologics product groups and all geographic locations.</div></div> 24110 <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Compensation and related expenses</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2,563</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,446</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Professional fees</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,810</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,989</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Research grants</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">392</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">400</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Clinical trial costs</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">419</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">577</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Income taxes payable</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,296</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">385</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Lease liability - current</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,075</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">476</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">349</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,031</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">8,146</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Shares used in the calculation of basic earnings per share</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,185</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">&nbsp;</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,679</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Effect of dilutive securities:</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt; padding-left: 10pt">Stock options, SARs, RSAs, RSUs and PSUs</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&#x2013;</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Diluted shares used in the calculation of earnings per share</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,314</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">14,679</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Cost of product revenue</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">92</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(216</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research&nbsp;&amp; development</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">177</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">210</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Selling, general&nbsp;&amp; administrative</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,117</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,571</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt">Total stock-based compensation expense</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,386</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,565</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;" cellspacing="0" cellpadding="0" align="center"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 82%">Balance at January 1, 2019</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,851</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Effect of foreign currency adjustments</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(156</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Balance at March 31, 2019</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,695</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">March 31,<br /> 2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31,<br /> 2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%; text-align: left">Raw materials</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">12,751</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 14%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,688</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Work-in-process</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">5,972</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4,626</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Finished goods</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">7,536</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6,819</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Total</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">26,259</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,133</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right">&nbsp;</td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td>Inventories</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">22,617</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">$</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,300</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Other long-term assets</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,642</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3,833</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Orthobiologics</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,748</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> <td style="width: 2%">&nbsp;</td> <td style="width: 1%; text-align: left">$</td> <td style="width: 12%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">19,489</div></td> <td style="white-space: nowrap; width: 1%; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Surgical</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,392</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,245</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Dermal</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">129</div></td> <td style="white-space: nowrap; text-align: left">&nbsp;</td> <td>&nbsp;</td> <td style="text-align: left">&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">(539</div></td> <td style="white-space: nowrap; text-align: left">)</td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Other</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,448</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="padding-bottom: 1pt">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> <td style="border-bottom: Black 1pt solid; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,063</div></td> <td style="white-space: nowrap; border-bottom: Black 1pt solid; text-align: left">&nbsp;</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt; padding-left: 10pt">Product Revenue</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">24,717</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> <td style="padding-bottom: 2.5pt">&nbsp;</td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td> <td style="border-bottom: Black 2.5pt double; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">21,258</div></td> <td style="white-space: nowrap; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</td> </tr> </table></div> <div style="display: inline; font-family: times new roman; font-size: 10pt"><table cellpadding="0" cellspacing="0" align="center" style="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; min-; min-width: 700px;"> <tr style="vertical-align: bottom"> <td style="white-space: nowrap; font-weight: bold">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="7" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Three Months Ended March 31,</td> </tr> <tr style="vertical-align: bottom"> <td style="white-space: nowrap">&nbsp;</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</td> <td style="font-weight: bold; padding-bottom: 1pt">&nbsp;</td> <td colspan="3" style="white-space: nowrap; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Risk free interest rate</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.44%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.54%</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.15%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.37%</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected volatility</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.34%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">44.41%</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">38.74%</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> - </div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40.81%</div></td> </tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 68%; text-align: left">Expected life (years)</td> <td style="width: 2%">&nbsp;</td> <td style="width: 4%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 5%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.5</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 2%">&nbsp;</td> <td style="width: 5%; text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="width: 4%; text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">4.5</div></td> <td style="white-space: nowrap; width: 5%; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> </tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Expected dividend yield</td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: center"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">0.00%</div></td> <td style="white-space: nowrap; text-align: left"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td>&nbsp;</td> <td style="text-align: right"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">&nbsp;</div></td> <td style="text-align: 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Document And Entity Information - shares
3 Months Ended
Mar. 31, 2019
Apr. 22, 2019
Document Information [Line Items]    
Entity Registrant Name Anika Therapeutics, Inc.  
Entity Central Index Key 0000898437  
Trading Symbol anik  
Current Fiscal Year End Date --12-31  
Entity Filer Category Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Emerging Growth Company false  
Entity Small Business false  
Entity Common Stock, Shares Outstanding (in shares)   14,206,920
Document Type 10-Q  
Document Period End Date Mar. 31, 2019  
Document Fiscal Year Focus 2019  
Document Fiscal Period Focus Q1  
Amendment Flag false  
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Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
Mar. 31, 2019
Dec. 31, 2018
Current assets:    
Cash and cash equivalents $ 95,514,000 $ 89,042,000
Investments 71,222,000 69,972,000
Accounts receivable, net of reserves of $1,210 and $1,525 at March 31, 2019 and December 31, 2018, respectively 18,265,000 20,775,000
Inventories, net 22,617,000 21,300,000
Prepaid expenses and other current assets 2,077,000 1,854,000
Total current assets 209,695,000 202,943,000
Property and equipment, net 53,051,000 54,111,000
Right-of-use assets 23,748,000
Other long-term assets 4,003,000 4,897,000
Intangible assets, net 8,467,000 9,191,000
Goodwill 7,695,000 7,851,000
Total assets 306,659,000 278,993,000
Current liabilities:    
Accounts payable 3,571,000 3,143,000
Accrued expenses and other current liabilities 8,031,000 8,146,000
Total current liabilities 11,602,000 11,289,000
Other long-term liabilities 366,000 550,000
Deferred tax liability 3,388,000 3,542,000
Lease liabilities 22,232,000
Commitments and contingencies (Note 13)
Stockholders’ equity:    
Preferred stock, $.01 par value; 1,250 shares authorized, no shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 0 0
Common stock, $.01 par value; 60,000 shares authorized, 14,214 and 14,210 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively 142,000 142,000
Additional paid-in-capital 52,030,000 50,763,000
Accumulated other comprehensive loss (5,841,000) (5,526,000)
Retained earnings 222,740,000 218,233,000
Total stockholders’ equity 269,071,000 263,612,000
Total liabilities and stockholders’ equity $ 306,659,000 $ 278,993,000
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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
shares in Thousands, $ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Accounts receivable, reserves $ 1,210 $ 1,525
Preferred stock, par value (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 1,250 1,250
Preferred stock, shares issued (in shares) 0 0
Preferred stock, shares outstanding (in shares) 0 0
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 60,000 60,000
Common stock, shares issued (in shares) 14,214 14,210
Common stock, shares outstanding (in shares) 14,214 14,210
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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($)
shares in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue $ 24,723,000 $ 21,264,000
Operating expenses:    
Cost of product revenue 7,311,000 7,845,000
Research & development 4,258,000 5,161,000
Selling, general & administrative 7,672,000 16,090,000
Total operating expenses 19,241,000 29,096,000
Income (loss) from operations 5,482,000 (7,832,000)
Interest and other income, net 498,000 95,000
Income (loss) before income taxes 5,980,000 (7,737,000)
Provision for (benefit from) income taxes 1,473,000 (1,051,000)
Net income (loss) $ 4,507,000 $ (6,686,000)
Basic net income (loss) per share:    
Net income (loss) (in dollars per share) $ 0.32 $ (0.46)
Basic weighted average common shares outstanding (in shares) 14,185 14,679
Diluted net income (loss) per share:    
Net income (loss) (in dollars per share) $ 0.31 $ (0.46)
Diluted weighted average common shares outstanding (in shares) 14,314 14,679
Net income (loss) $ 4,507,000 $ (6,686,000)
Foreign currency translation adjustment (315,000) 620,000
Comprehensive income (loss) 4,192,000 (6,066,000)
Product [Member]    
Revenue 24,717,000 21,258,000
Service [Member]    
Revenue $ 6,000 $ 6,000
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Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($)
shares in Thousands
Common Stock [Member]
Additional Paid-in Capital [Member]
Retained Earnings [Member]
AOCI Attributable to Parent [Member]
Total
Balance (in shares) at Dec. 31, 2017 14,688        
Balance at Dec. 31, 2017 $ 147,000 $ 68,617,000 $ 199,511,000 $ (4,784,000) $ 263,491,000
Issuance of common stock for equity awards (in shares) 89        
Issuance of common stock for equity awards $ 1,000 511,000 512,000
Retirement of common stock for minimum tax withholdings (in shares) (32)        
Retirement of common stock for minimum tax withholdings $ (1,000) (1,735,000) (1,736,000)
Stock-based compensation expense 7,565,000 7,565,000
Net income (loss) (6,686,000) (6,686,000)
Other comprehensive Income (loss) 620,000 620,000
Balance (in shares) at Mar. 31, 2018 14,745        
Balance at Mar. 31, 2018 $ 147,000 74,958,000 192,825,000 (4,164,000) 263,766,000
Balance (in shares) at Dec. 31, 2018 14,210        
Balance at Dec. 31, 2018 $ 142,000 50,763,000 218,233,000 (5,526,000) 263,612,000
Issuance of common stock for equity awards (in shares) 7        
Issuance of common stock for equity awards 5,000 5,000
Retirement of common stock for minimum tax withholdings (in shares) (3)        
Retirement of common stock for minimum tax withholdings (124,000) (124,000)
Stock-based compensation expense 1,386,000 1,386,000
Net income (loss) 4,507,000 4,507,000
Other comprehensive Income (loss) (315,000) (315,000)
Balance (in shares) at Mar. 31, 2019 14,214        
Balance at Mar. 31, 2019 $ 142,000 $ 52,030,000 $ 222,740,000 $ (5,841,000) $ 269,071,000
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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Cash flows from operating activities:    
Net income (loss) $ 4,507,000 $ (6,686,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 1,477,000 1,473,000
Amortization of right-of-use assets 297,000
Loss on disposal of fixed assets 721,000 142,000
Loss on impairment of intangible asset 281,000
Stock-based compensation expense 1,386,000 7,565,000
Deferred income taxes (124,000) (75,000)
Provision for inventory 381,000 3,246,000
Accretion to amortized cost of investments (363,000)
Changes in operating assets and liabilities:    
Accounts receivable 2,489,000 5,730,000
Inventories (1,617,000) (3,924,000)
Prepaid expenses, other current and long-term assets (182,000) 509,000
Accounts payable 496,000 (180,000)
Lease liabilities (269,000)
Accrued expenses, other current and long-term liabilities (1,928,000) 3,270,000
Income taxes 910,000 (1,478,000)
Net cash provided by operating activities 8,462,000 9,592,000
Cash flows from investing activities:    
Proceeds from maturity of investments 58,094,000 15,250,000
Purchase of investments (58,981,000) (12,500,000)
Purchase of property and equipment (1,030,000) (2,543,000)
Net cash (used in) provided by investing activities (1,917,000) 207,000
Cash flows from financing activities:    
Cash paid for tax withheld on vested restricted stock awards (124,000) (1,735,000)
Proceeds from exercise of equity awards 5,000 512,000
Net cash (used in) financing activities (119,000) (1,223,000)
Exchange rate impact on cash 46,000 (35,000)
Increase in cash and cash equivalents 6,472,000 8,541,000
Cash and cash equivalents at beginning of period 89,042,000 133,256,000
Cash and cash equivalents at end of period 95,514,000 141,797,000
Supplemental disclosure of cash flow information:    
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 24,110
Purchases of property and equipment included in accounts payable and accrued expenses $ 246,000 $ 207,000
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Note 1 - Nature of Business
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Nature of Operations [Text Block]
1.
 
Nature of Business
 
Anika Therapeutics, Inc. (the “Company”) is a global, integrated orthopedic and regenerative medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over
two
decades of global expertise developing, manufacturing, and commercializing products based on its proprietary Hyaluronic Acid (“HA”) technology. The Company’s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.
 
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 U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.
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Note 2 - Basis of Presentation
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Business Description and Basis of Presentation [Text Block]
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 (“US GAAP”). The financial statements include the accounts of Anika Therapeutics, Inc. and its subsidiaries. Inter-company transactions and balances have been eliminated. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to SEC rules and regulations relating to interim financial statements. The
December 31, 2018
balances reported herein are derived from the audited consolidated financial statements. In the opinion of management, these unaudited condensed consolidated financial statements contain all adjustments (consisting only of normal recurring adjustments) necessary to fairly state the condensed consolidated financial statements.
 
The accompanying unaudited condensed consolidated financial statements and related notes should be read in conjunction with the Company’s annual financial statements filed with its Annual Report on Form 
10
-K for the year ended
December 31, 2018.
The results of operations for the
three
-month period ended
March 31, 2019
are
not
necessarily indicative of the results to be expected for the year ending
December 
31,
2019.
 
Recent Accounting Pronouncements
 
In
February 2016,
the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”)
No.
2016
-
02,
Leases
(Topic
842
), which, among other things, results in the recognition of lease assets and lease liabilities by lessees on the Company’s balance sheets for virtually all leases. ASU
2016
-
02
supersedes most previous lease accounting guidance and is effective for interim and annual periods beginning after
December 15, 2018.
The Company adopted the new guidance as of
January 1, 2019
using the modified retrospective adoption method in which it did
not
restate prior periods. The adoption of this standard did
not
have a material impact on the condensed consolidated statement of operations. See Note
12
for further details.
 
In
August 2018,
the FASB issued ASU
No.
2018
-
15,
 
Intangibles – Goodwill and Other – Internal-Use Software (Subtopic
350
-
40
)
, which amends ASU
No.
2015
-
05,
 Customers Accounting for Fees in a Cloud Computing Agreement, to help entities evaluate the accounting for fees paid by a customer in a cloud computing arrangement (hosting arrangement) by providing guidance for determining when the arrangement includes a software license. The most significant change will align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software and hosting arrangements that include an internal-use software license. Accordingly, the amendments in ASU
2018
-
15
require an entity in a hosting arrangement that is a service contract to follow the guidance in Subtopic
350
-
40
to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. ASU
2018
-
15
is effective for fiscal years and interim periods beginning after
December 15, 2019.
Early adoption is permitted, including adoption in any interim period for all entities. The Company is assessing ASU
2018
-
15
and the impact that adopting this new accounting standard will have on its consolidated financial statements and footnote disclosures. 
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3 - Revenue
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Revenue from Contract with Customer [Text Block]
3.
 
Revenue
 
  
The Company receives payments from its customers based on billing schedules established in each contract. Up-front payments and fees are recorded as deferred revenue upon receipt or when due, and
may
require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. As of
March 31, 2019,
deferred revenue was
$67
thousand.
  
The Company has agreements with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”) that include the grant of certain licenses, performance of development services, and supply of product. Revenues from the agreements with Mitek represent
72%
and
76%
of total Company revenues for the
three
-month periods ended
March 31, 2019
and
March 31, 2018,
respectively. The Company has agreements with other customers that
may
include the delivery of a license and supply of product.
  
The following tables provide the disaggregated revenue by major product group and primary geographical market. Product revenue by product group was as follows: 
 
    Three Months Ended March 31,
    2019   2018
Orthobiologics   $
21,748
    $
19,489
 
Surgical    
1,392
     
1,245
 
Dermal    
129
     
(539
)
Other    
1,448
     
1,063
 
Product Revenue   $
24,717
    $
21,258
 
 
Total revenue by geographic location was as follows:
 
    Three Months Ended March 31,
    2019   2018
    Total
Revenue
  Percentage of
Revenue
  Total
Revenue
  Percentage of
Revenue
Geographic Location:                                
United States   $
20,089
     
81
%   $
16,910
     
80
%
Europe    
2,526
     
10
%    
2,391
     
11
%
Other    
2,108
     
9
%    
1,963
     
9
%
Total Revenue   $
24,723
     
100
%   $
21,264
     
100
%
 
  
On
May 2, 2018,
the Company publicly disclosed a voluntary recall of certain lots of its HYAFF-based products, HYALOFAST, HYALOGRAFT C, and HYALOMATRIX. The Company initiated the recall after internal quality testing, which indicated that the products were at risk of
not
maintaining certain measures throughout their entire shelf life. While there was
no
indication of any safety or efficacy issue related to the products at the time, the Company removed the products from the field as a precautionary measure. During the
three
-month period ended
March 31, 2018,
the Company recorded a revenue reserve for this voluntary recall of
$1.1
million of which
$0.9
million was related to revenue recorded in prior periods. The adjustments related to the initial revenue reserve subsequent to
March 31, 2018
were immaterial. The revenue reserves impacted Dermal and Orthobiologics product groups and all geographic locations.
XML 20 R10.htm IDEA: XBRL DOCUMENT v3.19.1
Note 4 - Investments
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Cash and Cash Equivalents Disclosure [Text Block]
4.
 
Investments
 
All of the Company’s investments are carried at fair value with unrealized gains and losses recorded as a component of accumulated other comprehensive income, net of related income taxes. The Company held investments, including U.S. treasury bills totaling
$71.2
million and
$70.0
million as of
March 31, 2019
and
December 31, 2018,
respectively. Unrealized gains and losses as well as the associated tax impact on the Company’s available-for-sale securities were immaterial as of
March 31, 2019
and
December 31, 2018.
XML 21 R11.htm IDEA: XBRL DOCUMENT v3.19.1
Note 5 - Fair Value Measurements
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Fair Value Disclosures [Text Block]
5.
 
Fair Value Measurements
 
The Company’s investments are all classified within Level
1
of the fair value hierarchy and are valued based on quoted prices in active markets. For cash and cash equivalents, current receivables, accounts payable, and interest accrual, the carrying amounts approximate fair value because of the short maturity of these instruments, and therefore fair value information is
not
included in the table below. 
 
The fair value hierarchy of the Company's cash equivalents and investments at fair value was as follows:
 
        Fair Value Measurements at Reporting Date Using    
    March 31, 2019   Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                                        
Money market funds   $
2,147
    $
2,147
    $     $     $
2,147
 
                                         
Investments:                                        
U.S. treasury bills   $
71,221
    $
71,221
    $     $     $
71,221
 
 
        Fair Value Measurements at Reporting Date Using    
    December 31, 2018   Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                                        
Money market funds   $
4,984
    $
4,984
    $     $     $
4,984
 
                                         
Investments:                                        
U.S. treasury bills   $
69,972
    $
69,972
    $     $     $
69,972
 
XML 22 R12.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Share-based Payment Arrangement [Text Block]
6.
 
Equity Incentive Plan
 
The Company estimates the fair value of stock options and stock appreciation rights (“SARs”) using the Black-Scholes valuation model. Fair value of restricted stock awards (“RSAs”) and restricted stock units (“RSUs”) are measured by the grant-date price of the Company’s shares. Fair value of performance restricted stock units (“PSUs”) is measured by the grant-date price of the Company’s shares with corresponding compensation cost recognized over the requisite service period. Compensation cost is recognized based on the estimated probabilities of achieving the performance goals. Changes to the probability assessment and the estimated shares expected to vest will result in adjustments to the related compensation cost that will be recorded in the period of the change. If the performance targets are
not
achieved,
no
compensation cost is recognized and any previously recognized compensation cost is reversed. 
 
The fair value of each stock option award during the
three
-month periods ended
March 31, 2019
and
2018
was estimated on the grant date using the Black-Scholes option-pricing model with the following assumptions:
 
    Three Months Ended March 31,
    2019   2018
Risk free interest rate  
2.44%
-
2.54%
 
2.15%
-
2.37%
Expected volatility  
44.34%
-
44.41%
 
38.74%
-
40.81%
Expected life (years)  
 
3.5
 
 
 
4.5
 
Expected dividend yield  
 
0.00%
 
 
 
0.00%
 
 
The Company recorded
$1.4
million and
$7.6
million of stock-based compensation expense for the
three
-month periods ended
March 31, 2019
and
2018,
respectively. Upon the retirement of the Company’s former Chief Executive Officer on
March 9, 2018,
all of his outstanding stock-based compensation awards vested in full and became exercisable in accordance with their terms, resulting in a
one
-time expense of
$6.2
million that was fully recognized during the
three
-month period ended
March 31, 2018.
  
The Company presents the expenses related to stock-based compensation awards in the same expense line items as cash compensation paid to each of its employees as follows:
 
    Three Months Ended March 31,
    2019   2018
Cost of product revenue   $
92
    $
(216
)
Research & development    
177
     
210
 
Selling, general & administrative    
1,117
     
7,571
 
Total stock-based compensation expense   $
1,386
    $
7,565
 
 
The following table sets forth share information for stock-based compensation awards granted and exercised during the
three
-month periods ended
March 31, 2019
and
2018:
 
    Three Months Ended March 31,
    2019   2018
Grants:                
Stock Options    
104,292
     
192,300
 
RSAs    
     
64,578
 
RSUs    
165,507
     
8,130
 
PSUs    
114,500
     
 
Exercises:                
Stock Options    
500
     
11,425
 
SARs    
     
 
 
During the
three
-month period ended
March 31, 2019,
the Company granted stock-based compensation awards in the form of stock options, PSUs and RSUs to employees and RSUs to non-employee directors, the majority of which become exercisable or vest ratably over a
three
-year period. The PSUs granted to employees contained performance conditions with business and financial targets. The business target, amounting to
30%
of the total performance conditions, will be measured based on achievement in the
2019
fiscal year, while the financial targets, amounting to
70%
of the total performance conditions, will ultimately be measured with respect to the Company’s operating results in the
2021
fiscal year. The Company recorded
$0.1
million of stock-based compensation expense associated with PSUs for the
three
-month period ended
March 31, 2019.
XML 23 R13.htm IDEA: XBRL DOCUMENT v3.19.1
Note 7 - Earnings Per Share ("EPS")
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Earnings Per Share [Text Block]
7.
 
Earnings Per Share (“EPS”)
 
Basic EPS is calculated by dividing net income by the weighted average number of shares outstanding during the period. Unvested restricted shares, although legally issued and outstanding, are
not
considered outstanding for purposes of calculating basic earnings per share. Diluted EPS is calculated by dividing net income by the weighted average number of shares outstanding plus the dilutive effect, if any, of outstanding stock options, SARs, RSAs, RSUs, and PSUs using the treasury stock method.
 
The following table provides share information used in the calculation of the Company's basic and diluted earnings (loss) per share (in thousands):
 
    Three Months Ended March 31,
    2019   2018
Shares used in the calculation of basic earnings per share    
14,185
     
14,679
 
Effect of dilutive securities:                
Stock options, SARs, RSAs, RSUs and PSUs    
129
     
 
Diluted shares used in the calculation of earnings per share    
14,314
     
14,679
 
 
Stock options to purchase
1.0
million shares for the
three
-month period ended
March 31, 2019
were excluded from the computation of diluted EPS as their effect would have been anti-dilutive. For the
three
months ended
March 31, 2018,
the net loss available to common stockholders is divided by the weighted average number of common shares outstanding during the period to calculate basic earnings per share. The assumed exercise of stock options at
March 31, 2018
would have been anti-dilutive.
XML 24 R14.htm IDEA: XBRL DOCUMENT v3.19.1
Note 8 - Inventories
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Inventory Disclosure [Text Block]
8.
Inventories
 
Inventories consist of the following:
 
    March 31,
2019
  December 31,
2018
Raw materials   $
12,751
    $
13,688
 
Work-in-process    
5,972
     
4,626
 
Finished goods    
7,536
     
6,819
 
Total   $
26,259
    $
25,133
 
                 
Inventories   $
22,617
    $
21,300
 
Other long-term assets    
3,642
     
3,833
 
 
Other long-term assets include
$3.6
million and
$3.8
million of inventory expected to remain on hand beyond
one
year as of
March 31, 2019
and
December 31, 2018,
respectively. 
XML 25 R15.htm IDEA: XBRL DOCUMENT v3.19.1
Note 9 - Intangible Assets
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Goodwill and Intangible Assets Disclosure [Text Block]
9.
Intangible Assets
 
Intangible assets as of
March 31, 2019
and
December 31, 2018
consisted of the following:
 
        March 31, 2019   December 31, 2018        
    Gross Value   Accumulated
Currency
Translation
Adjustment
  Impairment   Accumulated
Amortization
  Net Book
Value
  Accumulated
Currency
Translation
Adjustment
  Accumulated
Amortization
  Net Book
Value
  Useful Life
Developed technology   $
17,100
    $
(2,929
)   $
(281
)   $
(8,927
)   $
4,963
    $
(2,824
)   $
(8,672
)   $
5,604
   
15
In-process research & development    
4,406
     
(1,232
)    
 
     
-
     
3,174
     
(1,168
)    
-
     
3,238
   
Indefinite
Distributor relationships    
4,700
     
(415
)    
 
     
(4,285
)    
-
     
(415
)    
(4,285
)    
-
   
5
Patents    
1,000
     
(176
)    
 
     
(494
)    
330
     
(169
)    
(482
)    
349
   
16
Elevess trade name    
1,000
     
-
     
 
     
(1,000
)    
-
     
-
     
(1,000
)    
-
   
9
Total   $
28,206
    $
(4,752
)   $
(281
)   $
(14,706
)   $
8,467
    $
(4,576
)   $
(14,439
)   $
9,191
   
 
 
The aggregate amortization expense related to intangible assets was
$0.3
million for the
three
-month periods ended
March 31, 2019
and
2018.
 
The Company recorded a
$0.3
million impairment charge for the HYALOSPINE developed technology asset in the
three
-month period ended
March 31, 2019.
HYALOSPINE was an adhesion prevention gel for use after spinal surgery, and received initial CE Mark approval in
January 2015.
In
March 2019,
the Company made the decision
not
to renew the CE Mark as the product was
not
aligned with the Company’s core strategic focus. As a result, an impairment charge was recorded. This amount is included in selling, general & administrative expenses on our condensed consolidated statements of operations. 
 
Through
March 31, 2019,
except as set forth in this paragraph, there have
not
been any other events or changes in circumstances that indicate that the carrying value of the other acquired intangible assets
may
not
be recoverable. The Company was notified by the distributor of MEROGEL INJECTIBLE that it would
not
continue to order the product from the Company or market the product. As a result, the depreciation schedule of the remaining
$0.1
million of net book value was accelerated. The Company continues to monitor and evaluate the financial performance of its business including the impact of general economic conditions, to assess the potential for the fair value of the reporting unit to decline below its recorded amount. 
XML 26 R16.htm IDEA: XBRL DOCUMENT v3.19.1
Note 10 - Goodwill
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Goodwill Disclosure [Text Block]
10.
Goodwill
 
The Company completed its annual impairment review as of
November 30, 2018
and concluded that
no
impairment in the carrying value of goodwill exists as of that date. Through
March 31, 2019,
there have been
no
events or changes in circumstances that indicate that the carrying value of goodwill
may
not
be recoverable. Changes in the carrying value of goodwill were as follows:
 
    March 31,
2019
Balance at January 1, 2019   $
7,851
 
Effect of foreign currency adjustments    
(156
)
Balance at March 31, 2019   $
7,695
 
XML 27 R17.htm IDEA: XBRL DOCUMENT v3.19.1
Note 11 - Accrued Expenses
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Accounts Payable and Accrued Liabilities Disclosure [Text Block]
11.
Accrued Expenses
 
Accrued expenses consist of the following:
 
    March 31,
2019
  December 31,
2018
Compensation and related expenses   $
2,563
    $
4,446
 
Professional fees    
1,810
     
1,989
 
Research grants    
392
     
400
 
Clinical trial costs    
419
     
577
 
Income taxes payable    
1,296
     
385
 
Lease liability - current    
1,075
     
 
Other    
476
     
349
 
Total   $
8,031
    $
8,146
 
 
Included in Compensation and related expenses as of
March 31, 2019
are the accrued and unpaid costs related to the retirement of the Company’s former Chief Executive Officer as of
March 9, 2018.
On the same date, the Company and the former Chief Executive Officer entered into a release agreement related to terms in his employment agreement. Under the terms of these agreements, the former Chief Executive Officer is entitled to receive from the Company, as a result of his retirement, aggregate benefits of
$1.7
million over the
18
-month period subsequent to
March 9, 2018,
among other benefits. The unpaid amounts under these agreements are included in accrued expenses. As more fully described in Note
6,
all of the former Chief Executive Officer’s outstanding equity awards vested in full and became exercisable upon his retirement.
XML 28 R18.htm IDEA: XBRL DOCUMENT v3.19.1
Note 12 - Operating Leases
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Lessee, Operating Leases [Text Block]
12.
Operating Leases
 
The Company adopted Topic
842
as of
January 1, 2019
using the modified retrospective adoption method, which did
not
require it to restate prior periods. The Company has elected the transition relief package of practical expedients permitted within Topic
842.
Accordingly, the Company has
not
reassessed the classification of its existing leases as of the transition date, whether existing contracts at the transition date contain a lease, or whether unamortized initial direct costs before the transition adjustments would have met the definition of initial direct costs at lease commencement. The Company also applied practical expedients to
not
separate lease and nonlease components for all new leases as well as leases commencing before the effective date if certain criteria are met, and does
not
record leases on its balance sheet with terms of
twelve
months or less. Lease expense associated with leases with terms of
twelve
months or less are immaterial and recognized as incurred. The Company has included options to extend in the terms of its leases where it is reasonably certain that it will exercise these options.
 
At the inception of an arrangement the Company determines whether the arrangement is or contains a lease based on the circumstances present. Leases with a term greater than
one
year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. Lease liabilities and the corresponding right-of-use assets are recorded based on the present values of lease payments over the expected lease terms. The interest rate implicit in lease contracts is typically
not
readily determinable. As such, the Company utilizes the appropriate incremental borrowing rates, which are the rates that would be incurred to borrow on a collateralized basis, over similar terms, amounts equal to the lease payments in a similar economic environment. Variable payments that do
not
depend on a rate or index are
not
included in the lease liability and are recognized as incurred. Certain adjustments to the right-of-use assets
may
be required for items such as initial direct costs paid or incentives received. If significant events, changes in circumstances, or other events indicate that the lease term or other inputs have changed, the Company would reassess lease classification, remeasure the lease liability by using revised inputs as of the reassessment date, and adjust the right-of-use asset.
 
The Company leases approximately
134,000
square feet of administrative, research and development, and manufacturing space in Bedford, Massachusetts, and approximately
33,000
square feet of office, research and development, training, and warehousing space in Padova, Italy. The current term of the Bedford lease extends to
2022
with several extension options, and the current term of the Padova lease extends to
2026.
 
The Company identified and assessed significant assumptions in recognizing the right-of-use asset and lease liability on
January 1, 2019
as follows:
 
Incremental borrowing rate
. The Company derives its incremental borrowing rate from information available at the lease commencement date in determining the present value of lease payments. The incremental borrowing rate represents a collateralized rate of interest the Company would have to pay to borrow over a similar term an amount equal to the lease payments in a similar economic environment. The Company’s lease agreements do
not
provide implicit rates. As the Company did
not
have any external borrowings at the transition date with comparable terms to its lease agreements, the Company estimated its incremental borrowing rate based on its credit quality, line of credit agreement and by comparing interest rates available in the market for similar borrowings, and adjusting this amount based on the impact of collateral over the term of the lease.
 
Lease and nonlease components.
The Company is required to pay variable fees for operating expenses in addition to monthly base rent for certain operating leases. The amounts of additional rent associated with these fees are considered nonlease components. The Company has elected the practical expedient which allows nonlease components in a contract to be accounted for as part of a single lease component to which they relate. Any variable components of these operating costs are excluded from lease payments and are recognized in the period incurred.
 
Extension Options.
The terms of the Company’s leases include options to extend the lease term. As of the transition date to Topic
842
the Company has included extension options reasonably certain to be exercised in the lease term.
 
The components of lease expense and other information are as follows: 
 
    For the three months ending
March 31, 2019
Lease cost        
Operating lease cost   $
522
 
Short-term lease cost    
2
 
Variable Lease Cost    
52
 
Total lease cost   $
576
 
         
Other information        
Operating cash flows from operating leases   $
497
 
Weighted-average remaining lease term (in years)    
17.6
 
Weighted-average discount rate    
4.1
%
 
Future minimum commitments due under these lease agreements as of
March 31, 2019
are as follows:
 
Years ending December 31,   Operating Lease Obligation
2019 (remaining 9 months)   $
1,490
 
2020    
2,025
 
2021    
2,024
 
2022    
1,981
 
2023    
1,965
 
Thereafter    
23,530
 
Present value adjustment    
(9,708
)
Present value of lease payments    
23,307
 
Less current portion included in Accrued expenses and other current liabilities    
(1,075
)
Lease liabilities   $
22,232
 
XML 29 R19.htm IDEA: XBRL DOCUMENT v3.19.1
Note 13 - Commitments and Contingencies
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
13.
Commitments and Contingencies
 
In certain of its contracts, the Company warrants to its customers that the products it manufactures conform to the product specifications as in effect at the time of delivery of the specific product. The Company
may
also warrant that the products it manufactures do
not
infringe, violate, or breach any U.S. or international patent or intellectual property right, trade secret, or other proprietary information of any
third
party. On occasion, the Company contractually indemnifies its customers against any and all losses arising out of, or in any way connected with, any claim or claims of breach of its warranties or any actual or alleged defect in any product caused by the negligent acts or omissions of the Company. The Company maintains a products liability insurance policy that limits its exposure to these risks. Based on the Company’s historical activity, in combination with its liability insurance coverage, the Company believes the estimated fair value of these indemnification agreements is immaterial. The Company had
no
accrued warranties as of
March 31, 2019
or
December 31, 2018,
and has
no
history of claims paid.
 
The Company is also involved from time-to-time in various legal proceedings arising in the normal course of business. Although the outcomes of these legal proceedings are inherently difficult to predict, the Company does
not
expect the resolution of these occasional legal proceedings to have a material adverse effect on its financial position, results of operations, or cash flow.
XML 30 R20.htm IDEA: XBRL DOCUMENT v3.19.1
Note 14 - Income Taxes
3 Months Ended
Mar. 31, 2019
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
14.
Income Taxes
 
The provision for income taxes was
$1.5
million for the
three
-month period ended
March 31, 2019,
based on an effective tax rate of
24.6%.
 The benefit from income taxes was
$1.1
million for the
three
-month period ended
March 31, 2018,
based on an effective tax benefit rate of (
13.6%
). The net increase in the effective tax rate for the
three
-month period ended
March 31, 2019,
as compared to the same period in
2018,
was primarily due to the windfall tax benefit the Company realized in
March 2018
due to limitations on the deductibility of executive compensation for accelerated stock vesting upon the retirement of its former Chief Executive Officer on
March 9, 2018.
The Company realized an immaterial shortfall for the
three
-month period ended
March 31, 2019.
 
The Company files income tax returns in the United States 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.
 
In connection with the preparation of the financial statements, the Company assesses whether 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 carry-forward. The Company has concluded that the positive evidence outweighs the negative evidence and, thus, the deferred tax assets
not
otherwise subject to a valuation allowance are realizable on a “more likely than
not”
basis. As such, the Company did
not
record a valuation allowance as of
March 31, 2019
or
December 31, 2018.
XML 31 R21.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3 - Revenue (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Segment Reporting Information, by Segment [Table Text Block]
    Three Months Ended March 31,
    2019   2018
Orthobiologics   $
21,748
    $
19,489
 
Surgical    
1,392
     
1,245
 
Dermal    
129
     
(539
)
Other    
1,448
     
1,063
 
Product Revenue   $
24,717
    $
21,258
 
Schedule of Revenue and Operating Income by Geographical Areas [Table Text Block]
    Three Months Ended March 31,
    2019   2018
    Total
Revenue
  Percentage of
Revenue
  Total
Revenue
  Percentage of
Revenue
Geographic Location:                                
United States   $
20,089
     
81
%   $
16,910
     
80
%
Europe    
2,526
     
10
%    
2,391
     
11
%
Other    
2,108
     
9
%    
1,963
     
9
%
Total Revenue   $
24,723
     
100
%   $
21,264
     
100
%
XML 32 R22.htm IDEA: XBRL DOCUMENT v3.19.1
Note 5 - Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Fair Value, Assets Measured on Recurring Basis [Table Text Block]
        Fair Value Measurements at Reporting Date Using    
    March 31, 2019   Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                                        
Money market funds   $
2,147
    $
2,147
    $     $     $
2,147
 
                                         
Investments:                                        
U.S. treasury bills   $
71,221
    $
71,221
    $     $     $
71,221
 
        Fair Value Measurements at Reporting Date Using    
    December 31, 2018   Quoted Prices in
Active Markets
 for Identical Assets 
 (Level 1)
  Significant Other
 Observable Inputs 
 (Level 2)
  Significant 
 Unobservable Inputs 
 (Level 3)
  Amortized Cost
Cash equivalents:                                        
Money market funds   $
4,984
    $
4,984
    $     $     $
4,984
 
                                         
Investments:                                        
U.S. treasury bills   $
69,972
    $
69,972
    $     $     $
69,972
 
XML 33 R23.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]
    Three Months Ended March 31,
    2019   2018
Risk free interest rate  
2.44%
-
2.54%
 
2.15%
-
2.37%
Expected volatility  
44.34%
-
44.41%
 
38.74%
-
40.81%
Expected life (years)  
 
3.5
 
 
 
4.5
 
Expected dividend yield  
 
0.00%
 
 
 
0.00%
 
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block]
    Three Months Ended March 31,
    2019   2018
Cost of product revenue   $
92
    $
(216
)
Research & development    
177
     
210
 
Selling, general & administrative    
1,117
     
7,571
 
Total stock-based compensation expense   $
1,386
    $
7,565
 
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]
    Three Months Ended March 31,
    2019   2018
Grants:                
Stock Options    
104,292
     
192,300
 
RSAs    
     
64,578
 
RSUs    
165,507
     
8,130
 
PSUs    
114,500
     
 
Exercises:                
Stock Options    
500
     
11,425
 
SARs    
     
 
XML 34 R24.htm IDEA: XBRL DOCUMENT v3.19.1
Note 7 - Earnings Per Share ("EPS") (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]
    Three Months Ended March 31,
    2019   2018
Shares used in the calculation of basic earnings per share    
14,185
     
14,679
 
Effect of dilutive securities:                
Stock options, SARs, RSAs, RSUs and PSUs    
129
     
 
Diluted shares used in the calculation of earnings per share    
14,314
     
14,679
 
XML 35 R25.htm IDEA: XBRL DOCUMENT v3.19.1
Note 8 - Inventories (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Inventory, Current [Table Text Block]
    March 31,
2019
  December 31,
2018
Raw materials   $
12,751
    $
13,688
 
Work-in-process    
5,972
     
4,626
 
Finished goods    
7,536
     
6,819
 
Total   $
26,259
    $
25,133
 
                 
Inventories   $
22,617
    $
21,300
 
Other long-term assets    
3,642
     
3,833
 
XML 36 R26.htm IDEA: XBRL DOCUMENT v3.19.1
Note 9 - Intangible Assets (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Finite-Lived and Indefinite-Lived Intangible Assets by Major Class [Table Text Block]
        March 31, 2019   December 31, 2018        
    Gross Value   Accumulated
Currency
Translation
Adjustment
  Impairment   Accumulated
Amortization
  Net Book
Value
  Accumulated
Currency
Translation
Adjustment
  Accumulated
Amortization
  Net Book
Value
  Useful Life
Developed technology   $
17,100
    $
(2,929
)   $
(281
)   $
(8,927
)   $
4,963
    $
(2,824
)   $
(8,672
)   $
5,604
   
15
In-process research & development    
4,406
     
(1,232
)    
 
     
-
     
3,174
     
(1,168
)    
-
     
3,238
   
Indefinite
Distributor relationships    
4,700
     
(415
)    
 
     
(4,285
)    
-
     
(415
)    
(4,285
)    
-
   
5
Patents    
1,000
     
(176
)    
 
     
(494
)    
330
     
(169
)    
(482
)    
349
   
16
Elevess trade name    
1,000
     
-
     
 
     
(1,000
)    
-
     
-
     
(1,000
)    
-
   
9
Total   $
28,206
    $
(4,752
)   $
(281
)   $
(14,706
)   $
8,467
    $
(4,576
)   $
(14,439
)   $
9,191
   
 
XML 37 R27.htm IDEA: XBRL DOCUMENT v3.19.1
Note 10 - Goodwill (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Goodwill [Table Text Block]
    March 31,
2019
Balance at January 1, 2019   $
7,851
 
Effect of foreign currency adjustments    
(156
)
Balance at March 31, 2019   $
7,695
 
XML 38 R28.htm IDEA: XBRL DOCUMENT v3.19.1
Note 11 - Accrued Expenses (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Schedule of Accrued Liabilities [Table Text Block]
    March 31,
2019
  December 31,
2018
Compensation and related expenses   $
2,563
    $
4,446
 
Professional fees    
1,810
     
1,989
 
Research grants    
392
     
400
 
Clinical trial costs    
419
     
577
 
Income taxes payable    
1,296
     
385
 
Lease liability - current    
1,075
     
 
Other    
476
     
349
 
Total   $
8,031
    $
8,146
 
XML 39 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Note 12 - Operating Leases (Tables)
3 Months Ended
Mar. 31, 2019
Notes Tables  
Lease, Cost [Table Text Block]
    For the three months ending
March 31, 2019
Lease cost        
Operating lease cost   $
522
 
Short-term lease cost    
2
 
Variable Lease Cost    
52
 
Total lease cost   $
576
 
         
Other information        
Operating cash flows from operating leases   $
497
 
Weighted-average remaining lease term (in years)    
17.6
 
Weighted-average discount rate    
4.1
%
Lessee, Operating Lease, Liability, Maturity [Table Text Block]
Years ending December 31,   Operating Lease Obligation
2019 (remaining 9 months)   $
1,490
 
2020    
2,025
 
2021    
2,024
 
2022    
1,981
 
2023    
1,965
 
Thereafter    
23,530
 
Present value adjustment    
(9,708
)
Present value of lease payments    
23,307
 
Less current portion included in Accrued expenses and other current liabilities    
(1,075
)
Lease liabilities   $
22,232
 
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3 - Revenue (Details Textual) - USD ($)
$ in Thousands
3 Months Ended 12 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2017
Contract with Customer, Liability, Total $ 67    
Inventory Recall Expense   $ 1,100 $ 900
DePuy Mitek Inc [Member]      
Revenues From Agreements as Percent of Total Revenue 72.00% 76.00%  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3 - Revenue - Product Revenue by Product Group (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue $ 24,723 $ 21,264
Orthobiologics [Member]    
Revenue 21,748  
Percentage of Product Revenue   19489.00%
Surgical [Member]    
Revenue 1,392  
Percentage of Product Revenue   1245.00%
Dermal [Member]    
Revenue 129  
Percentage of Product Revenue   (539.00%)
Manufactured Product, Other [Member]    
Revenue 1,448  
Percentage of Product Revenue   1063.00%
Product [Member]    
Revenue $ 24,717 $ 21,258
Percentage of Product Revenue   21258.00%
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.19.1
Note 3 - Revenue - Total Revenue by Geographic Location (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Revenue $ 24,723 $ 21,264
Percentage of Revenue 100.00% 100.00%
UNITED STATES    
Revenue $ 20,089 $ 16,910
Percentage of Revenue 81.00% 80.00%
Europe [Member]    
Revenue $ 2,526 $ 2,391
Percentage of Revenue 10.00% 11.00%
Other Location [Member]    
Revenue $ 2,108 $ 1,963
Percentage of Revenue 9.00% 9.00%
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.19.1
Note 4 - Investments (Details Textual) - USD ($)
$ in Millions
Mar. 31, 2019
Dec. 31, 2018
US Treasury Bill Securities [Member]    
Available-for-sale Securities, Total $ 71.2 $ 70.0
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.19.1
Note 5 - Fair Value Measurements - Fair Value of Financial Instruments (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Investments $ 71,222 $ 69,972
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member]    
Cash equivalents 2,147 4,984
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Cash equivalents 2,147 4,984
Money Market Funds [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Cash equivalents 2,147 4,984
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member]    
Investments 71,221 69,972
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]    
Investments 71,221 69,972
US Treasury Securities [Member] | Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]    
Investments $ 71,221 $ 69,972
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Share-based Payment Arrangement, Expense $ 1,386 $ 7,565
Stock Options, PSUs and RSUs to Employees and RSUs to Non-employee Directors [Member]    
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years 3 years
Chief Executive Officer [Member]    
Share-based Payment Arrangement, Expense   $ 6,200
RSUs Granted to Employees [Member] | Restricted Stock Units (RSUs) [Member]    
Performance Conditions, Business Target, Percentage of Performance Conditions Based on Achievement in Current Fiscal Year 30.00%  
Performance Conditions, Financial Target, Percentage of Performance Conditions Based on Company’s Operating Results in next Fiscal Year 70.00%  
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan - Assumptions Used to Estimate Fair Value of Stock Options and Stock Appreciation Rights (Details)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Expected life (years) (Year) 3 years 182 days 4 years 182 days
Expected dividend yield 0.00% 0.00%
Minimum [Member]    
Risk free interest rate 2.44% 2.15%
Expected volatility 44.34% 38.74%
Expected life (years) (Year)  
Maximum [Member]    
Risk free interest rate 2.54% 2.37%
Expected volatility 44.41% 40.81%
Expected life (years) (Year)  
Expected dividend yield  
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan - Total Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Stock-based compensation expense $ 1,386 $ 7,565
Cost of Sales [Member]    
Stock-based compensation expense 92 (216)
Research and Development Expense [Member]    
Stock-based compensation expense 177 210
Selling, General and Administrative Expenses [Member]    
Stock-based compensation expense $ 1,117 $ 7,571
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.19.1
Note 6 - Equity Incentive Plan - Granted and Exercised Stock-based Compensation Awards (Details) - shares
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Share-based Payment Arrangement, Option [Member]    
Stock Options (in shares) 104,292 192,300
Stock Options (in shares) 500 11,425
Restricted Stock [Member]    
Equity Instruments Other than Options (in shares) 64,578
Restricted Stock Units (RSUs) [Member]    
Equity Instruments Other than Options (in shares) 165,507 8,130
Performance Restricted Stock Units [Member]    
Equity Instruments Other than Options (in shares) 114,500
Stock Appreciation Rights (SARs) [Member]    
SARs (in shares)
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.19.1
Note 7 - Earnings Per Share ("EPS") (Details Textual)
shares in Millions
3 Months Ended
Mar. 31, 2019
shares
Share-based Payment Arrangement, Option [Member]  
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 1
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.19.1
Note 7 - Earnings Per Share ("EPS") - Basic and Diluted Earnings Per Share (Details) - shares
shares in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Basic weighted average common shares outstanding (in shares) 14,185 14,679
Stock options, SARs, RSAs, RSUs and PSUs (in shares) 129
Diluted shares used in the calculation of earnings per share (in shares) 14,314 14,679
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.19.1
Note 8 - Inventories (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Inventory, Noncurrent, Total $ 3,642 $ 3,833
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.19.1
Note 8 - Inventories - Summary of Inventories (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Raw materials $ 12,751 $ 13,688
Work-in-process 5,972 4,626
Finished goods 7,536 6,819
Total 26,259 25,133
Inventories, net 22,617 21,300
Inventory, Noncurrent, Total $ 3,642 $ 3,833
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.19.1
Note 9 - Intangible Assets (Details Textual) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Amortization of Intangible Assets, Total $ 300,000    
Impairment of Intangible Assets, Finite-lived 281,000  
Intangible Assets, Net (Excluding Goodwill), Total 8,467,000   $ 9,191,000
HYALOSPINE Developed Technology Asset [Member]      
Impairment of Intangible Assets, Finite-lived 300,000    
MEROGEL INJECTIBLE Assets [Member]      
Intangible Assets, Net (Excluding Goodwill), Total $ 100,000    
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.19.1
Note 9 - Acquired Intangible Assets, Net - Summary of Intangible Assets (Details) - USD ($)
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Gross Value $ 28,206,000    
Accumulated Currency Translation Adjustment (4,752,000)   $ (4,576,000)
Impairment (281,000)  
Accumulated Amortization (14,706,000)   (14,439,000)
Intangible assets, net 8,467,000   9,191,000
In Process Research and Development [Member]      
Gross Value 4,406,000    
Accumulated Currency Translation Adjustment (1,232,000)   (1,168,000)
Intangible assets, net 3,174,000   3,238,000
Developed Technology Rights [Member]      
Gross Value 17,100,000    
Accumulated Currency Translation Adjustment (2,929,000)   (2,824,000)
Impairment (281,000)    
Accumulated Amortization (8,927,000)   (8,672,000)
Intangible assets, net $ 4,963,000   5,604,000
Useful life (Year) 15 years    
Distribution Rights [Member]      
Gross Value $ 4,700,000    
Accumulated Currency Translation Adjustment (415,000)   (415,000)
Accumulated Amortization (4,285,000)   (4,285,000)
Intangible assets, net  
Useful life (Year) 5 years    
Patents [Member]      
Gross Value $ 1,000,000    
Accumulated Currency Translation Adjustment (176,000)   (169,000)
Accumulated Amortization (494,000)   (482,000)
Intangible assets, net $ 330,000   349,000
Useful life (Year) 16 years    
Elevess Trade Name [Member]      
Gross Value $ 1,000,000    
Accumulated Currency Translation Adjustment  
Accumulated Amortization (1,000,000)   (1,000,000)
Intangible assets, net  
Useful life (Year) 9 years    
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.19.1
Note 10 - Goodwill (Details Textual)
$ in Thousands
Nov. 30, 2018
USD ($)
Goodwill, Impaired, Accumulated Impairment Loss $ 0
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.19.1
Note 10 - Goodwill - Changes in the Carrying Value of Goodwill (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2019
USD ($)
Balance $ 7,851
Effect of foreign currency adjustments (156)
Balance $ 7,695
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.19.1
Note 11 - Accrued Expenses (Details Textual) - Former Chief Executive Officer [Member]
$ in Millions
Mar. 08, 2018
USD ($)
Severance Benefit Following Retirement $ 1.7
Severance Benefit Following Retirement, Term 1 year 180 days
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.19.1
Note 11 - Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Compensation and related expenses $ 2,563 $ 4,446
Professional fees 1,810 1,989
Research grants 392 400
Clinical trial costs 419 577
Income taxes payable 1,296 385
Lease liability - current 1,075
Other 476 349
Total $ 8,031 $ 8,146
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.19.1
Note 12 - Operating Leases (Details Textual)
Mar. 31, 2019
ft²
Administrative, Research and Development, and Manufacturing Space in Bedford, MA [Member]  
Area of Real Estate Property 134,000
Office, Research and Development, Training, and Warehousing Space in Padova, Italy [Member]  
Area of Real Estate Property 33,000
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.19.1
Note 12 - Operating Leases - Lease Expense and Other Information (Details)
$ in Thousands
3 Months Ended
Mar. 31, 2019
USD ($)
Operating lease cost $ 522
Short-term lease cost 2
Variable Lease Cost 52
Total lease cost 576
Operating cash flows from operating leases $ 497
Weighted-average remaining lease term (in years) (Year) 17 years 219 days
Weighted-average discount rate 4.10%
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.19.1
Note 12 - Operating Leases - Future Minimum Rental Payments for Operating Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
2019 (remaining 9 months) $ 1,490  
2020 2,025  
2021 2,024  
2022 1,981  
2023 1,965  
Thereafter 23,530  
Present value adjustment (9,708)  
Present value of lease payments 23,307  
Less current portion included in Accrued expenses and other current liabilities (1,075)
Lease liabilities $ 22,232
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.19.1
Note 13 - Commitments and Contingencies (Details Textual) - USD ($)
$ in Thousands
Mar. 31, 2019
Dec. 31, 2018
Standard and Extended Product Warranty Accrual, Ending Balance $ 0 $ 0
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.19.1
Note 14 - Income Taxes (Details Textual) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2019
Mar. 31, 2018
Dec. 31, 2018
Income Tax Expense (Benefit), Total $ 1,473 $ (1,051)  
Effective Income Tax Rate Reconciliation, Percent, Total 24.60% 13.60%  
Deferred Tax Assets, Valuation Allowance, Total $ 0   $ 0
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