SEC Info - Anika Therapeutics, Inc. - ‘10-K’ for 12/31/20

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Anika Therapeutics, Inc. – ‘10-K’ for 12/31/20 – ‘R14’

On: Friday, 3/5/21, at 5:18pm ET · For: 12/31/20 · Accession #: 1171843-21-1573 · File #: 1-14027

Previous ‘10-K’: ‘10-K’ on 3/6/20 for 12/31/19 · Next: ‘10-K/A’ on 4/26/21 for 12/31/20 · Latest: ‘10-K/A’ on 4/26/24 for 12/31/23 · 37 References:

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/05/21  Anika Therapeutics, Inc.          10-K       12/31/20  105:11M                                    Globenewswire Inc./FA

Annual Report — Form 10-K
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   1.34M 
 6: EX-10.13D   Material Contract                                   HTML     94K 
 7: EX-10.13E   Material Contract                                   HTML     93K 
 8: EX-10.13G   Material Contract                                   HTML     85K 
 9: EX-10.13H   Material Contract                                   HTML     93K 
 2: EX-23.1     Consent of Expert or Counsel                        HTML     29K 
 3: EX-31.1     Certification -- §302 - SOA'02                      HTML     35K 
 4: EX-31.2     Certification -- §302 - SOA'02                      HTML     36K 
 5: EX-32.1     Certification -- §906 - SOA'02                      HTML     30K 
16: R1          Document And Entity Information                     HTML     89K 
17: R2          Consolidated Balance Sheets                         HTML    112K 
18: R3          Consolidated Balance Sheets (Parentheticals)        HTML     47K 
19: R4          Consolidated Statements of Operations and           HTML    108K 
                Comprehensive Income (Loss)                                      
20: R5          Consolidated Statements of Stockholders' Equity     HTML     85K 
21: R6          Consolidated Statements of Cash Flows               HTML    152K 
22: R7          Note 1 - Nature of Business                         HTML     35K 
23: R8          Note 2 - Summary of Significant Accounting          HTML    118K 
                Policies                                                         
24: R9          Note 3 - Business Combinations                      HTML    100K 
25: R10         Note 4 - Fair Value Measurements                    HTML     90K 
26: R11         Note 5 - Inventories                                HTML     44K 
27: R12         Note 6 - Property and Equipment                     HTML     44K 
28: R13         Note 7 - Acquired Intangible Assets, Net            HTML     85K 
29: R14         Note 8 - Goodwill                                   HTML     47K 
30: R15         Note 9 - Leases                                     HTML     79K 
31: R16         Note 10 - Accrued Expenses                          HTML     43K 
32: R17         Note 11 - Revolving Credit Agreement                HTML     35K 
33: R18         Note 12 - Commitments and Contingencies             HTML     34K 
34: R19         Note 13 - Revenue by Product Group, by Significant  HTML     87K 
                Customer and by Geographic Location; Geographic                  
                Information                                                      
35: R20         Note 14 - Equity Incentive Plan                     HTML    108K 
36: R21         Note 15 - Employee Benefit Plan                     HTML     33K 
37: R22         Note 16 - Accelerated Share Repurchases             HTML     36K 
38: R23         Note 17 - Income Taxes                              HTML    120K 
39: R24         Note 18 - Earnings Per Share ("Eps")                HTML     43K 
40: R25         Note 19 - Quarterly Financial Data (Unaudited)      HTML     67K 
41: R26         Significant Accounting Policies (Policies)          HTML    171K 
42: R27         Note 2 - Summary of Significant Accounting          HTML     52K 
                Policies (Tables)                                                
43: R28         Note 3 - Business Combinations (Tables)             HTML     81K 
44: R29         Note 4 - Fair Value Measurements (Tables)           HTML     85K 
45: R30         Note 5 - Inventories (Tables)                       HTML     42K 
46: R31         Note 6 - Property and Equipment (Tables)            HTML     42K 
47: R32         Note 7 - Acquired Intangible Assets, Net (Tables)   HTML     79K 
48: R33         Note 8 - Goodwill (Tables)                          HTML     39K 
49: R34         Note 9 - Leases (Tables)                            HTML     76K 
50: R35         Note 10 - Accrued Expenses (Tables)                 HTML     41K 
51: R36         Note 13 - Revenue by Product Group, by Significant  HTML     86K 
                Customer and by Geographic Location; Geographic                  
                Information (Tables)                                             
52: R37         Note 14 - Equity Incentive Plan (Tables)            HTML    102K 
53: R38         Note 17 - Income Taxes (Tables)                     HTML    115K 
54: R39         Note 18 - Earnings Per Share ("Eps") (Tables)       HTML     40K 
55: R40         Note 19 - Quarterly Financial Data (Unaudited)      HTML     65K 
                (Tables)                                                         
56: R41         Note 2 - Summary of Significant Accounting          HTML     72K 
                Policies (Details Textual)                                       
57: R42         Note 2 - Summary of Significant Accounting          HTML     39K 
                Policies - Allowance for Doubtful Accounts                       
                (Details)                                                        
58: R43         Note 2 - Summary of Significant Accounting          HTML     39K 
                Policies - Estimated Useful Lives of Property and                
                Equipment (Details)                                              
59: R44         Note 3 - Business Combinations (Details Textual)    HTML     74K 
60: R45         Note 3 - Business Combinations - Consideration      HTML     41K 
                Transferred (Details)                                            
61: R46         Note 3 - Business Combinations - Fair Value of Net  HTML     74K 
                Assets Acquired (Details)                                        
62: R47         Note 3 - Business Combinations - Intangible Assets  HTML     43K 
                Acquired (Details)                                               
63: R48         Note 3 - Business Combinations - Pro Forma          HTML     32K 
                Information (Details)                                            
64: R49         Note 4 - Fair Value Measurements (Details Textual)  HTML     68K 
65: R50         Note 4 - Fair Value Measurements - Fair Value of    HTML     62K 
                Financial Instruments (Details)                                  
66: R51         Note 4 - Fair Value Measurements - Contingent       HTML     38K 
                Consideration (Details)                                          
67: R52         Note 5 - Inventories (Details Textual)              HTML     34K 
68: R53         Note 5 - Inventories - Summary of Inventories       HTML     41K 
                (Details)                                                        
69: R54         Note 6 - Property and Equipment (Details Textual)   HTML     30K 
70: R55         Note 6 - Property and Equipment - Property and      HTML     43K 
                Equipment at Cost (Details)                                      
71: R56         Note 7 - Acquired Intangible Assets, Net (Details   HTML     50K 
                Textual)                                                         
72: R57         Note 7 - Acquired Intangible Assets, Net - Summary  HTML     63K 
                of Intangible Assets (Details)                                   
73: R58         Note 8 - Goodwill (Details Textual)                 HTML     32K 
74: R59         Note 8 - Goodwill - Changes in the Carrying Value   HTML     38K 
                of Goodwill (Details)                                            
75: R60         Note 9 - Leases (Details Textual)                   HTML     32K 
76: R61         Note 9 - Leases - Lease Expense and Other           HTML     58K 
                Information (Details)                                            
77: R62         Note 9 - Leases - Future Minimum Rental Payments    HTML     95K 
                for Operating Leases (Details)                                   
78: R63         Note 10 - Accrued Expenses - Summary of Accrued     HTML     45K 
                Expenses (Details)                                               
79: R64         Note 11 - Revolving Credit Agreement (Details       HTML     63K 
                Textual)                                                         
80: R65         Note 12 - Commitments and Contingencies (Details    HTML     30K 
                Textual)                                                         
81: R66         Note 13 - Revenue by Product Group, by Significant  HTML     35K 
                Customer and by Geographic Location; Geographic                  
                Information (Details Textual)                                    
82: R67         Note 13 - Revenue by Product Group, by Significant  HTML     50K 
                Customer and by Geographic Location; Geographic                  
                Information - Product Revenue by Product Group                   
                (Details)                                                        
83: R68         Note 13 - Revenue by Product Group, by Significant  HTML     47K 
                Customer and by Geographic Location; Geographic                  
                Information - Total Revenue by Geographic Location               
                (Details)                                                        
84: R69         Note 13 - Revenue by Product Group, by Significant  HTML     34K 
                Customer and by Geographic Location; Geographic                  
                Information - Net Tangible Long-lived Assets by                  
                Principal Geographic Areas (Details)                             
85: R70         Note 14 - Equity Incentive Plan (Details Textual)   HTML    131K 
86: R71         Note 14 - Equity Incentive Plan - Granted and       HTML     48K 
                Exercised Stock-based Compensation Awards                        
                (Details)                                                        
87: R72         Note 14 - Equity Incentive Plan - Stock Options     HTML     50K 
                and SAR's Activity (Details)                                     
88: R73         Note 14 - Equity Incentive Plan - Summary of        HTML     41K 
                Exercisable Options and SAR's (Details)                          
89: R74         Note 14 - Equity Incentive Plan - Restricted Stock  HTML     50K 
                Activity (Details)                                               
90: R75         Note 14 - Equity Incentive Plan - Assumptions Used  HTML     42K 
                to Estimate Fair Value of Stock Options and Stock                
                Appreciation Rights (Details)                                    
91: R76         Note 14 - Equity Incentive Plan - Total             HTML     36K 
                Stock-based Compensation Expense (Details)                       
92: R77         Note 15 - Employee Benefit Plan (Details Textual)   HTML     33K 
93: R78         Note 16 - Accelerated Share Repurchases (Details    HTML     72K 
                Textual)                                                         
94: R79         Note 17 - Income Taxes (Details Textual)            HTML     59K 
95: R80         Note 17 - Income Taxes - Components of Income       HTML     63K 
                Before Taxes and Provision for (Benefit from)                    
                Income Taxes (Details)                                           
96: R81         Note 17 - Income Taxes - Significant Components of  HTML     62K 
                Company's Deferred Tax Assets and Liabilities                    
                (Details)                                                        
97: R82         Note 17 - Income Taxes - Reconciliation Between     HTML     52K 
                U.S. Federal Statutory Rate and Effective Rate                   
                (Details)                                                        
98: R83         Note 18 - Earnings Per Share ("Eps") (Details       HTML     34K 
                Textual)                                                         
99: R84         Note 18 - Earnings Per Share ("EPS") - Basic and    HTML     38K 
                Diluted Earnings Per Share (Details)                             
100: R85         Note 19 - Quarterly Financial Data (Unaudited)      HTML     34K  
                (Details Textual)                                                
101: R86         Note 19 - Quarterly Financial Data (Unaudited) -    HTML     67K  
                Quarterly Financial Data (Unaudited) (Details)                   
103: XML         IDEA XML File -- Filing Summary                      XML    199K  
15: XML         XBRL Instance -- anik20201231_10k_htm                XML   2.55M 
102: EXCEL       IDEA Workbook of Financial Reports                  XLSX    118K  
11: EX-101.CAL  XBRL Calculations -- anik-20201231_cal               XML    186K 
12: EX-101.DEF  XBRL Definitions -- anik-20201231_def                XML   1.68M 
13: EX-101.LAB  XBRL Labels -- anik-20201231_lab                     XML   1.36M 
14: EX-101.PRE  XBRL Presentations -- anik-20201231_pre              XML   1.72M 
10: EX-101.SCH  XBRL Schema -- anik-20201231                         XSD    250K 
104: JSON        XBRL Instance as JSON Data -- MetaLinks              456±   766K  
105: ZIP         XBRL Zipped Folder -- 0001171843-21-001573-xbrl      Zip    374K

‘R14’ — Note 8 – Goodwill

This is an IDEA Financial Report. [ Alternative Formats ]

Note 8 - Goodwill

12 Months Ended

Dec. 31, 2020

Notes to Financial Statements

Goodwill Disclosure [Text Block]

8. Goodwill

The following table provides a rollforward of goodwill for the years ended December 31, 2020 and 2019:

	Year Ended December 31, 2020			Year Ended December 31, 2019
Balance, beginning	$	7,694		$	7,851
Effect of foreign currency adjustments		719			(157	)
Acquisitions		42,520			-
Impairment		(42,520	)		-
Balance, ending	$	8,413		$	7,694

In January and February 2020, the Company acquired Parcus Medical and Arthrosurface, respectively, as further discussed in Note 3, Business Combinations. As a result of the acquisitions, the Company has two reporting units. The newly formed reporting unit includes Parcus Medical and Arthrosurface, which share similar economic and qualitative characteristics. This reporting unit produces soft tissue repair surgical tools, instruments and joint implants. The legacy Anika business remains in one reporting unit, which specializes in therapies based on its hyaluronic acid, or HA, technology platform.

U.S. and international government policy responses to the COVID-19 pandemic and the resulting changes in healthcare guidelines caused a temporary suspension of global elective surgical procedures. As a result, the widespread economic volatility triggered impairment testing in the first quarter of 2020, and accordingly, the Company performed interim impairment testing on the goodwill balances of its reporting units. The Company also performed its annual impairment testing in the fourth quarter of 2020.

The Company estimated the fair value of the reporting units using a discounted cash flow method, which is based on the present value of projected cash flows and a terminal value, which represents the expected normalized cash flows of the reporting units beyond the cash flows from the discrete projection period. The Company determined that a discounted cash flow model provided the best approximation of fair value of the reporting units for the purpose of performing the impairment test. This approach incorporates significant estimates and assumptions related to the forecasted results including revenues, expenses, the achievement of certain cost synergies, terminal growth rates and discount rates to estimate future cash flows. While assumptions utilized are subject to a high degree of judgment and complexity, the Company made its best estimate of future cash flows under a high degree of economic uncertainty that existed as of November 30, 2020. In developing its assumptions, the Company also considered observed trends of its industry participants.

For the legacy Anika reporting unit, the Company performed a qualitative assessment including consideration of (i) general macroeconomic factors, (ii) industry and market conditions, and (iii) the extent of the excess of the fair value over the carrying value indicated in prior impairment testing. The Company determined it was not more likely than not that the fair value of the legacy Anika reporting unit is less than its carrying amount and thus goodwill was not impaired as of March 31, 2020. As part of its annual impairment testing, the Company decided to perform a quantitative assessment related to the legacy Anika reporting unit as of November 30, 2020, due to the expectation that the economic recovery will take longer than expected to materialize. The results of the impairment test indicated that the estimated fair value of the legacy Anika reporting unit was greater than its carrying value, therefore the Company did not record any impairment charges related to the legacy Anika reporting unit for the year ended December 31, 2020.

For its newly created reporting unit, which includes Parcus Medical and Arthrosurface, the Company also performed an interim quantitative assessment of goodwill impairment as of March 31, 2020. The Company estimated the fair value of the reporting unit using a discounted cash flow method. The results of the interim impairment test indicated that the estimated fair value of the reporting unit was less than its carrying value. This was primarily due to decreases in near term revenue and related cash flows as a result of the temporary suspension of domestic elective procedures which directly impact the reporting unit. Consequently, a non-cash goodwill impairment charge was recorded in the amount of $18.1 million during the first quarter of 2020. As part of its annual impairment testing, the Company also performed a quantitative assessment related to the new reporting unit as of November 30, 2020. The results of the annual impairment test indicated that the estimated fair value of the reporting unit was less than its carrying value. This was primarily due to a decline in projected net cashflows as a result of the continued impact of COVID-19 on revenue and related cash flows, the expectation that the economic recovery will take longer than expected to materialize, and additional projected investment to support future growth. Consequently, a non-cash goodwill impairment charge was recorded in the amount of $24.4 million during the fourth quarter of 2020. The total non-cash goodwill impairment charge with respect to the reporting unit amounted to $42.5 million for the year ended December 31, 2020.

Dates Referenced Herein and Documents Incorporated by Reference

This ‘10-K’ Filing	Date	Other Filings

Filed on:	3/5/21
For Period end:	12/31/20	10-K/A
	11/30/20
	3/31/20	10-Q, 10-Q/A
	12/31/19	10-K
		List all Filings

5 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/15/24  Anika Therapeutics, Inc.          10-K       12/31/23   90:9.1M                                   Globenewswire Inc./FA
 3/16/23  Anika Therapeutics, Inc.          10-K       12/31/22   97:10M                                    Globenewswire Inc./FA
 3/11/22  Anika Therapeutics, Inc.          10-K       12/31/21  105:25M                                    Globenewswire Inc./FA
 5/07/21  Anika Therapeutics, Inc.          10-Q        3/31/21   67:5.1M                                   Globenewswire Inc./FA
 4/26/21  Anika Therapeutics, Inc.          10-K/A     12/31/20  100:10M                                    Globenewswire Inc./FA

32 Previous Filings that this Filing References

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 8/05/20  Anika Therapeutics, Inc.          8-K:5,7,9   8/05/20    3:95K                                    Globenewswire Inc./FA
 6/18/20  Anika Therapeutics, Inc.          8-K:5,9     6/16/20    2:194K                                   Globenewswire Inc./FA
 5/22/20  Anika Therapeutics, Inc.          10-Q        3/31/20   77:4.8M                                   Globenewswire Inc./FA
 4/29/20  Anika Therapeutics, Inc.          8-K:1,5,7,9 4/23/20    3:147K                                   Globenewswire Inc./FA
 3/06/20  Anika Therapeutics, Inc.          10-K       12/31/19   98:6.4M                                   Globenewswire Inc./FA
 3/02/20  Anika Therapeutics, Inc.          8-K:5,9     2/25/20    2:53K                                    Globenewswire Inc./FA
 1/07/20  Anika Therapeutics, Inc.          8-K:1,9     1/04/20    3:1.2M                                   Globenewswire Inc./FA
 7/26/19  Anika Therapeutics, Inc.          10-Q        6/30/19   68:3.4M                                   Globenewswire Inc./FA
 7/10/19  Anika Therapeutics, Inc.          8-K:5       7/05/19    3:131K                                   Globenewswire Inc./FA
 6/20/19  Anika Therapeutics, Inc.          8-K:5,9     6/18/19    2:185K                                   Globenewswire Inc./FA
 4/12/19  Anika Therapeutics, Inc.          8-K:5,9     4/09/19    5:230K                                   Globenewswire Inc./FA
 7/31/18  Anika Therapeutics, Inc.          10-Q        6/30/18   62:2.9M                                   Globenewswire Inc./FA
 6/06/18  Anika Therapeutics, Inc.          8-K:5,8,9   5/31/18    4:323K                                   Globenewswire Inc./FA
 3/08/18  Anika Therapeutics, Inc.          8-K:5,8,9   3/02/18    4:141K                                   Globenewswire Inc./FA
10/27/17  Anika Therapeutics, Inc.          10-Q        9/30/17   66:4.1M                                   Globenewswire Inc./FA
 7/27/17  Anika Therapeutics, Inc.          8-K:5,7,9   7/27/17    3:116K                                   Business Wire/FA
 6/19/17  Anika Therapeutics, Inc.          8-K:5,9     6/13/17    6:320K                                   Globenewswire Inc./FA
 2/24/17  Anika Therapeutics, Inc.          10-K       12/31/16   86:5.9M                                   Globenewswire Inc./FA
 5/03/16  Anika Therapeutics, Inc.          10-Q        3/31/16   65:2.6M                                   Globenewswire Inc./FA
10/14/15  Anika Therapeutics, Inc.          8-K:1,9    10/09/15    2:252K                                   Business Wire/FA
 5/05/14  Anika Therapeutics, Inc.          10-Q        3/31/14   61:3.5M                                   Globenewswire Inc./FA
12/22/11  Anika Therapeutics, Inc.          8-K:1,9    12/21/11    3:832K                                   Business Wire/FA
 6/10/11  Anika Therapeutics, Inc.          8-K:5,9     6/07/11    2:108K                                   Business Wire/FA
 3/16/11  Anika Therapeutics, Inc.          10-K       12/31/10   10:2M                                     Business Wire/FA
 1/06/10  Anika Therapeutics, Inc.          8-K:1,2,3,912/30/09    7:1.4M                                   Business Wire/FA
 9/14/09  Anika Therapeutics, Inc.          8-K:5       9/10/09    3:108K                                   Business Wire/FA
10/22/08  Anika Therapeutics, Inc.          8-K:5      10/17/08    3:249K                                   Business Wire/FA
 3/12/08  Anika Therapeutics, Inc.          10-K       12/31/07    8:784K                                   Toppan Merrill-FA
 2/06/08  Anika Therapeutics, Inc.          8-K:1,5,9   1/31/08    4:794K                                   Toppan Merrill/FA
 1/10/07  Anika Therapeutics, Inc.          8-K:1,2,9   1/04/07    2:489K                                   Toppan Merrill/FA
10/05/04  Anika Therapeutics, Inc.          8-K:1,5,9   9/29/04    6:201K                                   Toppan Merrill/FA
 3/30/04  Anika Therapeutics, Inc.          10-K       12/31/03    8:741K                                   Toppan Merrill-FA

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Filing Submission 0001171843-21-001573 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)