| Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 |
|---|---|---|---|---|---|---|---|---|---|---|
Cash flows from operating activities: | ||||||||||
Net income | ||||||||||
27,193 | 18,722 | 31,816 | 32,547 | 30,758 | 38,319 | 20,575 | 11,757 | 8,466 | 4,315 | 3,687 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||||
Depreciation and amortization | ||||||||||
5,991 | 5,910 | 4,290 | 3,734 | 3,775 | 4,706 | 4,772 | 4,525 | 4,002 | 3,320 | 1,293 |
Non-cash operating lease cost | ||||||||||
1,179 | - | - | - | - | - | - | - | - | - | - |
Loss on disposal of fixed assets | ||||||||||
-927 | -152 | -150 | - | 0 | - | - | - | - | - | - |
Loss on impairment of intangible asset | ||||||||||
389 | - | - | - | - | - | - | - | - | - | - |
Stock-based compensation expense | ||||||||||
6,087 | 11,046 | 5,807 | 3,392 | 2,225 | 1,607 | 1,268 | 1,151 | 1,190 | 1,102 | 958 |
Deferred income taxes | ||||||||||
794 | -1,817 | -1,198 | -65 | -747 | 815 | 2,206 | -10 | 1,989 | 1,953 | 1,735 |
Provision (recovery) for doubtful accounts | ||||||||||
-499 | 57 | 1,609 | 52 | 38 | 0 | 238 | 135 | 331 | 302 | - |
Provision for inventory | ||||||||||
1,612 | 4,419 | 695 | 654 | 210 | 378 | 171 | 1,310 | 1,427 | 699 | 350 |
Amortization of premium and accretion of discount on investments and cash equivalents | ||||||||||
25 | 371 | - | - | - | - | - | - | - | - | - |
Non-cash impairment charges for IPR&D | ||||||||||
- | - | - | - | 697 | 0 | 0 | - | - | - | - |
Gain on sale of assets | ||||||||||
- | - | - | - | - | - | 126 | - | - | - | - |
Tax benefit from equity awards | ||||||||||
- | - | - | - | - | 9,626 | 857 | 452 | - | - | - |
Restructuring credits | ||||||||||
- | - | - | - | - | - | -161 | 1,604 | - | - | - |
Tax benefit from exercise of stock options | ||||||||||
- | - | - | - | - | - | - | - | - | -65 | -27 |
Changes in operating assets and liabilities: | ||||||||||
Accounts receivable | ||||||||||
1,839 | -2,914 | -2,674 | 6,201 | 4,996 | -898 | -2,411 | 4,271 | 2,998 | 3,716 | 1,697 |
Inventories | ||||||||||
5,585 | 7,577 | 6,521 | 1,738 | 2,939 | 1,974 | 2,823 | 2,370 | -224 | 1,220 | 1,871 |
Prepaid expenses, other current and long-term assets | ||||||||||
1,641 | -899 | 1,454 | 898 | -89 | -585 | -307 | -234 | -947 | -445 | 774 |
Accounts payable | ||||||||||
767 | -1,671 | 3,890 | -5,059 | 5,625 | -750 | 623 | -2,879 | -6,594 | 5,784 | 141 |
Operating lease liabilities | ||||||||||
-1,065 | - | - | - | - | - | - | - | - | - | - |
Accrued expenses, other current and long-term liabilities | ||||||||||
3,805 | 1,313 | -1,313 | 1,582 | -199 | -1,189 | -377 | 1,420 | 1,042 | -2,188 | 1,718 |
Deferred revenue | ||||||||||
- | - | - | - | - | -2,014 | -2,795 | -2,858 | -213 | -2,751 | -2,680 |
Income taxes | ||||||||||
-1,085 | 922 | 367 | -3,552 | 5,484 | 8,436 | 152 | 1,268 | 450 | - | - |
Long-term deposits and other | ||||||||||
- | - | - | - | - | - | - | - | -179 | -28 | -93 |
Other long-term liabilities | ||||||||||
- | - | - | - | -109 | -213 | -419 | -17 | -0 | -158 | 168 |
Net cash provided by operating activities | ||||||||||
37,005 | 34,918 | 40,812 | 24,448 | 39,911 | 39,978 | 25,165 | 10,548 | 10,173 | 7,853 | 3,094 |
Proceeds from sale of assets | ||||||||||
- | - | - | - | - | - | 188 | - | - | - | - |
Acquisition of Parcus Medical and Arthrosurface, net of cash acquired | ||||||||||
- | - | - | - | - | - | - | - | - | - | 16,255 |
Proceeds from maturities of investments | ||||||||||
146,366 | 46,000 | 41,500 | 46,500 | 24,250 | 20,000 | 0 | - | - | - | - |
Purchases of investments | ||||||||||
103,848 | 91,601 | 45,000 | 39,249 | 45,251 | 26,750 | 0 | - | - | - | - |
Purchases of property and equipment | ||||||||||
2,827 | 4,656 | 8,980 | 14,014 | 9,225 | 1,553 | 441 | 1,504 | 1,400 | 2,784 | 3,962 |
Reduction in purchase price of acquisition | ||||||||||
- | - | - | - | - | - | - | - | - | 105 | - |
Net cash used in investing activities | ||||||||||
39,691 | -50,257 | -12,480 | -6,763 | -30,226 | -8,303 | -253 | -1,504 | -1,400 | -2,679 | -20,217 |
Cash flows from financing activities: | ||||||||||
Repurchases of common stock | ||||||||||
30,000 | 30,000 | - | 25,000 | 0 | 0 | - | - | - | - | - |
Tax benefit from equity awards | ||||||||||
- | - | - | - | - | 9,626 | 857 | 452 | -274 | 65 | 27 |
Cash paid for tax withheld on vested restricted stock awards | ||||||||||
293 | 1,790 | - | - | - | 6,349 | 0 | - | - | - | - |
Principal payments on debt | ||||||||||
- | - | - | - | - | - | 9,600 | 1,600 | 1,600 | 1,600 | 1,600 |
Debt Issuance Costs | ||||||||||
- | - | - | - | - | - | - | - | - | - | 74 |
Proceeds from exercises of equity awards | ||||||||||
22,151 | 2,886 | 314 | 1,007 | 1,074 | 2,055 | 3,054 | 388 | 160 | 197 | 3 |
Tax benefit from exercise of stock options | ||||||||||
- | - | - | - | - | - | - | - | 274 | - | - |
Net cash used in financing activities | ||||||||||
-8,142 | -28,904 | 314 | -23,993 | 1,074 | 5,332 | -5,689 | -758 | -1,165 | -1,337 | -1,643 |
Exchange rate impact on cash | ||||||||||
-133 | 29 | 349 | -138 | -208 | -184 | 43 | 5 | -32 | -61 | - |
Increase (decrease) in cash and cash equivalents | ||||||||||
68,421 | -44,214 | 28,995 | -6,446 | 10,551 | 36,823 | 19,266 | 8,290 | 7,575 | 3,774 | -18,766 |
Cash paid for income taxes | ||||||||||
9,257 | 5,560 | 15,088 | 22,826 | 12,724 | 13,778 | 9,842 | 6,496 | 2,651 | 360 | 1,210 |
Right-of-use assets obtained in exchange for operating lease liabilities as of January 1, 2019 | ||||||||||
24,110 | - | - | - | - | - | - | - | - | - | - |
Cash paid for interest | ||||||||||
- | - | - | - | - | - | 126 | 184 | 193 | 222 | 208 |
Non-cash Investing Activities: | ||||||||||
Purchases of property and equipment included in accounts payable and accrued expenses | ||||||||||
137 | 351 | 1,891 | 1,257 | 1,949 | 52 | 364 | - | - | - | - |
Build-to-suit lease agreement | ||||||||||
- | - | - | 1,723 | 30 | 0 | - | - | - | - | - |
Fair value of assets of Anika S.r.l. and product lines | ||||||||||
- | - | - | - | - | - | - | - | - | - | 50,539 |
Cash paid for Anika S.r.l. and product lines | ||||||||||
- | - | - | - | - | - | - | - | - | - | 17,055 |
Fair value of common stock issued to acquire Anika S.r.l. | ||||||||||
- | - | - | - | - | - | - | - | - | - | 16,820 |
Liabilities assumed of acquired businesses and product lines | ||||||||||
- | - | - | - | - | - | - | - | - | - | 16,664 |