Note 13 - Revenue and Geographic Information

12 Months Ended

Dec. 31, 2022

Notes to Financial Statements

Revenue from Contract with Customer [Text Block]

13. Revenue and Geographic Information

The Company categorizes its product portfolio into three product families: OA Pain Management, Joint Preservation and Restoration, and Non-Orthopedic. Anika’s consolidated financial statements include results of operations for Parcus Medical from the January 24, 2020 acquisition date and Arthrosurface from the February 3, 2020 acquisition date.

Product revenue by product family is as follows:

	Years Ended December 31,
	2022					2021					2020
	Revenue		Percentage of Product Revenue			Revenue		Percentage of Product Revenue			Revenue		Percentage of Product Revenue
OA Pain Management	$	97,887		63	%	$	89,503		61	%	$	83,029		64	%
Joint Preservation and Restoration		50,402		32	%		48,588		33	%		39,368		30	%
Non-Orthopedic		7,947		5	%		9,703		6	%		8,060		6	%
Total	$	156,236		100	%	$	147,794		100	%	$	130,457		100	%

Effective January 1, 2023, the Company will begin to report revenue from product sales to veterinary customers within the Non-Orthopedic product family whereas such revenue had been reported within the OA Pain Management revenue product family. Revenue from product sales to veterinary customers amounted to $5.9 million, $4.4 million and $3.8 million for 2022, 2021 and 2020, respectively.

Product revenue from the Company’s sole significant customer, Mitek, as a percentage of the Company’s total product revenue was 43%, 45%, and 49% for the years ended December 31, 2022, 2021, and 2020, respectively.

Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows:

	Years Ended December 31,
	2022					2021					2020
	Total		Percentage of			Total		Percentage of			Total		Percentage of
	Revenue		Revenue			Revenue		Revenue			Revenue		Revenue
Geographic Location:
United States	$	119,151		76	%	$	113,833		77	%	$	103,182		79	%
Europe		20,639		13	%		19,580		13	%		14,179		11	%
Other		16,446		11	%		14,381		10	%		13,096		10	%
Total	$	156,236		100	%	$	147,794		100	%	$	130,457		100	%

Net long-lived assets, consisting primarily of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas are as follows:

	Years Ended December 31,
	2022		2021
United States	$	47,068	$	46,068
Italy		1,211		1,534
Total	$	48,279	$	47,602