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Note 15 - Depuy Synthes Mitek Sports Medicine Agreements | 9 Months Ended
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Sep. 30, 2017
Notes to Financial Statements |
Deferred Revenue Disclosure [Text Block] |
15. |  | DePuy Synthes Mitek Sports Medicine Agreements
In December 2011, the Company entered into a fifteen -year licensing agreement with DePuy Synthes Mitek Sports Medicine, a division of DePuy Orthopaedics, Inc. (“Mitek”), to exclusively market MONOVISC in the U.S. The Company fully recognized revenue for a milestone payment of $5.0 million as a result of MONOVISC achieving $100.0 million in U.S. end-user sales within a consecutive 12 -month period ending in June 2017. ORTHOVISC became available for sale in the United States on March 1, 2004, and it is marketed exclusively by Mitek under the terms of an initial ten -year licensing, distribution, supply, and marketing agreement entered into in December 2003. The agreement was extended by Mitek for additional five -year terms in 2012 and in 2017, with the current agreement to expire on December 20, 2023.

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- Definition The entire disclosure for deferred revenues at the end of the reporting period, and description and amounts of significant changes that occurred during the reporting period. Deferred revenue is a liability as of the balance sheet date related to a revenue producing activity for which revenue has not yet been recognized. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 430 -URI http://asc.fasb.org/topic&trid=2122452 + Details
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