Business
Anika Reports Fourth Quarter and Full Year 2019 Financial Results
Total Revenue Increases 10% Year-over-Year for the Fourth QuarterCompletes Acquisitions of Parcus Medical and ArthrosurfaceCompany Expects Total Revenue
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Total Revenue Increases 10% Year-over-Year for the Fourth QuarterCompletes Acquisitions of Parcus Medical and ArthrosurfaceCompany Expects Total Revenue Growth in the 40% to 44% Range for Full Year 2020 \n BEDFORD, Mass., Feb. 20, 2020 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint preservation and regenerative therapies company with products leveraging its proprietary hyaluronic acid (“HA”) technology platform, today reported financial results for the fourth quarter and full year ended December 31, 2019, and provided an update on its business progress in the periods. “2019 was a transformational year for Anika and we entered 2020 with strong momentum as we continue executing our five-year plan,” said Cheryl Blanchard, Ph.D., interim Chief Executive Officer of Anika Therapeutics. “With strong new leaders, our internal U.S. hybrid commercial salesforce in place, TACTOSET launched, and our recently completed acquisitions of Parcus Medical and Arthrosurface, Anika is well on the way to becoming the leader in joint preservation and restoration. While we mourn the unexpected passing of our former President and Chief Executive Officer, Joe Darling, we remain committed to executing the strategic plan he helped create and are confident we will continue to build on his legacy.” Fourth Quarter and Full Year Financial Results Total revenue for the fourth quarter of 2019 increased 10% year-over-year to $29.8 million, compared to $27.0 million for the fourth quarter of 2018. The increase in total revenue was due primarily to global MONOVISC and ORTHOVISC, which delivered combined revenue growth of 11% year-over-year for the quarter. Total revenue for the full year of 2019 grew 9% to $114.6 million, compared to $105.6 million for the full year of 2018.Total operating expenses for the fourth quarter of 2019 were $25.0 million, compared to $17.2 million for the fourth quarter of 2018. The increase in total operating expenses was due primarily to higher selling, general and administrative expenses related to the acquisitions of Parcus Medical and Arthrosurface and the launch of TACTOSET, as well as higher cost of product revenue resulting from higher total revenue. Acquisition related expenses totaled $2.9 million for the fourth quarter of 2019. Total operating expenses for the full year of 2019 were $80....