Business
Anika Reports Fourth Quarter and Year-End 2020 Financial Results
Completed Transformative Year with Q4 2020 Revenue Up 10% Year-Over-Year,Full Year 2020 Revenue up 14%Well Positioned for Growth in 2021 BEDFORD, Mass., March
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Completed Transformative Year with Q4 2020 Revenue Up 10% Year-Over-Year,Full Year 2020 Revenue up 14%Well Positioned for Growth in 2021 BEDFORD, Mass., March 04, 2021 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care, today reported financial results for its fourth quarter and year-ended December 31, 2020. Fourth Quarter 2020 Financial Summary Revenue in the fourth quarter of 2020 increased 10% year-over-year to $32.7 million, compared to $29.8 million, due to Joint Preservation and Restoration revenue following the acquisitions of Parcus Medical, LLC and Arthrosurface, Inc., in the first quarter of 2020, offset by lower Joint Pain Management revenue as a result of the COVID environment.Gross margin of 51% includes a 16-point negative impact from $5.2 million of acquisition-related expenses.Net loss was $15.7 million, or $1.10 loss per share, compared to net income of $4.1 million, or $0.28 per diluted share, in the prior year. Net loss this quarter included a non-cash charge for goodwill impairment offset by a reduction in the value of contingent consideration, netting to a charge of $11.9 million, or $0.84 per diluted share. Adjusted net income1 for the quarter was $1.7 million, or $0.12 per diluted share, compared to $6.3 million, or $0.43 per diluted share, in the prior year.Adjusted EBITDA1 for the quarter was $4.0 million, compared to $11.1 million for the prior year.Operating cash flow during the quarter was $2.6 million. Cash, cash equivalents and investments totaled $98.3 million, compared to $124.8 million as of September 30, 2020. Anika repaid the remaining $25.0 million outstanding under its credit facility in the fourth quarter of 2020. Fiscal Year 2020 Financial Summary Revenue for 2020 increased 14% to $130.5 million compared with $114.6 million, due to Joint Preservation and Restoration revenue following the acquisitions of Parcus Medical and Arthrosurface in the first quarter of 2020, partly offset by lower Joint Pain Management revenue as a result of the COVID environment.Gross margin of 53% includes a 13-point negative impact from $16.9 million of acquisition-related expenses.Net loss of $24.0 million, or $1.69 loss per share, compared to net income of $27.2 million, or $1.89 ...