Business
Anika Reports Fourth Quarter and Year-End 2023 Financial Results
Revenue growth and adjusted EBITDA1 exceeded expectations in the fourth quarter and full year OA Pain Management achieved record annual revenues of $102
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Revenue growth and adjusted EBITDA1 exceeded expectations in the fourth quarter and full year OA Pain Management achieved record annual revenues of $102 million, up 11% in 2023 Announces cost reduction initiatives providing annualized savings of approximately $10 million Anika positioned to generate adjusted EBITDA1 of $25 to $30 million in 2024, up over 75% at the midpoint, representing an adjusted EBITDA1 margin of at least 15% BEDFORD, Mass., March 13, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today reported financial results for its fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial Summary Revenue in the fourth quarter of 2023 was $43.0 million, up 8% compared to $39.6 million in the fourth quarter of 2022. OA Pain Management revenue of $25.1 million, up 12%, on growing global commercial adoption and some order timingJoint Preservation and Restoration revenue of $15.3 million, up 7%Non-Orthopedic revenue of $2.6 million, down 8% Gross margin was 61%, including $1.6 million of non-cash acquisition-related intangible asset amortization; Adjusted gross margin1 was 65%.Recorded a non-recurring, non-cash impairment charge in the fourth quarter of $62.2 million for the intangible assets associated with the Q1-2020 acquisitions of Arthrosurface and Parcus Medical.Including the non-cash impairment charge, net loss was ($63.0) million, or ($4.30) per share, compared to net loss of ($4.9) million, or ($0.34) per share, in the prior year period.Adjusted net income1 was $0.8 million, or $0.05 per diluted share, compared to adjusted net loss1 of ($3.0) million, or ($0.21) per share, in the fourth quarter of 2022.Adjusted EBITDA1 was $5.8 million, compared to $1.4 million in the fourth quarter of 2022.Cash from operations was $3.6 million; ending cash balance rose to $72.9 million. Full Year 2023 Financial Summary Revenue for fiscal 2023 increased 7% to $166.7 million, compared with $156.2 million in 2022. OA Pain Management revenue of $101.9 million, up 11%Joint Preservation and Restoration revenue of $54.9 million, up 9%Non-Orthopedic revenue of $9.9 million, down 29% Gross margin was 62%, including $6.2 million of non-cash acquisition-related intangible asset amortization and $0.7 million of product rationali...