Business
Anika Reports Fourth Quarter and Year-End Fiscal 2022 Financial Results
Delivered Fourth Quarter Revenue Growth of 11% and Full Year 2022 Revenue Growth of 6% Completed First Surgeries and Initiated Limited Market Release of New
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Delivered Fourth Quarter Revenue Growth of 11% and Full Year 2022 Revenue Growth of 6% Completed First Surgeries and Initiated Limited Market Release of New RevoMotion™ Reverse Shoulder Arthroplasty System Commenced Full Market Release of X-Twist™ Fixation System in Sports Medicine Hyalofast®, Anika’s Off-the-Shelf Single-Stage Cartilage Repair Product, Designated as a Breakthrough Device by FDA; Pivotal Phase III Clinical Trial Approaching Full Enrollment, with 199 Enrolled out of 200 Engaging with FDA Regarding Next Steps for Regulatory Approval of Cingal®, Anika’s Next Generation, Non-Opioid, Single-Injection Product to Treat Short and Long-Term OA Pain BEDFORD, Mass., March 06, 2023 (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, 2022. Fourth Quarter 2022 Financial Summary Revenue in the fourth quarter of 2022 was $39.6 million, up 11% compared with $35.8 million in the fourth quarter of 2021. Osteoarthritis (OA) Pain Management1 revenue of $23.7 million, up 20%Joint Preservation and Restoration revenue of $14.3 million, up 8%Non-Orthopedic1 revenue of $1.5 million, down 46% Gross margin was 61%, including $1.6 million of non-cash acquisition-related expenses and $0.6 million of product rationalization charges; Adjusted gross margin2 was 66%.Net loss was ($4.9) million, or ($0.34) per share, compared to net loss of ($5.8) million, or ($0.40) per share, in the prior year period. Adjusted net loss2 was ($3.0) million, or ($0.21) per share, compared to adjusted net loss2 of ($3.2) million, or ($0.23) per share, in the prior year period.Adjusted EBITDA2 was $1.4 million, compared to adjusted EBITDA2 of ($0.2) million in the fourth quarter of 2021.Operating cash flow was $0.5 million; quarter ending cash balance was $86.3 million with no outstanding debt. Full Year 2022 Financial Summary Revenue for fiscal 2022 increased 6% to $156.2 million, compared with $147.8 million in 2021 OA Pain Management1 revenue of $97.9 million, up 9%Joint Preservation and Restoration of $50.4 million, up 4%Non-Orthopedic1 revenue of $7.9 million, down 18% Gross margin was 60%, reflecting $6.2 million of non-cash acquisition-related expenses and $3.2 million of product rationalizat...