Business
Anika Reports Second Quarter 2023 Financial Results
Double Digit Q2 Revenue Growth Driven by Strong OA Pain Management Growth of 22%; Raising Low-End of Full-Year Guidance Range on Positive Year-to-Date
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Double Digit Q2 Revenue Growth Driven by Strong OA Pain Management Growth of 22%; Raising Low-End of Full-Year Guidance Range on Positive Year-to-Date Performance Hyalofast®, Single-Stage, Off-the-Shelf, Resorbable Hyaluronic Acid Scaffold for Cartilage Repair, Pivotal Phase III Trial Fully Enrolled; Modular PMA Submission on Track to Commence in 2024 with Final PMA Module Filing Planned in 2025 Successful RevoMotion™ Reverse Shoulder Limited Market Release; Full Market Release Accelerated to September 2023 at Orthopaedic Summit: Evolving Technologies (OSET) BEDFORD, Mass., Aug. 08, 2023 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today reported financial results for its second quarter ended June 30, 2023. Second Quarter 2023 Financial Summary Revenue in the second quarter of 2023 was $44.3 million, up 12% compared to $39.7 million in the second quarter of 2022. OA Pain Management1 revenue of $29.3 million, up 22%Joint Preservation and Restoration revenue of $12.7 million, up 5%Non-Orthopedic1 revenue of $2.3 million, down 33% Gross margin was 65%, including $1.6 million of non-cash acquisition-related intangible asset amortization; Adjusted gross margin2 was 69%.Net loss was ($2.7) million, or ($0.19) per share, which includes shareholder activism and other non-recurring corporate costs, compared to net loss of ($2.8) million, or ($0.20) per share, in the prior year period. Adjusted net income2 was $0.8 million, or $0.06 per diluted share, compared to adjusted net loss2 of ($1.6) million, or ($0.12) per share, in the second quarter of 2022.Adjusted EBITDA2 was $6.3 million, compared to $4.4 million in the second quarter of 2022.Cash used in operations was $8.3 million, reflecting $8.3 million paid in the quarter for non-recurring costs incurred to date.Ending cash balance was $65.1 million, after $5.0 million used to repurchase shares of Anika stock in the second quarter. 1 Revenue from veterinary products historically reported in OA Pain Management is now reported in the Non-Orthopedic product family to provide investors a more accurate representation of the performance of our business.2 See description of non-GAAP financial information contained in this release. “We are very pleased with our double-digit top line growth and improved margin...