Business
Anika Reports Third-Quarter 2020 Financial Results
Revenue Increased 7% Year-over-Year to $31.7 MillionRepaid $25 Million of Outstanding Credit FacilityContinued Expansion of Joint Preservation Product
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Revenue Increased 7% Year-over-Year to $31.7 MillionRepaid $25 Million of Outstanding Credit FacilityContinued Expansion of Joint Preservation Product Portfolio\n BEDFORD, Mass., Nov. 04, 2020 (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 the third quarter ended September 30, 2020, and provided an update on its business progress in the period. “Anika posted another quarter of top-line growth, while further expanding our global product portfolio. The transformation enabled by our new strategic focus and recent acquisitions has provided revenue diversification leading to the generation of new revenue streams and growth, even in light of the impact of COVID-19,” said Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer of Anika Therapeutics. “We were also delighted to make significant progress on Anika’s new product development roadmap which is focused on delivering meaningful solutions in high opportunity spaces within orthopedics that address the unmet needs of orthopedic and sports medicine surgeons and their patients. Additionally, we strengthened our leadership team and our Board of Directors with the addition of Mike Levitz, our new CFO, and Ben Joseph, our new Vice President of Sales and Marketing, Americas, and two new independent directors. Finally, we initiated enrollment in our CINGAL Pilot Study and resumed enrollment in our HYALOFAST Phase III clinical trial during the quarter. Our progress executing on our growth initiatives, combined with the continued recovery of elective procedures, positions us to drive sustainable growth and value for all of our stakeholders going forward.” Third Quarter Financial Results Total revenue for the third quarter of 2020 increased 7% year-over-year to $31.7 million, compared to $29.7 million in the prior year. The increase was due to Orthopedic 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.Net loss was $6.4 million, or $0.45 loss per diluted share, compared to net income of $9.2 million, or $0.64 per diluted share, in...