Business
Anika Reports Third Quarter 2021 Financial Results
Revenue growth of 25% year-over-yearCompany revises revenue growth outlook for 2021 to 9-11% on COVID Delta headwinds BEDFORD, Mass., Nov. 04, 2021 (GLOBE
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Revenue growth of 25% year-over-yearCompany revises revenue growth outlook for 2021 to 9-11% on COVID Delta headwinds BEDFORD, Mass., Nov. 04, 2021 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today reported financial results for its third quarter ended September 30, 2021. Third Quarter 2021 Financial Summary Revenue in the third quarter of 2021 was $39.5 million, 25% higher than prior year, compared with $31.7 million in the third quarter of 2020, due primarily to favorable order timing in Joint Pain Management. Joint Pain Management revenue of $26.2 million, up 42%Joint Preservation and Restoration revenue of $11.2 million, lower by 4%Other revenue of $2.2 million Gross margin was 58%, reflecting $3.0 million of acquisition related amortization expenses. Adjusted gross margin1, excluding these charges, was 66%.Net income was $0.6 million, or $0.04 per diluted share, compared to net loss of $6.4 million, or $0.45 loss per diluted share, in the prior year. Net income this quarter benefited from a reduction in the value of contingent consideration of $1.9 million, net of tax, or $0.13 per diluted share. Adjusted net income1 for the quarter was $0.8 million, or $0.05 per diluted share, compared to $0.8 million, or $0.05 per diluted share, in the prior year.Adjusted EBITDA1 was $5.8 million, compared to $4.9 million in the third quarter of 2020.Operating cash flow was $2.1 million; cash balance was $91.0 million. 1 See description of non-GAAP financial information contained in this release. Recent Operational Highlights Launched Anika’s WristMotion® Total Wrist Arthroplasty System at the American Society for Surgery of the Hand (ASSH) annual meeting. The WristMotion® Total Wrist Arthroplasty System is designed to preserve natural motion and maximize stability providing an advanced solution for wrist arthritis.Received additional 510(k) clearance for Tactoset® Injectable Bone Substitute for hardware augmentation. This 510(k) clearance expands the capability of Tactoset for augmenting suture anchor fixation during surgical procedures.Attended first major industry event, American Academy of Orthopedic Surgeons annual meeting, in August 2021 showcasing the full integrated Anika portfolio.Continued to strengthen Anika’s leadership team with the additi...