Business
Anika Reports Third Quarter 2023 Financial Results and Raises Full-Year 2023 Financial Guidance on Growing Momentum Across the Business
Revenue Growth Exceeded Expectations in the Third Quarter and Year-To-Date, with Joint Preservation and Restoration up 14% and 10% and OA Pain Management up
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Revenue Growth Exceeded Expectations in the Third Quarter and Year-To-Date, with Joint Preservation and Restoration up 14% and 10% and OA Pain Management up 2% and 11%, Respectively RevoMotion™ Reverse Shoulder Arthroplasty System Fully Launched at OSET Annual Meeting with Positive Surgeon Feedback Integrity™ Implant System, a Regenerative Hyaluronic Acid (HA)-Based Patch System for Augmentation of Rotator Cuff Repairs, and X-Twist™ Biocomposite Fixation System Both Cleared by the FDA; On-Track to Launch in Q1-2024 BEDFORD, Mass., Nov. 02, 2023 (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, 2023. Third Quarter 2023 Financial Summary Revenue in the third quarter of 2023 was $41.5 million, up 3% compared to $40.3 million in the third quarter of 2022. OA Pain Management1 revenue of $24.9 million, up 2%Joint Preservation and Restoration revenue of $13.5 million, up 14%Non-Orthopedic1 revenue of $3.1 million, down 22% Gross margin was 60%, including $1.6 million of non-cash acquisition-related intangible asset amortization and $0.7 million of product rationalization charges; Adjusted gross margin2 was 66%.Net loss was ($6.6) million, or ($0.45) per share, which includes a $4.2 million, or $0.29 per share, net of tax charge for the discontinuation of a software development project, compared to net loss of ($4.2) million, or ($0.29) per share, in the prior year period. Adjusted net income2 was breakeven, or $0.00 per diluted share, compared to adjusted net loss2 of ($0.7) million, or ($0.05) per share, in the third quarter of 2022.Adjusted EBITDA2 was $4.7 million, compared to $4.1 million in the third quarter of 2022.Cash from operations was $6.5 million; ending cash balance was $70.7 million. 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 Anika’s business.2 See description of non-GAAP financial information contained in this release. “We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created,” said Cheryl R. Blanchard, Ph.D.,...