Business
Anika Reports Third Quarter Fiscal 2022 Financial Results
Third Quarter Revenue Growth of 2% Third Phase III Clinical Trial for Cingal®, Next Generation Osteoarthritis Pain Product, Achieved Primary Endpoint
About this update from Anika Therapeutics Inc.
[{"type":"text","content":"Third Quarter Revenue Growth of 2% Third Phase III Clinical Trial for Cingal®, Next Generation Osteoarthritis Pain Product, Achieved Primary Endpoint Demonstrating Superiority Over Steroid Alone Pivotal Phase III Clinical Trial for Hyalofast®, HA-Based, Single-Stage Cartilage Repair Product, Reaches 96% Enrollment Positive Feedback from Limited Market Release of New X-Twist™ Fixation System for Soft Tissue Repair; On Track for Full Market Release in Early 2023 On Track to Achieve Stated FY2022 Guidance BEDFORD, Mass., Nov. 08, 2022 (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, 2022. Third Quarter 2022 Financial Summary Revenue in the third quarter of 2022 was $40.3 million, up 2% compared with $39.5 million in the third quarter of 2021. OA Pain Management1 revenue of $25.7 million, down 2%Joint Preservation and Restoration revenue of $11.8 million, up 6%Non-Orthopedic1 revenue of $2.8 million, up 27% Gross margin was 57%, including $1.6 million of non-cash acquisition-related expenses and $2.6 million product rationalization charges; Adjusted gross margin2 was 67%.Net loss was ($4.2) million, or ($0.29) per share, compared to net income of $0.6 million, or $0.04 per diluted share, in the prior year. Adjusted net loss2 was ($0.7) million, or ($0.05) per share, compared to adjusted net income2 of $0.8 million, or $0.05 per diluted share, in the prior year.Adjusted EBITDA2 was $4.1 million, compared to adjusted EBITDA2 of $5.7 million in the prior year.Operating cash flow was $2.7 million; quarter ending cash was $87.8 million after a $4.3 million payment for acquisition-related contingent consideration, with no outstanding debt. 1 OA Pain Management was previously referred to as Joint Pain Management; Non-Orthopedic was previously referred to as Other.2 See description of non-GAAP financial information contained in this release. “We’re pleased with our third quarter accomplishments including our limited launch of the X-Twist Fixation System, successful results from our Cingal Phase III clinical trial, significant progress enrolling the Hyalofast pivotal clinical trial, and solid financial performance,” Cheryl R. Blanchard, Ph.D., Anika’s President and CEO, commented. “Our ...