Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q1 2023 Earnings Presentation
16 slides from Anika Therapeutics's earnings presentation, May 9, 2023
Slide 1: Q1 2023 Earnings Call
Q1 2023 EARNINGS CALL MAY 9, 2023 Anika. Restore Active Living.™
Slide 2: Safe Harbor Statements
SAFE HARBOR STATEMENTS Cautionary Note on Forward-looking Statements The statements made in, and during the course of, this presentation that are not statements of historical fact, including those related to the Company’s commercial capabilities, initiatives and production, its product pipeline and
Slide 3: Q1 2023 Business Highlights
Q1 2023 BUSINESS HIGHLIGHTS Positive Start to 2023 Revenue Growth (reported growth up 3%, core1 growth up 9% vs. Q1 ’22) • OA Pain Management2 up 8% • Joint Preservation and Restoration up 11% CINGAL® • Non-Orthopedic2 down 49% OA Pain Management • #1 U.S. market share3 position with single-inje
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE NEW PRODUCT LAUNCHES ACCELERATE JOINT PRESERVATION GROWTH IN 2023-2024+ Product Category Development/Clinical FDA To Market Est. U.S. Market Size ($)1 Tactoset® Expansion Regenerative Additional planned 510(k) BMA cleared April 2023 $100M+ X-TwistT
Slide 5: A Robust and Differentiated Shoulder Portfolio
A ROBUST AND DIFFERENTIATED SHOULDER PORTFOLIO WITH A SPECIFIC FOCUS ACROSS THE CONTINUUM OF ROTATOR CUFF DISEASE X- Twist Fixation System RevoMotion Reverse Shoulder ~99,000 ~700,000 ~$2.0B ANNUAL PROCEDURES1 $800M+ ANNUAL PROCEDURES1 $600M+ 5% Market Opportunity Across 11% MARKET1 5-YR CAGR Should
Slide 6: Q1 FY2023 Financial Highlights
Q1 FY2023 FINANCIAL HIGHLIGHTS Three months ended March 31, 2023 2022 Change OA Pain Management $22.6M $21.0M 8% Joint Preservation and Restoration $13.5M $12.1M 11% Non-Orthopedic $1.8M $3.6M (49%) Total Revenue $37.9M $36.7M 3% Gross Margin/Adjusted Gross Margin1 60%/64% 59%/64% 1 pts/0 pts Operat
Slide 7: 2023 Revenue Outlook
2023 REVENUE OUTLOOK Product Families OA Pain Management $93.5 to $96 million (Growth of 2% to 4%) * Joint Preservation and Restoration $55.5 to $58 million (Growth of 10% to 15%) Non-Orthopedic Approximately $9 million (Down ~35%) * Total Company $158 to $163 million (Growth of 1% to 4%) * Effectiv
Slide 8: Anika's Compelling Investment Thesis
ANIKA’S COMPELLING INVESTMENT THESIS Expanding Market Opportunity in Joint Preservation and Restoration • Acquisitions and new products expand TAM from $1 billion in 2019 to $8+ billion1 market today with ~5-7% market CAGR • Positioned to accelerate growth in 2023 and beyond Leadership Position in O
Slide 9: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 9
Slide 10: Statement of Operations
STATEMENT OF OPERATIONS Anika Therapeutics, Inc. and Subsidiaries Consolidated Statements of Operations (in thousands, except per share data) (unaudited) For the Three Months Ended March 31, 2023 2022 Revenue $ 37,924 $ 36,693 Cost of Revenue 15,081 14,889 Gross Profit 22,843 21,804 % revenue 60% 59
Slide 11: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets BALANCE SHEET (in thousands, except per share data) March 31, December 31, ASSETS 2023 2022 Current assets: Cash, cash equivalents and investments $ 79,737 $ 86,327 Accounts receivable, net 30,629 34,627 Inventories, net 41,319 39
Slide 12: Reconciliation Tables – GAAP Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin
RECONCILIATION TABLES – GAAP GROSS PROFIT TO ADJUSTED GROSS PROFIT AND ADJUSTED GROSS MARGIN Reconciliation of GAAP Gross Profit to Adjusted Gross Profit (in thousands) (unaudited) For the Three Months Ended March 31, 2023 2022 Gross Profit $ 22,843 $ 21,804 Acquisition related intangible asset amor
Slide 13: Reconciliation Tables – GAAP Net Income to Adjusted EBITDA
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED EBITDA Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands) (unaudited) For the Three Months Ended March 31, 2023 2022 Net loss $ (10,350) $ (2,933) Interest and other (income) expense, net (539) 154 Benefit from income taxes (1,664)
Slide 14: Reconciliation Tables – GAAP Net Income to Adjusted Net Income
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED NET INCOME Anika Therapeutics, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted Net Income (in thousands) (unaudited) For the Three Months Ended March 31, 2023 2022 Net loss $ (10,350) $ (2,933) Arbitration settlement, tax effect
Slide 15: Reconciliation Tables – GAAP EPS to Adjusted EPS
RECONCILIATION TABLES – GAAP EPS TO ADJUSTED EPS Reconciliation of GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share (per share data) (unaudited) For the Three Months Ended March 31, 2023 2022 Diluted loss per share $ (0.71) $ (0.20) Arbitration settlement, tax effected 0.19 - A
Slide 16: Revenue by Product Family
REVENUE BY PRODUCT FAMILY Anika Therapeutics, Inc. and Subsidiaries Revenue by P roduc t Family (in thousands, exc ept perc entages) (unaudited) For the Three Months Ended March 31, 2023 2022 $ change % change OA Pain Management $ 22,633 $ 20,964 $ 1,669 8% Joint Preservation and Restoration 13,453