Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q3 2021 Earnings Presentation
16 slides from Anika Therapeutics's earnings presentation, Nov 4, 2021
Slide 1: Third Quarter 2021 Earnings Call Presentation
THIRD QUARTER 2021 EARNINGS CALL PRESENTATION November 4, 2021 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: Q3 2021 Highlights
Q3 2021 HIGHLIGHTS Revenue growth of 25% over prior year Joint Pain Management up 42% on favorable order timing Joint Preservation and Restoration lower by 4% on COVID Delta headwinds Adjusted gross margin1 of 66%, positive adjusted EBITDA1 with positive operating cash flow Full market lau
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE Product Category Pre-Clinical/Clinical FDA To Market 6 Soft Tissue Soft Tissue 510(k) Cleared Launched 4Q20 Repair Products Total Bone Preserving 510(k) Cleared Launched Sept 2021 WristMotion Investments for Growth Tactoset 510(k) Cleared for augme
Slide 5: Multi-Year Strategy for Value Creation
MULTI-YEAR STRATEGY FOR VALUE CREATION 2023 – Accelerate Revenue Growth 2024 and Profitability KEY FOCUS AREAS 2021 – Build Foundation for 2023 Accelerated Growth • Launch new products leveraging HA regenerative capabilities into the joint preservation market KEY FOCUS AREAS 2020 – Transform • Expan
Slide 6: Q3 2021 Financial Highlights
Q3 2021 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue +25% 28% $31.7 $39.5 37% 66% $91.0 million 58% Cash Balance as of Sept. 30, 2021 Q3 2020 Q3 2021 Q3 2020 Q3 2021 Dollars in millions Joint Pain Joint Preservation/Restoration Other • Total revenue increased 25% to $39.5 million • Join
Slide 7: 2021 Revenue Outlook - Revised
2021 REVENUE OUTLOOK - REVISED Revenue Growth TOTAL COMPANY 9% - 11% (lowered due to COVID Delta headwinds; previously 11-14%) Joint Preservation & Restoration Upper-Teens % Growth Joint Pain Management Mid Single-digit % Growth Other Mid Single-digit % Growth There remains continued uncertainty in
Slide 8: Transformational Growth Story Drives Significant Stakeholder Value: 2024 Targets
TRANSFORMATIONAL GROWTH STORY DRIVES SIGNIFICANT STAKEHOLDER VALUE Strong 2024 Targets to Accelerate Revenue Growth with Growing Profitability; Building Opportunity Set for Beyond Expanded market opportunity from $1B to $8B+ 2024 TARGETS Doubling 2019 Revenue on Mid-Teens Continuing to sustain #
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 September 30, For the Nine Months Ended September 30, 2021 2020 2021 2020 Revenue $ 39,536 $ 31,694 $ 111,973 $ 97,769
Slide 11: Balance Sheet
BALANCE SHEET Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except per share data) (unaudited) September 30, December 31, ASSETS 2021 2020 Current assets: Cash, cash equivalents and investments $ 90,976 $ 98,318 Accounts receivable, net 32,352 24,102 Inventorie
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 Anika Therapeutics, Inc. and Subsidiaries Reconciliation of GAAP Gross Profit to Adjusted Gross Profit (per share data) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended Septembe
Slide 13: Reconciliation Tables – GAAP Net Income to Adjusted EBITDA
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED EBITDA Anika Therapeutics, Inc. and Subsidiaries Reconciliation of GAAP Net Income to Adjusted EBITDA (in thousands, except per share data) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, in thousands, e
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, except per share data) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, in thou
Slide 15: Reconciliation Tables – GAAP EPS to Adjusted EPS
RECONCILIATION TABLES – GAAP EPS TO ADJUSTED EPS Anika Therapeutics, Inc. and Subsidiaries Reconciliation of GAAP Diluted Earnings Per Share to Adjusted Diluted Earnings Per Share (per share data) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, in thousan
Slide 16: Revenue by Product Family
REVENUE BY PRODUCT FAMILY Revenue by P roduc t Family (in thousands, exc ept perc entages) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, in thousands 2021 % 2020 % 2021 % 2020 % Joint Pain Management $ 26,153 66% $ 18,439 58% $ 69,790 62% $ 66,168 68% J