Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q3 2023 Earnings Presentation
17 slides from Anika Therapeutics's earnings presentation, Nov 2, 2023
Slide 1: Q3 2023 Earnings Call
Q3 2023 EARNINGS CALL NOVEMBER 2, 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: Q3 2023 Business Highlights
Q3 2023 BUSINESS HIGHLIGHTS Revenue Growth Exceeded Expectations with Momentum Building Across the Business including Double Digit X-Twist™ Joint Preservation and Restoration (JPR) Growth; Raising Full-Year 2023 Financial Guidance Biocomposite Anchor • Joint Preservation and Restoration up 14% (up
Slide 4: Integrity Regenerative Rotator Cuff Patch System Launching Q1-2024
Integrity™ Regenerative Rotator Cuff Patch System Launching Q1-2024 Arthroscopic, HA-based, efficient system; increased regenerative capacity compared to collagen patches Integrity is generating substantial surgeon interest leading up to market launch, Leveraged our expertise in hyaluronic acid (HA)
Slide 5: Highly Differentiated Pipeline Solves Unmet Needs in Early Intervention Orthopedics
HIGHLY DIFFERENTIATED PIPELINE SOLVES UNMET NEEDS IN EARLY INTERVENTION ORTHOPEDICS $3B+ MARKET OPPORTUNITY OPENED BY SUCCESSIVE PRODUCT LAUNCH CADENCE Product Category Development/Clinical FDA To Market Est. U.S. Market Size ($)1 Cingal® 3rd Phase III study achieved OA Pain Mgmt. primary endpoint –
Slide 6: Committed Path to Profitability, Driving Commercial Execution While Actively Managing Costs
Committed Path to Profitability, Driving Commercial Execution While Actively Managing Costs Positioning to drive significant growth in coming years • Targeting sustained double-digit JPR growth, with RevoMotion, Tactoset, and X-Twist PEEK now launched and Integrity and X-Twist Biocomposite coming to
Slide 7: Q3 FY2023 Financial Highlights
Q3 FY2023 FINANCIAL HIGHLIGHTS Three months ended September 30, Notable Year-To-Date Metrics 2023 2022 Change (Nine months ended Sept. 30, 2023) OA Pain Management $24.9M $24.5M 2% Revenue Growth: Joint Preservation and Restoration $13.5M $11.8M 14% OA Pain Management 11% Non-Orthopedic $3.1M $4.0M
Slide 8: Raising 2023 Revenue Outlook
RAISING 2023 REVENUE OUTLOOK Product Families OA Pain Management $99.75 to $101 million (Growth of 8% to 10%) Joint Preservation and Restoration $54.75 to $55.5 million (Growth of 9% to 10%) Non-Orthopedic ~$9.5 million (Down ~30%) Total Company $164 to $166 million (Growth of 5% to 6%) • Effective
Slide 9: Anika's Compelling Investment Thesis
ANIKA’S COMPELLING INVESTMENT THESIS • Joint Preservation and Restoration Accelerating Growth KEY PRODUCT LAUNCHES in Fastest Growing Segments of Joint Preservation • Increasing Leadership in OA Pain Management X-TwistTM IntegrityTM • Highly Differentiated HA-Based Regenerative Portfolio Fixation Sy
Slide 10: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 10
Slide 11: 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, 2023 2022 2023 2022 Revenue $ 41,465 $ 40,264 $ 123,691 $ 116,614
Slide 12: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries BALANCE SHEET Consolidated Balance Sheets (in thousands, except per share data) September 30, December 31, ASSETS 2023 2022 Current assets: Cash and cash equivalents $ 70,651 $ 86,327 Accounts receivable, net 34,682 34,627 Inventories, net 43,724 39,765 Prep
Slide 13: 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 (in thousands) (unaudited) For the Three Months Ended Sep 30, For the Nine Months Ended Sep 30, 2023 202
Slide 14: 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) (unaudited) For the Three Months Ended Sep 30, For the Nine Months Ended Sep 30, 2023 2022 2023 2022 Net loss $ (6,576) $ (4,175) $
Slide 15: 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 Sep 30, For the Nine Months Ended Sep 30, 2023 2022 2023 2022 Net loss $ (6,576) $ (
Slide 16: 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 Sep 30, For the Nine Months Ended Sep 30, 2023 2022 2023 2022 Di
Slide 17: 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 Sep 30, For the Nine Months Ended Sep 30, 2023 2022 $ change % change 2023 2022 $ change % change OA Pain Management $ 24,888 $