Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q2 2023 Earnings Presentation
15 slides from Anika Therapeutics's earnings presentation, Aug 8, 2023
Slide 1: Q2 2023 Earnings Call
Q2 2023 EARNINGS CALL AUGUST 8, 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: Q2 2023 Business Highlights
Q2 2023 BUSINESS HIGHLIGHTS Double Digit Q2 Revenue Growth (reported growth up 12%, core1 growth up 16% vs. Q2 ’22) CINGAL® • OA Pain Management2 up 22% • Joint Preservation and Restoration up 5% • Non-Orthopedic2 down 33% OA Pain Management • Increasing #1 U.S. market share3 position with singl
Slide 4: 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. Actively engaging
Slide 5: Q2 FY2023 Financial Highlights
Q2 FY2023 FINANCIAL HIGHLIGHTS Three months ended June 30, 2023 2022 Change OA Pain Management $29.3M $24.1M 22% Joint Preservation and Restoration $12.7M $12.1M 5% Non-Orthopedic $2.3M $3.5M (33%) Total Revenue $44.3M $39.7M 12% Gross Margin/Adjusted Gross Margin1 65%/69% 63%/67% 2pts/2pts Operatin
Slide 6: 2023 Revenue Outlook - Updated
2023 REVENUE OUTLOOK - UPDATED Product Families OA Pain Management $96 to $97.5 million (Growth of 4% to 6%) Joint Preservation and Restoration $54 to $55.5 million (Growth of 7% to 10%) Non-Orthopedic $9.5 to $10 million (Down ~30%) Total Company $159.5 to $163 million (Growth of 2% to 4%) • Effect
Slide 7: Anika's Compelling Investment Thesis
ANIKA’S COMPELLING INVESTMENT THESIS • Market-leading Position in OA Pain Management • High Value Cingal, Next-Gen OA Pain Product, with Leading Clinical Data • Highly Differentiated HA-Based Regenerative Portfolio • Joint Preservation and Restoration Accelerating Revenue Growth • Healthy Balance Sh
Slide 8: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 8
Slide 9: 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 June 30, For the Six Months Ended June 30, 2023 2022 2023 2022 Revenue $ 44,302 $ 39,657 $ 82,226 $ 76,350 Cost of Reve
Slide 10: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets BALANCE SHEET (in thousands, except per share data) June 30, December 31, ASSETS 2023 2022 Current assets: Cash and cash equivalents $ 65,071 $ 86,327 Accounts receivable, net 36,737 34,627 Inventories, net 42,604 39,765 Prepaid e
Slide 11: 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 Jun 30, For the Six Months Ended Jun 30, 2023 2022
Slide 12: 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 Jun 30, For the Six Months Ended Jun 30, 2023 2022 2023 2022 Net loss $ (2,741) $ (2,843) $
Slide 13: 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 Jun 30, For the Six Months Ended Jun 30, 2023 2022 2023 2022 Net loss $ (2,741) $ (2
Slide 14: 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 Jun 30, For the Six Months Ended Jun 30, 2023 2022 2023 2022 Dil
Slide 15: Revenue by Product Family
REVENUE BY PRODUCT FAMILY Anika Therapeutics, Inc. and Subsidiaries Reven ue by P rodu c t Family (in thou sands, exc ept perc entages) (unaudited) For the Three Months Ended Jun 30, For the Six Months Ended Jun 30, 2023 2022 $ change % change 2023 2022 $ change % change OA Pain Management $ 29,334