Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q1 2024 Earnings Presentation
14 slides from Anika Therapeutics's earnings presentation, May 8, 2024
Slide 1: Q1 2024 Earnings Call
Q1 2024 EARNINGS CALL MAY 8, 2024 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 2024 Business Highlights
Q1 2024 BUSINESS HIGHLIGHTS REVENUE AND ADJUSTED EBITDA ON-TRACK FOR THE YEAR Overall Revenue up 7% on growing demand and favorable order timing Strengthening Leadership Position in OA Pain Management • Extended exclusive distribution agreement with our established Canadian commercial partner, P
Slide 4: Q1 FY2024 Financial Highlights
Q1 FY2024 FINANCIAL HIGHLIGHTS Three months ended March 31, 2024 2023 Change OA Pain Management $24.3M $22.6M $1.7M, up 7% Joint Preservation and Restoration $13.8M $13.5M $0.3M, up 3% Non-Orthopedic $2.4M $1.8M $0.6M, up 29% Total Revenue $40.5M $37.9M $2.6M, up 7% Gross Margin/Adjusted Gross Margi
Slide 5: 2024 Full Year Guidance - Unchanged
2024 FULL YEAR GUIDANCE - UNCHANGED Revenue Trend $167M $168 - $173M $156M $148M $131M FY2024 Guidance Total Revenue $168 to $173M, up 1% to 4% OA Pain Management $102 to $104M, up 0% to 2% 2020 2021 2022 2023 2024 E OA Pain Management2 Joint Preservation & Restoration Non-Orthopedic2 Joint Preserva
Slide 6: Anika Is Positioned for Significant Value Creation
ANIKA IS POSITIONED FOR SIGNIFICANT VALUE CREATION KEY PRODUCT LAUNCHES • On-track to achieve full year guidance, with in High Opportunity Spaces Adjusted EBITDA up over 75% at the midpoint X-TwistTM IntegrityTM • Accelerating profitability in 2024 and beyond Fixation System Implant System • Expandi
Slide 7: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 7
Slide 8: 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, 2024 2023 Revenue $ 40,523 $ 37,924 Cost of Revenue 15,895 15,081 Gross Profit 24,628 22,843 Operating expens
Slide 9: Balance Sheet
BALANCE SHEET Consolidated Balance Sheets (in thousands, except per share data) (unaudited) March 31, December 31, ASSETS 2024 2023 Current assets: Cash and cash equivalents $ 68,629 $ 72,867 Accounts receivable, net 32,077 35,961 Inventories, net 49,408 46,386 Prepaid expenses and other current ass
Slide 10: 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 March 31, 2024 2023 Gross Profit $ 24,628 $ 22,843
Slide 11: 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 March 31, 2024 2023 Net loss $ (4,514) $ (10,350) Interest and other (income) expense, net (
Slide 12: 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, 2024 2023 Net loss $ (4,514) $ (10,350) Product rationalization, tax effec
Slide 13: 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 (in thousands, except per share data) (unaudited) For the Three Months Ended March 31, 2024 2023 Diluted net loss per sh
Slide 14: 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, 2024 2023 $ change % change OA Pain Management $ 24,318 $ 22,633 $ 1,685 7% Joint Preservation and Restoration 13,841