Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q1 2022 Earnings Presentation
17 slides from Anika Therapeutics's earnings presentation, May 5, 2022
Slide 1: Q1 2022 Earnings Call Presentation
Q1 2022 EARNINGS CALL PRESENTATION MAY 5, 2022 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 2022 Business Highlights
Q1 2022 BUSINESS HIGHLIGHTS Revenue growth of 7% • OA Pain Management1 increased 18% primarily on favorable order timing • Joint Preservation and Restoration down 1% • Non-Orthopedic1 down 34% due to last time buys in Q1’21 Showcased full product portfolio at AAOS Annual Meeting with a high leve
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE NEW PRODUCT LAUNCHES WITHIN 6-24 MONTHS ACCELERATE GROWTH IN 2023-2024+ Product Category Pre-Clinical/Clinical FDA To Market U.S. Market Size ($M)1 Total WristMotion Joint Solutions Launched Sept 2021 Tactoset Regenerative Hardware Augmentation 202
Slide 5: Progressing on Our Transformation Strategy in 2022
PROGRESSING ON OUR TRANSFORMATION STRATEGY IN 2022 Sustaining #1 U.S. market share position in OA Pain Management with Monovisc and Orthovisc Commercial execution and focus on delivering value to the Ambulatory Surgery Center (ASC) Advancing product pipeline in Regenerative, Sports Medicine Soft Tis
Slide 6: Q1 2022 Financial Highlights
Q1 2022 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue +7% $36.7 33% $34.3 36% $90.3 million 56% 62% Cash Balance as of Mar. 31, 2022 Q1 2021 Q1 2022 Q1 2021 Q1 2022 Dollars in millions OA Pain Joint Preservation Non-Ortho • Total revenue increased 7% to $36.7 million • OA Pain Management
Slide 7: 2022 Revenue Outlook
2022 REVENUE OUTLOOK Revenue Growth TOTAL COMPANY Up low to mid-single digit percent (toward upper end of range) Joint Preservation & Restoration Up mid-single to low-double digit percent OA Pain Management Up low-single digit percent Non-Orthopedic Down approx. 20% due largely to legacy product rat
Slide 8: Positioned to Double Revenue with Strong Margins
POSITIONED TO DOUBLE REVENUE WITH STRONG MARGINS Accelerate to Mid-Teens Revenue CAGR 2x Multi-Year Targets 2019 Revenue $230M+ $230M+ Revenue on Mid-Teens CAGR New Adj. Gross Margin1 70%+ $148M Products Commercial $115M Execution Adj. EBITDA1,2 Margin 20%+ Key Growth Drivers • Commercial execution
Slide 9: Summary
SUMMARY Anika is laser focused on becoming the leader in joint preservation – one of the 01 highest opportunity spaces in orthopedics 2022 is a foundational year of execution on our product pipeline and commercial 02 strategy to deliver targeted value to the ASC in early intervention orthopedics Eme
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) For the Three Months Ended March 31, 2022 2021 Revenue $ 36,693 $ 34,292 Cost of Revenue 14,889 13,318 Gross Profit 21,804 20,974 Operating expenses: Research
Slide 12: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries BALANCE SHEET Consolidated Balance Sheets (in thousands, except per share data) March 31, December 31, ASSETS 2022 2021 Current assets: Cash, cash equivalents and investments $ 90,325 $ 94,386 Accounts receivable, net 29,313 29,843 Inventories, net 35,225 36
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 Reconciliation of GAAP Gross Profit to Adjusted Gross Profit (in thousands) (unaudited) For the Three Months Ended March 31, 2022 2021 Gross Profit $ 21,804 $ 20,974 Acquisition related intangible asset amor
Slide 14: 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, 2022 2021 Net (loss) income $ (2,933) $ 2,838 Interest and other expense, net 154 43 Benefit from income taxes (775) (1,623)
Slide 15: Reconciliation Tables – GAAP Net Income to Adjusted Net Income
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED NET INCOME Reconciliation of GAAP Net Income to Adjusted Net Income (in thousands) (unaudited) For the Three Months Ended March 31, 2022 2021 Net (loss) income $ (2,933) $ 2,838 Acquisition related intangible asset amortization, tax effected 1,345
Slide 16: 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, 2022 2021 Diluted (loss) earnings per share (EPS) $ (0.20) $ 0.20 Acquisition related intangible
Slide 17: Revenue by Product Family
REVENUE BY PRODUCT FAMILY Revenue by Product Family (in thousands, except percentages) (unaudited) For the Three Months Ended March 31, 2022 2021 $ change % change OA Pain Management $ 22,733 $ 19,316 $ 3,417 18% Joint Preservation and Restoration 12,139 12,219 (80) -1% Non-Orthopedic 1,821 2,757 (9