Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q3 2024 Earnings Presentation
16 slides from Anika Therapeutics's earnings presentation, Oct 31, 2024
Slide 1: Q3 2024 Earnings Call
Q3 2024 EARNINGS CALL OCTOBER 31, 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: Q3 Strategic Update
Q3 STRATEGIC UPDATE DRIVING FOCUS ON PRODUCTS THAT DELIVER HIGHEST RETURN ON INVESTED CAPITAL ➢Completed Sale of Arthrosurface Business and Announced Planned Sale of Parcus Medical ‒ Result of previously announced strategic review to drive highest total return on invested capital to our shareholders
Slide 4: Q3 Business Highlights
Q3 BUSINESS HIGHLIGHTS DIFFERENTIATED HA PRODUCTS DRIVING BOTH NEAR AND LONG-TERM GROWTH ➢ Integrity – 40%+ growth in Q3 • Superior regenerative properties and strength compared to collagen scaffolds • Greater than 40% sequential growth, ~200 surgeries in Q3, 500+ globally since launch; commercial p
Slide 5: Q3 FY2024 Financial Highlights
Q3 FY2024 FINANCIAL HIGHLIGHTS $MM unless noted Three months ended September 30, 2024 2023 Change 3Q24 Highlights OA Pain Management $24.4 $24.9 ($0.5), (2%) • Lower OA Pain driven by partner JNJ Medtech volume and pricing Joint Preservation and Restoration $12.0 $13.5 ($1.5), (11%) pressure, partia
Slide 6: 2024 Full Year Guidance - Updated
2024 FULL YEAR GUIDANCE - UPDATED Revenue Trend3 FY2024 Guidance1 Total Revenue $117 to $121M (3%) to 0% Commercial Channel Commercial Channel $41 to $43M +14% to +19% $121 $119 $114 OEM Channel $76 to $78M (8%) to (10%) $106 $36 $32 +11% $42 Adjusted EBITDA2 $16 to $18M $26 +24% +16% FY20251 Y/Y V%
Slide 7: @ Anika
@ Anika
Slide 8: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 8
Slide 9: 2024 Full Year Guidance – Prior Revenue Classification
2024 FULL YEAR GUIDANCE – PRIOR REVENUE CLASSIFICATION Prior FY2024 Guidance1 Updated FY2024 Guidance 1,3 Total Revenue $168 to $173M +1% to +4% $117 to $121M (3%) to 0% OA Pain Management $102 to $104M 0% to +2% $98.5 to $100.5M (1%) to (3%) Joint Preservation and Restoration $58 to $60.5M +6% to +
Slide 10: Statement of Operations
STATEMENT OF OPERATIONS Anika Therapeutics, Ine. 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, 2024 2023 2024 2023 Revenue $ 38,753 $ 41465 $ 121,197 $ 123,691
Slide 11: Balance Sheet
BALANCE SHEET ap nerenr reer somal (in thousands, except per share data) (unaudited) September 30, December 31, ASSETS 2024 2023 Current assets: Cash and cash equivalents $ ese $ a6? Accounts receivable, net 28357 35961 Inventories, net 39629 46306 Propald expenses and other cent assets 5.752 8.095
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 12
Slide 13: Reconciliation Tables – GAAP Net Income to Adjusted EBITDA
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED EBITDA 13
Slide 14: Reconciliation Tables – GAAP Net Income to Adjusted Net Income
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED NET INCOME Note: Beginning in Q1-2024, adjusted net income and adjusted EPS were revised to exclude stock-based compensation expense, net of tax, and this revised calculation is reflected for all periods presented. 14
Slide 15: Reconciliation Tables – GAAP EPS to Adjusted EPS
RECONCILIATION TABLES – GAAP EPS TO ADJUSTED EPS Note: Beginning in Q1-2024, adjusted net income and adjusted EPS were revised to exclude stock-based compensation expense, net of tax, and this revised calculation is reflected for all periods presented. 15
Slide 16: Revenue by Product Family
REVENUE BY PRODUCT FAMILY OA Pain Management Joint Preservation and Restoration Non-Orthopedic Revenue @ Anika Anika Therapeutics, Inc. and Subsidiaries Revenue by Product Family {in thousands, except percentages) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended Septemb