Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q2 2024 Earnings Presentation
15 slides from Anika Therapeutics's earnings presentation, Aug 8, 2024
Slide 1: Q2 2024 Earnings Call
Q2 2024 EARNINGS CALL AUGUST 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: Q2 2024 Business Highlights
Q2 2024 BUSINESS HIGHLIGHTS REVENUE AS EXPECTED WITH 15% ADJUSTED EBITDA MARGINS Overall Revenue Lower by 5%, Driven by Timing of US OA Pain Orders • Joint Preservation and Restoration up 7%, driven primarily by Integrity Implant System and X-Twist • OA Pain Management revenue lower by 9%, driven
Slide 4: Differentiated HA Technology Is Core to Regenerative Portfolio
DIFFERENTIATED HA TECHNOLOGY IS CORE TO REGENERATIVE PORTFOLIO • Integrity – Launched in July 2024 • Knitted hyaluronic acid-based (Hyaff/PET) scaffold for rotator cuff and other tendon repairs • Superior regenerative properties and strength compared to collagen scaffolds • Renewed pipeline in progr
Slide 5: Q2 FY2024 Financial Highlights
Q2 FY2024 FINANCIAL HIGHLIGHTS $MM unless noted Three months ended June 30, 2024 2023 Change 2Q24 Highlights OA Pain Management $26.7 $29.3 ($2.7), (9%) • Lower OA Pain driven by 2Q23 sales timing offset partially by Joint Preservation and Restoration $13.5 $12.7 $0.8, +7% +19% international growth
Slide 6: 2024 Full Year Guidance - Unchanged
2024 FULL YEAR GUIDANCE - UNCHANGED FY2024 Guidance1 Total Revenue $168 to $173M +1% to +4% OA Pain Management $102 to $104M 0% to +2% Joint Preservation and Restoration $58 to $60.5M +6% to +10% Non-Orthopedic $8 to $8.5M (14%) to (19%) Adjusted EBITDA2/ Towards the lower end of the previous Adjust
Slide 7: Anika Is Positioned for Significant Value Creation
ANIKA IS POSITIONED FOR SIGNIFICANT VALUE CREATION Regenerative and OA Pain Management Portfolio Driven by Hyaluronic Acid Technology • Expanding our HA Regenerative Solutions portfolio with the full market release of Integrity Integrity Cingal® • Leadership in OA Pain Management driven by internati
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, 2024 2023 2024 2023 Revenue $ 41,921 $ 44,302 $ 82,444 $ 82,226 Cost of Reve
Slide 10: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets BALANCE SHEET (in thousands, except per share data) (unaudited) June 30, December 31, ASSETS 2024 2023 Current assets: Cash and cash equivalents $ 62,822 $ 72,867 Accounts receivable, net 33,773 35,961 Inventories, net 51,464 46,3
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 June 30, For the Six Months Ended June 30, 2024 20
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ (88) $ (2,741) $ (
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 June 30, For the Six Months Ended June 30, 2024 2023 2024 2023 Net loss $ (88) $ (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 (in thousands, except per share data) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30,
Slide 15: 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 June 30, For the Six Months Ended June 30, 2024 2023 $ change % change 2024 2023 $ change % change OA Pain Management $ 26,658 $