Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q2 2021 Earnings Presentation
18 slides from Anika Therapeutics's earnings presentation, Aug 5, 2021
Slide 1: Second Quarter 2021 Earnings Call Presentation
SECOND QUARTER 2021 EARNINGS CALL PRESENTATION August 5, 2021 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 2021 Highlights
Q2 2021 HIGHLIGHTS Revenue growth of 24% on recovery from initial COVID impact Joint Preservation and Restoration revenue up 79% and Joint Pain Management higher by 9% Strong adjusted gross margin1 of 70%, positive adjusted EBITDA1 with positive operating cash flow Limited market launch of W
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE Product Category Pre-Clinical/Clinical FDA To Market 6 Soft Tissue Soft Tissue 510(k) Cleared Launched 4Q20 Repair Products Total Limited market launch June 2021 Bone Preserving 510(k) Cleared WristMotion Full market launch Sept 2021 Investments fo
Slide 5: Multi-Year Strategy for Value Creation
MULTI-YEAR STRATEGY FOR VALUE CREATION 2023 – Accelerate Revenue Growth 2024 and Profitability KEY FOCUS AREAS 2021 – Build Foundation for 2023 Accelerated Growth • Launch new products leveraging HA regenerative capabilities into the joint preservation market KEY FOCUS AREAS 2020 – Transform • Expan
Slide 6: Transformational Growth Story Drives Significant Stakeholder Value
TRANSFORMATIONAL GROWTH STORY DRIVES SIGNIFICANT STAKEHOLDER VALUE Strong 2024 Targets to Accelerate Revenue Growth with Growing Profitability; Building Opportunity Set for Beyond Expanded market opportunity from $1B to $8B+ REFINED 2024 TARGETS Doubling 2019 Revenue on Mid-Teens Continuing to s
Slide 7: Q2 2021 Financial Highlights
Q2 2021 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue +24% 31% $30.7 $38.1 22% 73% 64% $97.2 million Cash Balance as of June 30, 2021 Q2 2020 Q2 2021 Q2 2020 Q2 2021 Dollars in millions Joint Pain Joint Preservation/Restoration Other • Total revenue increased 24% to $38.1 million on COVI
Slide 8: 2021 Revenue Outlook
2021 REVENUE OUTLOOK Revenue Growth TOTAL COMPANY 11% - 14% Growth (up from previous range of 10-13%) Upper 20% to Low 30% Growth Joint Preservation & Restoration Joint Pain Management Mid Single-digit Growth Other Down Low to Mid Single-digit There remains continued uncertainty in the global market
Slide 9: Focused Strategy in Joint Preservation
FOCUSED STRATEGY IN JOINT PRESERVATION Anika is laser focused on becoming the leader in joint preservation – one of the 01 highest opportunity spaces in orthopedics 2020 was a truly transformational year – completed two acquisitions, significantly 02 progressed integration, launched multiple new pro
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) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2021 2020 2021 2020 Revenue $ 38,145 $ 30,678 $ 72,437 $ 66,075 Cost of Reve
Slide 12: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries BALANCE SHEET Consolidated Balance Sheets (in thousands, except per share data) (unaudited) June 30, December 31, ASSETS 2021 2020 Current assets: Cash, cash equivalents and investments $ 97,181 $ 98,318 Accounts receivable, net 29,426 24,102 Inventories, ne
Slide 13: 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, except per share data) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, in thousands, except per s
Slide 14: 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, except per share data) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, in thousands, exce
Slide 15: 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 June 30, For the Six Months Ended June 30, in thousands, except
Slide 16: Reconciliation Tables – GAAP Gross Profit to Adjusted Gross Profit
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 (per share data) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, in th
Slide 17: Product Family Revenue
PRODUCT FAMILY REVENUE 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, 2021 % 2020 % 2021 % 2020 % Joint Pain Management 24,321 64% $ 22,247 73% 43,637 60% $ 47,730 72% Joint Preservation and Restorati
Slide 18: Revenue by Geographic Region
REVENUE BY GEOGRAPHIC REGION Total Revenue by Geographic Region (in thousands, except percentages) (unaudited) For the Three Months Ended June 30 For the Six Months Ended June 30 2021 % 2020 % 2021 % 2020 % United States 30,069 79% $ 25,133 82% 55,074 76% $ 51,438 78% Europe 5,089 13% 2,910 9% 10,57