Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q1 2014 Earnings Presentation
10 slides from Anika Therapeutics's earnings presentation, Apr 30, 2014
Slide 1: First Quarter 2014 Investor Conference Call
Anika Therapeutics, Inc. First Quarter 2014 Investor Conference Call April 30, 2014 1
Slide 2: Safe Harbor Statement
Safe Harbor Statement The statements made in this presentation which are not statements of historical fact are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements involve known a
Slide 3: Overview
Overview Strong start to 2014 • Total revenue up 123% to $34M Includes $19.7M in milestone and contract revenue associated with U.S. license agreement for Monovisc® • Product revenue similar to last year’s level In line with expectations and not indicative of growth rates for the rest of year • Orth
Slide 4: Income Statement Highlights
Income Statement Highlights Solid bottom-line performance in Q1 2014 Dollars in Q1 2013 Q1 2014 %Δ millions, except per- share amounts Total Revenue $15.2 $34.0 123% Product Gross Margin 67% 70% Operating Expenses $10.2 $10.1 (1)% Operating Income $5.0 $23.9 376% Net Income $3.1 $15.0 390% Diluted E
Slide 5: Balance Sheet Highlights
Balance Sheet Highlights Increased cash and strong working capital position (In millions) 12/31/13 3/31/14 $19M cash increase Cash & Cash Equivalents $63.3 $82.2 • $17.5M from milestone payment Working Capital $85.3 $105.8 • $1.1M proceeds from stock option exercises Stockholders’ Equity $135.6 $156
Slide 6: Orthobiologics Highlights
Orthobiologics Highlights U.S. Monovisc® commercial launch proceeding as planned • US single injection market is nearly half of total market • Anticipate Monovisc® to achieve 2% to 3% US market share by the end of 2014 with potential to reach 5% in the initial 12 months • Expect Monovisc® internatio
Slide 7: Viscosupplementation Market
Viscosupplementation Market Only company that offers both a high performance multi-injection product and a novel single injection product • Worldwide viscosupplementation market estimated at ~$2B Anika currently participates in half of this market • Three-part strategy to achieve 15% global viscosup
Slide 8: Product Pipeline
Product Pipeline Focused on Cingal™ and Hyalofast™ • CingalTM o Complete clinical trial and submit CE Mark application by end of 2014 o Preliminary discussions with FDA followed by formal meeting in 2H 2014 • HyalofastTM o Continued progress to make available as one-step cartilage repair solution in
Slide 9: 2014 Business Outlook
2014 Business Outlook On track to meet business goals • U.S. commercial sales of Monovisc® • Clinical study and European regulatory advancements for CingalTM • Clinical progress on HyalofastTM and longer-term pipeline opportunities • Adding organizational and operational capabilities • Continued rev
Slide 10: Anika Therapeutics, Inc. First Quarter 2014 Investor Conference Call
Anika Therapeutics, Inc. First Quarter 2014 Investor Conference Call April 30, 2014 10