Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q4 2021 Earnings Presentation
19 slides from Anika Therapeutics's earnings presentation, Mar 8, 2022
Slide 1: Fourth Quarter and Year-End 2021 Earnings Call Materials
FOURTH QUARTER AND YEAR-END 2021 EARNINGS CALL MATERIALS MARCH 8, 2022 ANIKA. RESTORE ACTIVE LIVING.TM CONFIDENTIAL
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: Business Highlights
BUSINESS HIGHLIGHTS Revenue growth of 10% in the fourth quarter, 13% for the year, exceeding previous expectations, with revenue growth by product family as follows: • Joint Preservation and Restoration up 1% in Q4, up 23% full year • OA Pain Management1 increased 17% in Q4, up 8% full year • Non-
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE Product Category Pre-Clinical/Clinical FDA To Market Total WristMotion Joint Solutions Launched Sept 2021 Tactoset Regenerative Hardware Augmentation 2022 Pre-clinicals for new indications Expansion Launched Oct 2021 Shoulder Sports Medicine Submit
Slide 5: Targeted High Opportunity Spaces: Existing and Future Markets
TARGETED HIGH OPPORTUNITY SPACES: EXISTING AND FUTURE MARKETS $8B+ Market Opportunity1 Targeted High Opportunity Spaces Shoulder Foot & Ankle Market Opportunities U.S. Market Size 2020E2 Market Opportunities U.S. Market Size 2020E2 Extremities Reverse Shoulder $500M Hammertoe $200M >$4B Lateral Row
Slide 6: 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 • Expa
Slide 7: 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 8: Q4 2021 Financial Highlights
Q4 2021 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue +10% $35.8 $32.7 40% 37% $94.4 million 52% 55% Cash Balance as of Dec. 31, 2021 Q4 2020 Q4 2021 Q4 2020 Q4 2021 Dollars in millions OA Pain Joint Preservation Non-Ortho • Total revenue increased 10% to $35.8 million • OA Pain Manageme
Slide 9: Full Year 2021 Results
FULL YEAR 2021 RESULTS 2021 Results 2021 Guidance Comments Total Revenue $147.8M / up 13% 9% - 11% Above guidance on stronger finish Joint Preservation and Restoration $48.6M / up 23% Upper-teens % Stronger finish despite COVID volatility OA Pain Management $89.5M / up 8% Mid Single digit % Recovery
Slide 10: 2022 Revenue Outlook
2022 REVENUE OUTLOOK Revenue Growth TOTAL COMPANY Up Low to Mid-Single Digit % Joint Preservation & Restoration Up Mid-Single to Low-Double Digit % OA Pain Management Up Low-Single Digit % Non-Orthopedic Down approx. 30% due largely to legacy product rationalization There remains volatility and unce
Slide 11: 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 12: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 12
Slide 13: 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 December 31, For the Years Ended December 31, 2021 2020 2021 2020 Revenue $ 35,821 $ 32,688 $ 147,794 $ 130,457 Cost of Revenue 17,
Slide 14: Balance Sheet
BALANCE SHEET Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except per share data) December 31, December 31, ASSETS 2021 2020 Current assets: Cash, cash equivalents and investments $ 94,386 $ 98,318 Accounts receivable, net 29,843 24,102 Inventories, net 36,010
Slide 15: 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 (per share data) (unaudited) For the Three Months Ended December 31, For the Years Ended December 31, in
Slide 16: 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 December 31, For the Years Ended December 31, in thousands, except pe
Slide 17: 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 December 31, For the Years Ended December 31, in thousands, e
Slide 18: 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 December 31, For the Years Ended December 31, in thousands, exce
Slide 19: Revenue by Product Family
REVENUE BY PRODUCT FAMILY Revenue by P roduc t Family (in thousands, exc ept perc entages) (unaudited) For the Three Months Ended December 31, For the Years Ended December 31, in thousands 2021 % of Total 2020 % of Total 2021 % of Total 2020 % of Total OA Pain Management $ 19,713 55% $ 16,861 52% $