Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q2 2022 Earnings Presentation
16 slides from Anika Therapeutics's earnings presentation, Aug 3, 2022
Slide 1: Q2 2022 Earnings Call Presentation
Q2 2022 EARNINGS CALL PRESENTATION AUGUST 3, 2022 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 2022 Business Highlights
Q2 2022 BUSINESS HIGHLIGHTS ✓ Revenue growth of 4% • OA Pain Management1 up 6% • Joint Preservation and Restoration up 2% • Non-Orthopedic1 down 6% X-Twist™ Suture Anchor ✓ Received 510(k) clearance for X-Twist™ fixation system for rotator cuff repair and other extremities; limited market release on
Slide 4: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE NEW PRODUCT LAUNCHES ACCELERATE GROWTH IN 2023-2024+ Product Category Pre-Clinical/Clinical FDA To Market U.S. Market Size ($M)1 Total WristMotion® Joint Solutions Launched Sept 2021 Tactoset Regenerative 2022 Pre-clinicals for new indications Hard
Slide 5: 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 T
Slide 6: Q2 2022 Financial Highlights
Q2 2022 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue +4% 31% 31% $91.4 million $38.1 $39.7 64% 65% Cash Balance as of June 30, 2022 Q2 2021 Q2 2022 Q2 2021 Q2 2022 Dollars in millions OA Pain Joint Preservation Non-Ortho • Total revenue increased 4% to $39.7 million • OA Pain Management
Slide 7: 2022 Revenue Outlook
2022 REVENUE OUTLOOK Revenue Growth TOTAL COMPANY Up low to mid-single digit percent (toward upper end of range) Joint Preservation & Restoration Up mid-single to low-double digit percent OA Pain Management Up low-single digit percent Non-Orthopedic Down approx. 20% due largely to legacy product rat
Slide 8: 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 9: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 9
Slide 10: 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, 2022 2021 2022 2021 Revenue $ 39,657 $ 38,145 $ 76,350 $ 72,437 Cost of Reve
Slide 11: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets BALANCE SHEET (in thousands, except per share data) June 30, December 31, ASSETS 2022 2021 Current assets: Cash, cash equivalents and investments $ 91,392 $ 94,386 Accounts receivable, net 32,172 29,843 Inventories, net 35,336 36,
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 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, 2022 20
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) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) income $ (2,843) $
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) (unaudited) For the Three Months Ended June 30, For the Six Months Ended June 30, 2022 2021 2022 2021 Net (loss) income $ (
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, 2022 2021 2022 2021 D
Slide 16: 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, 2022 2021 $ change % change 2022 2021 $ change % change Joint Pain Management $ 25,74