Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q3 2022 Earnings Presentation
19 slides from Anika Therapeutics's earnings presentation, Nov 8, 2022
Slide 1: Q3 2022 Earnings Call Presentation
Q3 2022 EARNINGS CALL PRESENTATION NOVEMBER 8, 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: Q3 2022 Business Highlights
Q3 2022 BUSINESS HIGHLIGHTS Revenue growth of 2% (all comparisons to Q3 2021) • OA Pain Management1 down 2% • Joint Preservation and Restoration up 6% CINGAL® • Non-Orthopedic1 up 27% on last-time buys of legacy products OA Pain Management • Received 5-year extension of Orthovisc ® license/suppl
Slide 4: Cingal 19-01 Phase III (Pilot) Study Met Primary Endpoint
CINGAL 19-01 PHASE III (PILOT) STUDY MET PRIMARY ENDPOINT • Study demonstrated superiority of Cingal, a single-injection hyaluronic acid-based viscosupplement “Cingal combines two proven, approved combined with fast-acting steroid, over steroid alone, for osteoarthritis pain reduction at 26 weeks th
Slide 5: X-Twist Fixation System: Key Growth Driver in Joint Preservation
X-TWIST FIXATION SYSTEM: KEY GROWTH DRIVER IN JOINT PRESERVATION $600M+1 MARKET OPPORTUNITY “The X-Twist is a new addition to the Anika sports medicine X-Twist Fixation System is a feature-rich suture portfolio that brings their anchor options to the highest standard in anchor platform for soft tiss
Slide 6: Key Product Development and Clinical Trial Timeline
KEY PRODUCT DEVELOPMENT AND CLINICAL TRIAL TIMELINE NEW PRODUCT LAUNCHES ACCELERATE GROWTH IN 2023-2024+ Product Category Pre-Clinical/Clinical FDA To Market Est. U.S. Market Size ($)1 Total WristMotion® Joint Solutions Launched Sept 2021 $30M Tactoset® Regenerative Hardware Augmentation $100M+ 2022
Slide 7: Expanding Market Opportunity in Joint Preservation
EXPANDING MARKET OPPORTUNITY IN JOINT PRESERVATION FROM $1B IN 2019 TO $8B+ TODAY ANIKA PORTFOLIO MARKET IN GLOBAL MARKET OPPORTUNITY1 OA Pain Management GROWTH RATES2 Monovisc® Orthovisc® ~1% CAGR Cingal® (International) ► Cingal (U.S.) Extremities >$4B Regenerative Solutions Tactoset® Hyalofast® (
Slide 8: Progressing on Our Transformation Strategy
PROGRESSING ON OUR TRANSFORMATION STRATEGY Maintain Leadership in OA Pain Market • #1 market share in U.S. and strong growth OUS with Orthovisc and Monovisc • Cingal commercialized in 35+ countries outside the U.S. • Advancing Cingal for commercialization in the U.S. Building a Best-in-Class Portfol
Slide 9: Q3 2022 Financial Highlights
Q3 2022 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue Strong Financial Foundation Positive Operating Cash and No Debt +2% 28% 29% $39.5 $40.3 $87.8 million Operating Cash No Debt 66% 64% Cash Balance as of Flow of $2.7M September 30, 2022 Q3 2021 Q3 2022 Q3 2021 Q3 2022 Dollars in millio
Slide 10: 2022 Revenue Outlook
2022 REVENUE OUTLOOK Revenue Growth TOTAL COMPANY Up low to mid single-digit growth (toward upper end of range) OA Pain Management Up mid to upper single-digit percent (previously low single-digit) Joint Preservation & Restoration Up low to mid single-digit percent (previously mid single to low doub
Slide 11: Anika's Compelling Investment Thesis
ANIKA’S COMPELLING INVESTMENT THESIS Expanding Market Opportunity in Joint Preservation & Restoration • Acquisitions and new products expand TAM from $1 billion in 2019 to $8 billion1 market today with ~5-7% market CAGR • Positioned to accelerate growth in 2023 and beyond Leadership Position in OA P
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) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Revenue $ 40,264 $ 39,536 $ 116,614 $ 111,973
Slide 14: Balance Sheet
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets BALANCE SHEET (in thousands, except per share data) (unaudited) September 30, December 31, ASSETS 2022 2021 Current assets: Cash, cash equivalents and investments $ 87,777 $ 94,386 Accounts receivable, net 34,168 29,843 Inventorie
Slide 15: Reconciliation Tables – GAAP Gross Profit to Adjusted Gross Profit and 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 September 30, For the Nine Months Ended September
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) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net (loss) income
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) (unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2022 2021 2022 2021 Net (loss)
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 September 30, For the Nine Months Ended September 30, 2022 2021
Slide 19: 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 September 30, For the Nine Months Ended September 30, 2022 2021 $ change % change 2022 2021 $ change % change OA Pain Management