Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q1 2021 Earnings Presentation
16 slides from Anika Therapeutics's earnings presentation, May 6, 2021
Slide 1: First Quarter 2021 Earnings Call Presentation
FIRST QUARTER 2021 EARNINGS CALL PRESENTATION May 6, 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: Q1 2021 Highlights
Q1 2021 HIGHLIGHTS Revenue lower by 3% compared with pre-COVID in prior year Joint Preservation and Restoration revenue up 55% on acquisitions and organic growth as transformative mix shift continues Joint Pain Management lower by 24% due to COVID and related ordering patterns Other revenue
Slide 4: Anika's Transformation Strategy
ANIKA’S TRANSFORMATION STRATEGY Double revenue by 20241 with double digit adjusted EBITDA growth • Expand market opportunity from $1B to over $8 billion • Sustain #1position in osteoarthritis pain management injectables market in U.S. • Strengthened commercial organization will deliver differentiate
Slide 5: Expanding Market Opportunity in Joint Preservation
EXPANDING MARKET OPPORTUNITY IN JOINT PRESERVATION Anika Portfolio >$8B Global Market Extremities Opportunity 1 Bone Preserving Joint Technologies WristMotion Hemi Arthroplasty > $4B Upper and Lower Extremity Implants WristMotion Total Arthroplasty Shoulder, Foot and Ankle implants Soft Tissue Repai
Slide 6: Q1 2021 Financial Highlights
Q1 2021 FINANCIAL HIGHLIGHTS Total Revenue Product Family Revenue $35.4 $34.3 22% 36% $94.6 million -3% 72% 56% Cash & Investments as of Mar. 31, 2021 Q1 2020 Q1 2021 Q1 2020 Q1 2021 Dollars in millions Joint Pain Joint Preservation/Restoration Other • Total revenue decreased 3% to $34.3 million on
Slide 7: Directional Outlook
DIRECTIONAL OUTLOOK POSITIONED FOR GROWTH IN 2021 AND ON TRACK FOR 2024 TARGETS • Due to the continued uncertainty associated with COVID, detailed financial guidance for the second quarter and full year 2021 is not provided at this time • Qualitative and directionally quantitative outlook subject to
Slide 8: Our Mission
OUR MISSION Powered by our passionate team, we partner with clinicians to create and provide meaningful advancements in early intervention orthopedic care. We are unwavering in our commitment to quality and compliance as we develop and commercialize solutions that restore active living for people ar
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 March 31, 2021 2020 Revenue 34,292 35,397 Cost of Revenue 13,318 14,200 Gross Profit 20,974 21,197 % revenue 61% 60% Op
Slide 11: Balance Sheet
BALANCE SHEET Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except per share data) (unaudited) March 31, December 31, ASSETS 2021 2020 Current assets: Cash, cash equivalents and investments $ 94,599 $ 98,318 Accounts receivable, net 26,509 24,102 Inventories, n
Slide 12: Reconciliation Tables – GAAP Net Income to EBITDA
RECONCILIATION TABLES – GAAP NET INCOME TO 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 March 31, in thousands, except per share data 2021 2020 Net income (loss) $ 2,
Slide 13: 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 March 31, in thousands, except per share data 2021 2020 Net i
Slide 14: 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 March 31, in thousands, except per share data 2021 2020 Diluted
Slide 15: Product Family Revenue and Gross Margin
PRODUCT FAMILY REVENUE AND GROSS MARGIN Revenue by Product Family and Gross Margin (in thousands, except percentages) (unaudited) For the Three Months Ended March 31, 2021 % 2020 % Joint Pain Management $ 19,316 56% $ 25,483 72% Joint Preservation and Restoration 12,219 36% 7,896 22% Other 2,757 8%
Slide 16: Revenue by Geographic Region
REVENUE BY GEOGRAPHIC REGION Total Revenue by Geographic Region (in thousands, except percentages) (unaudited) For the Three Months Ended March 31 2021 % 2020 % United States $ 25,005 73% $ 26,306 74% Europe 5,480 16% 5,276 15% Other 3,807 11% 3,815 11% Total Revenue $ 34,292 100% $ 35,397 100% 16