Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q4 2023 Earnings Presentation
14 slides from Anika Therapeutics's earnings presentation, Mar 13, 2024
Slide 1: Q4 and Year-End 2023 Earnings Call
Q4 AND YEAR-END 2023 EARNINGS CALL MARCH 13, 2024 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: Q4 and Year-End 2023 Business Highlights
Q4 AND YEAR-END 2023 BUSINESS HIGHLIGHTS STRONG PERFORMANCE ROUNDS OUT RECORD YEAR IN OA PAIN X-Twist Revenue and Adj. EBITDA1 Beat Expectations; Q4 Revenue up 8%, Full Year 7%; Q4 Adj. EBITDA1 Margin 13%, Full Year 9% Biocomposite Anchor • OA Pain Management up 12% in Q4, up 11% for the year, on
Slide 4: Q4 FY2023 Financial Highlights
Q4 FY2023 FINANCIAL HIGHLIGHTS Three months ended December 31, 2023 2022 Change OA Pain Management $25.1M $22.5M $2.6M, up 12% Joint Preservation and Restoration $15.3M $14.3M $1.0M, up 7% Non-Orthopedic $2.6M $2.8M ($0.2)M, down 8% Total Revenue $43.0M $39.6M $3.4M, up 8% Gross Margin/Adjusted Gros
Slide 5: 2023 Full Year Results and 2024 Full Year Guidance
2023 FULL YEAR RESULTS AND 2024 FULL YEAR GUIDANCE FY2023 Guidance FY2023 Results FY2024 Guidance Total Revenue $164 to $166M, up 5% to 6% $166.7M, up 7% $168 to $173M, up 1% to 4% OA Pain Management $99.75 to $101M, up 8% to 10% $101.9M, up 11% $102 to $104M, up 0% to 2% Joint Preservation and Rest
Slide 6: Anika Is Positioned for Significant Value Creation
ANIKA IS POSITIONED FOR SIGNIFICANT VALUE CREATION KEY AND FUTURE PRODUCT LAUNCHES • Strong 4th quarter and FY 2023 performance in High Opportunity Spaces • Record year in OA Pain Management IntegrityTM X-TwistTM Fixation System Implant System • Significant progress with new Regenerative portfolio R
Slide 7: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 7
Slide 8: 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 December 31, For the Twelve Months Ended December 31, 2023 2022 2023 2022 Revenue $ 42,971 $ 39,622 $ 166,662 $ 156,236
Slide 9: Balance Sheet
BALANCE SHEET Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except per share data) (unaudited) December 31, December 31, ASSETS 2023 2022 Current assets: Cash and cash equivalents $ 72,867 $ 86,327 Accounts receivable, net 35,961 34,627 Inventories, net 46,386
Slide 10: 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 December 31, For the Twelve Months Ended December
Slide 11: 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 December 31, For the Twelve Months Ended December 31, 2023 2022 2023 2022 Net loss $ (63,000
Slide 12: 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 December 31, For the Twelve Months Ended December 31, 2023 2022 2023 2022 Net loss $
Slide 13: 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 (in thousands, except per share data) (unaudited) For the Three Months Ended December 31, For the Twelve Months Ended De
Slide 14: 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 December 31, For the Twelve Months Ended December 31, 2023 2022 $ change % change 2023 2022 $ change % change OA Pain Management