We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Anika Therapeutics Inc | NASDAQ:ANIK | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 1.16% | 27.91 | 27.86 | 27.96 | 28.11 | 27.35 | 27.64 | 29,470 | 18:48:34 |
CINGAL Drives Strong International Viscosupplement Revenue Growth
Achieves Solid Bottom Line Performance with $0.53 Diluted EPS
Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic and regenerative medicines company specializing in therapeutics based on its proprietary hyaluronic acid (“HA”) technology, today reported financial results for the third quarter ended September 30, 2018, and provided an update on its business progress in the period.
“Anika delivered solid financial results in the third quarter, while continuing to take important steps to accelerate revenue growth in 2019 and beyond,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “We are encouraged by the continued advances we are making across our deep pipeline and diverse commercial portfolio. During the quarter, CINGAL end user demand in Canada and Europe remained strong, and we were pleased to add four new distribution partners to further expand our commercial reach in Europe, Asia and South America. Focused international expansion efforts enabled us to realize a 31% year-over-year increase in international Viscosupplement revenue while we continued to generate strong earnings and cash flow. As we prepare to discuss the pathway for U.S. regulatory approval for CINGAL with the U.S. Food and Drug Administration in the first quarter of 2019, we believe Anika is well-positioned to transform into a global commercial company increasingly capable of generating significant value for our patients and shareholders.”
Third Quarter Financial Results
Recent Business Highlights
Full Year 2018 Revised Corporate OutlookBased on currently available information, the Company anticipates full year product revenue to be approximately 3% below prior year. The Company continues to expect that it will resume the shipment of products that were the subject of the previously-disclosed voluntary recall by the end of this year. Total operating expenses are now expected to be reduced to the high $80 million range for the full year of 2018 as a result of successful cost control initiatives.
Conference Call InformationAnika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Wednesday, October 24 at 5:00 pm ET. The conference call can be accessed by dialing 1-855-468-0611 (toll-free domestic) or 1-484-756-4332 (international). A live audio webcast will be available in the "Investor Relations" section of Anika’s website, www.anikatherapeutics.com. An accompanying slide presentation may also be accessed via the Anika website. A replay of the webcast will be available on Anika’s website approximately two hours after the completion of the event.
About Anika Therapeutics, Inc.Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic and regenerative medicines company based in Bedford, Massachusetts. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative tissue repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology. Anika's orthopedic medicine portfolio includes ORTHOVISC®, MONOVISC®, and CINGAL®, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration. For more information about Anika, please visit www.anikatherapeutics.com.
Forward-Looking StatementsThe statements made in the last sentence of the second paragraph of this press release and in the Section captioned “Full Year 2018 Corporate Outlook,” which are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, those relating to the Company’s expected meeting with the U.S. Food and Drug Administration during the first quarter of 2019, the Company’s full-year 2018 product revenue and operating expense projections, and the Company’s expectations related to shipment of products previously subject to the voluntary recall. These statements are based upon the current beliefs and expectations of the Company’s management and are subject to significant risks, uncertainties, and other factors. The Company’s actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors including, but not limited to, (i) the Company’s ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) the Company’s ability to obtain pre-clinical or clinical data to support domestic and international pre-market approval applications, 510(k) applications, or new drug applications, or to timely file and receive FDA or other regulatory approvals or clearances of its products; (iii) that such approvals will not be obtained in a timely manner or without the need for additional clinical trials, other testing or regulatory submissions, as applicable; (iv) the Company’s research and product development efforts and their relative success, including whether we have any meaningful sales of any new products resulting from such efforts; (v) the cost effectiveness and efficiency of the Company’s clinical studies, manufacturing operations, and production planning; (vi) the strength of the economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; (vii) future determinations by the Company to allocate resources to products and in directions not presently contemplated; (viii) the Company’s ability to successfully commercialize its products, in the U.S. and abroad; (ix) the Company’s ability to provide an adequate and timely supply of its products to its customers; and (x) the Company’s ability to achieve its growth targets. Additional factors and risks are described in the Company’s periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC’s website at www.sec.gov. Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.
Anika Therapeutics, Inc. and SubsidiariesConsolidated Statements of Operations(in thousands, except per share data)(unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 2017 2018 2017 Product revenue $ 26,781 $ 27,178 $ 78,581 $ 78,899 Licensing, milestone and contract revenue 6 6 18 5,133 Total revenue 26,787 27,184 78,599 84,032 Operating expenses: Cost of product revenue 8,282 6,250 24,279 18,648 Research and development 4,232 5,842 14,126 14,521 Selling, general and administrative 5,700 4,823 28,207 14,862 Total operating expenses 18,214 16,915 66,612 48,031 Income from operations 8,573 10,269 11,987 36,001 Interest and other income, net 522 261 907 335 Income before income taxes 9,095 10,530 12,894 36,336 Provision for income taxes 1,496 3,643 1,890 12,587 Net income $ 7,599 $ 6,887 $ 11,004 $ 23,749 Basic net income per share: Net income $ 0.53 $ 0.47 $ 0.76 $ 1.63 Basic weighted average common shares outstanding 14,237 14,579 14,524 14,572 Diluted net income per share: Net income $ 0.53 $ 0.46 $ 0.74 $ 1.58 Diluted weighted average common shares outstanding 14,377 15,115 14,820 15,065 Anika Therapeutics, Inc. and SubsidiariesConsolidated Balance Sheets(in thousands, except per share data)(unaudited) ASSETS September 30,2018 December 31,2017 Current assets: Cash, cash equivalents and investments $ 149,011 $ 157,256 Accounts receivable, net 20,771 23,825 Inventories, net 23,828 22,035 Prepaid expenses and other current assets 1,981 3,211 Total current assets 195,591 206,327 Property and equipment, net 55,041 56,183Other long-term assets
1,109 1,254 Intangible assets, net 9,564 10,635 Goodwill 7,959 8,218 Total assets $ 269,264 $ 282,617 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable $ 2,462 $ 6,747 Accrued expenses and other current liabilities 6,843 6,326 Total current liabilities 9,305 13,073 Other long-term liabilities 574 660 Deferred tax liability 4,120 5,393 Commitments and contingencies Stockholders’ equity: Preferred stock, $0.01 par value - - Common stock, $0.01 par value 142 147 Additional paid-in-capital 49,836 68,617 Accumulated other comprehensive loss (5,228 ) (4,784 ) Retained earnings 210,515 199,511 Total stockholders’ equity 255,265 263,491 Total liabilities and stockholders’ equity $ 269,264 $ 282,617Anika Therapeutics, Inc. and SubsidiariesSupplemental Financial Data
Revenue by Product Line and Product Gross Margin(in thousands, except percentages)(unaudited)
For the Three Months Ended September 30, For the Nine Months Ended September 30, Product Line: 2018 % 2017 % 2018 % 2017 % Orthobiologics $ 24,097 90 % $ 23,990 88 % $ 69,778 88 % $ 68,686 87 % Surgical 1,191 4 % 1,765 7 % 3,700 5 % 4,395 6 % Dermal 80 1 % 358 1 % 163 1 % 1,235 2 % Other 1,413 5 % 1,065 4 % 4,940 6 % 4,583 5 % Product Revenue $ 26,781 100 % $ 27,178 100 % $ 78,581 100 % $ 78,899 100 % Product Gross Profit $ 18,499 $ 20,928 $ 54,302 $ 60,251 Product Gross Margin 69% 77% 69% 76%Product Revenue by Geographic Region(in thousands, except percentages)(unaudited)
For the Three Months Ended September 30, For the Nine Months Ended September 30, 2018 % 2017 % 2018 % 2017 % Geographic Region: United States $ 21,695 81 % $ 22,227 82 % $ 63,377 81 % $ 63,507 81 % Europe 3,132 12 % 2,832 10 % 9,021 11 % 9,743 12 % Other 1,954 7 % 2,119 8 % 6,183 8 % 5,649 7 % Product Revenue $ 26,781 100 % $ 27,178 100 % $ 78,581 100 % $ 78,899 100 %
View source version on businesswire.com: https://www.businesswire.com/news/home/20181024005631/en/
Anika Therapeutics, Inc.Joseph Darling, 781-457-9000President & CEOorSylvia Cheung, 781-457-9000CFO
1 Year Anika Therapeutics Chart |
1 Month Anika Therapeutics Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions