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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.60 | 2.32% | 26.49 | 25.63 | 27.65 | 26.57 | 25.96 | 25.96 | 71,391 | 23:09:01 |
Total Revenue Increases 11% and Net Income Increases 21% Year-over-Year
Company Raises Full Year 2019 Revenue and Earnings Guidance
Executing Five-Year Strategic Plan Focused on Joint Preservation and Restoration
Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint preservation and regenerative therapies company with products leveraging its proprietary hyaluronic acid (“HA”) technology platform, today reported financial results for the third quarter ended September 30, 2019 and provided an update on its business progress in the period.
“Anika delivered double-digit revenue and earnings growth in the third quarter on the strength of growing global demand, Anika’s expanding commercial platform, and continued fiscal discipline. The strength of our results in the third quarter is a testament to the hard work of the entire Anika team and reflects our continued progress towards executing our five-year strategic plan to transform Anika into a global commercial company focused on joint preservation and restoration,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “In the third quarter, we successfully completed the buildout of our hybrid commercial salesforce in the U.S., commenced the soft launch of TACTOSET under our hybrid commercial model and further strengthened our leadership team. We also continued to realize the benefits of our international expansion efforts, as evidenced by worldwide Orthobiologics revenue growth of 11% year-over-year for the quarter. We are confident we can continue to build on the momentum of our strong third quarter performance and accordingly, have raised our full year 2019 guidance. We look forward to continuing to drive financial and operational performance as we execute on our strategic plan to deliver growth and shareholder value.”
Third Quarter Financial Results
Recent Business Highlights
Full Year 2019 Revised Corporate Outlook
Non-GAAP Information
To supplement the financial measures prepared in accordance with U.S. generally accepted accounting principles (GAAP), the Company is reporting Adjusted EBITDA, which is a non-GAAP financial measure and should not be considered an alternative to net income or other measurements under GAAP. The Company believes that Adjusted EBITDA provides additional useful information to investors in their assessment of its operating performance as it is a metric routinely used by management to evaluate the Company’s performance. Adjusted EBITDA is not calculated identically by all companies, and therefore the Company’s measurements of Adjusted EBITDA may not be comparable to similarly titled measures reported by other companies. Adjusted EBITDA is defined by the Company as GAAP net income excluding depreciation and amortization, interest and other income (expense), income taxes and stock-based compensation expense. A reconciliation of Adjusted EBITDA to net income, the most directly comparable financial measure calculated and presented in accordance with GAAP, is shown in the table below for the three- and nine-month periods ended September 30, 2019 and 2018 (in thousands).
For the Three Months Ended September 30, For the Nine Months Ended September 30,
2019
2018
2019
2018
Net income
$
9,200
$
7,599
$
23,142
$
11,004
Interest and other income, net
(482
)
(522
)
(1,513
)
(907
)
Provision for income taxes
3,331
1,496
7,817
1,890
Depreciation and amortization
1,516
1,513
4,459
4,433
Stock-based compensation
1,311
1,177
4,140
10,064
Adjusted EBITDA
$
14,876
$
11,263
$
38,045
$
26,484
Conference Call Information Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Thursday, 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 joint preservation and regenerative therapies company based in Bedford, Massachusetts. Anika is committed to delivering therapies to improve the lives of patients across a continuum of care from osteoarthritis pain management to joint preservation and restoration. The Company has over two decades of global expertise commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology platform. For more information about Anika, please visit www.anikatherapeutics.com.
Forward-Looking Statements The statements made in the second paragraph and in the section captioned “Full Year 2019 Revised Corporate Outlook” of this press release, 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 revised expectations with respect to its 2019 financial performance. 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) quarterly sales volume variation experienced by the Company, which can make future results difficult to predict and period-to-period comparisons potentially less meaningful; (x) the Company’s ability to provide an adequate and timely supply of its products to its customers; and (xi) 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 30,2019
2018
2019
2018
Product revenue$
29,615
$
26,781
$
84,745
$
78,581
Licensing, milestone and contract revenue
82
6
93
18
Total revenue
29,697
26,787
84,838
78,599
Operating expenses: Cost of product revenue
5,951
8,282
20,098
24,279
Research and development
4,158
4,232
12,581
14,126
Selling, general and administrative
7,539
5,700
22,713
28,207
Total operating expenses
17,648
18,214
55,392
66,612
Income from operations
12,049
8,573
29,446
11,987
Interest and other income, net
482
522
1,513
907
Income before income taxes
12,531
9,095
30,959
12,894
Provision for income taxes
3,331
1,496
7,817
1,890
Net income
$
9,200
$
7,599
$
23,142
$
11,004
Basic net income per share: Net income
$
0.65
$
0.53
$
1.65
$
0.76
Basic weighted average common shares outstanding
14,070
14,237
14,065
14,524
Diluted net income per share: Net income
$
0.64
$
0.53
$
1.62
$
0.74
Diluted weighted average common shares outstanding
14,387
14,377
14,266
14,820
Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets (in thousands, except per share data) (unaudited) September 30, December 31, ASSETS
2019
2018
Current assets: Cash, cash equivalents and investments$
173,206
$
159,014
Accounts receivable, net
23,889
20,775
Inventories, net
25,243
21,300
Prepaid expenses and other current assets
1,479
1,854
Total current assets
223,817
202,943
Property and equipment, net
51,750
54,111
Right-of-use assets
23,082
-
Other long-term assets
5,761
4,897
Intangible assets, net
7,680
9,191
Goodwill
7,489
7,851
Total assets
$
319,579
$
278,993
LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Accounts payable
$
2,702
$
3,143
Accrued expenses and other current liabilities
8,493
8,146
Total current liabilities
11,195
11,289
Other long-term liabilities
372
550
Deferred tax liability
4,727
3,542
Lease liabilities
21,603
-
Commitments and contingencies Stockholders’ equity: Preferred stock, $0.01 par value
-
-
Common stock, $0.01 par value
143
142
Additional paid-in-capital
46,482
50,763
Accumulated other comprehensive loss
(6,318
)
(5,526
)
Retained earnings
241,375
218,233
Total stockholders’ equity
281,682
263,612
Total liabilities and stockholders’ equity
$
319,579
$
278,993
Anika 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:
2019
%
2018
%
2019
%
2018
%
Orthobiologics$
26,765
91
%
$
24,097
90
%
$
74,975
88
%
$
69,778
88
%
Surgical
578
2
%
1,191
4
%
4,071
5
%
3,700
5
%
Dermal
417
1
%
80
1
%
990
1
%
163
1
%
Other
1,855
6
%
1,413
5
%
4,709
6
%
4,940
6
%
Product Revenue$
29,615
100
%
$
26,781
100
%
$
84,745
100
%
$
78,581
100
%
Product Gross Profit$
23,664
$
18,499
$
64,647
$
54,302
Product Gross Margin
80%
69%
76%
69%
Product Revenue by Geographic Region(in thousands, except percentages)(unaudited) For the Three Months Ended September 30, For the Nine Months Ended September 30, Geographic Region:
2019
%
2018
%
2019
%
2018
%
United States$
23,437
79
%
$
21,695
81
%
$
66,462
78
%
$
63,377
81
%
Europe
3,943
13
%
3,132
12
%
11,396
14
%
9,021
11
%
Other
2,235
8
%
1,954
7
%
6,887
8
%
6,183
8
%
Product Revenue$
29,615
100
%
$
26,781
100
%
$
84,745
100
%
$
78,581
100
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20191024005823/en/
Anika Therapeutics, Inc. Joseph Darling, President & CEO Sylvia Cheung, CFO Tel: 781-457-9000
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