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 | |
---|---|---|---|---|---|---|---|---|---|---|
-0.01 | -0.04% | 25.57 | 10.24 | 27.66 | 25.795 | 25.45 | 25.59 | 36,883 | 22:30:00 |
Third Quarter 2022 Financial Summary
1 OA Pain Management was previously referred to as Joint Pain Management; Non-Orthopedic was previously referred to as Other.2 See description of non-GAAP financial information contained in this release.
“We’re pleased with our third quarter accomplishments including our limited launch of the X-Twist Fixation System, successful results from our Cingal Phase III clinical trial, significant progress enrolling the Hyalofast pivotal clinical trial, and solid financial performance,” Cheryl R. Blanchard, Ph.D., Anika’s President and CEO, commented. “Our limited launch of the X-Twist platform has been very positive to date, and we remain on track for the full launch in early 2023. We also recently announced the successful results from our third Phase III clinical trial for Cingal which demonstrated superiority over steroid alone and we look forward to meeting with the FDA to determine next steps for U.S. regulatory approval. Despite the global macroeconomic environment, including staffing and supply chain challenges, we are confident that our strong cash position and no debt, robust foundation of clinical data, comprehensive product and technology portfolio, and exciting new product pipeline all position us for accelerated growth as we drive value for Anika shareholders.”
Recent 2022 Business Highlights
Fiscal 2022 Outlook The Company continues to expect its overall revenue for fiscal year 2022 to be toward the upper end of its guidance range of low to mid single-digit growth compared with 2021. Revenue ranges by product family are:
There remains volatility and uncertainty in the global macroeconomic environment and the Company’s outlook for fiscal 2022 is subject to the changing dynamics associated with staffing shortages, supply chain disruption, inflation and other direct and indirect impacts of the COVID pandemic.
Conference Call InformationAnika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Tuesday, November 8, 2022, at 5:00 pm ET. The conference call can be accessed by dialing 1-888-256-1007 (toll-free domestic) or 1-856-344-9221 (international) and providing the conference ID number 2205523. A live audio webcast will be available in the Investor Relations section of Anika’s website, www.anika.com. A slide presentation with highlights from the conference call will be available in the Investor Relations section of 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 AnikaAnika Therapeutics, Inc. (NASDAQ: ANIK), is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Leveraging our core expertise in hyaluronic acid and implant solutions, we partner with clinicians to provide minimally invasive products that restore active living for people around the world. Our focus is on high opportunity spaces within orthopedics, including osteoarthritis pain management, regenerative solutions, sports medicine soft tissue repair and bone preserving joint technologies, and our products are efficiently delivered in key sites of care, including ambulatory surgery centers. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.
ANIKA, ANIKA THERAPEUTICS, CINGAL, HYALOFAST, MONOVISC, ORTHOVISC, TACTOSET, X-TWIST and the Anika logo are registered trademarks of Anika Therapeutics, Inc. or its subsidiaries.
Non-GAAP Financial InformationNon-GAAP financial measures should be considered supplemental to, and not a substitute for, the Company’s reported financial results prepared in accordance with GAAP. Furthermore, the Company’s definition of non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease the Company’s reported results of operations, Anika strongly encourages investors to review the Company’s consolidated financial statements and publicly filed reports in their entirety. The Company presents these non-GAAP financial measures because it uses them as supplemental measures in internally assessing the Company’s operating performance, and, in the case of Adjusted EBITDA, it is set as a key performance metric to determine executive compensation. The Company also recognizes that these non-GAAP measures are commonly used in determining business performance more broadly and believes that they are helpful to investors, securities analysts, and other interested parties as a measure of comparative operating performance from period to period.
Adjusted Gross MarginAdjusted gross margin is defined by the Company as adjusted gross profit divided by total revenue. The Company defines adjusted gross profit as GAAP gross profit excluding amortization of certain acquired assets, the impact of inventory fair-value step up associated with our recent acquisitions and non-cash product rationalization charges.
Adjusted EBITDA Adjusted EBITDA is defined by the Company as GAAP net income (loss) excluding depreciation and amortization, interest and other income (expense), income taxes, stock-based compensation expense, acquisition related expenses, non-cash charges related to goodwill impairment and changes in the fair value of contingent consideration associated with the Company’s recent acquisitions as a result of the COVID pandemic, and non-cash product rationalization charges.
Adjusted Net Income (Loss) and Adjusted EPS Adjusted net income (loss) is defined by the Company as GAAP net income excluding acquisition related expenses, inclusive of the impact of purchase accounting, on a tax effected basis, and the non-cash product rationalization charges. In the context of adjusted net income (loss), the impact of purchase accounting includes amortization of inventory step up and intangible assets recorded as part of purchase accounting for acquisition transactions. The amortized assets contribute to revenue generation, and the amortization of such assets will recur in future periods until such assets are fully amortized. These assets include the estimated fair value of certain identified assets acquired in acquisitions in 2020 and beyond, including in-process research and development, developed technology, customer relationships and acquired tradenames. As a result of COVID, the Company is also specifically excluding the impacts of goodwill impairment charges and changes in the fair value of contingent consideration associated with the acquisition transactions, each on a tax effected basis. Adjusted diluted EPS is defined by the Company as GAAP diluted EPS excluding acquisition related expenses and the impact of purchase accounting, each on a tax-adjusted per share basis, and non-cash product rationalization charges. Again, the Company is also specifically excluding the impacts of goodwill impairment charges and changes in the fair value of contingent consideration associated with recent acquisition transactions, each on a tax effected basis if applicable.
A reconciliation of adjusted gross profit to gross profit (and the associated adjusted gross margin calculation), adjusted EBITDA to net income (loss), adjusted net income (loss) to net income (loss) and adjusted diluted EPS to diluted EPS, the most directly comparable financial measures calculated and presented in accordance with GAAP, is shown in the tables at the end of this release.
Forward-Looking Statements This press release may contain 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, concerning the Company's expectations, anticipations, intentions, beliefs or strategies regarding the future which are not statements of historical fact, including the subheadings at the top of the press release with respect to the planned launch of the X-Twist and FY2022 guidance, the second, third and final sentences of Dr. Blanchard’s quote, the bullets with respect to the planned launch of the X-Twist, the anticipated meeting with the FDA and potential partnerships regarding Cingal, and the anticipated Hyalofast enrollment and filing of a Pre-Market Approval, all in the section titled Recent 2022 Business Highlights, and the statements made in the section titled Fiscal 2022 Outlook. 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.
For Investor Inquiries:Anika Therapeutics, Inc.Mark Namaroff, 781-457-9287Vice President, Investor Relations, ESG and Corporate Communicationsinvestorrelations@anika.com
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 | ||||||||
Cost of Revenue | 17,485 | 16,513 | 47,169 | 47,164 | ||||||||||||
Gross Profit | 22,779 | 23,023 | 69,445 | 64,809 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 7,301 | 7,673 | 20,433 | 21,327 | ||||||||||||
Selling, general and administrative | 21,276 | 17,500 | 61,745 | 53,664 | ||||||||||||
Change in fair value of contingent consideration | - | (3,450 | ) | - | (21,920 | ) | ||||||||||
Total operating expenses | 28,577 | 21,723 | 82,178 | 53,071 | ||||||||||||
(Loss) income from operations | (5,798 | ) | 1,300 | (12,733 | ) | 11,738 | ||||||||||
Interest and other income (expense), net | 436 | (48 | ) | 378 | (141 | ) | ||||||||||
(Loss) income before income taxes | (5,362 | ) | 1,252 | (12,355 | ) | 11,597 | ||||||||||
(Benefit from) provision for income taxes | (1,187 | ) | 694 | (2,404 | ) | 1,670 | ||||||||||
Net (loss) income | $ | (4,175 | ) | $ | 558 | $ | (9,951 | ) | $ | 9,927 | ||||||
Net (loss) income per share: | ||||||||||||||||
Basic | $ | (0.29 | ) | $ | 0.04 | $ | (0.68 | ) | $ | 0.69 | ||||||
Diluted | $ | (0.29 | ) | $ | 0.04 | $ | (0.68 | ) | $ | 0.68 | ||||||
Weighted average common shares outstanding: | ||||||||||||||||
Basic | 14,603 | 14,429 | 14,542 | 14,389 | ||||||||||||
Diluted | 14,603 | 14,647 | 14,542 | 14,588 | ||||||||||||
Anika Therapeutics, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(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 | |||||
Inventories, net | 37,237 | 36,010 | |||||
Prepaid expenses and other current assets | 8,579 | 8,289 | |||||
Total current assets | 167,761 | 168,528 | |||||
Property and equipment, net | 47,390 | 47,602 | |||||
Right-of-use assets | 30,987 | 20,957 | |||||
Other long-term assets | 18,342 | 20,285 | |||||
Intangible assets, net | 76,545 | 82,382 | |||||
Goodwill | 6,721 | 7,781 | |||||
Total assets | $ | 347,746 | $ | 347,535 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 8,353 | $ | 7,633 | |||
Accrued expenses and other current liabilities | 17,999 | 17,847 | |||||
Contingent consideration | - | 4,315 | |||||
Total current liabilities | 26,352 | 29,795 | |||||
Other long-term liabilities | 474 | 1,258 | |||||
Deferred tax liability | 6,800 | 10,157 | |||||
Lease liabilities | 29,183 | 19,240 | |||||
Stockholders' equity: | |||||||
Common stock, $0.01 par value | 146 | 144 | |||||
Additional paid-in-capital | 76,661 | 67,081 | |||||
Accumulated other comprehensive loss | (7,497 | ) | (5,718 | ) | |||
Retained earnings | 215,627 | 225,578 | |||||
Total stockholders' equity | 284,937 | 287,085 | |||||
Total liabilities and stockholders' equity | $ | 347,746 | $ | 347,535 |
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 30, | |||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||
Gross Profit | $ | 22,779 | $ | 23,023 | $ | 69,445 | $ | 64,809 | ||||||||
Product rationalization related charges | 2,636 | 2,636 | 2,063 | |||||||||||||
Acquisition related intangible asset amortization | 1,562 | 1,562 | 4,686 | 4,686 | ||||||||||||
Acquisition related inventory step up | - | 1,458 | - | 6,244 | ||||||||||||
Adjusted Gross Profit | $ | 26,977 | $ | 26,043 | $ | 76,767 | $ | 77,802 | ||||||||
Unadjusted Gross Margin | 57 | % | 58 | % | 60 | % | 58 | % | ||||||||
Adjusted Gross Margin | 67 | % | 66 | % | 66 | % | 69 | % | ||||||||
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 | $ | (4,175 | ) | $ | 558 | $ | (9,951 | ) | $ | 9,927 | ||||||
Interest and other expense, net | (436 | ) | 48 | (378 | ) | 141 | ||||||||||
Benefit from income taxes | (1,187 | ) | 694 | (2,404 | ) | 1,670 | ||||||||||
Depreciation and amortization | 1,549 | 1,789 | 4,980 | 5,226 | ||||||||||||
Stock-based compensation | 3,876 | 2,863 | 10,502 | 7,919 | ||||||||||||
Product rationalization | 2,636 | - | 2,636 | 2,063 | ||||||||||||
Acquisition related intangible asset amortization | 1,787 | 1,787 | 5,361 | 5,361 | ||||||||||||
Acquisition related inventory step up | - | 1,458 | - | 6,244 | ||||||||||||
Change in fair value of contingent consideration | - | (3,450 | ) | - | (21,920 | ) | ||||||||||
Adjusted EBITDA | $ | 4,050 | $ | 5,747 | $ | 10,746 | $ | 16,631 | ||||||||
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) income | $ | (4,175 | ) | $ | 558 | $ | (9,951 | ) | $ | 9,927 | ||||||
Product rationalization, tax effected | 2,056 | - | 1,947 | 1,590 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | 1,394 | 1,146 | 3,960 | 3,898 | ||||||||||||
Acquisition related inventory step up, tax effected | - | 935 | - | 4,626 | ||||||||||||
Change in fair value of contingent consideration, tax effected | - | (1,865 | ) | - | (17,152 | ) | ||||||||||
Adjusted net (loss) income | $ | (725 | ) | $ | 774 | $ | (4,044 | ) | $ | 2,889 | ||||||
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 | 2022 | 2021 | |||||||||||||
Diluted (loss) earnings per share (EPS) | $ | (0.29 | ) | $ | 0.04 | $ | (0.68 | ) | $ | 0.68 | ||||||
Product rationalization, tax effected | 0.14 | - | 0.13 | 0.11 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | 0.10 | 0.08 | 0.27 | 0.27 | ||||||||||||
Acquisition related inventory step up, tax effected | - | 0.06 | - | 0.32 | ||||||||||||
Change in fair value of contingent consideration, tax effected | - | (0.13 | ) | - | (1.18 | ) | ||||||||||
Adjusted diluted (loss) earnings per share (EPS) | $ | (0.05 | ) | $ | 0.05 | $ | (0.28 | ) | $ | 0.20 | ||||||
Anika Therapeutics, Inc. and Subsidiaries | |||||||||||||||||||||||||||||
Revenue by Product Family | |||||||||||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||||||||
(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 | $ | 25,665 | $ | 26,153 | $ | (488 | ) | -2 | % | $ | 74,139 | $ | 69,790 | $ | 4,349 | 6 | % | ||||||||||||
Joint Preservation and Restoration | 11,821 | 11,193 | 628 | 6 | % | 36,055 | 35,296 | 759 | 2 | % | |||||||||||||||||||
Non-Orthopedic | 2,778 | 2,190 | 588 | 27 | % | 6,420 | 6,887 | (467 | ) | -7 | % | ||||||||||||||||||
Revenue | $ | 40,264 | $ | 39,536 | $ | 728 | 2 | % | $ | 116,614 | $ | 111,973 | $ | 4,641 | 4 | % |
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