Anika Therapeutics Inc - ANIK STOCK NEWS

Arthrosurface, a leading provider of joint restoration and preservation solutions, has been acquired from Anika Therapeutics (NASDAQ: ANIK) by Primo Medical Group executives and former Arthrosurface leaders. The company specializes in minimally invasive techniques with a portfolio of over 150 different surface implant curvatures for knee, shoulder, wrist, and toe treatments. Under new ownership through Phoenix Brio, Arthrosurface will maintain its operations in West Bridgewater, Massachusetts, with no expected disruption to product access or customer service.

Anika Therapeutics (ANIK) reported Q3 2024 revenue of $38.8 million, down 7% year-over-year. The company announced the sale of Arthrosurface and planned divestiture of Parcus Medical to focus on OA Pain Management and Regenerative Solutions. Key highlights: U.S. OA Pain Management revenue declined 5%, while Regenerative Solutions grew 17%, led by the Integrity Implant System's 40%+ sequential growth. Net loss was $29.9 million or $2.03 per share. The company will now categorize revenue into OEM Channel and Commercial Channel, with Commercial Channel on track for ~17% CAGR since 2021. First module of Hyalofast PMA was filed in October, targeting U.S. launch by 2026.

Anika Therapeutics (NASDAQ: ANIK) announced strategic changes including the sale of Arthrosurface and plans to divest Parcus Medical. The company sold Arthrosurface to Phoenix Brio for $10 million, comprising a $7 million ten-year non-interest bearing note and up to $3 million in performance-based consideration. The company will now focus on its core hyaluronic acid technology and Regenerative Solutions portfolio, targeting a $4 billion total addressable market. Support services will continue through early 2025 to ensure product continuity. The Parcus Medical divestiture process is ongoing, with the business operating in the $3 billion global sports medicine market.

Anika Therapeutics (NASDAQ: ANIK), a global joint preservation company specializing in early intervention orthopedics, has announced the date for its Third Quarter 2024 Results Conference Call. The company will release its financial results before the market opens on Thursday, October 31, 2024. This will be followed by a conference call at 8:30 a.m. ET to discuss the results and business highlights.

Interested parties can access the conference call by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and using the conference ID number 31842. Additionally, a live audio webcast and accompanying presentation materials will be available in the Investor Relations section of Anika's website at www.anika.com. The call will be archived and accessible on the same website shortly after its conclusion.

Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, has announced the granting of non-statutory stock options to a newly hired non-executive employee. The grant, made on October 1, 2024, covers 6,350 shares of common stock with a per share exercise price of $24.27, matching the closing price on the Nasdaq Global Select Market on the grant date.

The options were granted under the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, and approved by the compensation committee of the board of directors. In accordance with Nasdaq Listing Rule 5635(c)(4), the grant serves as a material inducement for the employee's acceptance of employment. The vesting schedule includes one-third of the shares vesting on each of the first three anniversaries of the grant date, contingent on continuous service. The options will expire on the tenth anniversary of the grant date unless terminated earlier.

Anika Therapeutics (NASDAQ: ANIK), a global joint preservation company, has announced the granting of non-statutory stock options to a newly hired non-executive employee. The grant, made on September 3, 2024, covers 2,500 shares of common stock at an exercise price of $25.15 per share, matching the closing price on the Nasdaq Global Select Market that day.

The options were granted under the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, and approved by the compensation committee. In accordance with Nasdaq Listing Rule 5635(c)(4), this grant serves as a material inducement for the employee's acceptance of employment. The vesting schedule is set for one-third of the shares annually over three years, contingent on continuous service. The options will expire after ten years unless terminated earlier.

Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company, has announced the granting of non-statutory stock options to two newly hired non-executive employees on August 1, 2024. The options cover 8,850 shares of common stock at an exercise price of $26.29 per share, matching the closing price on the Nasdaq Global Select Market on the grant date.

These grants were made under the Anika Therapeutics, Inc. 2021 Inducement Plan, as amended, and approved by the compensation committee. The options will vest over three years, with one-third vesting on each anniversary of the grant date, contingent on continuous service. The options expire after ten years and were granted as a material inducement for employment, in accordance with Nasdaq Listing Rule 5635(c)(4).

Anika Therapeutics (NASDAQ: ANIK) reported Q2 2024 financial results. Revenue decreased 5% year-over-year to $41.9 million. OA Pain Management revenue fell 9% to $26.7 million, while Joint Preservation and Restoration revenue rose 7% to $13.5 million. Gross margin was 65%, and adjusted net income stood at $2.5 million or $0.17 per diluted share. Adjusted EBITDA was $6.3 million. The company reported a net loss of $0.1 million or $0.01 per share.

In July 2024, Anika launched the Integrity™ Implant System, an HA-based scaffold for rotator cuff and tendon repairs, achieving over 300 successful cases.

International OA Pain Management revenue grew 17% in H1 2024. Anika announced a $40 million share repurchase program and cost reduction initiatives resulting in $8.8 million adjusted EBITDA year-to-date, up 73% from H1 2023. Fiscal 2024 revenue guidance remains $168-$173 million with a lower-end adjusted EBITDA expectation of $25-$30 million.

Anika Therapeutics (NASDAQ: ANIK), a global joint preservation company specializing in early intervention orthopedics, has announced its participation in the upcoming Sidoti Virtual Investor Conference. The event is scheduled for Thursday, August 15, 2024, with Anika's management team set to deliver a virtual presentation followed by a Q&A session starting at 11:30 AM ET.

Investors and interested parties can access the live webcast of the presentation and Q&A through the Investor Relations section of Anika's website at www.anika.com. For those unable to attend the live event, an archived version of the presentation will be made available on the company's website for future reference.