Anika Reports Third Quarter 2024 Financial Results
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 (ANIK) ha riportato un fatturato nel terzo trimestre del 2024 di 38,8 milioni di dollari, in calo del 7% rispetto all'anno precedente. L'azienda ha annunciato la vendita di Arthrosurface e la pianificata dismissione di Parcus Medical per concentrarsi sulla gestione del dolore OA e sulle soluzioni rigenerative. Punti salienti: il fatturato della gestione del dolore OA negli Stati Uniti è diminuito del 5%, mentre le soluzioni rigenerative sono cresciute del 17%, guidate dalla crescita sequenziale del 40% dell'Integrity Implant System. La perdita netta è stata di 29,9 milioni di dollari, ovvero 2,03 dollari per azione. L'azienda ora categorizzerà il fatturato in canali OEM e commerciali, con il canale commerciale che è in rotta per un CAGR di circa il 17% dal 2021. Il primo modulo di Hyalofast PMA è stato presentato a ottobre, con obiettivo di lancio negli Stati Uniti entro il 2026.
Anika Therapeutics (ANIK) reportó ingresos del tercer trimestre de 2024 por 38.8 millones de dólares, una disminución del 7% en comparación con el año anterior. La compañía anunció la venta de Arthrosurface y la desinversión planificada de Parcus Medical para centrarse en la gestión del dolor por OA y en soluciones regenerativas. Puntos destacados: los ingresos por gestión del dolor por OA en EE.UU. disminuyeron un 5%, mientras que las soluciones regenerativas crecieron un 17%, lideradas por el crecimiento secuencial de más del 40% del Sistema de Implantes Integrity. La pérdida neta fue de 29.9 millones de dólares, o 2.03 dólares por acción. La empresa ahora categorizará los ingresos en canal OEM y canal comercial, con el canal comercial en camino hacia un CAGR de aproximadamente 17% desde 2021. El primer módulo de Hyalofast PMA fue presentado en octubre, con el objetivo de lanzarse en EE.UU. para 2026.
Anika Therapeutics (ANIK)는 2024년 3분기 매출이 3,880만 달러로 작년 대비 7% 감소했다고 보고했습니다. 회사는 Arthrosurface의 매각과 OA 통증 관리 및 재생 솔루션에 집중하기 위한 Parcus Medical 매각 계획을 발표했습니다. 주요 사항: 미국 OA 통증 관리 매출이 5% 감소한 반면, 재생 솔루션은 Integrity Implant System의 40% 이상의 분기 성장에 힘입어 17% 증가했습니다. 순손실은 2,990만 달러이며, 주당 2.03 달러입니다. 회사는 이제 매출을 OEM 채널과 상업 채널로 분류할 예정이며, 상업 채널은 2021년 이후 약 17%의 CAGR로 성장할 것으로 예상됩니다. Hyalofast PMA의 첫 번째 모듈은 10월에 제출되었으며, 2026년까지 미국 출시를 목표로 하고 있습니다.
Anika Therapeutics (ANIK) a annoncé un chiffre d'affaires de 38,8 millions de dollars pour le troisième trimestre de 2024, soit une baisse de 7 % par rapport à l'année précédente. L'entreprise a annoncé la vente d'Arthrosurface et la cession prévue de Parcus Medical pour se concentrer sur la gestion de la douleur liée à l'arthrose (OA) et sur les solutions régénératives. Points clés : les revenus de la gestion de la douleur OA aux États-Unis ont diminué de 5 %, tandis que les solutions régénératives ont augmenté de 17 %, portées par la croissance séquentielle de plus de 40 % du système d'implant Integrity. La perte nette s'est élevée à 29,9 millions de dollars, soit 2,03 dollars par action. L'entreprise va désormais catégoriser ses revenus en canal OEM et canal commercial, avec un canal commercial en bonne voie pour un TCAC d'environ 17 % depuis 2021. Le premier module de Hyalofast PMA a été déposé en octobre, visant un lancement aux États-Unis d'ici 2026.
Anika Therapeutics (ANIK) berichtete für das dritte Quartal 2024 von Einnahmen in Höhe von 38,8 Millionen US-Dollar, was einem Rückgang von 7 % im Jahresvergleich entspricht. Das Unternehmen gab den Verkauf von Arthrosurface und die geplante Veräußerung von Parcus Medical bekannt, um sich auf die OA-Schmerzlinderung und regenerative Lösungen zu konzentrieren. Wichtige Erkenntnisse: Die Einnahmen aus der OA-Schmerzlinderung in den USA sanken um 5 %, während die regenerativen Lösungen um 17 % wuchsen, angeführt durch ein sequenzielles Wachstum von über 40 % des Integrity Implant Systems. Der Nettoverlust betrug 29,9 Millionen US-Dollar oder 2,03 US-Dollar pro Aktie. Das Unternehmen wird nun die Einnahmen in OEM-Kanal und kommerziellen Kanal kategorisieren, wobei der kommerzielle Kanal seit 2021 auf dem Weg zu einem CAGR von etwa 17 % ist. Das erste Modul von Hyalofast PMA wurde im Oktober eingereicht, mit dem Ziel, bis 2026 in den USA auf den Markt zu kommen.
- Regenerative Solutions revenue increased 17% in Q3
- Integrity Implant System grew over 40% sequentially with 500+ surgeries since launch
- International OA Pain Management revenue grew 7%
- Commercial Channel maintains strong ~17% CAGR since 2021
- Cash balance of $62.4 million
- Overall revenue declined 7% to $38.8 million in Q3
- Net loss of $29.9 million ($2.03 per share)
- U.S. OA Pain Management revenue down 5%
- Non-Orthopedic revenue decreased 24%
- Adjusted net loss of $3.8 million ($0.25 per diluted share)
Insights
The Q3 results and strategic shift reveal significant challenges and opportunities. Revenue declined
The bright spots include
The
The strategic refocus on HA-based technologies and Regenerative Solutions shows promise. Key developments include the first module filing for Hyalofast® PMA and progress on Cingal® NDA with the Aristospan NDA acquisition. The Integrity Implant System's rapid adoption, with over 500 successful surgeries and
The
Updating 2024 fiscal year guidance to reflect announced changes to business strategy, including the sale of Arthrosurface and planned divestiture of Parcus Medical, and U.S. OA Pain Management headwinds
Strategy to focus on market leading OA Pain Management and high-growth Regenerative Solutions
Company to categorize revenue into OEM Channel and Commercial Channel; Commercial Channel remains on track to achieve ~
First module of Hyalofast® PMA filed in October; important hurdle addressed regarding Cingal® NDA filing path
BEDFORD, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today reported financial results for its third quarter ended September 30, 2024.
Third Quarter 2024 Results
Anika announced third quarter revenue of
As expected, the revenue from Anika’s Regenerative Solutions business was strong, increasing
Third Quarter 2024 Financial Summary (compared to the third quarter of 2023)
- Revenue
$38.8 million , decreased7% - OA Pain Management revenue
$24.4 million , decreased2% - Joint Preservation and Restoration revenue
$12.0 million , decreased11% - Regenerative Solutions revenue
$2.7 million , increased17% (included within Joint Preservation and Restoration) - Non-Orthopedic revenue
$2.4 million , decreased24%
- OA Pain Management revenue
- Net loss (
$29.9) million , ($2.03) per share - Adjusted net income1 (
$3.8) million , ($0.25) per diluted share - Adjusted EBITDA1
$5.4 million - Cash provided by operating activities
$5.0 million - Cash balance
$62.4 million
1 See description of non-GAAP financial information contained in this release.
New Revenue Classifications – Commercial Channel and OEM Channel
Starting in the fourth quarter, as a result of the strategic updates, revenue classification will be delineated to provide the investment community with a clear view to Anika’s value drivers. Revenue will be split between the Commercial Channel and the OEM Channel. In the Commercial Channel, Anika has full responsibility for sales, marketing, and pricing of products through our commercial leaders, direct sales representatives, and independent distributors. Revenue from Anika’s Regenerative Solutions and international OA Pain Management businesses is included in the Commercial Channel. In the OEM Channel, Anika is responsible for development and manufacturing of products for OEM partners governed by long-term agreements, but does not control sales, marketing, or pricing. The OEM Channel is high-margin and highly cash generative and serves as a foundation of revenue that enables us to invest in our HA-based product pipeline as well as our high-growth Commercial Channel. Revenue from Anika’s U.S. OA Pain Management business and the Non-Orthopedic business is included in the OEM Channel.
Management Commentary
Cheryl R. Blanchard, Ph.D., Anika’s President and CEO commented “OA Pain Management remains a strong, foundational component of our business and is a key aspect of total company profitability. Domestically we possess a market-leading position in the viscosupplement market with Monovisc and Orthovisc. Outside the U.S., where we manage our commercial sales process, we grew
Dr. Blanchard continued, “Earlier today, we announced the sale of Arthrosurface and the planned divestiture of Parcus Medical. These actions will enable us to concentrate our capital and resources on our core HA technology, including our differentiated Regenerative Solutions portfolio, and our Commercial Channel. Our Commercial Channel, where we oversee sales, marketing, and pricing of our products, is on track for another year of strong growth. This channel grew
“Today’s announcements highlight our continued focus on allocating capital towards our highest returning programs which we expect will maximize shareholder value. To align with our strategy of migrating resources to our highest value opportunities, we announced the sale of Arthrosurface and the planned divestiture of Parcus Medical. In addition, as of the end of the third quarter, we have repurchased
“Looking forward, we see three phases to creating shareholder value within our Commercial Channel. First, our near-term strategy is to increase the percentage of revenue in the products sold through our Commercial Channel including international sales of Monovisc, Orthovisc, and Cingal; Integrity; Tactoset®; and our rapidly advancing Regenerative Solutions pipeline. Second, in the mid-term, we are intensely focused on launching Hyalofast by 2026 to treat the
Announced Company Restructuring Initiative and Long-Term Financial Targets
As a result of the developments announced today, Anika is reducing personnel and operating expenses, aligning these actions with the sale of Arthrosurface and the anticipated sale of Parcus. The Company expects one-time cash restructuring and transaction charges between
Revenue Guidance:
- Commercial Channel
- 2024: +
14% to +19% growth from$36.1M in 2023, excluding revenue from businesses disposed of, or to be disposed of, as they are expected to be presented in discontinued operations beginning in the fourth quarter of 2024 - 2025: +
12% to +18% growth - 2026-2027: +
20% to +30% annual growth including modest contributions from the planned U.S. launch of Hyalofast in the fourth quarter of 2026 following anticipated FDA approval
- 2024: +
- OEM Channel
- 2024: (
8% ) to (10% ) decline from$84.6M in 2023 - 2025: (
12% ) to (18% ) decline - 2026-2027: flat to modestly lower annually, not including any expected contributions from potential U.S. Cingal FDA approval
- 2024: (
- Anika’s sales from the Commercial Channel expected be approximately
50% of total Revenue by 2026
Adjusted EBITDA Guidance:
- 2024 Adjusted EBITDA:
$16M to$18M driven by a lower mix of U.S. OA Pain Management Revenue and impact from Arthrosurface and Parcus Medical - 2025 Adjusted EBITDA %: low double digits, excluding divestiture-related expenses, which are expected to be complete concurrent with the sale of Parcus in 2025
- 2026-2027 Adjusted EBITDA %: Opportunity for margin expansion following the planned launch of Hyalofast by 2026
Conference Call and Webcast Information
Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights today, Thursday, October 31, 2024, at 8:30 am ET. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and providing the conference ID number 31842. 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 Anika
Anika 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, and Sports Medicine, 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, INTEGRITY, MONOVISC, ORTHOVISC, TACTOSET, and the Anika logo are trademarks of Anika Therapeutics, Inc. or its subsidiaries or are licensed to Anika Therapeutics, Inc. for its use.
Non-GAAP Financial Information1
Non-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 Margin
Adjusted 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 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, non-cash product rationalization charges, severance costs and shareholder activism costs.
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, non-cash charges related to goodwill impairment, non-cash product rationalization charges, stock-based compensation and charges related to discontinuation of a software project. 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, non-cash product rationalization charges, stock-based compensation, severance costs and shareholder activism costs. Beginning in the first quarter of 2024, adjusted net income (loss) and adjusted EPS were revised to exclude stock-based compensation, net of tax, and this revised calculation is reflected for all periods presented.
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 statements about the potential growth opportunity and expansion of our Commercial Channel, the timing of the regulatory pathway and launch of Hyalofast and the US approval of Cingal, statements around the actions that are being taken to generate additional shareholder value, and in the section titled “Announced Company Restructuring Initiative and Long-Term Financial Targets”. 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.
Matt Hall, 781-457-9554
Director, Corporate Development and Investor Relations
investorrelations@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, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenue | $ | 38,753 | $ | 41,465 | $ | 121,197 | $ | 123,691 | |||||||||
Cost of Revenue | 37,313 | 16,521 | 67,764 | 46,932 | |||||||||||||
Gross Profit | 1,440 | 24,944 | 53,433 | 76,759 | |||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 7,244 | 7,791 | 22,806 | 25,105 | |||||||||||||
Selling, general and administrative | 19,112 | 24,827 | 60,445 | 75,512 | |||||||||||||
Impairment of long-lived assets | 3,101 | - | 3,101 | - | |||||||||||||
Total operating expenses | 29,457 | 32,618 | 86,352 | 100,617 | |||||||||||||
Loss from operations | (28,017 | ) | (7,674 | ) | (32,919 | ) | (23,858 | ) | |||||||||
Interest and other income (expense), net | 406 | 635 | 1,593 | 1,735 | |||||||||||||
Loss before income taxes | (27,611 | ) | (7,039 | ) | (31,326 | ) | (22,123 | ) | |||||||||
Provision for (benefit from) income taxes | 2,307 | (463 | ) | 3,194 | (2,456 | ) | |||||||||||
Net loss | $ | (29,918 | ) | $ | (6,576 | ) | $ | (34,520 | ) | $ | (19,667 | ) | |||||
Net loss per share: | |||||||||||||||||
Basic | $ | (2.03 | ) | $ | (0.45 | ) | $ | (2.34 | ) | $ | (1.34 | ) | |||||
Diluted | $ | (2.03 | ) | $ | (0.45 | ) | $ | (2.34 | ) | $ | (1.34 | ) | |||||
Weighted average common shares outstanding: | |||||||||||||||||
Basic | 14,768 | 14,635 | 14,769 | 14,659 | |||||||||||||
Diluted | 14,768 | 14,635 | 14,769 | 14,659 | |||||||||||||
Anika Therapeutics, Inc. and Subsidiaries | |||||||
Consolidated Balance Sheets | |||||||
(in thousands, except per share data) | |||||||
(unaudited) | |||||||
September 30, | December 31, | ||||||
ASSETS | 2024 | 2023 | |||||
Current assets: | |||||||
Cash and cash equivalents | $ | 62,368 | $ | 72,867 | |||
Accounts receivable, net | 28,357 | 35,961 | |||||
Inventories, net | 39,629 | 46,386 | |||||
Prepaid expenses and other current assets | 5,752 | 8,095 | |||||
Total current assets | 136,106 | 163,309 | |||||
Property and equipment, net | 44,572 | 46,198 | |||||
Right-of-use assets | 27,208 | 28,767 | |||||
Other long-term assets | 11,310 | 18,672 | |||||
Deferred tax assets | 1,472 | 1,489 | |||||
Intangible assets, net | 3,081 | 4,626 | |||||
Goodwill | 7,656 | 7,571 | |||||
Total assets | $ | 231,405 | $ | 270,632 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 6,805 | $ | 9,860 | |||
Accrued expenses and other current liabilities | 18,688 | 21,199 | |||||
Total current liabilities | 25,493 | 31,059 | |||||
Other long-term liabilities | 806 | 404 | |||||
Lease liabilities | 25,242 | 26,904 | |||||
Stockholders' equity: | |||||||
Common stock, | 147 | 147 | |||||
Additional paid-in-capital | 91,886 | 90,009 | |||||
Accumulated other comprehensive loss | (5,701 | ) | (5,943 | ) | |||
Retained earnings | 93,532 | 128,052 | |||||
Total stockholders' equity | 179,864 | 212,265 | |||||
Total liabilities and stockholders' equity | $ | 231,405 | $ | 270,632 | |||
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Gross Profit | $ | 1,440 | $ | 24,944 | $ | 53,433 | $ | 76,759 | ||||||||
Product rationalization related charges | - | 748 | 472 | 748 | ||||||||||||
Writedown of inventories | 23,438 | - | 23,438 | - | ||||||||||||
Acquisition related intangible asset amortization | 153 | 1,561 | 464 | 4,684 | ||||||||||||
Adjusted Gross Profit | $ | 25,031 | $ | 27,253 | $ | 77,807 | $ | 82,191 | ||||||||
Unadjusted Gross Margin | 4 | % | 60 | % | 44 | % | 62 | % | ||||||||
Adjusted Gross Margin | 65 | % | 66 | % | 64 | % | 66 | % | ||||||||
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net loss | $ | (29,918 | ) | $ | (6,576 | ) | $ | (34,520 | ) | $ | (19,667 | ) | ||||
Interest and other (income) expense, net | (406 | ) | (635 | ) | (1,593 | ) | (1,735 | ) | ||||||||
Provision for (benefit from) income taxes | 2,307 | (463 | ) | 3,194 | (2,456 | ) | ||||||||||
Depreciation and amortization | 2,045 | 1,755 | 5,800 | 5,282 | ||||||||||||
Stock-based compensation | 3,394 | 3,561 | 10,875 | 11,428 | ||||||||||||
Product rationalization | - | 748 | 472 | 748 | ||||||||||||
Arbitration settlement | - | - | - | 3,250 | ||||||||||||
Acquisition related intangible asset amortization | 143 | 1,787 | 509 | 5,361 | ||||||||||||
Impairment/writedown of assets | 27,401 | - | 27,401 | - | ||||||||||||
Discontinuation of software development project | - | 4,473 | (1,404 | ) | 4,473 | |||||||||||
Non-recurring professional fees | 465 | - | 465 | - | ||||||||||||
Severance costs | - | - | 839 | - | ||||||||||||
Costs of shareholder activism | - | - | 2,185 | 3,033 | ||||||||||||
Adjusted EBITDA | $ | 5,431 | $ | 4,650 | $ | 14,223 | $ | 9,717 | ||||||||
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net loss | $ | (29,918 | ) | $ | (6,576 | ) | $ | (34,520 | ) | $ | (19,667 | ) | ||||
Product rationalization, tax effected | - | 699 | 392 | 665 | ||||||||||||
Arbitration settlement, tax effected | - | - | - | 2,889 | ||||||||||||
Share-based compensation, tax effected | 2,820 | 3,327 | 9,037 | 10,159 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | 119 | 1,669 | 423 | 4,767 | ||||||||||||
Impairment/writedown of assets, tax effected | 22,770 | - | 22,770 | - | ||||||||||||
Discontinuation of software development project, tax effected | - | 4,179 | (1,167 | ) | 3,976 | |||||||||||
Non-recurring professional fees, tax effected | 386 | - | 386 | - | ||||||||||||
Severance costs, tax effected | - | - | 697 | - | ||||||||||||
Costs of shareholder activism, tax effected | - | - | 1,816 | 2,696 | ||||||||||||
Adjusted net income | $ | (3,822 | ) | $ | 3,298 | (165 | ) | $ | 5,485 | |||||||
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 September 30, | For the Nine Months Ended September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Diluted net loss per share | $ | (2.03 | ) | $ | (0.45 | ) | $ | (2.34 | ) | $ | (1.33 | ) | ||||
Product rationalization, tax effected | - | 0.05 | 0.03 | 0.05 | ||||||||||||
Arbitration settlement, tax effected | - | - | - | 0.20 | ||||||||||||
Share-based compensation, tax effected | 0.19 | 0.23 | 0.61 | 0.69 | ||||||||||||
Acquisition related intangible asset amortization, tax effected | 0.01 | 0.11 | 0.03 | 0.32 | ||||||||||||
Impairment/writedown of assets, tax effected | 1.55 | - | 1.55 | - | ||||||||||||
Discontinuation of software development project, tax effected | - | 0.29 | (0.08 | ) | 0.27 | |||||||||||
Non-recurring professional fees, tax effected | 0.03 | - | 0.02 | - | ||||||||||||
Severance costs, tax effected | - | - | 0.05 | - | ||||||||||||
Costs of shareholder activism, tax effected | $ | - | - | 0.12 | 0.18 | |||||||||||
Adjusted diluted net income per share | $ | (0.25 | ) | $ | 0.23 | $ | (0.01 | ) | $ | 0.37 | ||||||
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, | |||||||||||||||||||||||||||||
2024 | 2023 | $ change | % change | 2024 | 2023 | $ change | % change | |||||||||||||||||||||||
OA Pain Management | $ | 24,428 | $ | 24,888 | $ | (460 | ) | -2 | % | $ | 75,404 | $ | 76,855 | $ | (1,451 | ) | -2 | % | ||||||||||||
Joint Preservation and Restoration | 11,950 | 13,470 | (1,520 | ) | -11 | % | 39,345 | 39,583 | (238 | ) | -1 | % | ||||||||||||||||||
Non-Orthopedic | 2,375 | 3,107 | (732 | ) | -24 | % | 6,448 | 7,253 | (805 | ) | -11 | % | ||||||||||||||||||
Revenue | $ | 38,753 | $ | 41,465 | $ | (2,712 | ) | -7 | % | $ | 121,197 | $ | 123,691 | $ | (2,494 | ) | -2 | % | ||||||||||||
FAQ
What was Anika's (ANIK) revenue performance in Q3 2024?
How did Anika's (ANIK) Integrity Implant System perform in Q3 2024?
What strategic changes did Anika (ANIK) announce in Q3 2024?