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Anika Therapeutics Inc. (NASDAQ: ANIK) is a leading global joint preservation company specializing in early intervention orthopedic care. Headquartered in Bedford, Massachusetts, Anika develops innovative medical solutions that address pain management, tissue regeneration, and wound healing. Their portfolio includes products for osteoarthritis pain management, regenerative solutions, sports medicine, and bone-preserving joint technologies.
With over 7 million procedures performed worldwide over the past two decades utilizing their proprietary technology, Anika's products aim to help patients recover faster, maintain an active lifestyle, and feel rejuvenated. Anika's core technologies are built upon their expertise in hyaluronic acid (HA) and advanced implant systems. The company's minimally invasive products are designed for key sites of care, including ambulatory surgery centers.
In recent developments, Anika announced the limited market release of the X-Twist™ Fixation System with a biocomposite suture anchor, designed for rotator cuff and other soft tissue repairs. They also showcased their comprehensive range of products at the 2024 American Academy of Orthopedic Surgeons Annual Meeting, including the Integrity Implant System for rotator cuff repair and the RevoMotion Reverse Shoulder Arthroplasty System.
Financially, Anika has shown robust growth, with revenue increases driven primarily by their OA Pain Management segment which achieved a record $102 million in annual revenues in 2023. The company also implemented cost-reduction initiatives expected to save approximately $10 million annually. Anika projects an adjusted EBITDA of $25 to $30 million in 2024, marking significant growth and profitability improvement.
On the innovation front, Anika continues to advance its pipeline of HA-based regenerative solutions. The Integrity Implant System has completed over 100 cases since its limited market release, and full market launch is anticipated for mid-2024. The company is also progressing with the Phase III clinical trial for Hyalofast®, their cartilage repair product, with a market release expected by 2026.
Leadership transitions have also been notable, with the recent appointment of Steve Griffin as Executive Vice President and CFO, effective June 2024. Anika's strategic focus on leveraging its HA technology, combined with new leadership, positions the company to continue delivering meaningful advancements in orthopedic care and enhancing shareholder value.
Anika Therapeutics reported a 10% revenue increase in Q4 2020, totaling $32.7 million, and a 14% increase in full-year revenue to $130.5 million. The growth stemmed from joint preservation products following two acquisitions. However, the company faced a net loss of $15.7 million in Q4, attributed to goodwill impairment and acquisition-related expenses. Adjusted net income for the quarter was $1.7 million. For 2021, Anika is not providing detailed financial guidance due to ongoing COVID-19 uncertainties.
Anika Therapeutics (NASDAQ: ANIK) will release its fourth quarter and year-end 2020 financial results after market close on March 4, 2021. An investor conference call will follow at 5:00 p.m. ET to discuss these results and business highlights. Interested parties can access the call by dialing the provided numbers or via a live audio webcast available on Anika's Investor Relations page. The call will be archived for later access.
Anika Therapeutics reported a 7% increase in revenue year-over-year, totaling $31.7 million for Q3 2020, driven by its orthopedics segment and recent acquisitions. Despite this growth, the company experienced a net loss of $6.4 million, or $0.45 per diluted share, compared to net income of $9.2 million in the prior year. Cash and investments fell to $124.8 million due to significant acquisition costs. The firm is expanding its product portfolio and has resumed key clinical trials, aiming for sustainable growth despite challenges from COVID-19.
Anika Therapeutics (NASDAQ: ANIK) plans to release its third quarter 2020 financial results after market close on November 4, 2020. The company will also host an investor conference call on the same day at 5:00 PM ET to discuss the financial results and business highlights. Investors can participate by dialing in or accessing a live audio webcast via Anika's Investor Relations page.
Founded to advance orthopedic care, Anika specializes in joint preservation and minimally invasive products to aid in osteoarthritis pain management and other related areas.
Anika Therapeutics (NASDAQ: ANIK) announced on October 21, 2020, the FDA's 510(k) clearance of its WristMotion Total Arthroplasty System. This new system is designed for patients suffering from painful wrist joint conditions like rheumatoid arthritis and osteoarthritis. The device aims to preserve natural motion and anatomy, providing an alternative to traditional fusion methods. The approval also triggers a $5 million earnout payment due to the merger with Arthrosurface, expected in Q4 2020.
Anika Therapeutics, Inc. (NASDAQ: ANIK) announced the retirement of Board Chair Dr. Joseph Bower after 27 years, effective at the 2021 Annual Meeting. His successor, Jeffery Thompson, has been a director since 2011 and has extensive experience in healthcare investment. The Board also welcomed new independent directors, John B. Henneman, III and Stephen Richard, enhancing their expertise in healthcare and risk management. The strategic appointments aim to bolster Anika’s growth strategy in orthopedic and regenerative solutions amidst a transformative phase for the company.
Anika Therapeutics, a joint preservation and regenerative solutions company based in Bedford, Massachusetts, has announced participation in four virtual investor conferences in September 2020. Key executives, Dr. Cheryl R. Blanchard and Michael Levitz, will engage in various sessions. Notably, Dr. Blanchard will deliver a fireside chat at the Wells Fargo Healthcare Conference on September 10 and the Morgan Stanley Global Healthcare Conference on September 17. Live audio webcasts will be available on the company's Investor Relations website.
Anika Therapeutics (NASDAQ: ANIK) announces the appointment of Michael Levitz as Executive Vice President, Chief Financial Officer, and Treasurer, effective August 10, 2020. Levitz, with over 20 years of experience in public financial roles at medical device companies, succeeds Sylvia Cheung, who will assist in a transition advisory role. President & CEO Cheryl R. Blanchard emphasizes the value of Levitz's leadership during this period of growth, integrating acquisitions and advancing their strategic plans. Levitz aims to enhance financial discipline and innovation investment.
Anika Therapeutics (NASDAQ: ANIK) announced FDA clearance for six new minimally invasive surgical devices aimed at orthopedic and sports medicine needs. These products, part of a recent acquisition strategy, include solutions for rotator cuff repairs, knee arthroscopy, and arthritis treatment in the hand and wrist. CEO Cheryl Blanchard emphasized Anika's responsiveness to physician feedback and the company's readiness to launch these innovations as elective procedures resume post-COVID restrictions.
Anika Therapeutics, Inc. (NASDAQ: ANIK) announced plans to release its second quarter 2020 financial results on July 30, 2020, after market close. A conference call will follow at 5:00 p.m. ET to discuss these results along with business highlights and outlook. Investors can access the call through a toll-free number or an international line, and a live audio webcast will also be available on Anika's website. The presentation will be archived on the site post-event.
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