Welcome to our dedicated page for Anika Therapeutics news (Ticker: ANIK), a resource for investors and traders seeking the latest updates and insights on Anika Therapeutics stock.
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 24% year-over-year revenue growth for Q2 2021, totaling $38.1 million, recovering from earlier COVID impacts. Joint Preservation and Restoration revenue surged 79% to $11.9 million, while Joint Pain Management grew 9% to $24.3 million. The company expects full-year revenue growth of 11-14%, up from prior guidance. Net income improved to $6.5 million or $0.45 per diluted share, aided by a $9.8 million reduction in contingent consideration. Despite these gains, uncertainty due to the COVID pandemic remains a headwind.
On July 19, 2021, Anika Therapeutics (NASDAQ: ANIK) announced plans to issue its Q2 2021 financial results after market close on August 5, 2021. An investor conference call is scheduled for the same day at 5:00 p.m. ET to discuss the results and business highlights. The call will be accessible via toll-free and international numbers, and will also be available through a live audio webcast on Anika's Investor Relations website. Anika is focused on early intervention in orthopedics, providing minimally invasive solutions for joint preservation.
Anika Therapeutics (NASDAQ: ANIK) has initiated a limited launch of its WristMotion Total Wrist Arthroplasty (TWA) System, aimed at alleviating pain and restoring motion in arthritic wrist joints. The first surgery was performed on June 30, 2021, by Dr. Arnold-Peter C. Weiss at University Orthopedics, Rhode Island. The system, which received FDA clearance in October 2020, replaces both the radial and carpal sides of the wrist joint. The limited launch will progress to a full nationwide launch in Fall 2021, with presentations at major orthopedic meetings.
Anika Therapeutics (NASDAQ: ANIK) held its 2021 Virtual Investor Day, outlining a multi-year Joint Preservation strategy aimed at accelerating revenue growth and enhancing profitability. The company raised its 2021 revenue growth forecast to 10%-13% and reiterated a target to double 2019 revenues to approximately $230 million by 2024, focusing on the joint preservation market, valued at over $8 billion. Anika's leadership emphasized leveraging HA-based technologies and expanding its commercial presence to achieve these goals while navigating delays in pivotal trials due to COVID-19.
Anika Therapeutics, a global joint preservation company, will host its 2021 Virtual Investor Day on June 3, 2021, starting at 9:00 AM EDT. Key executives, including President Cheryl Blanchard and CFO Mike Levitz, will present an overview of the company's business strategy, product portfolio, R&D pipeline, and financial objectives. The event will feature presentations followed by a Q&A session with senior leaders. A webcast will be available on the company’s Investor Relations website for replay.
Anika Therapeutics reported Q1 2021 revenue of $34.3 million, down 3% year-over-year. Joint Preservation revenue surged 55% to $12.2 million, driven by acquisitions, while Joint Pain Management dropped 24% to $19.3 million, mainly due to COVID impacts. The company's revenue mix is shifting positively, with Joint Preservation now 36% of total revenue. Net income fell to $2.8 million ($0.20 per share) versus $5.8 million ($0.40 per share) last year. For 2021, Anika expects upper 20% to low 30% growth in Joint Preservation, projecting overall revenue growth in the high single to low double digits.
Anika Therapeutics (NASDAQ: ANIK) announced participation in three upcoming virtual investor conferences this May. Dr. Cheryl Blanchard, CEO, and Michael Levitz, CFO, will present at the following events: the 16th Annual Canaccord Genuity Musculoskeletal Conference on May 20, starting at 9:00 a.m. ET, the UBS Global Healthcare Virtual Conference on May 25, starting at 8:00 a.m. ET, and Oppenheimer’s MedTech Summit with a pre-recorded session on May 26. All presentations will be accessible via Anika's Investor Relations website.
Anika Therapeutics (NASDAQ: ANIK) plans to release its first quarter 2021 financial results on May 6, 2021, after market close. Following the release, the company will hold an investor conference call at 5:00 p.m. ET to discuss financials and business updates. Interested parties can access the call by phone or through a live audio webcast available on Anika's Investor Relations webpage. Anika specializes in joint preservation and minimally invasive orthopedic solutions, focusing on areas like osteoarthritis pain management and regenerative therapies.
Anika Therapeutics (NASDAQ: ANIK) has announced that Dr. Cheryl Blanchard, President and CEO, and Michael Levitz, CFO, will present at the 20th Annual Needham Virtual Healthcare Conference on April 15, 2021, at 3:45 p.m. ET. The event will be accessible via a live audio webcast on Anika's Investor Relations website, and an audio archive will be available post-event.
As a leader in joint preservation, Anika focuses on developing innovative orthopedic solutions for osteoarthritis and soft tissue repair, enhancing patient outcomes and active living.
Anika Therapeutics, a joint preservation company, will present at the Sidoti Spring Virtual Investor Conference on March 25, 2021, at 8:30 a.m. ET. The presentation will feature Dr. Cheryl Blanchard, President and CEO, alongside Michael Levitz, Executive Vice President and CFO. A live audio webcast will be available on Anika’s website, with an archive accessible later. Anika focuses on innovative orthopedic solutions, including osteoarthritis management and regenerative treatments.
FAQ
What is the current stock price of Anika Therapeutics (ANIK)?
What is the market cap of Anika Therapeutics (ANIK)?
What does Anika Therapeutics Inc. specialize in?
Where is Anika Therapeutics Inc. headquartered?
What recent products has Anika Therapeutics launched?
What are some of Anika Therapeutics' financial achievements?
What is Anika's focus in terms of product development?
Who is the new CFO of Anika Therapeutics?
What are Anika's guiding principles?
What are some key features of Anika's recent product launches?
How has Anika's revenue been performing?
What are Anika's future financial projections?
