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, 2022.
Third Quarter 2022 Financial Summary
- Revenue in the third quarter of 2022 was $40.3 million, up 2%
compared with $39.5 million in the third quarter of 2021.
- OA Pain Management1 revenue of $25.7 million, down 2%
- Joint Preservation and Restoration revenue of $11.8 million, up
6%
- Non-Orthopedic1 revenue of $2.8 million, up 27%
- Gross margin was 57%, including $1.6 million of non-cash
acquisition-related expenses and $2.6 million product
rationalization charges; Adjusted gross margin2 was 67%.
- Net loss was ($4.2) million, or ($0.29) per share, compared to
net income of $0.6 million, or $0.04 per diluted share, in the
prior year. Adjusted net loss2 was ($0.7) million, or ($0.05) per
share, compared to adjusted net income2 of $0.8 million, or $0.05
per diluted share, in the prior year.
- Adjusted EBITDA2 was $4.1 million, compared to adjusted EBITDA2
of $5.7 million in the prior year.
- Operating cash flow was $2.7 million; quarter ending cash was
$87.8 million after a $4.3 million payment for acquisition-related
contingent consideration, with no outstanding debt.
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
- Continued Leadership in OA Pain Market
- Maintained #1 U.S. market share position in OA Pain Management
with Monovisc® and Orthovisc®. In August 2022, DePuy Mitek extended
our license and supply agreement for Orthovisc for another 5-year
term through December 2028.
- International viscosupplement sales continued accelerated
growth, including Cingal which is currently sold in over 35
countries.
- Building a Best-in-Class Portfolio of Joint
Preservation and Restoration Solutions
- Continued accelerated growth of Tactoset®, Anika’s regenerative
solution for insufficiency fractures and soft tissue hardware
augmentation, with multiple planned 510(k) filings targeting
further expansion.
- First surgeries were performed with strong positive surgeon
feedback during the limited market release of the X-Twist Fixation
System, a new addition to the Anika sports medicine portfolio that
addresses the needs of surgeons performing high volume soft tissue
repair procedures, such as rotator cuff; on track for a full market
release in early 2023.
- Advanced development of multiple new products across the
largest and fastest growing parts of the joint preservation market,
including new innovative shoulder implants and a regenerative
rotator cuff repair system.
- Ramping Up Medical Education Activities
- Held multiple medical education events, training more than 400
U.S. surgeons in-person to date this year in addition to other
training activities at industry meetings.
- Advancing Cingal Towards U.S. Regulatory
Approval
- Announced that Cingal, Anika’s next generation product for
osteoarthritis patients, successfully achieved its primary endpoint
in a third Phase III clinical trial, Cingal 19-01, which
demonstrated the superiority of Cingal over steroid alone, for OA
pain relief at 26 weeks.
- Together with previous studies, Cingal has now demonstrated
superiority over each of its active ingredients and placebo, and
consistently demonstrating strong and durable pain relief in OA
patients.
- Company to engage with the FDA in the coming months regarding
next steps for U.S. regulatory approval and explore the potential
to advance Cingal through commercial partnerships in the U.S. and
select Asian markets. These efforts will inform next steps,
including if and how to proceed with another clinical trial in the
United States.
- Continuing Clinical Trial Enrollment for Hyalofast
Pivotal Phase III Clinical Trial
- Delivered significant progress towards clinical study
enrollment for the Company’s differentiated HA-based single-stage
cartilage repair product, Hyalofast, which is now 96% enrolled with
193 patients randomized between Hyalofast implantation and the
microfracture surgical technique.
- Company expects the trial to be fully enrolled in early 2023
and remains on track to file a Pre-Market Approval with the FDA in
2025.
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:
- OA Pain Management up mid to upper single-digit percent
(previously low single-digit percent)
- Joint Preservation and Restoration up low to mid single-digit
percent (previously mid single to low double-digit percent)
- Non-Orthopedic down approximately 20% due largely to legacy
product rationalization
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 |
% |
Anika Therapeutics (NASDAQ:ANIK)
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