Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint
preservation company in early intervention orthopedics, today
reported financial results for its second quarter ended June 30,
2023.
Second Quarter 2023 Financial Summary
- Revenue in the second quarter of 2023 was $44.3 million, up 12%
compared to $39.7 million in the second quarter of 2022.
- OA Pain Management1 revenue of $29.3 million, up 22%
- Joint Preservation and Restoration revenue of $12.7 million, up
5%
- Non-Orthopedic1 revenue of $2.3 million, down 33%
- Gross margin was 65%, including $1.6 million of non-cash
acquisition-related intangible asset amortization; Adjusted gross
margin2 was 69%.
- Net loss was ($2.7) million, or ($0.19) per share, which
includes shareholder activism and other non-recurring corporate
costs, compared to net loss of ($2.8) million, or ($0.20) per
share, in the prior year period. Adjusted net income2 was $0.8
million, or $0.06 per diluted share, compared to adjusted net loss2
of ($1.6) million, or ($0.12) per share, in the second quarter of
2022.
- Adjusted EBITDA2 was $6.3 million, compared to $4.4 million in
the second quarter of 2022.
- Cash used in operations was $8.3 million, reflecting $8.3
million paid in the quarter for non-recurring costs incurred to
date.
- Ending cash balance was $65.1 million, after $5.0 million used
to repurchase shares of Anika stock in the second quarter.
1 Revenue from veterinary products historically reported in OA
Pain Management is now reported in the Non-Orthopedic product
family to provide investors a more accurate representation of the
performance of our business.2 See description of non-GAAP financial
information contained in this release.
“We are very pleased with our double-digit top line growth and
improved margins in the second quarter. Strong growth and
operational execution year-to-date increase our confidence for this
year,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO.
“We made significant progress this quarter in strengthening an
already robust portfolio focused on early intervention orthopedics.
Specifically, we are thrilled to have our Phase III Pivotal study
for Hyalofast now fully enrolled and on track for a modular PMA
filing beginning in 2024 and completed in 2025. We also
significantly advanced the development of Integrity, our HA-based
rotator cuff patch system, which remains on track for a 2024
launch. In addition, since meeting the primary endpoint of our most
recent Cingal Phase III Pivotal study, we had a Type-C meeting with
the FDA in the second quarter and are actively engaging with them
regarding next steps for U.S. regulatory approval.”
Recent Business Highlights
- Leadership in OA Pain Management Market
- Increasing #1 U.S. market share position in OA Pain Management
with single-injection Monovisc® and multi-injection
Orthovisc®.
- Advancing Cingal®, Anika’s Next-Generation Non-Opioid
Single-Injection HA-Based injectable, Towards U.S. Regulatory
Approval
- Following its success in meeting its latest Phase III Pivotal
primary endpoint in 2022, Anika had a Type-C meeting with the FDA
in the second quarter and is continuing to actively engage with
them regarding next steps for Cingal U.S. regulatory approval.
- Exploring commercial partnerships in the U.S. and select Asian
markets.
- Building a Best-in-Class Portfolio of Joint
Preservation and Restoration Solutions
- Successful RevoMotion™ Reverse Shoulder limited market release
accelerates full market release into September 2023, expanding
Anika’s shoulder arthroplasty portfolio into the more than $1
billion U.S. reverse shoulder market.
- Fully enrolled Hyalofast®, Anika’s HA-based
off-the-shelf single-stage cartilage repair scaffold, Phase III
clinical trial; modular PMA submission with break-through device
designation commencing in 2024; final PMA module filing expected in
2025.
- Integrity™, Anika’s HA-based regenerative rotator cuff patch
system, received 510(k) clearances for the fixation components;
awaiting final 510(k) clearance; Integrity system remains on-track
for 2024 launch.
- Other Recent Activities
- Completed $5 million accelerated
stock repurchase under $20 million authorized program.
Fiscal 2023 Revenue OutlookThe Company updated
its overall revenue outlook for fiscal year 2023 to be between
$159.5 million and $163 million, representing growth of 2% to 4%
compared to 2022, up from its previous range of $158 million to
$163 million.
Revenue ranges by product family are:
- OA Pain Management* of $96-$97.5 million, up 4% to 6%
- Joint Preservation and Restoration of $54-$55.5 million, up 7%
to 10%
- Non-Orthopedic* of $9.5-10 million, down ~30%
* Effective January 1, 2023, the Company began to report revenue
from product sales to veterinary customers within the
Non-Orthopedic product family whereas such revenue had been
previously reported within the OA Pain Management product family.
The Company’s growth outlook reflects this reclassification for
both 2023 and 2022.
Conference Call InformationAnika’s management
will hold a conference call and webcast to discuss its financial
results and business highlights today, Tuesday, August 8, 2023, at
5:00 pm ET. The conference call can be accessed by dialing
1-888-886-7786 (toll-free domestic) or 1-416-764-8658
(international) and providing the conference ID number 87907131. 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 and Arthrosurface Joint Solutions, 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, REVOMOTION, 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 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 statements in the sub-headings and
Recent Business Highlights about the timing of regulatory filings
for Hyalofast and the full market release of RevoMotion, the
statements in Dr. Blanchard’s quote and the Recent Business
Highlights about the regulatory status and the launch of Integrity,
and the statements made in the section titled Fiscal 2023 Revenue
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 June 30, |
|
For the Six
Months Ended June 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Revenue |
|
$ |
44,302 |
|
|
$ |
39,657 |
|
|
$ |
82,226 |
|
|
$ |
76,350 |
|
|
Cost of Revenue |
|
|
15,330 |
|
|
|
14,795 |
|
|
|
30,411 |
|
|
|
29,684 |
|
|
Gross Profit |
|
|
28,972 |
|
|
|
24,862 |
|
|
|
51,815 |
|
|
|
46,666 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Research and development |
|
|
8,914 |
|
|
|
6,975 |
|
|
|
17,314 |
|
|
|
13,132 |
|
|
Selling, general and administrative |
|
|
23,689 |
|
|
|
21,268 |
|
|
|
50,685 |
|
|
|
40,469 |
|
|
Total operating expenses |
|
|
32,603 |
|
|
|
28,243 |
|
|
|
67,999 |
|
|
|
53,601 |
|
|
Loss from operations |
|
|
(3,631 |
) |
|
|
(3,381 |
) |
|
|
(16,184 |
) |
|
|
(6,935 |
) |
|
Interest and other income (expense), net |
|
|
561 |
|
|
|
96 |
|
|
|
1,100 |
|
|
|
(58 |
) |
|
Loss before income taxes |
|
|
(3,070 |
) |
|
|
(3,285 |
) |
|
|
(15,084 |
) |
|
|
(6,993 |
) |
|
Benefit from income taxes |
|
|
(329 |
) |
|
|
(442 |
) |
|
|
(1,993 |
) |
|
|
(1,217 |
) |
|
Net loss |
|
$ |
(2,741 |
) |
|
$ |
(2,843 |
) |
|
$ |
(13,091 |
) |
|
$ |
(5,776 |
) |
|
|
|
|
|
|
|
|
|
|
|
Net loss per share: |
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.19 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.40 |
) |
|
Diluted |
|
$ |
(0.19 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding: |
|
|
|
|
|
|
|
|
|
Basic |
|
|
14,688 |
|
|
|
14,555 |
|
|
|
14,671 |
|
|
|
14,511 |
|
|
Diluted |
|
|
14,688 |
|
|
|
14,555 |
|
|
|
14,671 |
|
|
|
14,511 |
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
|
Consolidated
Balance Sheets |
|
(in
thousands, except per share data) |
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
|
ASSETS |
|
2023 |
|
|
|
2022 |
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
$ |
65,071 |
|
|
$ |
86,327 |
|
|
Accounts receivable, net |
|
36,737 |
|
|
|
34,627 |
|
|
Inventories, net |
|
42,604 |
|
|
|
39,765 |
|
|
Prepaid expenses and other current assets |
|
7,789 |
|
|
|
8,828 |
|
|
Total current assets |
|
152,201 |
|
|
|
169,547 |
|
|
Property and equipment, net |
|
47,988 |
|
|
|
48,279 |
|
|
Right-of-use assets |
|
29,631 |
|
|
|
30,696 |
|
|
Other long-term assets |
|
19,390 |
|
|
|
17,219 |
|
|
Deferred tax assets |
|
1,498 |
|
|
|
1,449 |
|
|
Intangible assets, net |
|
70,707 |
|
|
|
74,599 |
|
|
Goodwill |
|
7,467 |
|
|
|
7,339 |
|
|
Total assets |
$ |
328,882 |
|
|
$ |
349,128 |
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
7,944 |
|
|
$ |
9,074 |
|
|
Accrued expenses and other current liabilities |
|
15,512 |
|
|
|
18,840 |
|
|
Total current liabilities |
|
23,456 |
|
|
|
27,914 |
|
|
Other long-term liabilities |
|
401 |
|
|
|
398 |
|
|
Deferred tax liability |
|
3,235 |
|
|
|
6,436 |
|
|
Lease liabilities |
|
27,775 |
|
|
|
28,817 |
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
Common stock, $0.01 par value |
|
147 |
|
|
|
146 |
|
|
Additional paid-in-capital |
|
82,397 |
|
|
|
81,141 |
|
|
Accumulated other comprehensive loss |
|
(6,157 |
) |
|
|
(6,443 |
) |
|
Retained earnings |
|
197,628 |
|
|
|
210,719 |
|
|
Total stockholders’ equity |
|
274,015 |
|
|
|
285,563 |
|
|
Total liabilities and stockholders’ equity |
$ |
328,882 |
|
|
$ |
349,128 |
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
|
Reconciliation of GAAP Gross Profit to Adjusted Gross
Profit |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended Jun 30, |
|
For the Six
Months Ended Jun 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Gross Profit |
|
$ |
28,972 |
|
|
$ |
24,862 |
|
|
$ |
51,815 |
|
|
$ |
46,666 |
|
|
Acquisition related intangible asset amortization |
|
|
1,561 |
|
|
|
1,562 |
|
|
|
3,123 |
|
|
|
3,124 |
|
|
Adjusted Gross Profit |
|
$ |
30,533 |
|
|
$ |
26,424 |
|
|
$ |
54,938 |
|
|
$ |
49,790 |
|
|
|
|
|
|
|
|
|
|
|
|
Unadjusted Gross Margin |
|
|
65 |
% |
|
|
63 |
% |
|
|
63 |
% |
|
|
61 |
% |
|
Adjusted Gross Margin |
|
|
69 |
% |
|
|
67 |
% |
|
|
67 |
% |
|
|
65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
|
Reconciliation of GAAP Net Income to Adjusted
EBITDA |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended Jun 30, |
|
For the Six
Months Ended Jun 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net loss |
|
$ |
(2,741 |
) |
|
$ |
(2,843 |
) |
|
$ |
(13,091 |
) |
|
$ |
(5,776 |
) |
|
Interest and other (income) expense, net |
|
|
(561 |
) |
|
|
(96 |
) |
|
|
(1,100 |
) |
|
|
58 |
|
|
Benefit from income taxes |
|
|
(329 |
) |
|
|
(442 |
) |
|
|
(1,993 |
) |
|
|
(1,217 |
) |
|
Depreciation and amortization |
|
|
1,764 |
|
|
|
1,933 |
|
|
|
3,528 |
|
|
|
3,753 |
|
|
Stock-based compensation |
|
|
4,150 |
|
|
|
4,081 |
|
|
|
7,867 |
|
|
|
6,626 |
|
|
Arbitration settlement |
|
|
- |
|
|
|
- |
|
|
|
3,250 |
|
|
|
- |
|
|
Acquisition related intangible asset amortization |
|
|
1,787 |
|
|
|
1,787 |
|
|
|
3,574 |
|
|
|
3,574 |
|
|
Costs of shareholder activism |
|
|
2,202 |
|
|
|
- |
|
|
|
3,033 |
|
|
|
- |
|
|
Adjusted EBITDA |
|
$ |
6,272 |
|
|
$ |
4,420 |
|
|
$ |
5,068 |
|
|
$ |
7,018 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
|
Reconciliation of GAAP Net Income to Adjusted Net
Income |
|
(in
thousands) |
|
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended Jun 30, |
|
For the Six
Months Ended Jun 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Net loss |
|
$ |
(2,741 |
) |
|
$ |
(2,843 |
) |
|
$ |
(13,091 |
) |
|
$ |
(5,776 |
) |
|
Arbitration settlement, tax effected |
|
|
- |
|
|
|
- |
|
|
|
2,800 |
|
|
|
- |
|
|
Acquisition related intangible asset amortization, tax
effected |
|
|
1,598 |
|
|
|
1,219 |
|
|
|
3,080 |
|
|
|
2,565 |
|
|
Costs of shareholder activism, tax effected |
|
|
1,970 |
|
|
|
- |
|
|
|
2,613 |
|
|
|
- |
|
|
Adjusted net income (loss) |
|
$ |
827 |
|
|
$ |
(1,624 |
) |
|
$ |
(4,598 |
) |
|
$ |
(3,211 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 Jun 30, |
|
For the Six
Months Ended Jun 30, |
|
|
|
|
2023 |
|
|
|
2022 |
|
|
|
2023 |
|
|
|
2022 |
|
|
Diluted net loss per share |
|
$ |
(0.19 |
) |
|
$ |
(0.20 |
) |
|
$ |
(0.89 |
) |
|
$ |
(0.40 |
) |
|
Arbitration settlement, tax effected |
|
|
- |
|
|
|
- |
|
|
|
0.19 |
|
|
|
- |
|
|
Acquisition related intangible asset amortization, tax
effected |
|
|
0.11 |
|
|
|
0.08 |
|
|
|
0.21 |
|
|
|
0.18 |
|
|
Costs of shareholder activism, tax effected |
|
|
0.14 |
|
|
|
- |
|
|
|
0.18 |
|
|
|
- |
|
|
Adjusted diluted net income (loss) per share |
|
$ |
0.06 |
|
|
$ |
(0.12 |
) |
|
$ |
(0.31 |
) |
|
$ |
(0.22 |
) |
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Revenue by
Product Family |
(in
thousands, except percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended Jun 30, |
|
For the Six
Months Ended Jun 30, |
|
|
2023 |
|
|
|
2022 |
|
|
$ change |
|
% change |
|
|
2023 |
|
|
|
2022 |
|
|
$ change |
|
% change |
OA Pain Management |
$ |
29,334 |
|
|
$ |
24,093 |
|
|
$ |
5,241 |
|
|
22 |
% |
|
$ |
51,967 |
|
|
$ |
45,058 |
|
|
$ |
6,909 |
|
|
15 |
% |
Joint Preservation and Restoration |
|
12,660 |
|
|
|
12,095 |
|
|
|
565 |
|
|
5 |
% |
|
|
26,113 |
|
|
|
24,234 |
|
|
|
1,879 |
|
|
8 |
% |
Non-Orthopedic |
|
2,308 |
|
|
|
3,469 |
|
|
|
(1,161 |
) |
|
-33 |
% |
|
|
4,146 |
|
|
|
7,058 |
|
|
|
(2,912 |
) |
|
-41 |
% |
Revenue |
$ |
44,302 |
|
|
$ |
39,657 |
|
|
$ |
4,645 |
|
|
12 |
% |
|
$ |
82,226 |
|
|
$ |
76,350 |
|
|
$ |
5,876 |
|
|
8 |
% |
Note: Effective January 1, 2023, the Company began to report
revenue from product sales to veterinary customers within the
Non-Orthopedic product family whereas such revenue had been
previously reported within the OA Pain Management product family.
Revenue from product sales to veterinary customers amounted to $1.1
million and $1.6 million for the three months ended June 30, 2023
and 2022, respectively, and $1.6 million and $3.4 million for the
six months ended June 30, 2023 and 2022, respectively, and is
included within Non-Orthopedic for all periods presented.
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