BEDFORD, Mass., April 25, 2025 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, announced today that it will issue its first quarter 2025 financial results before the opening of the market on Friday, May 9, 2025, followed by a conference call at 8:30 a.m. ET to discuss its results and business highlights. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and pr ...

Financial Performance - Revenue for the year ended December 31, 2024 was $119.9 million, a decrease of $0.9 million, or 1%, compared to the prior year[244]. - Gross profit for the year ended December 31, 2024 was $76.0 million, with a gross margin of 63%, down from $82.5 million and 68% in 2023[248]. - The loss from operations for the year ended December 31, 2024 was $5.1 million, compared to income from operations of $0.8 million in the prior year[252]. - Net loss for the year ended December 31, 2024 was $56.4 million, a decrease of $26.3 million, or 32%, compared to a net loss of $82.7 million in 2023[242]. - Adjusted gross profit for the year ended December 31, 2024 was $76.6 million, representing 64% of revenue, down from $83.3 million or 69% in 2023[258]. - Adjusted EBITDA for the year ended December 31, 2024 was $15.5 million, a decrease of $8.2 million compared to 2023, primarily due to lower adjusted gross profit and higher R&D spending[261]. - Adjusted net income from continuing operations for 2024 was $2.4 million, a decrease of $10.9 million compared to 2023, driven by higher manufacturing expenses and R&D costs[264]. Revenue Breakdown - Revenue from the OEM Channel decreased by 8% to $77.8 million for the year ended December 31, 2024, primarily due to lower sales from J&J MedTech[244]. - Revenue from the Commercial Channel increased by 17% to $42.1 million for the year ended December 31, 2024, driven by international sales growth of OA Pain Management products[246]. - Revenue for the year ended December 31, 2023 was $120.8 million, an increase of $7.0 million, or 6%, compared to the prior year, attributed to global adoption of OA Pain Management products and new product introductions[266]. - J&J MedTech accounted for 57% of revenue in 2024, down from 62% in the prior year, indicating a slight diversification in the customer base[275]. - Approximately $24.8 million of revenue was denominated in foreign currencies, primarily the Euro and UK pound sterling, for the year ended December 31, 2024[313]. Expenses - Research and development expenses increased by $3.7 million, or 17%, to $25.5 million for the year ended December 31, 2024, primarily due to compliance with regulatory requirements[249]. - Selling, general and administrative expenses decreased by $4.4 million, or 7%, to $55.6 million for the year ended December 31, 2024, attributed to lower headcount and reduced costs[251]. - Research and development expenses for the year ended December 31, 2023 were $21.8 million, an increase of $3.5 million, or 19%, primarily due to compliance with regulatory requirements and new product development[270]. - Selling, general and administrative expenses for the year ended December 31, 2023 were $59.9 million, an increase of $8.7 million, or 17%, mainly due to shareholder activism costs[271]. Cash Flow and Liquidity - Cash, cash equivalents, and investments totaled $55.6 million as of December 31, 2024, down from $68.7 million in 2023, with working capital decreasing from $132.3 million to $90.3 million[278]. - The company has a credit facility of up to $150.0 million, with no outstanding borrowings as of December 31, 2024 and 2023, indicating strong liquidity management[279]. - Cash provided by operating activities increased to $5.4 million in 2024 from a cash used of $(1.8) million in 2023, primarily due to a lower net loss[282]. - Cash used in investing activities rose to $8.3 million in 2024, up from $5.4 million in 2023, mainly due to increased capital expenditures for manufacturing capacity expansion[284]. - Cash used in financing activities increased significantly to $12.7 million in 2024 from $6.3 million in 2023, largely due to $10.9 million allocated for a stock repurchase program initiated in May 2024[285]. - The net decrease in cash and cash equivalents was $15.7 million in 2024, compared to a decrease of $13.5 million in 2023[280]. Future Plans and Investments - The company plans to launch the Integrity Implant System for rotator cuff repair in 2024 and is targeting FDA approval for key HA-based products like Cingal and Hyalofast[237]. - The company plans to continue investing in research and development for new products and clinical trials related to HA-based technology, funded by cash on hand and future operational cash generation[283]. - The company expects to fund future growth strategies through a combination of cash reserves and cash generated from operations[283]. Impairment and Leases - Impairment charges of $1.5 million were recorded for intangible assets related to the Arthrosurface reporting unit in 2024, following a $62.2 million impairment in 2023[309]. - The company has non-cancelable operating leases totaling $32.8 million, with $2.8 million due within one year[287]. Currency and Investment Management - The company does not engage in foreign currency hedging arrangements, exposing it to potential adverse effects from foreign currency fluctuations[313]. - The impact of currency exchange rate fluctuations related to international subsidiaries on financial statements was insignificant in 2024[313]. - The investment portfolio is managed to preserve principal, maintain liquidity, and obtain competitive returns without significantly increasing risk[312]. - The portfolio includes cash equivalents and investments in high-quality securities, such as money market funds and U.S. treasury bills[312]. - Unrealized gains or losses from the investment portfolio are reported as a separate component of accumulated other comprehensive income (loss)[312].

Anika Therapeutics (ANIK) Q4 2024 Earnings Call March 13, 2025 12:31 AM ET Company Participants Matt Hall - Director - Investor RelationsCheryl Blanchard - President & CEOSteve Griffin - EVP, CFO & TreasurerMichael Petusky - Managing Director Conference Call Participants Jim Sidoti - Analyst Operator Good evening, ladies and gentlemen. Welcome to Anakus Fourth Quarter and Year End Earnings Conference Call. At this time, all lines are in a listen only mode. Following the presentation, we will conduct a quest ...

Revenue Performance - Anika reported fourth quarter revenue from continuing operations of $30.6 million, a 1% increase compared to the same period in 2023[2]. - Full year 2024 total revenue from continuing operations was $119.9 million, a decrease of 1% relative to full-year 2023[3]. - Commercial Channel revenue increased by 17% year-over-year, while OEM Channel revenue decreased by 8% for the full year 2024[3]. - Revenue for Q4 2024 was $30,602 million, a 1.4% increase from $30,175 million in Q4 2023[29]. - For the three months ended December 31, 2024, total revenue was $30,602 million, a slight increase from $30,175 million in the same period of 2023[43]. - For the year ended December 31, 2024, total revenue was $119,907 million, slightly decreasing from $120,792 million in 2023[43]. Profitability and Margins - Adjusted EBITDA for the full year 2024 was $15.5 million, with an adjusted gross margin of 64%[10]. - Gross profit decreased to $17,125 million in Q4 2024, down 17.5% from $20,672 million in Q4 2023[29]. - Adjusted EBITDA for Q4 2024 was $3,586 million, down from $6,369 million in Q4 2023[36]. - The company reported an unadjusted gross margin of 56% for Q4 2024, down from 69% in Q4 2023[34]. - Gross profit for the year ended December 31, 2024, was $75,998 million, down from $82,532 million in 2023[43]. - Gross margin for the year ended December 31, 2024, was 63%, compared to 68% in 2023[43]. Expenses and Losses - Total operating expenses for Q4 2024 were $17,831 million, a decrease of 6.5% compared to $19,074 million in Q4 2023[29]. - Net loss for Q4 2024 was $21,865 million, significantly improved from a net loss of $63,000 million in Q4 2023[29]. - Adjusted net loss from continuing operations for Q4 2024 was $(332) million, compared to an adjusted net income of $980 million in Q4 2023[38]. Cash and Assets - Anika maintained a strong financial position with $55.6 million in cash and no debt at the end of the fourth quarter[10]. - Cash and cash equivalents decreased to $55,629 million in 2024 from $68,740 million in 2023[31]. - Total assets decreased to $202,740 million in 2024 from $270,632 million in 2023[32]. - Retained earnings dropped to $71,667 million in 2024 from $128,052 million in 2023[32]. Channel Performance - OEM Channel revenue for the three months ended December 31, 2024, was $19,669 million, accounting for 64% of total revenue, compared to 71% in the same period of 2023[43]. - Commercial Channel revenue increased to $10,933 million for the three months ended December 31, 2024, representing 36% of total revenue, up from 29% in the same period of 2023[43]. - The OEM Channel contributed $77,770 million for the year ended December 31, 2024, representing 65% of total revenue, down from 70% in 2023[43]. - The Commercial Channel generated $42,137 million for the year ended December 31, 2024, which is 35% of total revenue, an increase from 30% in 2023[43]. Growth and Strategic Initiatives - The Integrity Implant System achieved greater than 40% sequential growth for the third consecutive quarter, with over 1,000 surgeries performed globally since its launch[5]. - International OA Pain Management grew by 22% in the fourth quarter and 16% for the full year 2024, driven by geographic expansion and market share gains[5]. - Anika achieved significant regulatory milestones for Hyalofast, with a US launch anticipated by 2026[6]. - The company completed the strategic sale of Parcus Medical to focus on core HA products, enhancing resource allocation for growth opportunities[14]. - The company expects 2025 revenue guidance for the Commercial Channel to be between $47 million and $49.5 million, representing a 12% to 18% increase[13]. - The company is focusing on improving gross margins and exploring new market opportunities to enhance overall performance[43].

Core Insights - Anika Therapeutics reported financial results for the fourth quarter and full year 2024, achieving revenue in line with guidance, with a notable 17% increase in Commercial Channel revenue compared to 2023 [1][3][4]. Financial Performance - Fourth quarter revenue from continuing operations was $30.6 million, a 1% increase from the same period in 2023, with Commercial Channel revenue up 25% driven by the Integrity Implant System and International OA Pain Management [2][3]. - For the full year 2024, total revenue from continuing operations was $119.9 million, a decrease of 1% compared to 2023, while Commercial Channel revenue increased by 17% [3][4]. - OEM Channel revenue decreased by 8% for both the fourth quarter and the full year, consistent with company guidance [2][3]. Product and Market Developments - The Integrity Implant System achieved over 40% sequential growth for three consecutive quarters, with more than 300 surgeries performed in the fourth quarter, totaling over 1,000 globally since its launch [5][6]. - International OA Pain Management grew by 22% in the fourth quarter and 16% for the full year, attributed to geographic expansion and market share gains [5]. - Anika's Monovisc and Orthovisc products continue to lead the US viscosupplement market, with efforts to maintain pricing and market leadership [2]. Strategic Initiatives - The company completed the strategic sale of Parcus Medical to refocus resources on higher return programs [1][14]. - Significant regulatory and clinical milestones were achieved for key pipeline programs, including Hyalofast and Cingal, with plans for further clinical studies and regulatory filings [6][7][8]. Financial Position - By the end of the fourth quarter, Anika had a cash balance of $56 million and no debt, indicating a strong financial position [10]. - The company repurchased $5.6 million in common stock under its stock repurchase plan, completing an initial $15 million plan ahead of schedule [9][10].

BEDFORD, Mass., March 07, 2025 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global leader in the Osteoarthritis Pain Management and Regenerative Solutions space focused on early intervention orthopedics, today announced the completion of the previously announced planned divestiture of its Parcus Medical business. Management Commentary"The sale of Parcus marks a critical step forward as we achieve the goals of our previously announced strategic review. We are better positioned than ever to f ...

BEDFORD, Mass., Feb. 26, 2025 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, announced today that it will issue its fourth quarter and year-end 2024 financial results after the close of the market on Wednesday, March 12, 2025 and hold its investor conference call on the same day, at 5:00 p.m. ET to discuss its financial results and business highlights. The conference call can be accessed by dialing 1-800-717-1738 (toll-free ...

Company Overview - Anika Therapeutics, Inc. is a global joint preservation company focused on early intervention orthopedic care [3] - The company specializes in hyaluronic acid and implant solutions, aiming to provide minimally invasive products for active living [3] - Anika's operations are headquartered outside of Boston, Massachusetts, and it targets high opportunity areas within orthopedics, such as Osteoarthritis Pain Management and Regenerative Solutions [3] Upcoming Event - Dr. Cheryl Blanchard, President and CEO of Anika, will present at the Canaccord Genuity 2025 Musculoskeletal Conference on March 10, 2025 [1] - The presentation will be available via live webcast and archived for 30 days on Anika's website [2] - Management will also engage in one-on-one investor meetings during the conference [1]

Company Overview - Anika Therapeutics, Inc. is a global joint preservation company focused on early intervention orthopedics, specializing in advancements in orthopedic care [3] - The company leverages expertise in hyaluronic acid and implant solutions to provide minimally invasive products aimed at restoring active living [3] - Anika's operations are headquartered outside of Boston, Massachusetts, and the company targets high opportunity areas within orthopedics, including Osteoarthritis Pain Management and Regenerative Solutions [3] Upcoming Event - Dr. Cheryl Blanchard, President and CEO of Anika, will present at the 43rd Annual J.P. Morgan Healthcare Conference on January 16, 2025, at 9:45am PT / 12:45pm ET [1] - Management will also engage in one-on-one investor meetings during the event [1] - The presentation will be available via live webcast and archived for 30 days on Anika's website [2]

Core Viewpoint - Anika Therapeutics, Inc. is actively engaging with investors through participation in multiple upcoming conferences, showcasing its commitment to transparency and investor relations [1][2][3][4]. Group 1: Upcoming Conferences - Anika Therapeutics will present at the 36th Annual Piper Sandler Healthcare Conference in New York on December 3rd, with Dr. Cheryl Blanchard and Steve Griffin scheduled to present at 10:30am ET [2]. - The company will also participate in the Sidoti Small-Cap Virtual Conference on December 5th, where Steve Griffin is set to present at 10:45am ET [3]. - On December 11th, Anika will take part in The Benchmark Company 13th Annual Discovery One-on-One Investor Conference in New York, with both Dr. Cheryl Blanchard and Steve Griffin involved in one-on-one investor meetings [4]. Group 2: Company Overview - Anika Therapeutics is a global joint preservation company focused on early intervention orthopedic care, leveraging expertise in hyaluronic acid and implant solutions [5]. - The company aims to provide minimally invasive products for Osteoarthritis Pain Management and Regenerative Solutions, targeting high opportunity spaces within orthopedics [5]. - Anika's global operations are headquartered outside of Boston, Massachusetts, emphasizing its strategic location for healthcare innovation [5].