Revenue Performance - Revenue for Q3 2024 was $38.75 million, a decrease of 7% compared to $41.47 million in Q3 2023[82] - Revenue for the first nine months of 2024 was $121.20 million, down 2% from $123.69 million in the same period of 2023[82] - Revenue from the OA Pain Management product family decreased by 2% for both Q3 and the first nine months of 2024 compared to the same periods in 2023[84] - Revenue from the Joint Preservation and Restoration product family decreased by 11% in Q3 2024 and by 1% in the first nine months of 2024 compared to the same periods in 2023[85] - Revenue from the Non-Orthopedic product family decreased by 24% and 11% for the three- and nine-month periods ended September 30, 2024, compared to the same periods in 2023[86] Profitability and Loss - Gross profit for Q3 2024 was $1.44 million, a significant decline of 94% from $24.94 million in Q3 2023, resulting in a gross margin of only 4%[82] - Gross profit for the three-month period ended September 30, 2024 decreased by $23.5 million to $1.4 million, and for the nine-month period, it decreased by $23.3 million to $53.4 million[87] - Gross margin for the three- and nine-month periods ended September 30, 2024 was 4% and 44%, respectively, down from 60% and 62% in the same periods of 2023[88] - Net loss for Q3 2024 was $29.92 million, a 355% increase from a net loss of $6.58 million in Q3 2023[82] - Net loss for the three- and nine-month periods ended September 30, 2024 was $29.9 million and $34.5 million, respectively, compared to a net loss of $6.6 million and $19.7 million in the same periods of 2023[94] - Adjusted net loss for the three months ended September 30, 2024, was $3.8 million, a decrease of $7.1 million compared to the same period in 2023[110] Expenses - Operating expenses for Q3 2024 totaled $29.46 million, a decrease of 10% compared to $32.62 million in Q3 2023[82] - Research and development expenses for the three- and nine-month periods ended September 30, 2024 were $7.2 million and $22.8 million, respectively, down from $7.8 million and $25.1 million in the same periods of 2023[89] - Selling, general and administrative expenses for the three- and nine-month periods ended September 30, 2024 were $19.1 million and $60.4 million, respectively, compared to $24.8 million and $75.5 million in the same periods of 2023[91] - A non-cash impairment charge of $3.1 million was recorded in the three-month period ended September 30, 2024, due to the decline in fair value of the Arthrosurface reporting unit[92] Cash Flow and Financial Position - Cash and cash equivalents were $62.4 million as of September 30, 2024, down from $72.9 million at December 31, 2023[113] - Cash provided by operating activities was $3.8 million for the nine-month period ended September 30, 2024, compared to cash used of $5.4 million in the same period in 2023[116] - Cash used in investing activities increased to $7.0 million for the nine months ended September 30, 2024, from $3.6 million in the same period in 2023[117] - Cash used in financing activities was $7.4 million for the nine months ended September 30, 2024, compared to $6.7 million in the same period in 2023[118] - The company has a credit facility of up to $150.0 million, with no outstanding borrowings as of September 30, 2024[114] Strategic Initiatives - The company completed the sale of Arthrosurface for a non-interest bearing promissory note of $7.0 million and potential future revenue payments based on sales performance[77] - The company plans to divest the Parcus Medical business to focus on core HA technology and regenerative solutions[78] - The company is actively engaging with the FDA for regulatory approval of Cingal, a next-generation OA pain management product[79] Adjusted Metrics - Adjusted gross profit for the three- and nine-month periods ended September 30, 2024 decreased to $25.0 million and $77.8 million, respectively, with adjusted gross margins of 65% and 64%[102] - Adjusted EBITDA for the three-month period ended September 30, 2024 increased by $0.7 million compared to the same period in 2023, while for the nine-month period, it increased by $4.5 million[105] - Adjusted diluted EPS for the nine months ended September 30, 2024, decreased by $0.38 to $(0.01) compared to $0.37 in the same period in 2023[112] Accounting Policies - There have been no significant changes to critical accounting policies or estimates since the last annual report[119] - The decrease in adjusted net income was primarily due to lower revenues from strategic ordering patterns with higher margin customers[111] Future Outlook - The company expects cash requirements to increase as operations expand, but believes current cash flows and resources are sufficient for ongoing investments[113]

Anika Therapeutics, Inc. (NASDAQ:ANIK) Q3 2024 Earnings Conference Call October 31, 2024 8:30 AM ET Company Participants Matt Hall - Director, Corporate Development and IR Cheryl Blanchard - President and CEO Steve Griffin - EVP, CFO and Treasurer Conference Call Participants Jim Sidoti - Sidoti & Co. Mike Petusky - Barrington Research Operator Good morning, ladies and gentlemen, and welcome to Anika's Third Quarter Earnings Conference Call. [Operator Instructions]. I would like to remind everyone that this ...

Anika Therapeutics (ANIK) came out with a quarterly loss of $0.25 per share versus the Zacks Consensus Estimate of $0.30. This compares to loss of $0.45 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -183.33%. A quarter ago, it was expected that this medical technology company would post earnings of $0.23 per share when it actually produced earnings of $0.17, delivering a surprise of -26.09%.Over the last four quarters, the c ...

EXHIBIT 99.1 Anika Reports Third Quarter 2024 Financial Results Updating 2024 fiscal year guidance to reflect announced changes to business strategy, including the sale of Arthrosurface and planned divestiture of Parcus Medical, and U.S. OA Pain Management headwinds Strategy to focus on market leading OA Pain Management and high-growth Regenerative Solutions Company to categorize revenue into OEM Channel and Commercial Channel; Commercial Channel remains on track to achieve ~17% CAGR since 2021 with recent ...

Updating 2024 fiscal year guidance to reflect announced changes to business strategy, including the sale of Arthrosurface and planned divestiture of Parcus Medical, and U.S. OA Pain Management headwinds Strategy to focus on market leading OA Pain Management and high-growth Regenerative Solutions Company to categorize revenue into OEM Channel and Commercial Channel; Commercial Channel remains on track to achieve ~17% CAGR since 2021 with recent performance fueled by the IntegrityTM Implant System, which grew ...

BEDFORD, Mass., Oct. 31, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company focused on early intervention orthopedics, today announced the divestiture of its Arthrosurface business and the intention to divest of the Parcus Medical business. These decisions are the result of the Company’s ongoing company-wide strategic review.   Management Commentary “The goal of our previously announced strategic review is to drive the most optimal capital allocation struct ...

Core Insights - Anika Therapeutics, Inc. will release its third quarter 2024 financial results on October 31, 2024, before market opening, followed by a conference call at 8:30 a.m. ET to discuss the results and business highlights [1] Company Overview - Anika Therapeutics, Inc. is a global joint preservation company focused on early intervention orthopedic care, utilizing expertise in hyaluronic acid and implant solutions [2] - The company aims to provide minimally invasive products that enhance active living, targeting areas such as Osteoarthritis Pain Management, Regenerative Solutions, Sports Medicine, and Arthrosurface Joint Solutions [2] - Anika's operations are headquartered outside of Boston, Massachusetts, and its products are delivered efficiently in key care sites, including ambulatory surgery centers [2]

y ANIKA Q2 2024 EARNINGS CALL AUGUST 8, 2024 Anika. Restore Active Living. SAFE HARBOR STATEMENTS Cautionary Note on Forward-looking Statements The statements made in, and during the course of, this presentation that are not statements of historical fact, including those related to the Company's commercial capabilities, initiatives and production, its product pipeline and associated timelines, its upcoming corporate milestones, and its growth strategy and projections, are forward looking statements within t ...

Anika Therapeutics, Inc (NASDAQ:ANIK) Q2 2024 Earnings Call August 8, 2024 5:00 PM ET Company Participants Mark Namaroff - Vice President, Investor Relations Cheryl Blanchard - President and Chief Executive Officer Steve Griffin - Executive Vice President, Chief Financial Officer and Treasurer Conference Call Participants Jim Sidoti - Sidoti & Company Harrison Parsons - Stephens Mike Petusky - Barrington Research Operator Good afternoon, ladies and gentlemen, and welcome to Anika’s Second Quarter 2024 Earni ...

Anika Therapeutics (ANIK) came out with quarterly earnings of $0.17 per share, missing the Zacks Consensus Estimate of $0.23 per share. This compares to loss of $0.19 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -26.09%. A quarter ago, it was expected that this medical technology company would post a loss of $0.19 per share when it actually produced a loss of $0.31, delivering a surprise of -63.16%.Over the last four quarte ...