Anika Reports Fourth Quarter and Full Year 2024 Financial Results

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$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].