Anika Reports Second Quarter 2016 Financial Results

7/27/16

BEDFORD, Mass.--(BUSINESS WIRE)--Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic medicines company specializing in therapeutics based on its proprietary hyaluronic acid (“HA”) technology, today reported financial results for the second quarter ended June 30, 2016, along with business progress in the period.

“We continued our strong momentum in the second quarter, with total revenue growth of 16% year- over-year for the quarter,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “MONOVISC end user demand remained strong, we achieved important milestones in our global expansion with the launch of CINGAL in Canada and Europe, and we continued to advance our deep and differentiated pipeline. We are well-positioned to drive future growth and create significant near- and long-term value for patients and shareholders.”

Second Quarter Financial Results

  • Total revenue for the second quarter of 2016 increased 16% to $26.6 million, compared to $22.9 million for the second quarter of 2015.
  • Worldwide Orthobiologics revenue grew 21% year-over-year in the second quarter of 2016. ORTHOVISC and MONOVISC, our lead viscosupplementation products in the Orthobiologics franchise, continued to be the main revenue driver.
  • International Orthobiologics revenue grew 36% year-over-year in the second quarter of 2016 as a result of our global commercial expansion efforts. Domestically, ORTHOVISC maintained its position as the leading multiple-injection product. MONOVISC continued to hold the number two position in the single-injection segment.
  • Total operating expenses for the second quarter of 2016 were $13.1 million, compared to $10.5 million for the second quarter of 2015.
  • Net income for the second quarter of 2016 increased $0.8 million to $8.6 million, or $0.57 per diluted share, compared to $7.8 million, or $0.51 per diluted share, for the second quarter of 2015.

Recent Business Highlights

The Company made key commercial, operational, pipeline, and financial advancements, including:

  • Commercially launching CINGAL, the Company’s third generation viscosupplement, in Europe and Canada to treat pain associated with osteoarthritis.
  • Advancing its product pipeline with continued progress on the FastTRACK Phase III HYALOFAST Study, as well as the Phase III MONOVISC study for the treatment of osteoarthritis pain in the hip.
  • Submitting and obtaining approval of an investigational device exemption to conduct a Phase III clinical trial for the treatment of pain associated with lateral epicondylosis, or tennis elbow. The study plans to enroll 185 patients across approximately 20 investigational sites in the U.S. and Europe beginning in the fourth quarter of 2016.
  • Continuing to execute the Company’s $25 million accelerated share repurchase program, with completion expected in August 2016.
  • Progressing with the full integration of the Company’s global manufacturing operations under one roof in Anika’s Bedford, Mass. global headquarters.


About Anika Therapeutics, Inc.

Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated orthopedic medicines company based in Bedford, Mass. Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions by providing clinically meaningful therapeutic pain management solutions along the continuum of care, from palliative care to regenerative medicine. The Company has over two decades of expertise developing, manufacturing and commercializing more than 20 products, in markets across the globe, based on its proprietary hyaluronic acid (HA) technology. Anika’s orthopedic medicine portfolio is comprised of marketed (ORTHOVISC® and MONOVISC®) and pipeline (CINGAL® and HYALOFAST® in the U.S.) products to alleviate pain and restore joint function by replenishing depleted HA and aiding cartilage repair and regeneration. For more information about Anika, please visit www.anikatherapeutics.com.