Core Insights - Anika Therapeutics, Inc. will release its first quarter 2025 financial results on May 9, 2025, before market opening, followed by a conference call at 8:30 a.m. ET to discuss the results and business highlights [1] - The conference call will be accessible via a toll-free number for domestic calls and an international number, with a conference ID provided for participants [2] - Anika Therapeutics specializes in joint preservation and early intervention orthopedic care, focusing on areas such as Osteoarthritis Pain Management and Regenerative Solutions [3] Company Overview - Anika Therapeutics is a global company headquartered outside of Boston, Massachusetts, that leverages expertise in hyaluronic acid and implant solutions to provide minimally invasive products [3] - The company aims to restore active living for patients through its innovative orthopedic products, which are delivered efficiently in key care sites like ambulatory surgery centers [3]

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].

Core Insights - Anika Therapeutics has completed the divestiture of its Parcus Medical business to Medacta Group SA, marking a significant step in its strategic review process [1][3] - The company aims to concentrate on its core hyaluronic acid technology and expand its Regenerative Solutions portfolio following the sale [2][3] Company Overview - Anika Therapeutics, Inc. is a leader in Osteoarthritis Pain Management and Regenerative Solutions, focusing on early intervention orthopedics [5] - The company specializes in minimally invasive products that leverage hyaluronic acid and implant solutions to enhance active living for patients globally [5] Transaction Details - The sale of Parcus Medical was finalized on March 7, 2025, for an undisclosed amount, with cash consideration received at closing [3] - Anika and Medacta have agreed to collaborate for a smooth transition post-sale for all stakeholders involved [3][4]

Core Viewpoint - Anika Therapeutics, Inc. will release its fourth quarter and year-end 2024 financial results on March 12, 2025, followed by an investor conference call to discuss these 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 [3]. - The company aims to provide minimally invasive products that enhance active living, particularly in high opportunity areas such as Osteoarthritis Pain Management and Regenerative Solutions [3]. - Anika's operations are headquartered outside of Boston, Massachusetts, and its products are delivered efficiently in key care sites, including ambulatory surgery centers [3]. Conference Call Details - The investor conference call can be accessed via a toll-free domestic number or an international number, with a specific conference ID provided for participants [2]. - A live audio webcast and presentation materials will be available on Anika's Investor Relations website, and the call will be archived for later access [2].

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].