Financial Data and Key Metrics Changes - Total revenue for Q4 2023 grew to $43 million, exceeding expectations, driven by growth in U.S. and international OA pain management [19] - Revenue in OA pain management increased 12% in Q4 to $25.1 million, with international business showing strong growth [20] - Adjusted EBITDA for Q4 was $5.8 million, up from $1.4 million in the same quarter last year, with an adjusted EBITDA margin of 13% [23][24] - For the full year, Anika generated revenue of $166.7 million, a 7% increase compared to the previous year [26] - GAAP gross margin for the full year was 62%, up from 60% in the prior year, while adjusted gross margin remained at 66% [27] Business Line Data and Key Metrics Changes - OA pain management revenues for the full year increased 11% to $101.9 million, driven by strong international growth [26] - Joint preservation and restoration revenue grew 9% to $54.9 million, supported by new product momentum [27] - Non-orthopedic revenues decreased 29% to $9.9 million, primarily due to order timing and last-time buys [27] Market Data and Key Metrics Changes - Cingal experienced over 20% growth internationally, contributing to the overall success in OA pain management [26] - The U.S. market for OA pain management is expected to double from $1 billion to $2 billion with Cingal's expansion [8] Company Strategy and Development Direction - The company is focusing on optimizing performance and driving stronger results, particularly in OA pain management and regenerative solutions [6][15] - A strategic review was undertaken to evaluate options for increasing shareholder value, including potential sales [16] - The company plans to reduce spending and has initiated a workforce reduction of about 9% to drive annualized cost savings of approximately $10 million [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of new products and the overall business strategy, aiming for accelerated profitability in 2024 [6][33] - The company anticipates adjusted EBITDA for 2024 to be between $25 million and $30 million, representing a significant increase [31] - Management highlighted the importance of ongoing dialogue with the FDA regarding Cingal and the positive feedback from surgeons on new products [43][64] Other Important Information - The company recorded a non-cash impairment charge of $62.2 million related to intangible assets from previous acquisitions due to lower-than-expected growth in mature products [21][22] - Anika ended Q4 with $72.9 million in cash and no outstanding debt, maintaining a healthy balance sheet [24][25] Q&A Session Summary Question: What areas of the company will be impacted by the workforce reduction? - The main areas impacted are R&D and SG&A, primarily in marketing [38] Question: Are you happy with the results from changes to distributors for the joint preservation business? - Top distributors are performing well, and there is a significant pull for new products like Integrity and X-Twist [41] Question: When do you expect the next meeting with the FDA regarding Cingal? - Ongoing dialogue with the FDA is productive, and clarity on nonclinical data requirements is being sought [43] Question: What contribution did RevoMotion make in the quarter? - Training for about 600 surgeons occurred last year, and focused training will continue for new products [46] Question: Can you provide additional color on the impairment charge related to the Sports Med business? - The impairment charge was due to a reassessment of growth trajectories, with mature products underperforming expectations [52]

Q4 AND YEAR-END 2023 EARNINGS CALL MARCH 13, 2023 ...

EXHIBIT 99.1 Anika Reports Fourth Quarter and Year-End 2023 Financial Results Revenue growth and adjusted EBITDA exceeded expectations in the fourth quarter and full year OA Pain Management achieved record annual revenues of $102 million, up 11% in 2023 Announces cost reduction initiatives providing annualized savings of approximately $10 million Anika positioned to generate adjusted EBITDA of $25 to $30 million in 2024, up over 75% at the midpoint, representing an adjusted EBITDA margin of at least 15% BED ...

BEDFORD, Mass., March 08, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that on March 1, 2024, Anika granted non-statutory stock options ("Options") covering an aggregate of 2,500 shares of common stock at a per share exercise price of $25.14, which equaled the closing price of common stock on the Nasdaq Global Select Market ("Closing Price") on the grant date, to one newly hired non-executive employee. ...

BEDFORD, Mass., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that the Company plans to issue its fourth quarter and year-end 2023 financial results after the close of the market on Wednesday, March 13, 2024 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 1-888-886-778 ...

BEDFORD, Mass., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today announced that the Company plans to issue its fourth quarter and year-end 2023 financial results after the close of the market on Wednesday, March 13, 2024 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 1-888-886-77 ...

Announcing the limited market release of X-Twist™ Fixation System with biocomposite suture anchor for rotator cuff and other soft tissue repair at AAOS Focusing on its full Regenerative, Sports Medicine and Arthrosurface Joint Solutions portfolio addressing the over $2.0 billion U.S. rotator cuff market1 BEDFORD, Mass., Feb. 13, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company, today announced it is highlighting recently-launched products in high growth se ...

Anika Therapeutics, Inc. (NASDAQ:ANIK) Q3 2023 Earnings Conference Call November 2, 2023 5:30 PM ET Company Participants Mark Namaroff - Vice President Investor Relations, ESG & Corporate Communications Cheryl Blanchard - President & Chief Executive Officer Mike Levitz - Executive Vice President, Chief Financial Officer & Treasurer Conference Call Participants Mike Petusky - Barrington Research George Sellers - Stephens Inc Jim Sidoti - Sidoti & Company Operator Good evening, ladies and gentlemen, and welco ...

Q3 2023 EARNINGS CALL NOVEMBER 2, 2023 Anika. Restore Active Living.™ SAF ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-14027 Anika Therapeutics, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 04-3145961 (State or Other Jurisdiction o ...