Anika Therapeutics(US:ANIK)2022-05-06 16:46Financial Performance - Total revenue increased by 7% to $36.7 million[32] - OA Pain Management revenue increased by 18% to $22.7 million, primarily due to favorable order timing[32] - Joint Preservation and Restoration revenue decreased by 1% to $12.1 million due to early quarter COVID headwinds[32] - Non-Orthopedic revenue decreased by 34% to $1.8 million due to last time buys in Q1'21[32] - Gross margin was 59%, including $1.6 million of non-cash acquisition related expenses; Adjusted gross margin was 64%[32] - Net loss was ($2.9) million, or ($0.20) per share; Adjusted net loss was ($1.6) million, or ($0.11) per share[32] - Adjusted EBITDA was $2.6 million[32] - The company's cash balance as of March 31, 2022, was $90.3 million[32] Strategic Focus - Anika is focused on becoming the leader in joint preservation[44] - 2022 is a foundational year for executing on the product pipeline and commercial strategy to deliver targeted value to Ambulatory Surgery Centers (ASC)[44] - The company aims to emerge with a broad, differentiated product portfolio and a commercial team focused on the joint preservation continuum of care[44] Future Growth - The company is positioning to accelerate revenue growth coming out of 2022, growing both EBITDA margin and cash flows[44] - The company is targeting adjusted gross margin of 70%+ and adjusted EBITDA margin of 20%+ with $230M+ revenue on mid-teens CAGR[42]