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Anika Therapeutics, Inc. (ANIK) Message Board

  • culleraa culleraa Feb 28, 2013 6:55 AM Flag

    Op. earnings ratio

    Profitability looks excellent for the quarter at some 36%. Add back the restructuring charge and it rises to close to 50%. Add back the depreciation over investment and stock-based compensation and the result is, well, unusual to say the least.... elsewhere this business could be worth 4x sales, not 1+.

    Mitek made them no.1 in the multi-inject market, which is the most important.

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    • Sine we know the q4 had part of q3 revenues and average for two delivered some 30% op margin, some 35% before restructuring and way more on an ebitda % basis...

      • 1 Reply to culleraa
      • retiredladyinsouthflorida retiredladyinsouthflorida Feb 28, 2013 10:55 AM Flag

        Oh good grief. The company's products have always been good. Thank goodness Mitek/DePuy has good marketing skills. What the longs (such as I) need to wish for at this point is that Anika management allows Mitek/DePuy/JNJ to be actively involved in the new FDA application for approval of Monovisc. Despite the cross-linking of the Monovisc product, it's still a much much better product than the Synvisc single-injection product (which still has all the old problems, as it's just a more highly concentrated form of the same old stuff). There's some question about whether or not the doctors prefer the multi-injection stuff merely because it gives them more revenue (= office visits per patient), but I don't think that'll matter -- they've come to recognize the superiority of the Orthovisc product over the multi-injection Synvisc, and they will, once they get the opportunity, recognize the superiority of the Monovisc product over the single-injection Synvisc. So it will be a win for Anika no matter what. BUT ALL OF THIS IS PREDICATED ON MITEK/DEPUY/JNJ REMAINING ACTIVELY INVOLVED. At this point, even Chuck Sherwood should recognize the handwriting on the wall (well, one lives in hope). To those of you who have been long on Anika for a while (none of you for as long as I've been, for sure) -- hang in there and cross your fingers. You and I both know what needs to happen.

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