Anika Therapeutics Inc (ANIK) Reports 3% Revenue Growth in Q3 2023, Raises Full-Year Guidance
Anika Therapeutics Inc (NASDAQ:ANIK) reported a 3% increase in revenue for Q3 2023, with total revenue reaching $41.5 million.
Joint Preservation and Restoration revenue grew by 14%, while OA Pain Management revenue saw a 2% increase.
The company reported a net loss of $6.6 million, or $0.45 per share, which includes a $4.2 million charge for the discontinuation of a software development project.
Anika Therapeutics Inc (NASDAQ:ANIK) raised its overall revenue outlook for fiscal year 2023 to between $164 million and $166 million.
On November 2, 2023, Anika Therapeutics Inc (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, announced its financial results for the third quarter ended September 30, 2023. The company reported a 3% increase in revenue, with total revenue reaching $41.5 million, compared to $40.3 million in the third quarter of 2022.
Financial Performance
Revenue from OA Pain Management reached $24.9 million, up 2% from the previous year, while Joint Preservation and Restoration revenue increased by 14% to $13.5 million. However, Non-Orthopedic revenue saw a decrease of 22%, coming in at $3.1 million.
The company reported a net loss of $6.6 million, or $0.45 per share, which includes a $4.2 million, or $0.29 per share, net of tax charge for the discontinuation of a software development project. This compares to a net loss of $4.2 million, or $0.29 per share, in the prior year period. Adjusted net income was breakeven, or $0.00 per diluted share, compared to an adjusted net loss of $0.7 million, or $0.05 per share, in the third quarter of 2022.
Adjusted EBITDA was $4.7 million, compared to $4.1 million in the third quarter of 2022. Cash from operations was $6.5 million, and the ending cash balance was $70.7 million.
Company Outlook
Anika Therapeutics Inc (NASDAQ:ANIK) has raised its overall revenue outlook for fiscal year 2023 to between $164 million and $166 million, representing growth of 5% to 6% compared to 2022. This is up from its previous range of $159.5 million to $163 million. The company expects OA Pain Management revenue to be between $99.75 million and $101 million, up 8% to 10%, and Joint Preservation and Restoration revenue to be between $54.75 million and $55.5 million, up 9% to 10%.
CEO Commentary
We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created," said Cheryl R. Blanchard, Ph.D., Anikas President and CEO. "We delivered 14% growth in Joint Preservation and Restoration and higher-than-expected growth in OA Pain Management, which has grown 11% year-to-date."
Recent Business Highlights
The company successfully completed the full market launch of its RevoMotion Reverse Shoulder System and received FDA clearance for both its new HA-based regenerative rotator cuff patch, the Integrity Implant System, and the biocomposite version of its X-Twist Fixation System, with launches on track for the first quarter of 2024.
Furthermore, Anika Therapeutics Inc (NASDAQ:ANIK) is increasing its U.S. market share position in OA Pain Management with single-injection Monovisc and multi-injection Orthovisc. The company is also awaiting FDA feedback on proposed non-clinical next steps regarding Cingal U.S. regulatory approval following a type-C meeting with the FDA in early 2023.
Explore the complete 8-K earnings release (here) from Anika Therapeutics Inc for further details.
This article first appeared on GuruFocus.
