Full Press Release Details
Reports First Quarter 2016 Financial Results
Revenue Increased 44% Year-over-Year
$25 million Accelerated Share Repurchase Program
BEDFORD, Mass.--(BUSINESS WIRE)--April 27, 2016--Anika Therapeutics,
Inc. (NASDAQ: ANIK), a global, integrated orthopedic medicines company
specializing in therapeutics based on its proprietary hyaluronic acid
("HA") technology, today reported financial results for the first
quarter ended March 31, 2016, along with business progress in the period.
"We are off to a strong start in 2016, with total revenue growth of 44%
year-over-year for the first quarter and advancement of our long-term
growth strategy," said Charles H. Sherwood, Ph.D., President and Chief
Executive Officer. "We received CE Mark approval for CINGAL and
continued to strengthen our infrastructure to support future growth. We
also commenced our $25 million accelerated share repurchase program,
reflecting our confidence in the business and deep commitment to
creating shareholder value. We were pleased to continue our solid
momentum in the first quarter, and we remain focused on positioning
Anika for sustained growth."
First Quarter Financial Results
Total revenue for the first quarter of 2016 increased 44% to $22.3
million, compared to $15.5 million for the first quarter of 2015. The
increase was driven primarily by domestic ORTHOVISC and MONOVISC
Orthobiologics revenue grew 64% year-over-year in the first quarter of
2016. ORTHOVISC maintained its position as the leading
multiple-injection product. MONOVISC continued to hold the number two
position in the single-injection segment.
ORTHOVISC and MONOVISC U.S. end user revenue increased 11%
year-over-year in the first quarter of 2016. Product sales to the
Company's U.S. commercial partner increased by $5.8 million as
compared to the first quarter of 2015, which was heavily impacted by
our commercial partner's inventory rebalancing activities.
Total operating expenses for the first quarter of 2016 were $11.6
million, compared to $10.0 million for the first quarter of 2015.
Net income for the first quarter of 2016 increased $3.4 million to
$6.9 million, or $0.45 per diluted share, compared to $3.5 million, or
$0.23 per diluted share, for the first quarter of 2015.
Recent Business Highlights
The Company made key commercial, operational, pipeline, and financial
advancements, including:
Achieving CE Mark approval for CINGAL to treat pain associated with
osteoarthritis of human joints.
Advancing its product pipeline with continued progress on the
FastTRACK Phase III HYALOFAST study and on the Phase III MONOVISC
study for the treatment of osteoarthritis pain in the hip.
Entering into an accelerated share repurchase program to repurchase
$25 million of its outstanding common stock. The Company initially
received approximately 377,000 shares, which represents approximately
70% of the total shares to be repurchased under the program through
its expected conclusion in August 2016.
Strengthening its executive leadership team and expanding its
corporate capabilities with the appointments of Stephen R. Mascioli,
M.D., MPH, as Chief Medical Officer and Dana M. Alexander as Chief
Continuing to progress with the full integration of the Company's
global manufacturing operations under one roof in Anika's Bedford,
Mass. global headquarters.
Conference Call Information
Anika's management will hold a conference call and webcast to discuss
its financial results and business highlights tomorrow, Thursday, April
28th at 9:00 am ET. The conference call can be accessed by
dialing 1-855-468-0611 (toll-free domestic) or 1-484-756-4332
(international). A live audio webcast will be available in the "Investor
Relations" section of Anika's website, www.anikatherapeutics.com.
An accompanying slide presentation may also be accessed via the Anika
website. A replay of the webcast will be available on Anika's website
approximately two hours after the completion of the event.
About Anika Therapeutics, Inc.
Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated
orthopedic medicines company based in Bedford, Mass. Anika is committed
to improving the lives of patients with degenerative orthopedic diseases
and traumatic conditions by providing clinically meaningful therapeutic
pain management solutions along the continuum of care, from palliative
care to regenerative medicine. The Company has over two decades of
expertise developing, manufacturing and commercializing more than 20
products, in markets across the globe, based on its proprietary
hyaluronic acid (HA) technology. Anika's orthopedic medicine portfolio
is comprised of marketed (ORTHOVISC and MONOVISC )
and pipeline (CINGAL and HYALOFAST in
the U.S.) products to alleviate pain and restore joint function by
replenishing depleted HA and aiding cartilage repair and regeneration.
For more information about Anika, please visit http://www.anikatherapeutics.com.
Forward-Looking Statements
The statements made in the first sentence of the second paragraph and
the third bullet point in the section captioned "Recent Business
Highlights" of this press release, which are not statements of
historical fact, are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E
of the Securities Exchange Act of 1934, as amended. These statements
include, but are not limited to, those relating to the Company's future
growth prospects, the Company's advancement of its long-term growth
strategy, and the expected timeline for completion of the Company's
accelerated share repurchase program. These statements are based upon
the current beliefs and expectations of the Company's management and are
subject to significant risks, uncertainties, and other factors. The
Company's actual results could differ materially from any anticipated
future results, performance, or achievements described in the
forward-looking statements as a result of a number of factors including,
but not limited to, (i) the Company's ability to successfully commence
and/or complete clinical trials of its products, including for
HYALOFAST, on a timely basis or at all; (ii) the Company's ability to
obtain pre-clinical or clinical data to support domestic and