Actionable news
0
All posts from Actionable news
Actionable news in ANIK: Anika Therapeutics Inc.,

Anika Therapeutics: Anika Reports First Quarter 2016 Financial Results

The following excerpt is from the company's SEC filing.

Total Revenue Increased 44% Year-over-Year

Commenced $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 f or 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 revenue.

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 Operations Officer.

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 28

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 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 international pre-market approval applications, 510(k) applications, or new drug applications, or to timely file and receive FDA or other regulatory approvals or clearances of its products; (iii) that such approvals will not be obtained in a timely manner or without the need for additional clinical trials, other testing or regulatory submissions, as applicable; (iv) the Company’s research and product development efforts and their relative success, including whether we have any meaningful sales of any new products resulting from such efforts; (v) the cost effectiveness and efficiency of the Company’s clinical studies, manufacturing operations, and production planning; (vi) the strength of the economies in which the Company operates or will be operating, as well as the political stability of any of those geographic areas; (vii) future determinations by the Company to allocate resources to products and in directions not presently contemplated; (viii) the Company’s ability to successfully commercialize its products, in the U.S. and abroad; (ix) the Company’s ability to provide an adequate and timely supply of its products to its customers; and (x) the Company’s ability to achieve its growth targets. Additional factors and risks are described in the Company’s periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC’s website at

. Forward-looking statements are made based on information available to the Company on the date of this press release, and the Company assumes no obligation to update the information contained in this press release.

Anika Therapeutics, Inc. and Subsidiaries

Condensed Consolidated Statements of Operations

(in thousands, except per share data)

(unaudited)

Three Months Ended March 31,

Product revenue

22,278

15,515

Licensing, milestone and contract revenue

5

Total revenue

22,283

15,520

Operating expenses:

Cost of product revenue

5,425

4,313

Research & development

2,159

2,098

Selling, general & administrative

3,990

3,605

Total operating expenses

11,574

10,016

Income from operations

10,709

5,504

Interest income, net

72

24

Income before income taxes

10,781

5,528

Provision for income taxes

3,886

2,012

Net income

6,895

3,516

Basic net income per share:

0.46

0.24

Basic weighted average common shares outstanding

14,875

14,905

Diluted net income per share:

0.45

0.23

Diluted weighted average common shares outstanding

15,307

15,330

Condensed Consolidated Balance Sheets

(in thousands, except share data and per share data)

December 31,

ASSETS

Current assets:

Cash and cash equivalents

92,837

110,707

Investments

23,000

27,751

Accounts receivable, net of reserves of $174 and $167 at March 31, 2016 and December 31, 2015, respectively

14,798

21,652

Inventories

15,765

14,938

Prepaid expenses and other current assets

1,500

1,385

Total current assets

147,900

176,433

Property and equipment, net

46,839

40,108

Long-term deposits and other

69

Intangible assets, net

11,859

11,656

Goodwill

7,790

7,482

Total Assets

214,457

235,748

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

3,263

8,302

Accrued expenses and other current liabilities

5,999

4,778

Income taxes payable

1,603

4,198

Total current liabilities

10,865

17,278

Other long-term liabilities

739

781

Long-term deferred revenue

63

66

Deferred tax liability

7,422

6,775

Commitments and contingencies

Stockholders’ equity:

Preferred stock, $.01 par value; 1,250,000 shares authorized, no shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively

Common stock, $.01 par value; 30,000,000 shares authorized, 14,768,325 and 15,036,808 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively

148

150

Additional paid-in-capital

58,536

81,685

Accumulated other comprehensive loss

(5,873)

(6,649)

Retained earnings

142,557

135,662

Total stockholders’ equity

195,368

210,848

Total Liabilities and Stockholders’ Equity

Supplemental Financial Data

Revenue by Product Line and Product Gross Margin

(in thousands, except percentages)

Quarter Ended March 31,

Orthobiologics

19,587

88%

11,973

77%

Surgical

1,318

6%

1,390

9%

Dermal

381

2%

416

3%

Other

992

4%

1,736

11%

Product Revenue

100%

Product Gross Profit

16,853

11,202

Product Gross Margin

76%

72%

Total Product Revenue by Geographic Region

Geographic Location:

United States

18,011

80%

12,591

81%

Europe

2,565

12%

1,986

13%

1,702

8%

938

CONTACT:

Charles H. Sherwood, Ph.D., President and CEO

Sylvia Cheung, CFO

781-457-9000

The above information was disclosed in a filing to the SEC. To see the filing, click here.

To receive a free e-mail notification whenever Anika Therapeutics Inc. makes a similar move, sign up!

Other recent filings from the company include the following:

Additional definitive proxy soliciting materials and Rule 14(a)(12) material - April 20, 2016
Anika Therapeutics Inc. releases salary data. CEO sees compensation rise 13% - April 20, 2016
Anika Therapeutics Inc.'s Chief Medical Officer was just granted 40,000 options - April 6, 2016
Anika Therapeutics Inc.'s Chief Medical Officer just declared ownership of no shares of Anika Therapeutics Inc. - April 6, 2016