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Anika Reports First Quarter 2016 Financial Results

ANIK, +5.13% 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 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 [th] 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,