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Anika Therapeutics Inc (ANIK) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2012

Anika Therapeutics, Inc.

CIK: 898437 Ticker: ANIK

Exhibit 99.1

Anika Therapeutics Reports Fourth Quarter and Full Year 2012 Financial Results

Fourth Quarter Revenue Increases 23% on Strong Sales of Orthovisc

Earnings Grow 48% to $0.31 per Share in Quarter and 32% to $0.82 per Share for Year

BEDFORD, Mass.--(BUSINESS WIRE)--February 27, 2013--Anika Therapeutics, Inc. (Nasdaq: ANIK), a leader in products for tissue protection, healing and repair, based on hyaluronic acid (“HA”) technology, today reported financial results for the quarter and full year ended December 31, 2012. The company generated record quarterly and full year revenue in 2012.

Management Commentary

“In addition to achieving record quarterly and full year revenue, Anika delivered double-digit revenue and net income growth in the fourth quarter of 2012, concluding an excellent year from both financial and operational perspectives,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “These results were in line with the preliminary financial results we released on January 22, 2013.”

“Our top-line performance continues to be driven by strong demand for Orthovisc, our flagship orthobiologics product,” Sherwood said. “Orthovisc revenue in our U.S. market was up nearly 42% for the full year. Through the strength of our partner Depuy Mitek’s marketing activities over the past year, Orthovisc closed 2012 as the market leader in the U.S. multi-injection segment and the number two U.S. brand in viscosupplementation overall. On the bottom line, growing revenue, coupled with operating efficiencies, have enabled us to drive continued growth in income from operations and generate robust cash flow. Our financial performance remains strong despite a one time restructuring charge in the fourth quarter implemented to strengthen our business and refocus our development programs.”

“We have made progress in our efforts to secure U.S. regulatory approval for Monovisc®,” said Sherwood. “Subsequent to our Monovisc announcement on December 4, 2012, we completed an encouraging discussion with the FDA in January 2013 to determine our next steps. We followed up on that discussion by submitting a new PMA amendment incorporating existing data.”

“The year 2012 was successful for Anika, and we are well-positioned for further success in 2013,” Sherwood said. “Demand for Orthovisc is growing. We continue to streamline our operations and improve our manufacturing capabilities, and we are excited about our product pipeline. Anika is evolving from an HA biomaterials company into a products company focused on promising new medical solutions, and a company dedicated to capturing more of the value we have created by enhancing our capabilities in commercialization. We look forward to reporting our progress as the rest of 2013 unfolds.”


The following information was filed by Anika Therapeutics, Inc. (ANIK) on Wednesday, February 27, 2013 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Accrued Expenses
Accrued Expenses (detail)
Accrued Expenses (tables)
Acquired Intangible Assets, Net
Acquired Intangible Assets, Net (tables)
Acquired Intangible Assets, Net - Additional Information (detail)
Allowance For Doubtful Accounts (detail)
Assumptions Used To Estimate Fair Value Of Stock Options And Stock Appreciation Rights Awards (detail)
Basic And Diluted Earnings Per Share (detail)
Business
Combined Stock Options And Stock Appreciation Rights Activity (detail)
Commitments And Contingencies
Commitments And Contingencies (tables)
Commitments And Contingencies - Additional Information (detail)
Components Of Income Before Income Taxes And Provision For (benefit From) Income Taxes (detail)
Deferred Revenue
Deferred Revenue - Additional Information (detail)
Earnings Per Share ("eps")
Earnings Per Share ("eps") (tables)
Earnings Per Share - Additional Information (detail)
Employee Benefit Plan
Employee Benefit Plan - Additional Information (detail)
Equity Incentive Plan
Equity Incentive Plan (tables)
Equity Incentive Plan - Additional Information (detail)
Financial Assets And Liabilities Measured At Fair Value On Recurring Basis (detail)
Future Lease Commitments (detail)
Income Taxes
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Income Taxes - Additional Information (detail)
Intangible Assets (detail)
Inventories
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Inventories (tables)
Long-term Debt
Long-term Debt - Additional Information (detail)
Net Tangible Long Lived Assets By Principal Geographic Areas (detail)
Percentage Of Product Revenue By Significant Customers (detail)
Product Revenue By Geographic Location And Percentage Of Total Product Revenue (detail)
Product Revenue By Product Group (detail)
Property And Equipment
Property And Equipment (detail)
Property And Equipment (tables)
Property And Equipment- Additional Information (detail)
Quarterly Financial Data (detail)
Quarterly Financial Data (unaudited)
Quarterly Financial Data (unaudited) (tables)
Reconciliation Between U.s. Federal Statutory Rate And Effective Rate (detail)
Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits (detail)
Related Party
Related Party (tables)
Related Party - Additional Information (detail)
Restricted Stock Activity (detail)
Restructuring
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Revenue By Product Group, By Significant Customer And By Geographic Region Geographic Information - Additional Information (detail)
Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information
Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (tables)
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Shareholder Rights Plan
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Significant Components Of Deferred Tax Assets And Liabilities (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Summary Of Significant Accounting Policies (tables)
Summary Of Significant Accounting Policies - Additional Information (detail)
Ticker: ANIK
CIK: 898437
Form Type: 10-K Annual Report
Accession Number: 0001157523-13-001397
Submitted to the SEC: Wed Mar 13 2013 6:34:22 PM EST
Accepted by the SEC: Thu Mar 14 2013
Period: Monday, December 31, 2012
Industry: Surgical And Medical Instruments And Apparatus

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