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Anika Therapeutics Inc (ANIK) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, December 31, 2013

Anika Therapeutics, Inc.

CIK: 898437 Ticker: ANIK

Exhibit 99.1

Anika Therapeutics Reports Fourth Quarter and Full Year 2013 Financial Results

Monovisc® Achieves FDA Approval

EPS Increases 42% to $0.44 in Quarter and 70% to $1.39 for Year

CingalTM Phase III Clinical Trial Enrollment Complete

Total Revenue for 2013 Grows to $75.1 Million

BEDFORD, Mass.--(BUSINESS WIRE)--February 26, 2014--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, 2013.

Management Commentary

“Anika concluded a record year for revenue and earnings, driven by solid demand for our viscosupplementation products as well as productivity improvements in operations and manufacturing,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “Our top-line results for the fourth quarter were measured against a strong set of financial comparatives in the fourth quarter of 2012, which reflected a significant and temporary increase in product shipments in that year-earlier period.”

“Growth in 2013 continued to be fueled primarily by increased sales of our flagship product, Orthovisc®, in both domestic and international markets,” Sherwood said. “We also made good progress this year in lowering our cost structure and improving the efficiency of our underlying operations. As a result, despite an increase in R&D spending due mainly to our multinational Phase III clinical study in support of our CE Mark application for CingalTM, Anika’s profitability for 2013 improved substantially year-over-year.”

“We are beginning 2014 in a strong position. Demand for our viscosupplementation products is growing, both in the U.S. and internationally. The FDA approval of Monovisc® in the U.S. enhances our strength and flexibility in that market which should allow us to significantly increase market share. We are encouraged by the potential from our product pipeline, including CingalTM and Hyalofast®. In addition, we are making good progress in building the internal capabilities that we need to expand beyond viscosupplementation and deliver on Anika’s potential in regenerative therapies. We believe that Anika is well-positioned for continued growth and profitability in the quarters ahead,” concluded Sherwood.


The following information was filed by Anika Therapeutics, Inc. (ANIK) on Wednesday, February 26, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Consolidated Balance Sheets
Consolidated Balance Sheets (parentheticals)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Operations And Comprehensive Income
Consolidated Statements Of Stockholders’ Equity
Accounting Policies, By Policy (policies)
Document And Entity Information
Note 1 - Business
Note 10 - Equity Incentive Plan
Note 10 - Equity Incentive Plan (details)
Note 10 - Equity Incentive Plan (details) - Assumptions Used To Estimate Fair Value Of Stock Options And Stock Appreciation Rights Awards
Note 10 - Equity Incentive Plan (details) - Restricted Stock Activity
Note 10 - Equity Incentive Plan (details) - Stock Options And Sar’s Activity
Note 10 - Equity Incentive Plan (tables)
Note 11 - Shareholder Rights Plan
Note 11 - Shareholder Rights Plan (details)
Note 12 - Employee Benefit Plan
Note 12 - Employee Benefit Plan (details)
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (details)
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (details) - Net Tangible Long-lived Assets By Principal Geographic Areas
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (details) - Product Revenue By Product Group
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (details) - Product Revenue By Significant Customers As A Percent Of Product Revenues
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (details) - Revenues By Geographic Location
Note 13 - Revenue By Product Group, By Significant Customer And By Geographic Region; Geographic Information (tables)
Note 14 - Income Taxes
Note 14 - Income Taxes (details)
Note 14 - Income Taxes (details) - Components Of Income Before Taxes And Provision For (benefit From) Income Taxes
Note 14 - Income Taxes (details) - Reconciliation Between U.s. Federal Statutory Rate And Effective Rate
Note 14 - Income Taxes (details) - Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits
Note 14 - Income Taxes (details) - Significant Components Of The Company’s Deferred Tax Assets And Liabilities Consist Of The Following
Note 14 - Income Taxes (tables)
Note 15 - Long-term Debt
Note 15 - Long-term Debt (details)
Note 16 - Restructuring Charges
Note 16 - Restructuring Charges (details)
Note 16 - Restructuring Charges (details) - Restructuring Accrual Activity
Note 16 - Restructuring Charges (tables)
Note 17 - Related Party
Note 17 - Related Party (details)
Note 18 - Subsequent Event
Note 18 - Subsequent Event (details)
Note 19 - Quarterly Financial Data (unaudited)
Note 19 - Quarterly Financial Data (unaudited) (details) - Quarterly Financial Data (unaudited)
Note 19 - Quarterly Financial Data (unaudited) (tables)
Note 2 - Summary Of Significant Accounting Policies
Note 2 - Summary Of Significant Accounting Policies (details)
Note 2 - Summary Of Significant Accounting Policies (details) - Allowance For Doubtful Accounts
Note 2 - Summary Of Significant Accounting Policies (tables)
Note 3 - Earnings Per Share ("eps")
Note 3 - Earnings Per Share ("eps") (details)
Note 3 - Earnings Per Share ("eps") (details) - Basic And Diluted Earnings Per Share
Note 3 - Earnings Per Share ("eps") (tables)
Note 4 - Inventories
Note 4 - Inventories (details) - Inventories
Note 4 - Inventories (tables)
Note 5 - Property And Equipment
Note 5 - Property And Equipment (details)
Note 5 - Property And Equipment (details) - Property And Equipment At Cost
Note 5 - Property And Equipment (tables)
Note 6 - Acquired Intangible Assets, Net
Note 6 - Acquired Intangible Assets, Net (details)
Note 6 - Acquired Intangible Assets, Net (details) - Intangible Assets
Note 6 - Acquired Intangible Assets, Net (tables)
Note 7 - Accrued Expenses
Note 7 - Accrued Expenses (details) - Accrued Expenses
Note 7 - Accrued Expenses (tables)
Note 8 - Deferred Revenue
Note 8 - Deferred Revenue (details)
Note 9 - Commitments And Contingencies
Note 9 - Commitments And Contingencies (details)
Note 9 - Commitments And Contingencies (details) - Future Lease Commitments
Note 9 - Commitments And Contingencies (tables)
Ticker: ANIK
CIK: 898437
Form Type: 10-K Annual Report
Accession Number: 0001171843-14-001240
Submitted to the SEC: Thu Mar 13 2014 5:27:09 PM EST
Accepted by the SEC: Thu Mar 13 2014
Period: Tuesday, December 31, 2013
Industry: Surgical And Medical Instruments And Apparatus

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