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Anika Therapeutics, Inc. (ANIK) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Anika Therapeutics, Inc.

CIK: 898437 Ticker: ANIK

Exhibit 99.1

Anika Reports Third Quarter 2018 Financial Results

CINGAL Drives Strong International Viscosupplement Revenue Growth

Achieves Solid Bottom Line Performance with $0.53 Diluted EPS

BEDFORD, Mass.--(BUSINESS WIRE)--October 24, 2018--Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated orthopedic and regenerative medicines company specializing in therapeutics based on its proprietary hyaluronic acid (“HA”) technology, today reported financial results for the third quarter ended September 30, 2018, and provided an update on its business progress in the period.

“Anika delivered solid financial results in the third quarter, while continuing to take important steps to accelerate revenue growth in 2019 and beyond,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “We are encouraged by the continued advances we are making across our deep pipeline and diverse commercial portfolio. During the quarter, CINGAL end user demand in Canada and Europe remained strong, and we were pleased to add four new distribution partners to further expand our commercial reach in Europe, Asia and South America. Focused international expansion efforts enabled us to realize a 31% year-over-year increase in international Viscosupplement revenue while we continued to generate strong earnings and cash flow. As we prepare to discuss the pathway for U.S. regulatory approval for CINGAL with the U.S. Food and Drug Administration in the first quarter of 2019, we believe Anika is well-positioned to transform into a global commercial company increasingly capable of generating significant value for our patients and shareholders.”

Third Quarter Financial Results

  • Total revenue for the third quarter of 2018 was $26.8 million, compared to $27.2 million for the third quarter of 2017. The year-over-year decline was due primarily to the impact from the voluntary recall of HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX announced in May 2018.
  • Global Viscosupplement revenue increased 2% year-over-year for the third quarter of 2018, while international Viscosupplement revenue increased 31% during the same period. The increases were primarily due to the growth of CINGAL in international markets, as well as the continued global expansion of Viscosupplement products overall.
  • Total operating expenses for the third quarter of 2018 were $18.2 million, compared to $16.9 million for the third quarter of 2017. The increase in total operating expenses was due primarily to higher production costs and increased personnel and professional costs.
  • Net income for the third quarter of 2018 increased to $7.6 million, or $0.53 per diluted share, compared to $6.9 million, or $0.46 per diluted share, for the third quarter of 2017. The increase in net income was due primarily to the reduction in R&D expenses as a result of the completion of the CINGAL 16-02 study and lower income tax expenses in 2018.

The following information was filed by Anika Therapeutics, Inc. (ANIK) on Wednesday, October 24, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Anika Therapeutics, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Current Period Unaudited)
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Operations And Comprehensive Income (Unaudited)
Note 1 - Nature Of Business
Note 10 - Goodwill
Note 10 - Goodwill (Details Textual)
Note 10 - Goodwill (Tables)
Note 10 - Goodwill - Changes In The Carrying Value Of Goodwill (Details)
Note 11 - Accrued Expenses
Note 11 - Accrued Expenses (Details Textual)
Note 11 - Accrued Expenses (Tables)
Note 11 - Accrued Expenses - Summary Of Accrued Expenses (Details)
Note 12 - Commitments And Contingencies
Note 12 - Commitments And Contingencies (Details Textual)
Note 13 - Income Taxes
Note 13 - Income Taxes (Details Textual)
Note 14 - Business Segment
Note 2 - Basis Of Presentation
Note 2 - Basis Of Presentation (Details Textual)
Note 3 - Revenue
Note 3 - Revenue (Details Textual)
Note 3 - Revenue (Tables)
Note 3 - Revenue - Product Revenue By Product Group (Details)
Note 3 - Revenue - Total Revenue By Geographic Location (Details)
Note 4 - Investments
Note 4 - Investments (Details Textual)
Note 5 - Fair Value Measurements
Note 5 - Fair Value Measurements (Tables)
Note 5 - Fair Value Measurements - Fair Value Of Financial Instruments (Details)
Note 6 - Equity Incentive Plan
Note 6 - Equity Incentive Plan (Details Textual)
Note 6 - Equity Incentive Plan (Tables)
Note 6 - Equity Incentive Plan - Assumptions Used To Estimate Fair Value Of Stock Options And Stock Appreciation Rights (Details)
Note 6 - Equity Incentive Plan - Granted And Exercised Stock-Based Compensation Awards (Details)
Note 6 - Equity Incentive Plan - Total Stock-Based Compensation Expense (Details)
Note 7 - Earnings Per Share ("Eps")
Note 7 - Earnings Per Share ("Eps") (Details Textual)
Note 7 - Earnings Per Share ("Eps") (Tables)
Note 7 - Earnings Per Share ("Eps") - Basic And Diluted Earnings Per Share (Details)
Note 8 - Inventories
Note 8 - Inventories (Details Textual)
Note 8 - Inventories (Tables)
Note 8 - Inventories - Summary Of Inventories (Details)
Note 9 - Intangible Assets
Note 9 - Intangible Assets (Details Textual)
Note 9 - Intangible Assets (Tables)
Note 9 - Intangible Assets - Summary Of Intangible Assets (Details)

Material Contracts, Statements, Certifications & more

Anika Therapeutics, Inc. provided additional information to their SEC Filing as exhibits

Ticker: ANIK
CIK: 898437
Form Type: 10-Q Quarterly Report
Accession Number: 0001171843-18-007266
Submitted to the SEC: Fri Oct 26 2018 12:21:40 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Surgical And Medical Instruments And Apparatus

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