Last10K.com

Anika Therapeutics, Inc. (ANIK) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Anika Therapeutics, Inc.

CIK: 898437 Ticker: ANIK
Exhibit 99.1

Anika Reports Second Quarter 2019 Financial Results

Delivers Strong Bottom Line Performance with $0.67 Diluted EPS

CINGAL Revenue Drives International Viscosupplement Revenue Growth of 28% Year-over-Year

Announces Decision to Advance CINGAL Program Towards U.S. Regulatory Approval

Raises Full Year 2019 Revenue and Adjusted EBITDA Guidance

BEDFORD, Mass.--(BUSINESS WIRE)--July 24, 2019--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 second quarter ended June 30, 2019, and provided an update on its business progress in the period.

“Anika delivered strong earnings and cash flow in the second quarter, while we continued our transformation into a global commercial company,” said Joseph Darling, President and Chief Executive Officer of Anika Therapeutics. “With an ongoing commitment to our people, products and performance, during the quarter we further strengthened our executive leadership team, continued to realize the benefits of our international expansion efforts and prepared for the launch of our first surgically-delivered therapy for bone repair procedures in the U.S. under our hybrid commercial model in the third quarter of 2019. Additionally, based on extensive analysis and discussions, and building on the strength of our international viscosupplement results, we have decided to move forward with our efforts to obtain regulatory approval for CINGAL in the U.S. Anika remains well positioned to deliver a continuum of orthopedic and regenerative medicine therapies and create sustained value for patients and shareholders.”

Second Quarter Financial Results

  • Total revenue for the second quarter of 2019 was $30.4 million, compared to $30.5 million for the second quarter of 2018.
  • Global Viscosupplement revenue decreased slightly year-over-year for the second quarter of 2019. U.S. Viscosupplement revenue decreased 6% year-over-year for the quarter, due primarily to lower ORTHOVISC revenue. International Viscosupplement revenue increased 28% year-over-year for the quarter, primarily due to international CINGAL revenue growth of 125%.
  • Total operating expenses for the second quarter of 2019 decreased to $18.5 million, compared to $19.3 million for the second quarter of 2018. The decrease in total operating expenses was due to lower cost of product revenue and research and development expenses, partially offset by higher selling, general and administrative expenses.
  • Net income for the second quarter of 2019 was $9.4 million, or $0.67 per diluted share, compared to net income of $10.1 million, or $0.68 per diluted share, for the second quarter of 2018. The decrease in net income was due primarily to tax benefits from employee stock option exercises in the second quarter of 2018.
  • Adjusted EBITDA (see description below) for the second quarter of 2019 increased to $14.8 million, compared to $14.0 million for the second quarter of 2018. The increase in adjusted EBITDA is primarily due to improvements in product gross profit and operating income as a result of more favorable revenue mix and a reduction in inventory related charges.
  • Cash, cash equivalents and investments were $141.5 million as of June 30, 2019, compared to $159.0 million as of December 31, 2018. The decrease in cash, cash equivalents and investments was due to the Company’s $30.0 million accelerated share repurchase program announced in May 2019, partially offset by strong operating cash flow for the first half of 2019. Cash provided by operating activities was $13.9 million for the first half of 2019.

The following information was filed by Anika Therapeutics, Inc. (ANIK) on Wednesday, July 24, 2019 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.

View differences made from one quarter to another to evaluate Anika Therapeutics, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by Anika Therapeutics, Inc..

Continue

Assess how Anika Therapeutics, Inc.'s management team is paid from their Annual Proxy

Definitive Proxy Statement (Form DEF 14A)
Screenshot example of actual Proxy Statement

Anika Therapeutics, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

  • Voting Procedures
  • Board Members
  • Executive Team
  • Salaries, Bonuses, Perks
  • Peers / Competitors

Continue

Tools

Rating

Learn More
Bullish Bearish Neutral
Filter by Sentiment:
All
Positive
Negative
Filter by Category:
All
Financial
Revenue
Legal
Other
Filter by Subcategory:
All
Earnings
Expense
Cash Flow
Product
Shares
Income
Other
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)
Condensed Consolidated Statements Of Stockholders' Equity (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 - Operating Leases
Note 12 - Operating Leases (Details Textual)
Note 12 - Operating Leases (Tables)
Note 12 - Operating Leases - Future Lease Commitments Under Asu 840 (Details)
Note 12 - Operating Leases - Future Minimum Rental Payments For Operating Leases (Details)
Note 12 - Operating Leases - Lease Expense And Other Information (Details)
Note 13 - Commitments And Contingencies
Note 13 - Commitments And Contingencies (Details Textual)
Note 14 - Income Taxes
Note 14 - Income Taxes (Details Textual)
Note 2 - Basis Of Presentation
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: 0001171843-19-004913
Submitted to the SEC: Fri Jul 26 2019 1:00:25 PM EST
Accepted by the SEC: Fri Jul 26 2019
Period: Sunday, June 30, 2019
Industry: Surgical And Medical Instruments And Apparatus

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/anik/0001171843-19-004913.htm