Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint
preservation and regenerative therapies company, today reported
financial results for the first quarter ended March 31, 2020, and
provided an update on its business progress in the period.
“Anika delivered solid first quarter results and made
significant progress towards advancing our strategic plan,
including completing the transformative acquisitions of Parcus
Medical and Arthrosurface and strengthening our executive
leadership team,” said Cheryl R. Blanchard, Ph.D., President and
Chief Executive Officer of Anika Therapeutics. “In March, our top
priority quickly shifted to protecting the health and safety of our
employees and the patients we serve. We have taken multiple
proactive steps to ensure their wellbeing, including following the
guidelines from the CDC. We have also taken actions to control our
costs and strengthen our liquidity to ensure we are well positioned
to continue our growth once elective procedures gradually return to
a more normal volume. The long-term fundamentals of our business
remain strong and our financial strength positions us to continue
delivering on our strategic initiatives as we actively navigate
this temporary period of uncertainty.”
First Quarter Financial Results
Due to circumstances and disruptions related to the COVID-19
pandemic, Anika has estimated the amounts on goodwill impairment
and reduction to the fair value of contingent consideration related
to the recent acquisitions of Parcus Medical and Arthrosurface
reported in this earnings release. These amounts should be
considered provisional subject to the completion of the related
accounting work. Anika does not expect changes with respect to
other reported results, except as a result of changes that may be
made to the provisional amounts. Anika will utilize the extended
filing deadline under the recent COVID-19 relief order issued by
the Securities and Exchange Commission to delay the filing of its
Quarterly Report on Form 10-Q for the first quarter of 2020. For
additional information, please see the section captioned
“Clarifying Note about Financial Results” below.
- Total revenue for the first quarter of 2020 increased 43%
year-over-year to $35.4 million, compared to $24.7 million for the
first quarter of 2019. The increase in total revenue was due
primarily to higher Joint Pain Management revenue, which delivered
global growth of 12% year-over-year for the quarter, and new
Orthopedic Joint Preservation and Restoration revenue which
resulted from the acquisitions of Parcus Medical and Arthrosurface
in the first quarter of 2020.
- Cost of product revenue, research and development expenses and
selling, general and administrative expenses for the first quarter
of 2020 were $34.7 million, compared to $19.2 million for the first
quarter of 2019. The increase was due primarily to an increase in
selling and marketing expenses related to the Company’s newly
acquired sales infrastructure and acquisition related expenses,
including non-cash charges, totaling $7.3 million in the
quarter.
- Included in total operating expenses for the first quarter of
2020 were $24.3 million of reduction in fair value related to
acquisition contingent consideration liabilities, recorded as a
non-cash gain, and a $20.0 million non-cash goodwill impairment
charge as a result of the estimated impact of the COVID-19 pandemic
on the recently acquired companies. These amounts are provisional,
are believed to be reasonable estimates based on the information
available and judgments made to date and are subject to potential
changes.
- Based on the provisional amounts discussed above, net income
for the first quarter of 2020 was $3.5 million, or $0.24 per
diluted share, compared to net income of $4.5 million, or $0.31 per
diluted share, for the first quarter of 2019. Adjusted net income
(see description below) for the first quarter of 2020 was $6.5
million, or $0.45 per diluted share.
- Adjusted EBITDA (see description below) for the first quarter
of 2020 was $9.5 million, compared to $8.3 million for the first
quarter of 2019. The year-over-year increase was due primarily to
total revenue growth, partially offset by increases in cost of
product revenue and selling and marketing expenses.
- Cash, cash equivalents and investments were $92.3 million as of
March 31, 2020, compared to $184.9 million as of December 31, 2019.
The decrease in cash, cash equivalents and investments was due to
$93.0 million of upfront payments for the acquisitions of Parcus
Medical and Arthrosurface.
Recent Business Highlights
- Anika named Cheryl R. Blanchard, Ph.D., as President and Chief
Executive Officer on April 26, 2020. Dr. Blanchard had served as
interim Chief Executive Officer of Anika since February 2020 and as
a non-executive member of the Company’s Board of Directors since
August 2018. Dr. Blanchard has more than 25 years of executive
management experience with deep expertise in orthopedic medical
devices, regenerative medicine and drug delivery.
- The Company completed the acquisitions of Parcus Medical and
Arthrosurface, on January 24 and February 3, 2020, respectively,
and has executed well against its aggressive integration plans. As
a result, anticipated benefits to commercial operations,
infrastructure development and expansion of product pipeline were
already realized in the first quarter.
- The Company further strengthened its leadership team with the
appointment of David Colleran to the newly created position of
Executive Vice President, General Counsel and Corporate Secretary.
In this new role, Mr. Colleran will lead the Company’s global legal
organization, including corporate governance and compliance.
Response to COVID-19 Pandemic
As previously disclosed, Anika has taken a number of steps to
safeguard the health of its employees worldwide, strengthen the
financial position of the Company, support the needs of partners,
and ensure patients have the treatments they need. As part of that
effort, Anika has been closely monitoring its manufacturing and
supply chain resources and taking measures to ensure product
availability globally. At this time, the Company does not
anticipate disruption to its supply of products for patients due to
the COVID-19 pandemic.
As previously disclosed on April 8, 2020, the Company drew down
$50.0 million on its existing credit facility to strengthen
liquidity. The credit facility matures in October 2022, and Anika
may prepay the credit facility without penalty. The applicable
initial interest rate under the credit facility is 2.08% for the
$50.0 million drawdown. The Company’s credit facility also has a
$50.0 million accordion feature that the Company could potentially
access in the future. Anika has also implemented a number of
internal short-term expense controls and is prioritizing business
initiatives to conserve cash flow.
Additionally, Anika has been working with clinical trial sites
and other partners to safely continue its ongoing clinical studies,
while at the same time determining the impact of COVID-19 on the
clinical studies. The goals are to maintain patient safety and to
minimize disruption to the ongoing clinical studies. As a result of
the COVID-19 pandemic, the Company no longer expects to commence
the CINGAL pilot study in the first half of 2020, complete patient
enrollment in the HYALOFAST Phase III trial by the end of 2020, or
submit a 510(k) application to the U.S. Food and Drug
Administration for its Rotator Cuff repair therapy in early 2021,
as previously projected. Given the evolving environment, the
Company will update product development and clinical trial
timelines after it has more visibility on the length and regional
impacts of the COVID-19 pandemic.
Full Year 2020 Corporate Outlook
Due to the evolving and uncertain impact of the COVID-19
pandemic, Anika is withdrawing its previously announced financial
guidance for the full year of 2020, which was issued on February
20, 2020.
Clarifying Note about Financial Results
Due to circumstances and disruptions related to the COVID-19
pandemic, amounts reported in this earnings release related to
goodwill impairment and reduction to the fair value of contingent
consideration should be considered provisional and subject to the
finalization of the analyses required to complete the accounting
for these non-cash items. Specifically, the Company, with its
external advisors, is determining the impact of the evolving
COVID-19 situation on these amounts as they relate to the recent
acquisitions of Parcus Medical and Arthrosurface. The amounts
associated with these U.S. GAAP measures as presented in this
earnings release are believed to be reasonable estimates based on
the information available to, and assumptions and judgments made
by, Anika to-date. Final results could differ from those presented
here. With respect to financial results presented in this earnings
release that are not affected by the calculations of goodwill
impairment or reduction to the fair value of contingent
consideration, the Company does not expect any material changes
except to the extent that such results are impacted by events
between the date of this earnings release and the date on which it
submits its Quarterly Report on Form 10-Q for the first quarter of
2020 to the U.S. Securities and Exchange Commission, or SEC. The
Company intends to rely on the relief provided by the SEC under
Release No. 34-88465 as it relates to its continued work to
determine final goodwill impairment and reduction to fair value of
contingent consideration amounts and presently intends to file its
Form 10-Q with the SEC on or before May 22, 2020, but, in any
event, no later than June 25, 2020, which is 45 days from the Form
10-Q’s original filing deadline of May 11, 2020.
Non-GAAP Information
Adjusted EBITDA
To supplement the financial measures prepared in accordance with
U.S. generally accepted accounting principles (GAAP), the Company
reports adjusted EBITDA, which is a non-GAAP financial measure and
should not be considered an alternative to net income or other
measurements under GAAP. The Company believes that adjusted EBITDA
provides additional useful information to investors in their
assessment of its operating performance as it is a metric routinely
used by management to evaluate the Company’s performance. Adjusted
EBITDA is not calculated identically by all companies, and
therefore the Company’s measurements of adjusted EBITDA may not be
comparable to similarly titled measures reported by other
companies. In 2020, adjusted EBITDA is defined by the Company as
GAAP net income excluding depreciation and amortization, interest
and other income (expense), income taxes, stock-based compensation
expense, acquisition related costs, and non-cash charges related to
goodwill impairment and changes in the fair value of contingent
consideration associated with the Company’s recent acquisitions as
a result of the COVID-19 pandemic. Acquisition related expenses are
those that the Company would not have incurred except as a direct
result of acquisition transactions. Acquisition related expenses
consist of investment banking, legal, accounting, and other
professional and related expenses associated with acquisition
transactions, as well as amortization of inventory step-up and
identified assets associated with purchase accounting for the
transactions. Acquisition related expenses are being reported and
utilized in the Company’s calculation of adjusted EBITDA in order
to facilitate comparison to the Company’s past performance. As a
result of the impact of COVID-19, the Company is also excluding the
impacts of goodwill impairment charges and changes in the fair
value in contingent consideration associated with the recent
acquisition transactions. These amounts are provisional and subject
to change based on the completion of the analyses required to
complete the accounting work associated with them. The Company is
reporting this financial measure to the Board of Directors in order
to facilitate an appropriate assessment of the Company’s
performance and the impact of the COVID-19 pandemic. A
reconciliation of adjusted EBITDA to net income, the most directly
comparable financial measure calculated and presented in accordance
with GAAP, is shown in the table below for the three-month periods
ended March 31, 2020 and 2019.
|
|
|
|
|
|
|
For the
Three Months Ended March 31, |
in thousands, except per share data |
|
|
2020 |
|
|
|
2019 |
|
Net income |
|
$ |
3,461 |
|
|
$ |
4,507 |
|
Interest and other income, net |
|
|
(279 |
) |
|
|
(498 |
) |
Provision for income taxes |
|
|
1,810 |
|
|
|
1,473 |
|
Depreciation and amortization |
|
|
1,673 |
|
|
|
1,477 |
|
Stock-based compensation |
|
|
(207 |
) |
|
|
1,386 |
|
Acquisition related expenses |
|
|
7,326 |
|
|
|
- |
|
Goodwill impairment |
|
|
20,000 |
|
|
|
- |
|
Change in fair value of contingent consideration (benefit) |
|
|
(24,276 |
) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
9,508 |
|
|
$ |
8,345 |
|
|
|
|
|
|
Adjusted Net Income and Adjusted EPS
In addition to adjusted EBITDA, the Company is reporting its
first quarter 2020 results with respect to adjusted net income and
adjusted diluted Earnings per Share (EPS) with respect to adjusted
net income. The Company believes that adjusted net income and
adjusted diluted EPS also provide additional useful information for
investors as they assess the Company’s operating performance, as
they are measures the Company evaluates regularly when assessing
its own performance. Adjusted net income and adjusted diluted EPS
are not calculated identically by all companies, and therefore the
Company’s measurements of adjusted net income and adjusted diluted
EPS may not be comparable to similarly titled measures reported by
other companies. Adjusted net income is defined by the Company as
GAAP net income excluding acquisition related expenses, inclusive
of the impact of purchase accounting, on a tax effected basis. In
the context of adjusted net income, the impact of purchase
accounting includes amortization of inventory step up and
intangible assets recorded as part of purchase accounting for
acquisition transactions. The amortized assets contribute to
revenue generation, and the amortization of such assets will recur
in future periods until such assets are fully amortized. These
assets include the estimated fair value of certain identified
assets acquired in acquisitions in 2020 and beyond, including
in-process research and development, developed technology, customer
relationships and acquired tradenames. As a result of COVID-19, the
Company is also specifically excluding the impacts of goodwill
impairment charges and changes in the fair value in contingent
consideration associated with the acquisition transactions, each on
a tax effected basis. Adjusted diluted EPS is defined by the
Company as GAAP diluted EPS excluding acquisition related expenses
and the impact of purchase accounting, each on a tax-adjusted per
share basis. Again, the Company is also specifically excluding the
impacts of goodwill impairment charges and changes in the fair
value in contingent consideration associated with the acquisition
transactions, each on a tax effected basis if applicable. The
amounts related to goodwill impairment and the change in fair value
of contingent consideration are provisional and subject to change
based on the completion of the analyses required to complete the
accounting work associated with them. The Company is reporting this
financial measure to the Board of Directors in order to facilitate
an appropriate assessment of the Company’s performance and the
impact of the COVID-19 pandemic. A reconciliation of adjusted net
income to net income and adjusted diluted EPS to diluted EPS, the
most directly comparable financial measures calculated and
presented in accordance with GAAP, is shown in the tables below for
the three-month periods ended March 31, 2020 and 2019.
|
|
|
|
|
|
|
For the
Three Months Ended March 31, |
in thousands, except per share data |
|
|
2020 |
|
|
|
2019 |
|
Net income |
|
$ |
3,461 |
|
|
$ |
4,507 |
|
Acquisition related expenses, tax effected |
|
|
5,576 |
|
|
|
- |
|
Goodwill impairment, tax effected |
|
|
17,831 |
|
|
|
- |
|
Change in fair value contingent consideration, tax effected
(benefit) |
|
|
(20,411 |
) |
|
|
- |
|
Adjusted net income |
|
$ |
6,457 |
|
|
$ |
4,507 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended March 31, |
in thousands, except per share data |
|
|
2020 |
|
|
|
2019 |
|
Diluted earnings per share (EPS) |
|
$ |
0.24 |
|
|
$ |
0.31 |
|
Acquisition related expenses per share, tax effected |
|
|
0.39 |
|
|
|
- |
|
Goodwill impairment, tax effected |
|
|
1.24 |
|
|
|
- |
|
Change in fair value contingent consideration, tax effected
(benefit) |
|
|
(1.42 |
) |
|
|
- |
|
Adjusted diluted EPS |
|
$ |
0.45 |
|
|
$ |
0.31 |
|
|
|
|
|
|
Conference Call Information
Anika’s management will hold a conference call and webcast to
discuss its financial results and business highlights today,
Thursday, May 7 at 5:00 pm 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,
www.anikatherapeutics.com. An accompanying slide presentation may
also be accessed via the Anika website. A replay of the webcast
will be available on Anika’s website approximately two hours after
the completion of the event.
About Anika Therapeutics, Inc.
Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated
joint preservation and regenerative therapies company based in
Bedford, Massachusetts. Anika is committed to delivering therapies
to improve the lives of patients across a continuum of care from
osteoarthritis pain management to joint preservation and
restoration. The Company has over two decades of global expertise
commercializing more than 20 products. For more information about
Anika, please visit www.anikatherapeutics.com.
Forward-Looking Statements
The statements made in the last sentence of the second
paragraph, the third and fourth sentences of the first paragraph
under the section captioned “First Quarter Financial Results,” the
last sentence of the first paragraph, fourth sentence of the second
paragraph, and third sentence of the third paragraph under the
section captioned “Response to COVID-19 Pandemic,” the section
captioned “Full Year 2020 Corporate Outlook,” and the fifth and
last sentences under the section captioned “Clarifying Note about
Financial Results” of this press release, which are not statements
of historical fact, are forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.
These statements include, but are not limited to, those relating to
the Company’s fundamentals and financial strength, expectations
regarding non-provisional financial results, the impact of the
COVID-19 pandemic on the Company’s ability to forecast its
financial results, the impact of the COVID-19 pandemic on the
Company’s supply chain, the Company’s credit facility, the
Company’s expectations with respect to its ongoing clinical studies
and rotator cuff development project as a result of the COVID-19
pandemic, the Company’s withdrawal of its 2020 guidance with
respect to its 2020 business objectives and financial performance,
and the Company’s expected timing for filing its Quarterly Report
on Form 10-Q for the first quarter of 2020. These statements
are based upon the current beliefs and expectations of the
Company’s management and are subject to significant risks,
uncertainties, and other factors. The Company’s actual results
could differ materially from any anticipated future results,
performance, or achievements described in the forward-looking
statements as a result of a number of factors including, but not
limited to, (i) the Company’s failure to realize the anticipated
benefits of its recently completed acquisitions; (ii) unexpected
expenditures or assumed liabilities that may be incurred as a
result of these acquisitions; (iii) loss of key employees or
customers following the acquisitions or otherwise; (iv)
unanticipated difficulties in conforming business practices,
including accounting policies, procedures, internal controls, and
financial records of the recently acquired companies; (v) inability
to accurately forecast the performance of the Company; (vi) the
scope and duration of the COVID-19 epidemic, including delays and
cancellations of medical procedures, supply and distribution chain
interruptions, and the Company’s ability to execute its business
continuity plans; (vii) the Company’s ability to successfully
commence and/or complete clinical trials of its products on a
timely basis or at all; (viii) the Company’s ability to obtain
pre-clinical or clinical data to support domestic and international
pre-market approval applications, 510(k) applications, or new drug
applications, or to timely file and receive FDA or other regulatory
approvals or clearances of its products; (ix) that such approvals
will not be obtained in a timely manner or without the need for
additional clinical trials, other testing or regulatory
submissions, as applicable; (x) the Company’s research and product
development efforts and their relative success, including whether
it has any meaningful sales of any new products resulting from such
efforts; (xi) the cost effectiveness and efficiency of the
Company’s clinical studies, manufacturing operations, and
production planning; (xii) the strength of the economies in which
the Company operates or will be operating, as well as the political
stability of any of those geographic areas; (xiii) future
determinations by the Company to allocate resources to products and
in directions not presently contemplated; (xiv) the Company’s
ability to successfully commercialize its products, in the U.S. and
abroad; (xv) quarterly sales volume variation experienced by the
Company, which can make future results difficult to predict and
period-to-period comparisons potentially less meaningful; (xvi) the
Company’s ability to provide an adequate and timely supply of its
products to its customers; and (xvii) the Company’s ability to
achieve its growth targets. Additional factors and risks are
described in the Company’s periodic reports filed with the
Securities and Exchange Commission, and they are available on the
SEC’s website at www.sec.gov. Forward-looking statements are made
based on information available to the Company on the date of this
press release, and the Company assumes no obligation to update the
information contained in this press release.
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Consolidated
Statements of Operations |
(in
thousands, except per share data) |
(Contains
certain provisional results as noted elsewhere in this earnings
release) |
|
(unaudited) |
|
|
|
|
|
|
|
|
For the
Three Months Ended March 31, |
|
|
|
|
2020 |
|
|
|
2019 |
|
|
Product revenue |
|
$ |
35,397 |
|
|
$ |
24,717 |
|
|
Licensing, milestone and contract revenue |
|
|
- |
|
|
|
6 |
|
|
Total revenue |
|
|
35,397 |
|
|
|
24,723 |
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
Cost of product revenue |
|
|
14,200 |
|
|
|
7,311 |
|
|
Research and development |
|
|
6,050 |
|
|
|
4,258 |
|
|
Selling, general and administrative |
|
|
14,431 |
|
|
|
7,672 |
|
|
Goodwill impairment |
|
|
20,000 |
|
|
|
- |
|
|
Change in fair value of contingent consideration |
|
|
(24,276 |
) |
|
|
- |
|
|
Total operating expenses |
|
|
30,405 |
|
|
|
19,241 |
|
|
Income from operations |
|
|
4,992 |
|
|
|
5,482 |
|
|
Interest and other income, net |
|
|
279 |
|
|
|
498 |
|
|
Income before income taxes |
|
|
5,271 |
|
|
|
5,980 |
|
|
Provision for income taxes |
|
|
1,810 |
|
|
|
1,473 |
|
|
Net income |
|
$ |
3,461 |
|
|
$ |
4,507 |
|
|
|
|
|
|
|
|
Basic net income per share: |
|
|
|
|
|
Net income |
|
$ |
0.24 |
|
|
$ |
0.32 |
|
|
Basic weighted average common shares outstanding |
|
|
14,202 |
|
|
|
14,185 |
|
|
Diluted net income per share: |
|
|
|
|
|
Net income |
|
$ |
0.24 |
|
|
$ |
0.31 |
|
|
Diluted weighted average common shares outstanding |
|
|
14,353 |
|
|
|
14,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Consolidated
Balance Sheets |
(in
thousands, except per share data) |
(Contains
certain provisional results as noted elsewhere in this earnings
release) |
|
(unaudited) |
|
|
|
|
|
|
|
|
March
31, |
|
December
31, |
|
ASSETS |
|
|
2020 |
|
|
|
2019 |
|
|
Current assets: |
|
|
|
|
|
Cash, cash equivalents and investments |
|
$ |
92,285 |
|
|
$ |
184,943 |
|
|
Accounts receivable, net |
|
|
28,101 |
|
|
|
23,079 |
|
|
Inventories, net |
|
|
35,081 |
|
|
|
21,995 |
|
|
Prepaid expenses and other current assets |
|
|
5,124 |
|
|
|
4,289 |
|
|
Total current assets |
|
|
160,591 |
|
|
|
234,306 |
|
|
Property and equipment, net |
|
|
54,232 |
|
|
|
50,783 |
|
|
Right-of-use assets |
|
|
23,528 |
|
|
|
22,864 |
|
|
Other long-term assets |
|
|
27,507 |
|
|
|
7,478 |
|
|
Intangible assets, net |
|
|
98,718 |
|
|
|
7,585 |
|
|
Goodwill |
|
|
31,946 |
|
|
|
7,694 |
|
|
Total assets |
|
$ |
396,522 |
|
|
$ |
330,710 |
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
|
$ |
9,906 |
|
|
$ |
3,832 |
|
|
Accrued expenses and other current liabilities |
|
|
16,905 |
|
|
|
12,445 |
|
|
Total current liabilities |
|
|
26,811 |
|
|
|
16,277 |
|
|
Other long-term liabilities |
|
|
1,019 |
|
|
|
357 |
|
|
Contingent consideration |
|
|
40,497 |
|
|
|
- |
|
|
Deferred tax liability |
|
|
15,102 |
|
|
|
4,331 |
|
|
Lease liabilities |
|
|
21,731 |
|
|
|
21,367 |
|
|
Commitments and contingencies |
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
Preferred stock, $0.01 par value |
|
|
- |
|
|
|
- |
|
|
Common stock, $0.01 par value |
|
|
142 |
|
|
|
143 |
|
|
Additional paid-in-capital |
|
|
48,360 |
|
|
|
48,707 |
|
|
Accumulated other comprehensive loss |
|
|
(6,027 |
) |
|
|
(5,898 |
) |
|
Retained earnings |
|
|
248,887 |
|
|
|
245,426 |
|
|
Total stockholders’ equity |
|
|
291,362 |
|
|
|
288,378 |
|
|
Total liabilities and stockholders’ equity |
|
$ |
396,522 |
|
|
$ |
330,710 |
|
|
|
|
|
|
|
|
Revenue by
Product Line and Product Gross Margin |
(in
thousands, except percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
Product Family: |
|
|
2020 |
|
% |
|
|
2019 |
|
% |
Joint Pain Management |
|
$ |
25,483 |
|
72 |
% |
|
$ |
22,850 |
|
92 |
% |
Orthopedic Joint Preservation and Restoration |
|
|
7,896 |
|
22 |
% |
|
|
163 |
|
1 |
% |
Other |
|
|
2,018 |
|
6 |
% |
|
|
1,704 |
|
7 |
% |
Product Revenue |
|
$ |
35,397 |
|
100 |
% |
|
$ |
24,717 |
|
100 |
% |
|
|
|
|
|
|
|
Product
Gross Profit |
|
$ |
21,197 |
|
|
|
$ |
17,406 |
|
|
Product
Gross Margin |
|
|
60% |
|
|
|
|
70% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Revenue by Geographic Region |
(in
thousands, except percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
Geographic Region: |
|
|
2020 |
|
% |
|
|
2019 |
|
% |
United States |
|
$ |
26,306 |
|
74 |
% |
|
$ |
20,089 |
|
81 |
% |
Europe |
|
|
5,276 |
|
15 |
% |
|
|
2,526 |
|
10 |
% |
Other |
|
|
3,815 |
|
11 |
% |
|
|
2,102 |
|
9 |
% |
Product Revenue |
|
$ |
35,397 |
|
100 |
% |
|
$ |
24,717 |
|
100 |
% |
|
|
|
|
|
|
|
CONTACT:
Anika Therapeutics, Inc. Cheryl R. Blanchard, Ph.D.,
President & CEOSylvia Cheung, CFOTel: 781-457-9000
Anika Therapeutics (NASDAQ:ANIK)
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