Anika Therapeutics, Inc. (NASDAQ: ANIK), a global, integrated joint
preservation, restoration and regenerative solutions company with
products across the orthopedic early intervention continuum of
care, today reported financial results for the second quarter ended
June 30, 2020, and provided an update on its business progress in
the period.
“Anika’s recent strategic transformation has provided commercial
diversity and generated top-line revenue growth year-over-year for
the quarter, despite the COVID-19 pandemic impact,” said Cheryl R.
Blanchard, Ph.D., President and Chief Executive Officer of Anika
Therapeutics. “The Company also made continued progress as a
customer-centric company focused on the early intervention
orthopedic continuum of care, including forming a new leadership
team and a consolidated commercial structure as part of the
integration of Parcus Medical and Arthrosurface. We are expanding
our product portfolio with several innovations that address the
needs of orthopedic and sports medicine surgeons with seven new
product launches through the third quarter of 2020. The health and
safety of our employees, the customers we serve and all of the
patients they treat around the world remains our top priority,
while we continue to take actions to control our costs and maintain
our strong balance sheet during the COVID-19 pandemic.”
Second Quarter Financial Results
- Total revenue for the second quarter of 2020 increased 1%
year-over-year to $30.7 million, compared to $30.4 million for the
second quarter of 2019. The increase in total revenue was due
primarily to new Orthopedic Joint Preservation and Restoration
revenue, which resulted from the acquisitions of Parcus Medical and
Arthrosurface in the first quarter of 2020, partially off-set by
lower Joint Pain Management revenue as a result of the COVID
environment.
- Cost of product revenue, research and development expenses and
selling, general and administrative expenses for the second quarter
of 2020 were $36.0 million, compared to $18.5 million for the
second quarter of 2019. The increase was due primarily to higher
cost of product revenue, selling and marketing expenses related to
the Company’s newly acquired sales infrastructure, acquisition
related amortization expenses and product rationalization charges
associated with certain non-core legacy products. Acquisition
related non-cash expenses and product rationalization non-cash
charges during the quarter totaled $6.9 million.
- Included in total operating expenses for the second quarter of
2020 was a $4.2 million increase in fair value related to
acquisition contingent consideration liabilities, recorded as a
non-cash expense, as a result of the estimated improved performance
of the recently acquired companies following the easing of COVID
restrictions in the U.S.
- Net loss for the second quarter of 2020 was $7.7 million, or
$0.54 loss per diluted share, compared to net income of $9.4
million, or $0.67 per diluted share, for the second quarter of
2019. Adjusted net income (see description below) for the second
quarter of 2020 was $1.2 million, or $0.09 per diluted share.
- Adjusted EBITDA (see description below) for the second quarter
of 2020 was $5.6 million, compared to $14.8 million for the second
quarter of 2019. The year-over-year decrease was due primarily to
increases in cost of product revenue and related revenue mix and
selling and marketing expenses.
- Cash, cash equivalents and investments were $144.4 million as
of June 30, 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, offset by the $50.0 million
drawdown on the Company’s existing credit facility.
Recent Business Highlights
- Augmented the leadership team to maximize talent utilization
and efficiency, as well as drive performance, including the
appointments of:○ Bart Bracy, former Senior Vice President
and Co-Founder of Parcus Medical, as Vice President of Sales and
Marketing for the Americas region;○ Steven Ek, former
President and Chief Executive Officer of Arthrosurface, as Vice
President of Research and Development;○ Mark Brunsvold,
former President and Co-Founder of Parcus Medical, as President of
Sports Medicine; and○ James Chase as Senior Vice President of
International Sales and Marketing, with expanded responsibility for
Anika’s operations in Padua, Italy.
- Completed the integration of the Company’s U.S. commercial
organization, which includes 35 sales professionals in addition to
shared sales operations and marketing functions.
- Expanded the TACTOSET franchise, Anika’s surgically delivered
regenerative therapy for bone repair procedures focused on treating
insufficiency fractures, to include a small bone cannula set
enabling improved and more accurate access in small joints and
extremities.
- Completed prelaunch activities for six sports medicine surgical
devices and instruments, which recently received U.S. Food and Drug
Administration clearance. The new products are used in procedures
ranging from rotator cuff repair to arthroscopic knee repairs and
the treatment of arthritis damage in the hand and wrist. The
products will be commercialized through Anika’s recently expanded
sales and marketing team through the third quarter of 2020.
- Continued international expansion of the Company’s joint pain
management business through the launch and first sales of CINGAL in
Australia, as well as the receipt of visocsupplement product
approvals in Finland and Serbia.
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, 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, and product rationalization
charges associated with certain non-core legacy products.
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.
Product rationalization charges being excluded relate to certain
non-core legacy assets as result of managing the Company’s
financial position in light of its recent acquisitions, the impact
of COVID-19 and changing regulatory requirements. These non-cash
charges are related to current product inventory and fixed and
intangible assets. 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- and six-month periods ended June 30, 2020 and
2019.
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Reconciliation of GAAP Net Income to Adjusted
EBITDA |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the Six
Months Ended June 30, |
in thousands, except per share data |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) |
|
$ |
(7,708 |
) |
|
$ |
9,435 |
|
|
$ |
(1,915 |
) |
|
$ |
13,942 |
|
Interest and other income (expense), net |
|
|
169 |
|
|
|
(533 |
) |
|
|
(110 |
) |
|
|
(1,031 |
) |
Income taxes |
|
|
(1,997 |
) |
|
|
3,013 |
|
|
|
(417 |
) |
|
|
4,486 |
|
Depreciation and amortization |
|
|
1,739 |
|
|
|
1,466 |
|
|
|
3,412 |
|
|
|
2,943 |
|
Stock-based compensation |
|
|
2,240 |
|
|
|
1,443 |
|
|
|
2,033 |
|
|
|
2,829 |
|
Product rationalization related charges |
|
|
2,892 |
|
|
|
- |
|
|
|
2,892 |
|
|
|
- |
|
Acquisition related expenses |
|
|
4,028 |
|
|
|
- |
|
|
|
11,354 |
|
|
|
- |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
18,144 |
|
|
|
- |
|
Change in fair value of contingent consideration (benefit) |
|
|
4,196 |
|
|
|
- |
|
|
|
(20,326 |
) |
|
|
- |
|
Adjusted EBITDA |
|
$ |
5,559 |
|
|
$ |
14,824 |
|
|
$ |
15,067 |
|
|
$ |
23,169 |
|
|
|
|
|
|
|
|
|
|
Adjusted Net Income and Adjusted EPS
In addition to adjusted EBITDA, the Company is reporting its
second quarter 2020 results with respect to adjusted net income
(net loss) and adjusted diluted Earnings (loss) 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 that 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, as well as
the non-cash product rationalization charges associated with
certain non-core legacy products. 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, as well as the non-cash product
rationalization charges associate with certain non-core legacy
products. 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
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- and six-month periods ended June
30, 2020 and 2019.
|
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|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Reconciliation of GAAP Net Income to Adjusted Net
Income |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the Six
Months Ended June 30, |
in thousands, except per share data |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Net income (loss) |
|
$ |
(7,708 |
) |
|
$ |
9,435 |
|
|
$ |
(1,915 |
) |
|
$ |
13,942 |
|
Product rationalization related charges, tax effected |
|
|
2,377 |
|
|
|
- |
|
|
|
2,377 |
|
|
|
- |
|
Acquisition related expenses, tax effected |
|
|
3,085 |
|
|
|
- |
|
|
|
8,678 |
|
|
|
- |
|
Goodwill impairment, tax effected |
|
|
- |
|
|
|
- |
|
|
|
15,773 |
|
|
|
- |
|
Change in fair value of contingent consideration, tax effected
(benefit) |
|
|
3,474 |
|
|
|
- |
|
|
|
(17,208 |
) |
|
|
- |
|
Adjusted net income |
|
$ |
1,228 |
|
|
$ |
9,435 |
|
|
$ |
7,705 |
|
|
$ |
13,942 |
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Reconciliation of GAAP Diluted Earnings Per Share to
Adjusted Diluted Earnings Per Share |
(per share
data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the Six
Months Ended June 30, |
in thousands, except per share data |
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Diluted earnings (loss) per share (EPS) |
|
$ |
(0.54 |
) |
|
$ |
0.67 |
|
|
$ |
(0.13 |
) |
|
$ |
0.98 |
|
Product rationalization related charges, tax effected |
|
|
0.17 |
|
|
|
- |
|
|
|
0.17 |
|
|
|
- |
|
Acquisition related expenses per share, tax effected |
|
|
0.22 |
|
|
|
- |
|
|
|
0.61 |
|
|
|
- |
|
Goodwill impairment, tax effected |
|
|
- |
|
|
|
- |
|
|
|
1.10 |
|
|
|
- |
|
Change in fair value of contingent consideration, tax effected
(benefit) |
|
|
0.24 |
|
|
|
- |
|
|
|
(1.19 |
) |
|
|
- |
|
Adjusted diluted EPS |
|
$ |
0.09 |
|
|
$ |
0.67 |
|
|
$ |
0.56 |
|
|
$ |
0.98 |
|
|
|
|
|
|
|
|
|
|
Conference Call Information
Anika’s management will hold a conference call and webcast to
discuss its financial results and business highlights today,
Thursday, July 30 at 5:00 pm ET. The conference call can be
accessed by dialing 1-855-327-6837 (toll-free domestic) or
1-631-891-4304 (international) and providing the conference ID
number 10010333. 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, restoration and regenerative solutions company
based in Bedford, Massachusetts. Anika is committed to delivering
products along the orthopedic early intervention continuum of care
to improve the lives of patients, with a focus on osteoarthritis
pain management, sports medicine and joint preservation,
restoration and regeneration. The Company has close to three
decades of global expertise commercializing innovative products
across the orthopedic early intervention continuum of care. For
more information about Anika, please visit
www.anikatherapeutics.com.
Forward-Looking Statements
The statements made in the third sentence of the second
paragraph and the final sentence of the fourth bullet point under
the section captioned “Recent Business Highlights”, 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 product development and commercialization
plans. 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, especially in
light of the evolving landscape around the COVID-19 pandemic. 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
recently acquired companies resulting in unforeseen adverse effects
on the Company’s operating results; (vi) synergies between the
recently acquired companies and the Company being estimates which
may be materially different from actual results; (vii) 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; (viii) 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; (ix) the cost effectiveness and efficiency of the
Company’s clinical studies, manufacturing operations, and
production planning; (x) the Company’s ability to successfully
commercialize its products, in the U.S. and abroad; (xi) the
Company’s ability to provide an adequate and timely supply of its
products to its customers; and (xii) 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.
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|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Consolidated
Statements of Operations |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended June 30, |
|
For the Six
Months Ended June 30, |
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
Product
revenue |
|
$ |
30,678 |
|
|
$ |
30,413 |
|
|
$ |
66,075 |
|
|
$ |
55,130 |
|
Licensing, milestone and contract revenue |
|
|
- |
|
|
|
5 |
|
|
|
- |
|
|
|
11 |
|
Total revenue |
|
|
30,678 |
|
|
|
30,418 |
|
|
|
66,075 |
|
|
|
55,141 |
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
Cost of product revenue |
|
|
16,936 |
|
|
|
6,836 |
|
|
|
31,136 |
|
|
|
14,147 |
|
Research and development |
|
|
4,532 |
|
|
|
4,165 |
|
|
|
10,582 |
|
|
|
8,423 |
|
Selling, general and administrative |
|
|
14,550 |
|
|
|
7,502 |
|
|
|
28,981 |
|
|
|
15,174 |
|
Goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
18,144 |
|
|
|
- |
|
Change in fair value of contingent consideration |
|
|
4,196 |
|
|
|
- |
|
|
|
(20,326 |
) |
|
|
- |
|
Total operating expenses |
|
|
40,214 |
|
|
|
18,503 |
|
|
|
68,517 |
|
|
|
37,744 |
|
Income (loss) from operations |
|
|
(9,536 |
) |
|
|
11,915 |
|
|
|
(2,442 |
) |
|
|
17,397 |
|
Interest and other income (expense), net |
|
|
(169 |
) |
|
|
533 |
|
|
|
110 |
|
|
|
1,031 |
|
Income (loss) before income taxes |
|
|
(9,705 |
) |
|
|
12,448 |
|
|
|
(2,332 |
) |
|
|
18,428 |
|
Income taxes |
|
|
(1,997 |
) |
|
|
3,013 |
|
|
|
(417 |
) |
|
|
4,486 |
|
Net income (loss) |
|
$ |
(7,708 |
) |
|
$ |
9,435 |
|
|
$ |
(1,915 |
) |
|
$ |
13,942 |
|
|
|
|
|
|
|
|
|
|
Basic net income per share: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(0.54 |
) |
|
$ |
0.68 |
|
|
$ |
(0.13 |
) |
|
$ |
0.99 |
|
Basic weighted average common shares outstanding |
|
|
14,199 |
|
|
|
13,916 |
|
|
|
14,201 |
|
|
|
14,054 |
|
Diluted net income per share: |
|
|
|
|
|
|
|
|
Net income (loss) |
|
$ |
(0.54 |
) |
|
$ |
0.67 |
|
|
$ |
(0.13 |
) |
|
$ |
0.98 |
|
Diluted weighted average common shares outstanding |
|
|
14,199 |
|
|
|
14,088 |
|
|
|
14,201 |
|
|
|
14,203 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Consolidated
Balance Sheets |
(in
thousands, except per share data) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
30, |
|
December
31, |
ASSETS |
|
|
|
|
|
2020 |
|
2019 |
Current assets: |
|
|
|
|
|
|
|
|
Cash, cash equivalents and investments |
|
|
|
|
|
$ |
144,370 |
|
|
$ |
184,943 |
|
Accounts receivable, net |
|
|
|
|
|
|
24,094 |
|
|
|
23,079 |
|
Inventories, net |
|
|
|
|
|
|
46,479 |
|
|
|
21,995 |
|
Prepaid expenses and other current assets |
|
|
|
|
|
|
6,340 |
|
|
|
4,289 |
|
Total current assets |
|
|
|
|
|
|
221,283 |
|
|
|
234,306 |
|
Property and equipment, net |
|
|
|
|
|
|
52,659 |
|
|
|
50,783 |
|
Right-of-use assets |
|
|
|
|
|
|
23,196 |
|
|
|
22,864 |
|
Other long-term assets |
|
|
|
|
|
|
13,451 |
|
|
|
7,478 |
|
Intangible assets, net |
|
|
|
|
|
|
95,978 |
|
|
|
7,585 |
|
Goodwill |
|
|
|
|
|
|
33,958 |
|
|
|
7,694 |
|
Total assets |
|
|
|
|
|
$ |
440,525 |
|
|
$ |
330,710 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
|
$ |
6,162 |
|
|
$ |
3,832 |
|
Accrued expenses and other current liabilities |
|
|
|
|
|
|
21,745 |
|
|
|
12,445 |
|
Total current liabilities |
|
|
|
|
|
|
27,907 |
|
|
|
16,277 |
|
Other long-term liabilities |
|
|
|
|
|
|
843 |
|
|
|
357 |
|
Contingent consideration |
|
|
|
|
|
|
37,062 |
|
|
|
- |
|
Long-term debt |
|
|
|
|
|
|
50,000 |
|
|
|
- |
|
Deferred tax liability |
|
|
|
|
|
|
14,855 |
|
|
|
4,331 |
|
Lease liabilities |
|
|
|
|
|
|
21,414 |
|
|
|
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 |
|
|
|
|
|
|
50,609 |
|
|
|
48,707 |
|
Accumulated other comprehensive loss |
|
|
|
|
|
|
(5,818 |
) |
|
|
(5,898 |
) |
Retained earnings |
|
|
|
|
|
|
243,511 |
|
|
|
245,426 |
|
Total stockholders’ equity |
|
|
|
|
|
|
288,444 |
|
|
|
288,378 |
|
Total liabilities and stockholders’ equity |
|
|
|
|
|
$ |
440,525 |
|
|
$ |
330,710 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Anika
Therapeutics, Inc. and Subsidiaries |
Supplemental
Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenue by
Product Line and Product Gross Margin |
(in
thousands, except percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
Product Family: |
|
2020 |
% |
|
2019 |
% |
|
2020 |
% |
|
2019 |
% |
Joint Pain Management |
|
$ |
22,247 |
|
72 |
% |
|
$ |
26,632 |
|
88 |
% |
|
$ |
47,730 |
|
72 |
% |
|
$ |
49,482 |
|
90 |
% |
Orthopedic Joint Preservation and Restoration |
|
|
6,622 |
|
22 |
% |
|
|
802 |
|
3 |
% |
|
|
14,518 |
|
22 |
% |
|
|
966 |
|
2 |
% |
Other |
|
|
1,809 |
|
6 |
% |
|
|
2,979 |
|
9 |
% |
|
|
3,827 |
|
6 |
% |
|
|
4,682 |
|
8 |
% |
Product Revenue |
|
$ |
30,678 |
|
100 |
% |
|
$ |
30,413 |
|
100 |
% |
|
$ |
66,075 |
|
100 |
% |
|
$ |
55,130 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Gross Profit |
|
$ |
13,742 |
|
|
|
$ |
23,577 |
|
|
|
$ |
34,939 |
|
|
|
$ |
40,983 |
|
|
Product
Gross Margin |
|
|
45 |
% |
|
|
|
78 |
% |
|
|
|
53 |
% |
|
|
|
74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Product
Revenue by Geographic Region |
(in
thousands, except percentages) |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended June 30, |
|
For the Six Months Ended June 30, |
Geographic Region: |
|
2020 |
% |
|
2019 |
% |
|
2020 |
% |
|
2019 |
% |
United States |
|
$ |
25,133 |
|
82 |
% |
|
$ |
22,937 |
|
76 |
% |
|
$ |
51,438 |
|
78 |
% |
|
$ |
43,026 |
|
78 |
% |
Europe |
|
|
2,910 |
|
9 |
% |
|
|
4,927 |
|
16 |
% |
|
|
8,186 |
|
12 |
% |
|
|
7,454 |
|
14 |
% |
Other |
|
|
2,635 |
|
9 |
% |
|
|
2,549 |
|
8 |
% |
|
|
6,451 |
|
10 |
% |
|
|
4,650 |
|
8 |
% |
Product Revenue |
|
$ |
30,678 |
|
100 |
% |
|
$ |
30,413 |
|
100 |
% |
|
$ |
66,075 |
|
100 |
% |
|
$ |
55,130 |
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
For Investor Inquiries: Anika Therapeutics, Inc. Sylvia Cheung,
781-457-9000 Chief Financial Officer
investorrelations@anikatherapeutics.com |
For Media Inquiries: W2O Group Rachel Girard, 617-379-6760
rgirard@w2ogroup.com |
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