ANIK Anika Therapeutics Inc.

35.77
-0.57  -2%
Previous Close 36.34
Open 36.2
52 Week Low 22.01
52 Week High 75.715
Market Cap $508,199,378
Shares 14,207,419
Float 11,968,897
Enterprise Value $435,626,709
Volume 128,105
Av. Daily Volume 125,188
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Drug Pipeline

Drug Stage Notes
HYALOFAST
Cartilage defects of the knee
Phase 3
Phase 3
Phase 3 completion of enrolment to be delayed due to COVID-19.
Cingal
Osteoarthritis
Phase 3
Phase 3
Phase 3 trial did not meet primary endpoint - June 19, 2018. Further trial to be initiated depending on COVID-19.
Monovisc
Osteoarthritis
Approved
Approved
Approved Feb 2014

Latest News

  1. BEDFORD, Mass., Aug. 05, 2020 (GLOBE NEWSWIRE) -- 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 announced the appointment of Michael Levitz as Executive Vice President, Chief Financial Officer and Treasurer, starting August 10, 2020. Mr. Levitz brings over 20 years of public company financial experience to Anika and has helped deliver significant increases in enterprise value and operating performance at several medical device companies. He succeeds Sylvia Cheung, who will continue with the Company in an advisory capacity for a period following the succession effective date to assist…

    BEDFORD, Mass., Aug. 05, 2020 (GLOBE NEWSWIRE) -- 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 announced the appointment of Michael Levitz as Executive Vice President, Chief Financial Officer and Treasurer, starting August 10, 2020. Mr. Levitz brings over 20 years of public company financial experience to Anika and has helped deliver significant increases in enterprise value and operating performance at several medical device companies. He succeeds Sylvia Cheung, who will continue with the Company in an advisory capacity for a period following the succession effective date to assist with a smooth transition.

    "Anika is delighted to welcome Mike to our leadership team during this pivotal time of momentum and growth for the Company," said Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer of Anika. "His extensive experience building, developing, and retaining high-performing teams during significant periods of growth and transformation will be invaluable as we continue to integrate the acquisitions of Parcus Medical and Arthrosurface, leverage our expanded global commercial reach, and advance our strategic growth plan."

    "Anika is at an exciting stage of its corporate evolution, with a strong financial foundation and a robust and growing early intervention orthopedic product portfolio and pipeline," said Mr. Levitz. "I look forward to contributing to the Company's culture of financial discipline and investment in innovation to accelerate growth and value creation for shareholders."

    Prior to joining Anika, Mr. Levitz served as Senior Vice President, Chief Financial Officer and Treasurer of Insulet Corporation, a global innovative medical device and drug delivery company. Prior to Insulet, from 2009 to 2015 he was the Senior Vice President, Chief Financial Officer and Treasurer of Analogic Corporation, a global provider of medical guidance, diagnostic imaging and threat detection equipment. Previously, during his seven years with Hologic, Inc. and Cytyc Corporation (which merged with Hologic in October 2007), Mr. Levitz served in various capacities including Vice President and Corporate Controller. Mr. Levitz began his career in the high technology audit practice at Arthur Andersen. Mr. Levitz earned his Bachelor of Arts in Business Economics, with emphasis in Accounting, from the University of California Santa Barbara and is a certified public accountant. In 2011, he was a finalist for the Boston Business Journal's Chief Financial Officer of the Year award.

    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.



    For Investor Inquiries:

    Anika Therapeutics, Inc.

    Kristen Galfetti, 781-457-9000

    Executive Director, Investor Relations



     
    For Media Inquiries:

    W2O Group

    Rachel Girard, 617-379-6760  

    rgirard@w2ogroup.com

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  2. Increased Total Revenue 1% Year-over-Year to $30.7 Million
    Accelerated the Commercial Integration of Parcus Medical and Arthrosurface Organizations
    Launching Seven FDA-Cleared Orthopedic and Sports Medicine Products Through Q3 2020

    BEDFORD, Mass., July 30, 2020 (GLOBE NEWSWIRE) -- 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…

    Increased Total Revenue 1% Year-over-Year to $30.7 Million

    Accelerated the Commercial Integration of Parcus Medical and Arthrosurface Organizations

    Launching Seven FDA-Cleared Orthopedic and Sports Medicine Products Through Q3 2020

    BEDFORD, Mass., July 30, 2020 (GLOBE NEWSWIRE) -- 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.

             
    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.

             
    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





    For Media Inquiries:

    W2O Group

    Rachel Girard, 617-379-6760  



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  3. BEDFORD, Mass., July 20, 2020 (GLOBE NEWSWIRE) -- 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 announced U.S. Food and Drug Administration (FDA) clearance and the planned launch of multiple new product innovations that address the needs of orthopedic and sports medicine surgeons and their patients seeking to stay active by overcoming soft tissue damage. Six minimally invasive surgical devices and instruments have been cleared by the FDA to repair rotator cuffs, perform arthroscopic knee repairs and treat arthritis damage in the hand and wrist. The products will be commercialized…

    BEDFORD, Mass., July 20, 2020 (GLOBE NEWSWIRE) -- 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 announced U.S. Food and Drug Administration (FDA) clearance and the planned launch of multiple new product innovations that address the needs of orthopedic and sports medicine surgeons and their patients seeking to stay active by overcoming soft tissue damage. Six minimally invasive surgical devices and instruments have been cleared by the FDA to repair rotator cuffs, perform arthroscopic knee repairs and treat arthritis damage in the hand and wrist. The products will be commercialized through Anika's recently expanded sales and marketing team throughout the third quarter of 2020 and mark the first products launched from the acquisitions of Parcus Medical and Arthrosurface, which were completed earlier this year.

    "Anika has rapidly pivoted to become a dynamic, customer facing enterprise. The introduction of these innovative technologies is evidence that the Company is listening to its physician customers to identify surgeon and patient needs, and has the ability to develop, gain approvals for and launch a series of new devices and instruments, even during pandemic conditions," said Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer of Anika. "Commercial success and growth in the sports medicine and joint preservation and restoration market demands an evolving understanding of unmet patient needs and the ability to translate surgeon feedback into designs that are both meaningful and practical for today's minimally invasive surgical ecosystem. Anika is well positioned to launch these exciting innovations, and we look forward to introducing these new products to our growing customer base as COVID restrictions ease and elective procedures resume in the U.S."

    The new products include:

    • Knotless AP Suture Anchors, a new family of knotless, drive-in suture anchors manufactured from a proprietary, bioabsorbable composite and available in four diameters. These products are used for rotator cuff repairs in the shoulder and tendon repairs in the foot and ankle.
    • ATLAS, a more anatomical and less invasive arthroplasty solution to treat arthritis of the CMC joint (thumb).
    • Synd-EZ Ti and Synd-EZ SS, knotless solutions to repair syndesmosis injuries in the ankle. These products are available in both titanium and stainless steel for compatibility with adjunctive fixation products.
    • Twist PEEK SST, a suture anchor design incorporating fixed suture tapes to facilitate reproducible knotless double-row rotator cuff repair.
    • 35 PEEK CF Push-In with Tape, a carbon fiber reinforced polymer anchor that incorporates high-strength suture tape to facilitate arthroscopic capsulolabral repairs of the shoulder.
    • GFS BTB Link, a ligament retention device used with the GFS Ultimate suspensory fixation device to provide the option to utilize bone-tendon-bone grafts in ACL and PCL reconstruction.

    "Consistent incremental improvements to techniques, tools and materials are critical in joint preservation surgery, allowing surgeons to continually refine ways to keep their patients active and comfortable," said Anil S. Ranawat, M.D., Hospital for Special Surgery. "Having worked closely with the Anika team in recent years, I am impressed with their ability to identify clinical problems and provide real time solutions for us as practitioners. Their growing armamentarium of new tools is the most recent example of this commitment, and I look forward to putting them into practice."

    About Anika Therapeutics

    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 a diverse array of products 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 first and third sentence of the first paragraph, 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 planned product launches. 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.

    For Investor Inquiries:

    Anika Therapeutics, Inc.

    Sylvia Cheung, 781-457-9000

    Chief Financial Officer



     
    For Media Inquiries:

    W2O Group

    Rachel Girard, 617-379-6760  

    rgirard@w2ogroup.com

     

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  4. BEDFORD, Mass., July 16, 2020 (GLOBE NEWSWIRE) -- 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 announced that the Company plans to issue its second quarter 2020 financial results after the close of the market on Thursday, July 30, 2020 and hold its investor conference call on the same day, Thursday, July 30, 2020, at 5:00 p.m. ET to discuss its financial results, business highlights, and outlook.

    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…

    BEDFORD, Mass., July 16, 2020 (GLOBE NEWSWIRE) -- 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 announced that the Company plans to issue its second quarter 2020 financial results after the close of the market on Thursday, July 30, 2020 and hold its investor conference call on the same day, Thursday, July 30, 2020, at 5:00 p.m. ET to discuss its financial results, business highlights, and outlook.

    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 also can be accessed via the Anika Therapeutics website. The call will be archived and accessible on the same website shortly after its conclusion.

    About Anika Therapeutics

    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 a diverse array of products 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.

    For Investor Inquiries:

    Anika Therapeutics, Inc.

    Sylvia Cheung, 781-457-9000

    Chief Financial Officer



    For Media Inquiries:

    W2O Group

    Rachel Girard, 617-379-6760

    rgirard@w2ogroup.com

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  5. Sylvia Cheung to Step Down in August 2020

    Company Initiates Search for Successor

    BEDFORD, Mass., June 02, 2020 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global, integrated joint preservation and regenerative therapies company with products across the orthopedic early intervention continuum of care, today announced that Sylvia Cheung, Chief Financial Officer, has informed the Board of Directors of her decision, following a period of transition, to step away from her role at Anika effective August 21, 2020.  Anika has initiated a search to identify Ms. Cheung's successor. If a successor has not been identified prior to Ms. Cheung's planned departure, the Company may request that she continue as a special advisor for a period…

    Sylvia Cheung to Step Down in August 2020

    Company Initiates Search for Successor

    BEDFORD, Mass., June 02, 2020 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global, integrated joint preservation and regenerative therapies company with products across the orthopedic early intervention continuum of care, today announced that Sylvia Cheung, Chief Financial Officer, has informed the Board of Directors of her decision, following a period of transition, to step away from her role at Anika effective August 21, 2020.  Anika has initiated a search to identify Ms. Cheung's successor. If a successor has not been identified prior to Ms. Cheung's planned departure, the Company may request that she continue as a special advisor for a period of time to help ensure a smooth transition.

    "Sylvia is an exemplary leader who has made many meaningful contributions to Anika over the years," said Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer of Anika. "On behalf of the Board and the entire company, I want to thank Sylvia for her steady leadership. Among other things, she has helped develop and begin execution of our transformation strategy, and has built strong and high performing finance and accounting, investor relations and information technologies functions that will support our ongoing success. We appreciate Sylvia's input in the search process and are confident she will succeed in whatever she chooses to do next."

    "I am proud of what we have built over the last 15 years. It has been an extraordinary experience for me, and I am especially pleased that the Company is well positioned for its next phase of growth," said Ms. Cheung. "I look forward to working closely with Cheryl and the Board to identify the right candidate and to help ensure a smooth transition. As I look to the future, I am confident in Anika's long-term business plan and in Cheryl's and the management team's ability to achieve the Company's strategic and financial goals. I will be following Anika's growth and success for years to come."

    About Anika Therapeutics
    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 close to three decades of global expertise commercializing more than 20 products. For more information about Anika, please visit www.anikatherapeutics.com

    For Investor Inquiries:
    Anika Therapeutics, Inc.
    Sylvia Cheung, 781-457-9000
    Chief Financial Officer
    For Media Inquiries:
    W2O Group
    Jeremy Berrington, 312-241-1995


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