Anika Q4 revenue $43.0M (+8%), net loss incl. $62.2M impairment; guides FY2024 adj. EBITDA $25-30M

Anika Therapeutics, Inc.

Q4 revenue $43.0M (+8% YoY); net loss ($63.0M) or ($4.30)/share due to $62.2M non-cash impairment on Arthrosurface/Parcus intangibles.
FY2023 revenue $166.7M (+7% YoY); OA Pain Management record $101.9M (+11%).
Announces ~9% workforce reduction expected to save ~$10 million annually in 2024.
FY2024 guidance: revenue $168-173M (+1-4%), adj. EBITDA $25-30M (margin at least 15%), up >75% at midpoint.
Engaged Piper Sandler for strategic review, evaluating alternatives including potential sale.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Anika Therapeutics, Inc. reported fiscal year ended December 31, 2023 results: revenue $166.7 million, net income ($82.7) million, EPS ($5.64) per share. Guidance initiated.

Period: fiscal year ended December 31, 2023
Revenue: $166.7 million
Net income: ($82.7) million
EPS: ($5.64) per share
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue for fiscal 2023 increased 7% to $166.7 million, compared with $156.2 million in 2022. OA Pain Management revenue of $101.9 million, up 11% Joint Preservation and Restoration revenue of $54.9 million, up 9% Non-Orthopedic revenue of $9.9 million, down 29% Gross margin was 62%, including $6.2 million of non-cash acquisition-related intangible asset amortization and $0.7 million of product rationalization charges. Adjusted gross margin 1 , excluding these charges, was 66%. Including the fourth quarter non-cash impairment charge, net loss was ($82.7) million, or ($5.64) per share, compared to net loss of ($14.9) million, or ($1.02) per share, in 2022. Net loss also included $18.1 million, or ($1.23) per share, for charges associated with product rationalization, acquisition related amortization, discontinuation of software development, Parcus arbitration settlement and shareholder activism. Adjusted net loss 1 for the year was ($4.3) million, or ($0.30) per share, compared to adjus

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Anika Therapeutics, Inc. reported fourth quarter ended December 31, 2023 results: revenue $43.0 million, net income ($63.0) million, EPS ($4.30) per share. Guidance initiated.

Period: fourth quarter ended December 31, 2023
Revenue: $43.0 million
Net income: ($63.0) million
EPS: ($4.30) per share
Guidance: initiated
Result: reported results

Exact text from the filing

Revenue in the fourth quarter of 2023 was $43.0 million, up 8% compared to $39.6 million in the fourth quarter of 2022. OA Pain Management revenue of $25.1 million, up 12%, on growing global commercial adoption and some order timing Joint Preservation and Restoration revenue of $15.3 million, up 7% Non-Orthopedic revenue of $2.6 million, down 8% Gross margin was 61%, including $1.6 million of non-cash acquisition-related intangible asset amortization; Adjusted gross margin 1 was 65%. Recorded a non-recurring, non-cash impairment charge in the fourth quarter of $62.2 million for the intangible assets associated with the Q1-2020 acquisitions of Arthrosurface and Parcus Medical. Including the non-cash impairment charge, net loss was ($63.0) million, or ($4.30) per share, compared to net loss of ($4.9) million, or ($0.34) per share, in the prior year period. Adjusted net income 1 was $0.8 million, or $0.05 per diluted share, compared to adjusted net loss 1 of ($3.0) million, or ($0.21) per

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Source: SEC EDGAR

accession 0001171843-24-001322

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