The following is a summary of the Anika Therapeutics, Inc. (ANIK) Q4 2023 Earnings Call Transcript:
Financial Performance:
Anika reported a Q4 total revenue of $43 million, primarily from growth in U.S. and international OA pain management.
Gross margin stood at 61%, while adjusted gross margin was 65%.
A non-cash impairment charge of $62.2 million was recorded, causing the quarter to end in a net loss of $63 million, or $4.30 per share.
Adjusted EBITDA for Q4 was $5.8 million, a significant increase from $1.4 million in Q4 the previous year.
Operating cash inflow for the quarter was $3.6 million, a significant increase from $500,000 in the same period last year.
Revenue projections for 2024 fall between $168 million and $173 million.
Business Progress:
A 12% increase in OA pain management and a 7% growth in U.S. revenues was seen.
There was a 7% growth in the joint preservation and restoration business in Q4.
Over 100 surgeries have been completed with the Integrity Implant System, with full market release planned for mid-2024.
Hyalofast, a cartilage repair product, is on track with the last patient out milestone expected in 2024 and product launch by 2026.
New products X-Twist, RevoMotion, and Integrity have been launched and have garnered positive market feedback.
The company is evaluating potential options to increase shareholder value, which may include a sale of the business.
More details: Anika Therapeutics IR
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