As close of last trade on Tuesday, Shares of Anika Therapeutics, Inc.’s (NASDAQ: ANIK) traded -39.10 percent down its 52-week’s high of $69.81 and 48.95 percent above its 52-week’s low of $28.54. The opening transaction was made at price of $41.49 and the last trade was called at $42.51. The stock surged +1.02 points or +2.46 percent in past session. Its previous close was noted at $41.49.
Anika Therapeutics, Inc. (ANIK) recently stated financial results for the second quarter ended June 30, 2018, together with business progress in the period.
Second Quarter Financial Results
- Product revenue raised 8 percent year-over-year in the second quarter of 2018, due primarily to higher MONOVISC revenue in the U.S. Global MONOVISC revenue raised 26 percent year-over-year in the second quarter of 2018.
- S. Viscosupplementation revenue raised $2.3M year-over-year for the second quarter of 2018. International Viscosupplementation revenue reduced $0.7M year-over-year for the second quarter of 2018, due primarily to the timing of orders. Domestically, ORTHOVISC and MONOVISC maintained the number one position in the combined multi- and single-injection sections in the second quarter of 2018.
- Total revenue for the second quarter of 2018 was $30.5M, contrast to $33.5M for the second quarter of 2017. The year-over-year decline was Because of the achievement of $5.0M of milestone revenue in the second quarter of 2017, as a result of MONOVISC reaching $100M in U.S. end-user sales within a consecutive 12-month period.
- Total operating expenses for the second quarter of 2018 were $19.3M, contrast to $15.7M for the second quarter of 2017. The raise in total operating expenses was due primarily to product revenue growth, raised personnel costs, and expanded worldwide commercial initiatives.
- Net income for the second quarter of 2018 was $10.1M, or $0.68 per diluted share, contrast to $11.4M, or $0.76 per diluted share, for the second quarter of 2017. The decline in net income was due primarily to the raise in operating expenses before discussed.
Recent Business Highlights
- Reported that initial top-line results for the CINGAL 16-02 clinical trial, an active-comparator Phase III study conducted to support U.S. authorization , did not reach statistical significance, although it did maintain the durability of strong pain relief throughout the 26 weeks, consistently demonstrating the long-term benefits of CINGAL. The magnitude of pain reduction demonstrated incremental improvement contrast to the previous CINGAL Phase III study, and the duration of patient improvement after CINGAL injection was maintained near peak levels throughout the 26-week study. Anika has engaged external regulatory and legal experts to assist in the planned approach for seeking CINGAL authorization in the U.S. market. Anika remains fully committed to working closely with regulators to gain U.S. authorization of CINGAL.
- Strengthened the senior leadership management team with the newly created position of Vice President of International Sales based in Europe to maximize sales impact and optimize the Company’s commercial reach in our foreign markets.
- Added a new Vice President of Operations to senior leadership team to focus on operation efficiency and margin improvements.
- Redirected internal efforts of Chief Technology and Strategy Officer with spear-heading the assessment of planned M&A opportunities.
- Completed the Company’s $30M accelerated share repurchase program in July, under which Anika repurchased about 800,000 shares of its outstanding ordinary stock.
Full Year 2018 Revised Corporate Outlook
Based on presently accessible information, the Company revised its guidance for the full year of 2018. Anika presently does not expect licensing, milestone and contract revenue of $5.0M in 2018. The Company continues to anticipate product revenue to be flat for the full year of 2018. The Company continues to expect that it will resume the shipment of products that were the subject of the before-revealed voluntary recall by the end of this year. Total operating expenses are now predictable to be in the low $90M range for the full year of 2018, adjusted for the reduction of CINGAL pre-launch marketing expenses.
The last close of the ANIK stock reflects that it traded up +12.67 percent from its 50-day moving average of $36.71. The stock traded fell -11.59 percent to its 200-day MA of $44.90. EPS growth in past five years was 19.00 percent while EPS growth in next five years is projected to arrive at 10.00 percent. Sales growth past 5 years was measured at 9.70 percent.