Anika Therapeutics Reports Record Second Quarter Revenue and Earnings BEDFORD, Mass. --(BUSINESS WIRE)--Aug. 1, 2012--
Revenue
For the second quarter of 2012, Anika’s total revenue increased 22% to
For the six-month period ended
Product Gross Margin
Driven by higher production volume, product gross margin for the second quarter of 2012 increased to 57.2%, from 56.8% in the second quarter last year.
For the six-month period ended
Operating and Net Income
Operating income for the second quarter of 2012 increased to
For the six-month period ended
Operating Expenses
Research and development expenses for the second quarter of 2012 decreased to
Selling, general and administrative expenses in the second quarter of 2012 decreased to
Cash and Cash Equivalents
Anika’s cash and cash equivalents at
Management Commentary
“Anika concluded the first half of 2012 with all-time record quarterly revenue and record second-quarter earnings, while making solid progress toward key strategic goals,” said
“We made solid operational progress in the second quarter,” said Sherwood. “We closed Anika’s facility in
“Anika is starting the second half of 2012 with strong forward momentum,” Sherwood said. “Completing the manufacturing consolidation in
Conference Call Information
Anika will hold a conference call to discuss its financial results, business highlights and outlook tomorrow,
To listen to the conference call, dial 866-783-2144 (international callers dial 857-350-1603) and use the passcode 77982694. Please call approximately 10 minutes before the starting time and reference
About
Headquartered in
The statements made in this press release 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: (i)
Anika Therapeutics, Inc. and Subsidiaries | ||||||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||||||
(unaudited) | ||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Product revenue | $ | 18,882,277 | $ | 15,414,681 | $ | 32,495,605 | $ | 26,474,840 | ||||||||
Licensing, milestone and contract revenue | 742,492 | 726,171 | 1,489,824 | 1,403,691 | ||||||||||||
Total revenue | 19,624,769 | 16,140,852 | 33,985,429 | 27,878,531 | ||||||||||||
Operating expenses: | ||||||||||||||||
Cost of product revenue | 8,084,226 | 6,655,804 | 14,497,707 | 12,260,366 | ||||||||||||
Research & development | 1,298,170 | 1,574,155 | 2,831,273 | 3,106,820 | ||||||||||||
Selling, general & administrative | 4,108,503 | 4,233,316 | 7,459,519 | 8,277,090 | ||||||||||||
Total operating expenses | 13,490,899 | 12,463,275 | 24,788,499 | 23,644,276 | ||||||||||||
Income from operations | 6,133,870 | 3,677,577 | 9,196,930 | 4,234,255 | ||||||||||||
Interest income (expense), net | (49,129 | ) | (45,281 | ) | (100,332 | ) | (86,202 | ) | ||||||||
Income before income taxes | 6,084,741 | 3,632,296 | 9,096,598 | 4,148,053 | ||||||||||||
Provision for income taxes | 2,347,873 | 1,349,655 | 3,447,611 | 1,541,001 | ||||||||||||
Net income | $ | 3,736,868 | $ | 2,282,641 | $ | 5,648,987 | $ | 2,607,052 | ||||||||
Basic net income per share: | ||||||||||||||||
Net income | $ | 0.28 | $ | 0.18 | $ | 0.43 | $ | 0.21 | ||||||||
Basic weighted average common shares outstanding | 13,262,023 | 12,725,216 | 13,212,424 | 12,707,143 | ||||||||||||
Diluted net income per share: | ||||||||||||||||
Net income | $ | 0.26 | $ | 0.17 | $ | 0.39 | $ | 0.19 | ||||||||
Diluted weighted average common shares outstanding | 14,443,794 | 13,739,836 | 14,302,439 | 13,741,337 |
Anika Therapeutics, Inc. and Subsidiaries | ||||||||
Condensed Consolidated Balance Sheets | ||||||||
(unaudited) | ||||||||
June 30, | December 31, | |||||||
ASSETS | 2012 | 2011 | ||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 37,909,608 | $ | 35,777,222 | ||||
Accounts receivable, net of reserves of $457,300 and $334,473 at |
17,694,097 | 17,307,786 | ||||||
Inventories | 10,776,788 | 7,302,483 | ||||||
Current portion deferred income taxes | 2,708,477 | 1,918,926 | ||||||
Prepaid expenses and other | 510,045 | 1,831,127 | ||||||
Total current assets | 69,599,015 | 64,137,544 | ||||||
Property and equipment, at cost | 51,920,745 | 50,850,630 | ||||||
Less: accumulated depreciation | (15,499,638 | ) | (14,380,752 | ) | ||||
36,421,107 | 36,469,878 | |||||||
Long-term deposits and other | 221,485 | 205,042 | ||||||
Intangible assets, net | 21,506,474 | 23,148,563 | ||||||
Goodwill | 8,627,518 | 8,883,407 | ||||||
Total Assets | $ | 136,375,599 | $ | 132,844,434 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,941,436 | $ | 4,299,680 | ||||
Accrued expenses | 4,275,574 | 5,321,594 | ||||||
Deferred revenue | 2,866,667 | 2,866,667 | ||||||
Current portion of long-term debt | 1,600,000 | 1,600,000 | ||||||
Income taxes payable | 2,530,386 | 450,482 | ||||||
Total current liabilities | 15,214,063 | 14,538,423 | ||||||
Other long-term liabilities | 1,535,140 | 1,548,652 | ||||||
Long-term deferred revenue | 3,586,106 | 5,019,440 | ||||||
Deferred tax liability | 6,491,837 | 7,375,141 | ||||||
Long-term debt | 8,800,000 | 9,600,000 | ||||||
Commitments and contingencies | - | - | ||||||
Stockholders’ equity: | ||||||||
Preferred stock, $.01 par value; 1,250,000 shares authorized, no |
- | - | ||||||
Common stock, $.01 par value; 30,000,000 shares authorized, June 30, 2012 |
137,659 | 136,305 | ||||||
Additional paid-in-capital | 64,620,510 | 63,441,433 | ||||||
Accumulated currency translation adjustment | (3,910,924 | ) | (3,067,181 | ) | ||||
Retained earnings | 39,901,208 | 34,252,221 | ||||||
Total stockholders’ equity | 100,748,453 | 94,762,778 | ||||||
Total Liabilities and Stockholders’ Equity | $ | 136,375,599 | $ | 132,844,434 |
Anika Therapeutics, Inc. and Subsidiaries | |||||||||||
Supplemental Financial Data | |||||||||||
Revenue by Product Line and Product Gross Margin | |||||||||||
Three Months Ended June 30, | |||||||||||
2012 |
|
2011 |
% | ||||||||
Orthobiologics | $ | 10,903,364 | $ | 9,763,597 | 12 | % | |||||
Dermal | 155,735 | 799,605 | -81 | % | |||||||
Ophthalmic | 5,299,732 | 2,584,820 | 105 | % | |||||||
Surgical | 1,464,505 | 1,566,026 | -6 | % | |||||||
Veterinary | 1,058,941 | 700,633 | 51 | % | |||||||
Total Product Revenue | $ | 18,882,277 | $ | 15,414,681 | 22 | % | |||||
Product gross profit | $ | 10,798,051 | $ | 8,758,877 | |||||||
Product gross margin | 57.2 | % | 56.8 | % | |||||||
Six Months Ended June 30, | |||||||||||
2012 |
|
2011 |
% | ||||||||
Orthobiologics | $ | 21,020,209 | $ | 17,799,893 | 18 | % | |||||
Dermal | 657,051 | 1,388,759 | -53 | % | |||||||
Ophthalmic | 6,623,726 | 3,482,629 | 90 | % | |||||||
Surgical | 2,448,133 | 2,679,755 | -9 | % | |||||||
Veterinary | 1,746,486 | 1,123,804 | 55 | % | |||||||
Total Product Revenue | $ | 32,495,605 | $ | 26,474,840 | 23 | % | |||||
Product gross profit | $ | 17,997,898 | $ | 14,214,474 | |||||||
Product gross margin | 55.4 | % | 53.7 | % | |||||||
Anika Therapeutics, Inc. and Subsidiaries | |||||||||||
Supplemental Financial Data | |||||||||||
Revenue by Geographic Region | |||||||||||
Three Months Ended June 30, | |||||||||||
2012 | 2011 | % | |||||||||
Geographic Location: | |||||||||||
United States | $ | 16,011,667 | $ | 11,594,988 | 38 | % | |||||
Europe | 1,521,552 | 2,604,021 | -42 | % | |||||||
Other | 1,349,058 | 1,215,672 | 11 | % | |||||||
Total | $ | 18,882,277 | $ | 15,414,681 | 22 | % | |||||
Six Months Ended June 30, | |||||||||||
2012 | 2011 | % | |||||||||
Geographic Location: | |||||||||||
United States | $ | 26,401,712 | $ | 19,938,102 | 32 | % | |||||
Europe | 3,677,281 | 4,637,219 | -21 | % | |||||||
Other | 2,416,612 | 1,899,519 | 27 | % | |||||||
Total | $ | 32,495,605 | $ | 26,474,840 | 23 | % |
Source:
Anika Therapeutics, Inc.
Charles H. Sherwood, Ph.D., 781-457-9000
CEO
or
Kevin W. Quinlan, 781-457-9000
CFO