Rachel Klemovitch, Assistant Editor03.18.24
Anika Therapeutics has reported its financial results for the fourth quarter and full year ended December 31, 2023.
Q4 was an 8% increase in revenue to $43 million, compared to $39.6 million in 2022. OA Pain Management revenue was up 12% at $25.1 million and Joint Restoration and Preservation revenue was up 7% at $15.3 million. The adjusted EBITDA was $5.8 million in Q4 2023, compared to $1.4 million in 2022.
Full-year fiscal revenue increased 7% to $166.7 million in 2023. OA Pain Management revenue was up 11% at $101.9 million and Joint Restoration and Preservation revenue was up 9% at $54.9 million. Cash operations reached $1.8 million and the 2024 full-year adjusted EBITDA was $15.5 million.
“We are pleased to report strong fourth quarter and full-year results, including a record year in OA Pain Management. These results reflect the evolution of our differentiated HA franchise and the launch of exciting new products in Regenerative, Sports Medicine and Arthrosurface Joint Solutions,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO.
In 2023 Anika launched the X-Twist Biocomposite Fixation System and RevoMotion Reverse Shoulder Arthroplasty System. The company also completed over 100 cases with the Integrity Implant System and enrolled patients for its Phase III clinical trial of Hyalofast.
“Over the course of the year, we achieved key milestones, learned a lot about the business, and are taking decisive action to further reduce spending and focus our strategy on driving the products that provide the greatest growth opportunities. Our plan to optimize performance is designed to capitalize on the significant growth potential across the business while accelerating our pivot to profitability, with adjusted EBITDA expected to grow over 75% at the midpoint in 2024,” Blanchard added.
Q4 was an 8% increase in revenue to $43 million, compared to $39.6 million in 2022. OA Pain Management revenue was up 12% at $25.1 million and Joint Restoration and Preservation revenue was up 7% at $15.3 million. The adjusted EBITDA was $5.8 million in Q4 2023, compared to $1.4 million in 2022.
Full-year fiscal revenue increased 7% to $166.7 million in 2023. OA Pain Management revenue was up 11% at $101.9 million and Joint Restoration and Preservation revenue was up 9% at $54.9 million. Cash operations reached $1.8 million and the 2024 full-year adjusted EBITDA was $15.5 million.
“We are pleased to report strong fourth quarter and full-year results, including a record year in OA Pain Management. These results reflect the evolution of our differentiated HA franchise and the launch of exciting new products in Regenerative, Sports Medicine and Arthrosurface Joint Solutions,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO.
In 2023 Anika launched the X-Twist Biocomposite Fixation System and RevoMotion Reverse Shoulder Arthroplasty System. The company also completed over 100 cases with the Integrity Implant System and enrolled patients for its Phase III clinical trial of Hyalofast.
“Over the course of the year, we achieved key milestones, learned a lot about the business, and are taking decisive action to further reduce spending and focus our strategy on driving the products that provide the greatest growth opportunities. Our plan to optimize performance is designed to capitalize on the significant growth potential across the business while accelerating our pivot to profitability, with adjusted EBITDA expected to grow over 75% at the midpoint in 2024,” Blanchard added.