Loading...
•
Mar 31, 2021
Anika Q1 2021 Earnings Report
Reported first quarter financial results with revenue slightly lower than pre-COVID levels but joint preservation revenue increased.
Key Takeaways
Anika Therapeutics reported its first quarter 2021 financial results, showing a slight decrease in revenue compared to pre-COVID levels in the prior year. However, the company's Joint Preservation revenue saw a significant increase of 55%. The company is maintaining its expectations for revenue growth in 2021.
Revenue was slightly lower compared to pre-COVID levels in the prior year.
Joint Preservation revenue increased by 55%.
Joint Preservation and Restoration grew to 36% of total revenues.
Company expects solid revenue growth, positive adjusted EBITDA and positive cash flows for 2021.
Anika
Anika
Forward Guidance
Anika Therapeutics anticipates upper 20% to low 30% revenue growth in Joint Preservation and Restoration, low single-digit growth in Joint Pain Management, and a mid single-digit decline in its Other product family, resulting in total company high single-digit to low double-digit percent revenue growth.
Positive Outlook
- Upper 20% to low 30% revenue growth in Joint Preservation and Restoration
- Low single-digit growth in Joint Pain Management
- Total company high single-digit to low double-digit percent revenue growth
Challenges Ahead
- Continued uncertainty in the global market associated with the impact of the COVID pandemic
- Mid single-digit decline in its Other product family
- Outlook is subject to changing dynamics associated with COVID, including vaccine distribution and COVID variants
- Impact of COVID on elective procedures and related ordering patterns in Joint Pain Management
- Potential for delays in elective procedures due to COVID-19