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Mar 31, 2023
Anika Q1 2023 Earnings Report
Anika had a positive start to 2023 with revenue growth, driven by OA Pain Management and Joint Preservation and Restoration.
Key Takeaways
Anika Therapeutics reported solid top line performance in Q1 2023, with double-digit growth in Joint Preservation and Restoration and solid growth in OA Pain Management. The company is on track for the full market release of RevoMotion Reverse Shoulder system in late 2023 and the launch of a regenerative rotator cuff patch system in 2024.
Revenue from veterinary products is now reported in the Non-Orthopedic product family.
OA Pain Management revenue increased by 8%.
Joint Preservation and Restoration revenue increased by 11%.
The company is driving adoption of the X-Twist Fixation System.
Forward Guidance
The Company continues to expect its overall revenue for fiscal year 2023 to be between $158 million and $163 million, representing growth of 1% to 4% compared to 2022, as growth in OA Pain Management and Joint Preservation and Restoration is offset by lower ancillary Non-Orthopedic revenues.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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