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Mar 31, 2024
Anika Q1 2024 Earnings Report
Reported a 7% revenue increase due to growing demand and favorable order timing, remaining on track for 2024 revenue guidance and adjusted EBITDA guidance.
Key Takeaways
Anika Therapeutics reported a 7% increase in revenue for Q1 2024, driven by strong performance in the OA Pain Management platform and cost discipline. The company is on track to achieve its 2024 revenue and adjusted EBITDA guidance.
Revenue increased by 7% due to growing demand and favorable order timing.
The company is on track to achieve its 2024 revenue guidance.
Cost reduction initiatives have been completed.
The company is on track to achieve its 2024 adjusted EBITDA guidance of $25-30 million, representing an increase of over 75% at the midpoint.
Anika
Anika
Anika Revenue by Segment
Revenue by Segment
Commercial Channel Revenue
CapyFin.comOEM Channel Revenue
CapyFin.com Forward Guidance
Anika expects revenue for fiscal year 2024 of $168 to $173 million, representing growth of 1% to 4% compared to 2023. The Company expects adjusted EBITDA for 2024 to be $25 to $30 million, up over 75% at the midpoint, representing an adjusted EBITDA margin of at least 15%, up over 600 basis points compared to 2023.
Positive Outlook
- Revenue for fiscal year 2024 is expected to be $168 to $173 million, representing growth of 1% to 4% compared to 2023.
- Adjusted EBITDA for 2024 is expected to be $25 to $30 million, up over 75% at the midpoint.
- Adjusted EBITDA margin of at least 15%, up over 600 basis points compared to 2023.
- Prioritizing accelerated growth in profitability.
- Focusing on products with the greatest growth opportunities.
Challenges Ahead
- Expectations around improved profitability in 2024 reflect only partial-year cost savings.
- Early-stage ramp from Anika’s new products.
- The Company's actual results could differ materially from any anticipated future results.
- The Company's ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all.
- The Company's ability to obtain pre-clinical or clinical data to support domestic and international pre-market approval applications.
Revenue & Expenses
Visualization of income flow from segment revenue to net income