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Jun 30, 2021
Anika Q2 2021 Earnings Report
Reported revenue growth of 24% year-over-year and raised full year revenue growth outlook to 11-14%.
Key Takeaways
Anika Therapeutics reported a strong second quarter with revenue growth of 24% year-over-year. The company is making significant progress in its business transformation and expects double digit revenue growth in 2021. They have also raised their full year revenue growth outlook to 11-14%.
Second quarter revenue growth driven by recovery in elective procedures.
Making significant progress in business transformation.
Expecting double digit revenue growth in 2021.
On track toward 2024 goal to double revenues off 2019 base.
Anika
Anika
Forward Guidance
The Company expects its overall revenue for fiscal year 2021 to grow 11-14% year-over year, up from its previous guidance of 10-13%.
Positive Outlook
- Overall revenue for fiscal year 2021 to grow 11-14% year-over year.
- Growth is driven by Joint Preservation and Restoration growth of upper 20% to low 30% range.
- Mid-single digit growth in Joint Pain Management.
Challenges Ahead
- Uncertainty in the global market associated with the impact of the COVID pandemic.
- Outlook for fiscal 2021 is subject to changing dynamics associated with COVID including vaccine distribution.
- COVID variants and other related developments.