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Dec 31, 2023
Anika Q4 2023 Earnings Report
Reported strong Q4 and full year results, including a record year in OA Pain Management, and announced cost reduction initiatives.
Key Takeaways
Anika Therapeutics reported strong fourth quarter and full year results, with a record year in OA Pain Management. The company is implementing cost reduction initiatives expected to provide annualized savings of approximately $10 million. Anika anticipates adjusted EBITDA of $25 to $30 million in 2024.
Achieved record annual revenues in OA Pain Management, up 11% in 2023.
Launched multiple meaningful new products and made considerable progress addressing the new MDR regulatory requirements in Europe.
Announced cost reduction initiatives providing annualized savings of approximately $10 million.
Positioned to generate adjusted EBITDA of $25 to $30 million in 2024, up over 75% at the midpoint.
Revenue by Segment
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 6 points compared to 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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