Q2 2024 Anika Therapeutics Inc Earnings Call Transcript
Key Points
- Anika Therapeutics Inc (ANIK) reported a 7% growth in joint preservation and restoration, driven by new product launches like X-Twist and the regenerative HA-based integrity implant system.
- International growth in OA pain management was strong, with a 17% increase year-to-date, driven by market share gains and new country expansions.
- The company completed over 300 surgeries with the integrity implant system during its limited market release, exceeding expectations and attracting new customers.
- Anika Therapeutics Inc (ANIK) achieved significant cost savings through restructuring initiatives, resulting in a $3 million reduction in operating expenses in the second quarter.
- The company initiated a $40 million share buyback program, demonstrating a commitment to returning capital to shareholders.
- Overall revenue for the second quarter decreased by 5% due to the timing of strong US Orthovisc and Monovisc orders in the previous year.
- OA pain management revenue was down 9% in the quarter, primarily due to lower US sales and softer pricing dynamics.
- Adjusted EBITDA is expected to be at the lower end of the $25 million to $30 million range due to a mix shift in OA pain management revenue.
- Non-orthopedic revenue decreased by 26%, in line with prior guidance, due to lower sales of mature products.
- The company faces ongoing regulatory challenges with the FDA regarding the approval of Cingal in the US, requiring additional meetings and clarifications.
Good afternoon, ladies and gentlemen, and welcome to Anika's second quarter 2024 earnings conference call. (Operator Instructions) I would like to remind everyone that this call is being recorded.
I will now turn the call over to Mark Namaroff, Vice President, Investor Relations ESG and Corporate communications. Please proceed.
Thank you. Good afternoon, everyone. Thank you for joining us for Anika's second quarter 2024 conference call and webcast.
Our Q2 earnings press release was issued after the close of the market today and is available on our Investor Relations website located at anika.com., as our supplementary PowerPoint slides that will be used for the discussion today.
With me on the call today are Dr. Cheryl Blanchard, President and Chief Executive Officer; and Steve Griffin, Executive Vice President, Chief Financial Officer and Treasurer.
Please take a moment and opened the slide presentation and refer to
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