2023-08-08 17:31:57 ET
- Anika Therapeutics press release ( NASDAQ: ANIK ): Q2 Non-GAAP EPS of $0.06 beats by $0.38 .
- Revenue of $44.3M (+11.6% Y/Y) beats by $3.93M .
- Adjusted EBITDA 2 was $6.3 million, compared to $4.4 million in the second quarter of 2022.
- Cash used in operations was $8.3 million, reflecting $8.3 million paid in the quarter for non-recurring costs incurred to date.
- Ending cash balance was $65.1 million, after $5.0 million used to repurchase shares of Anika stock in the second quarter.
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The Company updated its overall revenue outlook for fiscal year 2023 to be between $159.5 million and $163 million vs. consensus of $161.85M, representing growth of 2% to 4% compared to 2022, up from its previous range of $158 million to $163 million.
Revenue ranges by product family are:
- OA Pain Management* of $96-$97.5 million, up 4% to 6%
- Joint Preservation and Restoration of $54-$55.5 million, up 7% to 10%
- Non-Orthopedic* of $9.5-10 million, down ~30%
For further details see:
Anika Therapeutics beats Q2 top and bottom line estimates; updates FY23 outlook