Anika Therapeutics Inc. (ANIK, Financial) filed Quarterly Report for the period ended 2009-06-30.
Anika Therapeutics Inc. develops manufactures and commercializes therapeutic products and devices that promote the repair protection and healing of bone cartilage and soft tissue. These products are based on hyaluronic acid a naturally-occurring biocompatible polymer found in the body. Due to its unique properties hyaluronic acid plays an important role in numerous physiological functions such as the protection and lubrication of soft tissues and joints the maintenance of the structural integrity of tissues and the transport of molecules to and within cells. Anika Therapeutics Inc. has a market cap of $62.4 million; its shares were traded at around $5.45 with a P/E ratio of 16.5 and P/S ratio of 1.8. Anika Therapeutics Inc. had an annual average earning growth of 54.7% over the past 5 years.
increase of $391,827 or 4.7%, compared to $8,378,936 for the quarter ended June
30, 2008. Product revenue for the six months ended June 30, 2009 was
$17,289,836, an increase of $1,043,371 or 6.4%, compared to $16,246,465 for the
six months ended June 30, 2008.
Three Months Ended June 30, Increase (Decrease)
- -
2009 2008 $ %
- - - -
Joint Health $ 5,568,685 $ 4,765,474 $ 803,211 16.9%
Ophthalmic 2,480,923 2,562,218 (81,295) -3.2%
Veterinary 611,600 1,020,394 (408,794) -40.1%
Aesthetics 88,080 13,050 75,030 NM
Other 21,475 17,800 3,675 NM
- - -
$ 8,770,763 $ 8,378,936 $ 391,827 4.7%
= = =
Six Months Ended June 30, Increase (Decrease)
- -
2009 2008 $ %
- - - -
Joint Health $ 10,718,327 $ 8,887,654 $ 1,830,673 20.6%
Ophthalmic 5,126,175 5,580,889 (454,714) -8.1%
Veterinary 1,248,935 1,721,017 (472,082) -27.4%
Aesthetics 138,174 16,050 122,124 NM
Other 58,225 40,855 17,370 NM
- - -
$ 17,289,836 $ 16,246,465 $ 1,043,371 6.4%
= = =
Our joint health products consist of ORTHOVISC, ORTHOVISC mini and
MONOVISC, the latter two of which are currently only available outside the
United States. Revenue from joint health products increased $803,211, or 16.9%,
in the second quarter of 2009 from the second quarter of 2008. For the six
months ended June 30, 2009, joint health product sales increased $1,830,673, or
20.6% compared with the same period in 2008. The improvement in joint health
product revenue for the three and six months ended June 30, 2009 was primarily
due to increases in domestic ORTHOVISC and international MONOVISC revenue. Our
U.S. joint health product revenue in the second quarter of 2009 totaled
$4,096,281, compared to $3,193,897 in the same period last year, an increase of
28.3%. Our U.S. joint health product revenue for the six months ended June 30,
2009 totaled $7,759,483, compared to $6,480,770 in the same period last year, an
increase of 19.7%. The increase reflects DePuy Mitek\'s underlying sales
increases to end-users of 32.6% and 31.8% for the three and six months ended
June 30, 2009 compared to the same periods in 2008, reflecting their increased
marketing efforts. International joint health product revenue in the second
quarter of 2009 decreased 6.3% to $1,472,404, from $1,571,577 in the second
quarter last year. International joint health product revenue in the six months
ended June 30, 2009 increased 22.9% to $2,958,844, from $2,406,884 in the same
period last year. The decrease in international revenue in the second quarter of
2009 was primarily due to decreased product shipments to Turkey and Italy. The
increase in international revenue during the six months ended June 30, 2009 was
due to increased product shipments to France, Turkey, Egypt, and Hungary. We
expect joint health product revenue to increase in 2009 compared to 2008, both
domestically and internationally.
Licensing, milestone and contract revenue. Licensing, milestone and
contract revenue for the quarter ended June 30, 2009 was $752,913 compared to
$681,253 for the same period last year. For the six month period ended June 30,
2009, licensing, milestone and contract revenue was $1,434,164 compared to
$1,362,503 for the same period last year. The increase was due to a new product
development contract with an existing distributor. Licensing and milestone
revenue includes the ratable recognition of $27,000,000 in up-front and
milestone payments related to the JNJ agreement. These amounts are being
recognized in income ratably over the ten-year expected life of the agreement,
or $675,000 per quarter through the fourth quarter of 2013.
Cash used in investing activities was $2,565,804 for the six months
ended June 30, 2009, compared to $8,106,719 for the six months ended June 30,
2008. During the first six months in 2009, cash used in investing activities was
due to approximately $2.6 million in capital expenditures related to our new
facility. During the first six months in 2008, cash used in investing activities
was due to approximately $11.6 million in capital expenditures related to our
new facility, partially offset by the maturity in February 2008 of a short-term
tax exempt municipal bond of $3,500,000, which was purchased in February of
2007. We expect our capital expenditures in 2009 to decrease compared to 2008 as
the new facility capital project winds down. The new facility capital project
cost is approximately $32 million (including interior construction, equipment,
furniture and fixtures). At June 30, 2009, there was approximately $2 million of
remaining costs to be spent during the remainder of 2009. Construction commenced
in May 2007 and validation of the facility is expected to be completed in late
2009. We expect to occupy our existing manufacturing facility through the first
quarter of 2010 and begin some manufacturing at the Bedford, Massachusetts
facility in late 2009. There can also be no assurance that we will be successful
in qualifying the new facility under FDA and European Union regulations.
Cash used in financing activities was $792,675 for the first six months
in 2009, which was due to our principal payments on the long-term debt in the
amount of $800,000. This was partially offset by small amounts from employee
stock exercise proceeds and related tax benefits. Cash provided by financing
activities was $8,619,010 for the first six months ended June 30, 2008 as a
result of the $8,000,000 borrowed under the Company\'s unsecured credit facility,
and proceeds of $476,811 from employee stock option exercises, and a tax benefit
from the exercise of stock options of $229,920. This was partially offset by
debt issuance costs of $87,721.
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Anika Therapeutics Inc. develops manufactures and commercializes therapeutic products and devices that promote the repair protection and healing of bone cartilage and soft tissue. These products are based on hyaluronic acid a naturally-occurring biocompatible polymer found in the body. Due to its unique properties hyaluronic acid plays an important role in numerous physiological functions such as the protection and lubrication of soft tissues and joints the maintenance of the structural integrity of tissues and the transport of molecules to and within cells. Anika Therapeutics Inc. has a market cap of $62.4 million; its shares were traded at around $5.45 with a P/E ratio of 16.5 and P/S ratio of 1.8. Anika Therapeutics Inc. had an annual average earning growth of 54.7% over the past 5 years.
Highlight of Business Operations:
Product revenue for the quarter ended June 30, 2009 was $8,770,763, anincrease of $391,827 or 4.7%, compared to $8,378,936 for the quarter ended June
30, 2008. Product revenue for the six months ended June 30, 2009 was
$17,289,836, an increase of $1,043,371 or 6.4%, compared to $16,246,465 for the
six months ended June 30, 2008.
Three Months Ended June 30, Increase (Decrease)
- -
2009 2008 $ %
- - - -
Joint Health $ 5,568,685 $ 4,765,474 $ 803,211 16.9%
Ophthalmic 2,480,923 2,562,218 (81,295) -3.2%
Veterinary 611,600 1,020,394 (408,794) -40.1%
Aesthetics 88,080 13,050 75,030 NM
Other 21,475 17,800 3,675 NM
- - -
$ 8,770,763 $ 8,378,936 $ 391,827 4.7%
= = =
Six Months Ended June 30, Increase (Decrease)
- -
2009 2008 $ %
- - - -
Joint Health $ 10,718,327 $ 8,887,654 $ 1,830,673 20.6%
Ophthalmic 5,126,175 5,580,889 (454,714) -8.1%
Veterinary 1,248,935 1,721,017 (472,082) -27.4%
Aesthetics 138,174 16,050 122,124 NM
Other 58,225 40,855 17,370 NM
- - -
$ 17,289,836 $ 16,246,465 $ 1,043,371 6.4%
= = =
Our joint health products consist of ORTHOVISC, ORTHOVISC mini and
MONOVISC, the latter two of which are currently only available outside the
United States. Revenue from joint health products increased $803,211, or 16.9%,
in the second quarter of 2009 from the second quarter of 2008. For the six
months ended June 30, 2009, joint health product sales increased $1,830,673, or
20.6% compared with the same period in 2008. The improvement in joint health
product revenue for the three and six months ended June 30, 2009 was primarily
due to increases in domestic ORTHOVISC and international MONOVISC revenue. Our
U.S. joint health product revenue in the second quarter of 2009 totaled
$4,096,281, compared to $3,193,897 in the same period last year, an increase of
28.3%. Our U.S. joint health product revenue for the six months ended June 30,
2009 totaled $7,759,483, compared to $6,480,770 in the same period last year, an
increase of 19.7%. The increase reflects DePuy Mitek\'s underlying sales
increases to end-users of 32.6% and 31.8% for the three and six months ended
June 30, 2009 compared to the same periods in 2008, reflecting their increased
marketing efforts. International joint health product revenue in the second
quarter of 2009 decreased 6.3% to $1,472,404, from $1,571,577 in the second
quarter last year. International joint health product revenue in the six months
ended June 30, 2009 increased 22.9% to $2,958,844, from $2,406,884 in the same
period last year. The decrease in international revenue in the second quarter of
2009 was primarily due to decreased product shipments to Turkey and Italy. The
increase in international revenue during the six months ended June 30, 2009 was
due to increased product shipments to France, Turkey, Egypt, and Hungary. We
expect joint health product revenue to increase in 2009 compared to 2008, both
domestically and internationally.
Licensing, milestone and contract revenue. Licensing, milestone and
contract revenue for the quarter ended June 30, 2009 was $752,913 compared to
$681,253 for the same period last year. For the six month period ended June 30,
2009, licensing, milestone and contract revenue was $1,434,164 compared to
$1,362,503 for the same period last year. The increase was due to a new product
development contract with an existing distributor. Licensing and milestone
revenue includes the ratable recognition of $27,000,000 in up-front and
milestone payments related to the JNJ agreement. These amounts are being
recognized in income ratably over the ten-year expected life of the agreement,
or $675,000 per quarter through the fourth quarter of 2013.
Cash used in investing activities was $2,565,804 for the six months
ended June 30, 2009, compared to $8,106,719 for the six months ended June 30,
2008. During the first six months in 2009, cash used in investing activities was
due to approximately $2.6 million in capital expenditures related to our new
facility. During the first six months in 2008, cash used in investing activities
was due to approximately $11.6 million in capital expenditures related to our
new facility, partially offset by the maturity in February 2008 of a short-term
tax exempt municipal bond of $3,500,000, which was purchased in February of
2007. We expect our capital expenditures in 2009 to decrease compared to 2008 as
the new facility capital project winds down. The new facility capital project
cost is approximately $32 million (including interior construction, equipment,
furniture and fixtures). At June 30, 2009, there was approximately $2 million of
remaining costs to be spent during the remainder of 2009. Construction commenced
in May 2007 and validation of the facility is expected to be completed in late
2009. We expect to occupy our existing manufacturing facility through the first
quarter of 2010 and begin some manufacturing at the Bedford, Massachusetts
facility in late 2009. There can also be no assurance that we will be successful
in qualifying the new facility under FDA and European Union regulations.
Cash used in financing activities was $792,675 for the first six months
in 2009, which was due to our principal payments on the long-term debt in the
amount of $800,000. This was partially offset by small amounts from employee
stock exercise proceeds and related tax benefits. Cash provided by financing
activities was $8,619,010 for the first six months ended June 30, 2008 as a
result of the $8,000,000 borrowed under the Company\'s unsecured credit facility,
and proceeds of $476,811 from employee stock option exercises, and a tax benefit
from the exercise of stock options of $229,920. This was partially offset by
debt issuance costs of $87,721.
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