The following is a summary of the Anika Therapeutics, Inc (ANIK) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Q2 revenue was $41.9 million, a decrease of 5% primarily due to timing of U.S. Orthovisc and Monovisc orders.

• Adjusted EBITDA margins were 15%, indicating progress towards profitability.

• Operating expenses decreased by $5.4 million compared to 2023, benefiting from cost-saving initiatives.

• Anika reported a minimal net loss of $100,000, an improvement from a $2.7 million net loss year-over-year.

Business Progress:

• Launched full market release of the Integrity Implant System with over 300 surgeries during its limited market release.

• Initiated a multicenter clinical study on Integrity for EU market and U.S. positioning.

• Focused on regenerative product portfolio, including developments with Hyalofast and Cingal.

• Announced a $40 million share buyback program and continued investments in regenerative and OA pain solutions.

Opportunities:

• International growth in OA Pain Management, particularly with Cingal, suggests expanding market share and entering new countries.

• The full market release and strong surgeon interest in new regenerative products like Integrity provide significant growth opportunities.

Risks:

• U.S. growth for OA Pain products affected by lower end-user pricing and soft market conditions, despite stronger international performance.

More details: Anika Therapeutics IR

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