Shares in Anika Therapeutics (NSDQ:ANIK) fell today after the orthopedics company missed expectations on Wall Street with its 1st quarter results.

The Bedford, Mass.-based company posted profits of $5.5 million, or 37¢ per share, on sales of $23.4 million for the 3 months ended March 31, for bottom-line loss of -20.3% on sales growth of 4.9% compared with the same period last year.

Adjusted to exclude 1-time items, earnings per share were 37¢, a penny behind consensus on The Street, where analysts were looking for sales of $23.9 million.

“We made important progress executing our long-term growth strategy in the 1st quarter of 2017,” president & CEO Charles Sherwood said in prepared remarks. “We finalized the clinical study design for an additional Phase III clinical trial of Cingal, and we commenced planning and site initiation activities for the trial in the quarter. Monovisc continued its strong momentum with revenue growth of 24% year-over-year for the quarter, and we achieved a significant milestone in our global expansion with the launch of Orthovisc-T in Europe.”

ANIK shares were trading at $45.21 apiece today in mid-morning activity, down 2%.