Anika Therapeutics (NSDQ:ANIK) missed expectations on Wall Street with its third quarter results, the company reported yesterday after the market closed.
The Bedford, Mass.-based company posted profits of $14.6 million, or 47¢ per share, on sales of $27.2 million for the 3 months ended Sept. 30, for a bottom-line loss of -0.3% on sales growth of 5.4% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 46¢, a penny behind consensus on The Street, where analysts were looking for sales of $28.9 million.
“Anika made significant progress on multiple fronts executing its long-term growth strategy, highlighted by the early completion of enrollment in the Cingal Phase III trial, regulatory clearances for the expansion of Monovisc into India, Australia, and Taiwan, pipeline advancements and the bolstering of our executive and commercial leadership team,” CEO Charles Sherwood said in prepared remarks.
“Monovisc continued to gain worldwide market share in the third quarter as physicians continue to migrate towards single-injection solutions, resulting in Monovisc revenue growth of 50% year-over-year for the quarter. Additionally, we advanced our regenerative medicine pipeline with the submission of a 510(k) application to the U.S. Food and Drug Administration for our injectable HA-based bone repair treatment, a promising new opportunity gaining attention in the orthopedic space.”
Earlier this month, the company’s single injection viscosupplement, Monovisc, for the treatment of pain associated with osteoarthritis of the synovial joints was approved for use in Australia.
This latest regulatory win means that Monovisc is commercially available in more than twenty countries, including the U.S. and Canada. Anika said it plans to move into additional international markets next year with its therapy for hip and knee pain.
