Shares in Anika Therapeutics (NSDQ:ANIK) rose today after the company topped earnings expectations on Wall Street with its fourth quarter and full-year financial results, but missed sales estimates.
The Bedford, Mass.-based company posted profits of $8.1 million, or 55¢ per share, on sales of $29.3 million for the 3 months ended Dec. 31, for bottom-line loss of -0.2% on sales growth of 2.3% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 53¢, ahead of consensus on The Street, where analysts were looking for sales of $29.8 million.
For the full year, Anika posted $113.4 million in sales, up 9.7% from 2016. The company’s earnings fell -2.2% to $31.8 million in 2017 compared to the previous year.
“2017 was a year of significant achievement for Anika, highlighted by double-digit revenue growth, expansion of Monovisc and Cingal into new international markets, completion of the Cingal Phase III trial enrollment ahead of schedule, and the strengthening of our executive team,” CEO Charles Sherwood said in prepared remarks.
“As we look to 2018, we are poised to complete the Cingal Phase III trial and submit a New Drug Application to the FDA. Our strategic objectives are focused on global commercial expansion, pipeline advancement, and the development of a direct commercialization capability in the U.S. to accelerate our revenue and earnings growth in the years ahead and to create sustained value for our shareholders.”
ANIK shares were trading at $61.04 apiece today in morning activity, up 2.2%.
Want to stay on top of DDBN content? Sign up for our e-mail newsletter for a weekly dose of drug-device news.