Shares in Anika Therapeutics (NSDQ:ANIK) rose today after the orthopedics medicine company topped expectations on Wall Street with its second quarter results.
The Bedford, Mass.-based company posted profits of $11.4 million, or 78¢ per share, on sales of $33.5 million for the 3 months ended June 30, for bottom-line growth of 32% on sales growth of 26% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 76¢, way ahead of consensus on The Street, where analysts were looking for sales of $27.2 million.
“Anika delivered strong double-digit revenue and earnings growth in the second quarter of 2017, driven primarily by very robust demand for Monovisc worldwide,” president & CEO Charles Sherwood said in prepared remarks. “Monovisc U.S. end-user revenue increased 56% year-over-year in the second quarter, and exceeded our expectations for the quarter. We also made significant progress executing our global expansion strategy, as evidenced by international orthobiologics revenue growth of 50% year-over-year for the quarter. Additionally, Cingal continued to gain momentum in Canada and Europe, and we made considerable progress enrolling patients in our supplemental Phase III trial of Cingal during the quarter.”
ANIK shares were trading at $51.03 apiece today in late-morning activity, up 6.3%.
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