The Bedford, Mass.-based company posted profits of $10 million, or 69¢ per share, on sales of $30.5 million for the 3 months ended June 30, for bottom-line loss of -11% on sales loss of -9% compared with the same period last year.
Adjusted to exclude 1-time items, earnings per share were 68¢, ahead of consensus on The Street, where analysts were looking for sales of $27.9 million.
“Anika’s strategic initiatives in the second quarter were focused on opportunities to accelerate revenue growth in 2019 and beyond,” president & CEO Joseph Darling said in prepared remarks.
“We strengthened our senior leadership team, increased our focus on strategic M&A, and began executing on multiple strategies to gain U.S. regulatory approval of Cingal. Bringing Cingal to U.S. patients and physicians remains one of Anika’s top strategic priorities. We are committed to both maximizing our current business opportunities and pursuing new growth initiatives to create near- and long-term value for shareholders,” Darling added.
ANIK shares closed at $33.98 apiece today, down -0.9%.
Anika was dealt a setback last month after the company revealed that its osteoarthritis drug, Cingal, failed in a Phase III trial.