Total Revenue Grows to
Net Income Rises to
“This was another strong quarter for Anika, driven by continued product revenue growth in our Orthobiologics franchise,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “Net income and earnings per share rose to third-quarter record high levels, reflecting strong demand for our viscosupplementation products as well as our ongoing initiatives to improve performance across the business. These results measure against a weak set of financial comparatives in the third quarter of 2012, which reflected the temporary decline in product shipments that we experienced in that year-earlier period.”
“Our growth in Orthobiologics continues to reflect solid demand for our flagship product, Orthovisc®, in both domestic and international markets,” said Sherwood. “Our U.S. distribution partner,
“This was also an active quarter for Anika on the product development front,” Sherwood said. “We continued to enroll patients in our multinational Phase III clinical study in support of our CE Mark application for Cingal. Our third-generation viscosupplementation product, Cingal, is a single-injection osteoarthritis treatment that includes a therapeutic anti-inflammatory agent. In connection with the
“Given the positive demand outlook for our Orthobiologics products and the improved efficiencies in our business, we believe that Anika is well-positioned for continued growth and profitability improvement in the quarters ahead,” concluded Sherwood.