Anika Therapeutics (NASDAQ: ANIK) reported Q1 EPS of $0.23, $0.02 better than the analyst estimate of $0.21. Revenue for the quarter came in at $15.5 million versus the consensus estimate of $16.2 million.

“Our strong momentum continued throughout the first quarter as we made excellent clinical, regulatory, and commercial progress across our product franchises,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “From a financial perspective, we delivered solid first-quarter results, achieving total revenue of $15.5 million and net income of $3.5 million.

“End user demand continues to be strong for our orthobiologics products. Monovisc end user sales increased 41% sequentially from the fourth quarter of 2014 and reached close to 3% market share exiting the first quarter. This demonstrates that the product’s unique J-Code, which became effective on January 1, 2015, is having the positive effect that we expected. Our growth target for Monovisc in the U.S. is to more than double our year-end 2014 market share by reaching a minimum share of 5% by the end of 2015.

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