Anika Therapeutics (NASDAQ: ANIK) reported Q3 EPS of $0.53, $0.22 better than the analyst estimate of $0.31. Revenue for the quarter came in at $26.8 million versus the consensus estimate of $27 million.

The increase in net income was due primarily to the reduction in R&D expenses as a result of the completion of the CINGAL 16-02 study and lower income tax expenses in 2018.

GUIDANCE:

Based on currently available information, the Company anticipates full year product revenue to be approximately 3% below prior year. The Company continues to expect that it will resume the shipment of products that were the subject of the previously-disclosed voluntary recall by the end of this year. Total operating expenses are now expected to be reduced to the high $80 million range for the full year of 2018 as a result of successful cost control initiatives.

For earnings history and earnings-related data on Anika Therapeutics (ANIK) click here.