Anika Therapeutics (NASDAQ: ANIK) reported Q3 EPS of ($0.25), $0.34 worse than the analyst estimate of $0.09. Revenue for the quarter came in at $38.8 million versus the consensus estimate of $42.08 million.

Revenue Guidance:

Commercial Channel

2024: +14% to +19% growth from $36.1M in 2023, excluding revenue from businesses disposed of, or to be disposed of, as they are expected to be presented in discontinued operations beginning in the fourth quarter of 2024
2025: +12% to +18% growth
2026-2027: +20% to +30% annual growth including modest contributions from the planned U.S. launch of Hyalofast in the fourth quarter of 2026 following anticipated FDA approval

OEM Channel

2024: (8%) to (10%) decline from $84.6M in 2023
2025: (12%) to (18%) decline
2026-2027: flat to modestly lower annually, not including any expected contributions from potential U.S. Cingal FDA approval

Anika’s sales from the Commercial Channel expected be approximately 50% of total Revenue by 2026

Adjusted EBITDA Guidance:

2024 Adjusted EBITDA: $16M to $18M driven by a lower mix of U.S. OA Pain Management Revenue and impact from Arthrosurface and Parcus Medical
2025 Adjusted EBITDA %: low double digits, excluding divestiture-related expenses, which are expected to be complete concurrent with the sale of Parcus in 2025
2026-2027 Adjusted EBITDA %: Opportunity for margin expansion following the planned launch of Hyalofast by 2026

Conference Call and Webcast Information

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