Anika Therapeutics Announces First Quarter Financial Results.Business Editors WOBURN, Mass.--(BUSINESS WIRE)--May 2, 2002 Anika Therapeutics therapeutics Treatment and care to combat disease or alleviate pain or injury. Its tools include drugs, surgery, radiation therapy, mechanical devices, diet, and psychiatry. , Inc. (Nasdaq:ANIK ANIK Canadian COMSAT ) today announced that revenue for the first quarter ending March 31, 2002 rose 10 percent to $2,390,000 from $2,179,000 for the same period last year. The company reported a net loss for the quarter of $1,804,000, or $.18 per share, compared with a loss of $2,318,000, or $.23 per share, for the first quarter of 2001. Charles H. Sherwood, Ph.D., president and chief executive officer, attributed the higher revenue to comparatively strong sales of ophthalmic ophthalmic /oph·thal·mic/ (of-thal´mik) ocular (1). oph·thal·mic adj. Of or relating to the eye; ocular. Ophthalmic Pertaining to the eye. products to Bausch & Lomb and other marketing partners. Revenues were also boosted by strong first quarter sales of HYVISC(R), a treatment for equine equine Any member of the ungulate family Equidae, which includes the modern horses, zebras, and asses, all in the genus Equus, as well as more than 60 species known only from fossils. Equines descended from the dawn horse (see Eohippus). osteoarthritis osteoarthritis or osteoarthrosis or degenerative joint disease Most common joint disorder, afflicting over 80% of those who reach age 70. It does not involve excessive inflammation and may have no symptoms, especially at first. marketed in the U.S. through Boehringer Ingelheim Vetmedica, Inc. Sales of ORTHOVISC Orthovisc Orthopedics An injectable hyaluronic acid for treating osteoarthritis of the knee; viscoelastic and lubricating properties are similar to normal synovial fluid. See Hyaluronic acid. (R), Anika's product for osteoarthritis of the knee, were down for the quarter to approximately $531,000 from $641,000 for the first quarter of 2001 due to lower sales to our distributor for Turkey, one of the company's key markets for the product. Research and development expenses -- including the costs of a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Phase III Noun 1. phase III - a large clinical trial of a treatment or drug that in phase I and phase II has been shown to be efficacious with tolerable side effects; after successful conclusion of these clinical trials it will receive formal approval from the FDA human clinical trial for ORTHOVISC -- totaled approximately $1.1 million versus $1.3 million for the comparable 2001 quarter. Selling, general and administrative expenses declined to approximately $1.08 million compared with $1.45 million for the same period last year. Cash and short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. investments at March 31, 2002 totaled $12.45 million compared with approximately $13.06 million at December 31, 2001. Deferred revenues increased by $388,000 during the quarter in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the company's revenue recognition policies. The cash utilization rate for the most recent quarter was $611,000 compared with approximately $900,000 for the fourth quarter of 2001. "Patient accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. for our ORTHOVISC clinical trial progressed in accordance with our expectations during the first quarter," Sherwood said. "This trial continues to be one of our chief corporate priorities, along with expanding sales and distribution channels for our ophthalmic and osteoarthritis products and improving our financial performance." Conference Call Information The company will hold a conference call to review its financial results today at 11:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT . To listen to the conference call, dial 706/634-1550 approximately 10 minutes before the starting time Noun 1. starting time - the time at which something is supposed to begin; "they got an early start"; "she knew from the get-go that he was the man for her" commencement, get-go, offset, outset, showtime, start, kickoff, beginning, first and reference Anika Therapeutics. A playback Playback could mean:
About Anika Therapeutics, Inc. Headquartered in Woburn, Mass., Anika Therapeutics, Inc. (www.anikatherapeutics.com) develops, manufactures and commercializes therapeutic products and devices intended to promote the repair, protection and healing Healing See also Medicine. Achilles’ spear had power to heal whatever wound it made. [Gk. Lit.: Iliad] Agamede Augeas’ daughter; noted for skill in using herbs for healing. [Gk. Myth. of bone, cartilage cartilage (kär`təlĭj), flexible semiopaque connective tissue without blood vessels or nerve cells. It forms part of the skeletal system in humans and in other vertebrates, and is also known as gristle. and soft tissue. These products are based on hyaluronic acid hyaluronic acid: see mucopolysaccharide. Hyaluronic acid A polysaccharide which is an integral part of the gel-like substance of animal connective tissue; it supposedly serves as a lubricant and shock absorbent in the joints. (HA), a naturally occurring, biocompatible biocompatible /bio·com·pat·i·ble/ (-kom-pat´i-b'l) being harmonious with life; not having toxic or injurious effects on biological function. polymer found throughout the body. In addition to ORTHOVISC(R), a treatment for osteoarthritis of the knee (not approved for sale in the U.S.), Anika markets HYVISC(R) in the U.S. for the treatment of equine osteoarthritis through Boehringer Ingelheim Vetmedica, Inc. and manufactures AMVISC(R) and AMVISC(R) Plus, HA viscoelastic Adj. 1. viscoelastic - having viscous as well as elastic properties natural philosophy, physics - the science of matter and energy and their interactions; "his favorite subject was physics" products for ophthalmic surgery, for Bausch & Lomb. It also produces STAARVISC(TM)-II for distribution by STAAR STAAR Second Time Around Aussie Rescue, Inc. (Bryan, TX) STAAR Space Technology Applications Astronomy & Rocket Research (Scottish Rocket Programme) Surgical Company and Shellgel(TM) for Cytosol cytosol /cy·to·sol/ (sit´ah-sol) the liquid medium of the cytoplasm, i.e., cytoplasm minus organelles and nonmembranous insoluble components.cytosol´ic cy·to·sol n. Ophthalmics, Inc. The statements made in this press release which are not statements of historical fact are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including, without limitation, statements that may be identified by words such as "expectations," continue," "progress," and other expressions which are predictions of or indicate future events and trends and which do not constitute historical matters identify forward-looking statements. These statements also include statements regarding: (i) the progress of the Company's ORTHOVISC clinical trials and the Company's expectations regarding such clinical trials, (ii) the Company's efforts in entering into long-term arrangements to market and distribute ophthalmic and osteoarthritis products, and (iii) the Company's expectations regarding future results of operations, including the Company's expectations regarding cash utilization. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks, uncertainties and other factors. The Company's actual results could differ materially from any anticipated future results, performance or achievements described in the forward-looking statements as a result of a number of factors including: (i) the Company's ability to successfully complete clinical trials of ORTHOVISC(R) on a timely basis or at all, obtain clinical data to support a pre-market approval application and/or FDA FDA abbr. Food and Drug Administration FDA, n.pr See Food and Drug Administration. FDA, n.pr the abbreviation for the Food and Drug Administration. approval, and/or receive FDA or other regulatory approvals of ORTHOVISC(R) or that such approvals will not be obtained in a timely manner or without the need for additional clinical trials; (ii) the success of the Company's efforts to improve the financial performance of its core business; (iii) the success of the Company's research and product development efforts and any meaningful sales of such new products; (iv) the cost effectiveness and efficiency of our manufacturing operations Manufacturing operations concern the operation of a facility, as opposed to maintenance, supply and distribution, health, and safety, emergency response, human resources, security, information technology and other infrastructural support organizations. and production planning Production planning The function of a manufacturing enterprise responsible for the efficient planning, scheduling, and coordination of all production activities. . Any delay in receiving any regulatory approvals may adversely affect the Company's competitive position. Even if regulatory approvals are obtained, there is a risk that meaningful sales of the products may not be achieved. There is also a risk that (i) the Company's existing distributors or customers will not continue to place orders at historical levels or that any of them will seek to modify or terminate existing arrangements, (ii) the Company's efforts to enter into long-term marketing and distribution arrangements will not be successful, (iii) new distribution arrangements will not result in meaningful sales of the Company's products, or (iv) increased sales of the Company's products, including HYVISC or its ophthalmic products will not continue or sales will decrease, any of which may have a material adverse effect on the Company's business and operations. Certain other factors that might cause the Company's actual results to differ materially from those in the forward-looking statements include those set forth under the headings "Business," "Risk Factors and Certain Factors Affecting Future Operating Results" and "Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations" in each of the Company's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 2001, as well as those described in the Company's other press releases and SEC filings.
Anika Therapeutics, Inc.
STATEMENTS OF OPERATIONS (Unaudited)
Quarter ended
March 31,
2002 2001
--------------------------
Product revenue $2,384,717 $2,178,617
Licensing revenue 5,000 --
----------- -----------
Total revenue 2,389,717 2,178,617
Cost of sales 2,087,414 1,968,948
----------- -----------
Gross profit 302,303 209,669
Operating expenses:
Research and development 1,089,874 1,347,870
Selling, general and administrative 1,079,495 1,452,810
----------- -----------
Total operating expenses 2,169,369 2,800,680
----------- -----------
Loss from operations (1,867,066) (2,591,011)
Interest income, net 62,858 272,580
----------- -----------
Loss before income taxes (1,804,208) (2,318,431)
Provision for income taxes -- --
----------- -----------
Net loss $(1,804,208) $(2,318,431)
=========== ===========
Basic and diluted loss per share:
Net (loss) income $(0.18) $(0.23)
=========== ===========
Shares used for computing basic
and diluted EPS 9,934,280 9,934,280
=========== ===========
Anika Therapeutics, Inc.
March 31, December 31,
Balance Sheets as of, 2002 2001
----------- -----------
(unaudited)
ASSETS
Current assets:
Cash and cash equivalents $10,447,648 $9,064,977
Short term investments 2,000,000 3,994,401
Accounts receivable, net 2,053,279 2,240,929
Inventories 3,166,344 3,726,982
Prepaid expenses 343,224 540,476
----------- -----------
Total current assets 18,010,495 19,567,765
----------- -----------
Property and equipment 9,544,917 9,530,047
Less accumulated depreciation (6,854,363) (6,583,175)
----------- -----------
Net property and equipment 2,690,554 2,946,872
----------- -----------
Notes receivable from officers 253,000 253,000
Long term deposits 148,160 148,160
----------- -----------
Total Assets $21,102,209 $22,915,797
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable 702,817 954,585
Accrued expenses 1,697,156 1,842,399
Deferred revenue 402,633 15,001
----------- -----------
Total current liabilities 2,802,606 2,811,985
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Stockholders' equity:
Redeemable convertible preferred stock,
$.01 per value: Authorized 750,000 shares,
no shares issued and outstanding -- --
Undesignated preferred stock,
$.01 par value: authorized 1,250,000 shares;
no shares issued and outstanding -- --
Common stock, $.01 par value:
authorized 30,000,000 shares;
issued 9,991,943 shares 99,919 99,919
Additional paid in capital 31,640,232 31,640,234
Treasury stock (at cost), 57,663 shares (279,756) (279,756)
Accumulated deficit (13,160,792) (11,356,585)
----------- -----------
Total stockholders' equity 18,299,603 20,103,812
----------- -----------
Total liabilities
and stockholders' equity $21,102,209 $22,915,797
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