Anika Therapeutics reports Q1 adjusted EPS (6c) vs. 13c last year

Reports Q1 revenue $26.2M, consensus $28.07M. Cheryl Blanchard, President and CEO of Anika Therapeutics (ANIK), commented: “Since our strategic realignment we have outperformed in our Commercial Channel where we control sales, marketing and pricing. We continue to see consistently strong growth within the Commercial Channel, up 18% in the quarter. Sales in our OEM Channel did not meet expectations due to lower pricing of Monovisc and Orthovisc in the U.S. To date, the pricing volatility has not been fully offset by the measures that J&J MedTech has implemented to stabilize pricing in the market. Nevertheless, Monovisc and Orthovisc continue to hold leading positions in the U.S. market. I am also pleased to report that we continue to make excellent progress on our cost-saving measures. As a result, operating expenses declined 12% in the quarter. During the quarter, we continued to invest in the regulatory and clinical efforts necessary to file for U.S. approval of both Hyalofast and Cingal. We continue to make meaningful progress on both programs and are confident that Hyalofast and Cingal will be market-drivers in both the cartilage repair and next generation OA pain markets.”