Anika Therapeutics reports Q3 EPS 0c, consensus (37c)

Reports Q3 revenue $41.5M, consensus $38.27M. Reports Joint Preservation and Restoration revenue of $13.5 M up 14%. Company says Integrity Implant System, a regenerative hyaluronicacid -based patch system for augmentation of rotator cuff repairs, and X-Twist Biocomposite Fixation System Both Cleared by the FDA; On-Track to Launch in Q1-2024 ..”We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO. “We delivered 14% growth in Joint Preservation and Restoration and higher-than-expected growth in OA Pain Management, which has grown 11% year-to-date. In the third quarter, we also continued to advance our product pipeline across Joint Preservation and Restoration, successfully completed the full market launch of our RevoMotion Reverse Shoulder System, received FDA clearance for both our new HA-based regenerative rotator cuff patch, the Integrity Implant System, and the biocomposite version of our X-Twist Fixation System, with launches on track for the first quarter of 2024. Each of these milestones position Anika to accelerate Joint Preservation and Restoration growth in 2024, as we continue to focus on commercial execution and actively managing our costs to drive improved profitability.”