AcquisitionsThese failures include two value destroying acquisitions, which were sold a few years after being acquired for pennies on the dollars invested.
Execution FailuresAnika has not executed on some of its key objectives in recent years and, in our view, has not optimized its communications with investors regarding the inherent value we believe we see in the business.
Investor ConfidenceThe company requires significant wins and increased transparency around its business value drivers to regain investor confidence.