$ANIK
Anika Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000117184323005114 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $41.47M $44.30M
YoY Change 2.98% 11.71%
Cost Of Revenue $16.52M $15.33M
YoY Change -5.51% 3.62%
Gross Profit $24.94M $28.97M
YoY Change 9.5% 16.53%
Gross Profit Margin 60.16% 65.4%
Selling, General & Admin $24.83M $23.69M
YoY Change 16.69% 11.38%
% of Gross Profit 99.53% 81.77%
Research & Development $7.791M $8.914M
YoY Change 6.71% 27.8%
% of Gross Profit 31.23% 30.77%
Depreciation & Amortization $3.550M $3.550M
YoY Change 1.57% -4.29%
% of Gross Profit 14.23% 12.25%
Operating Expenses $32.62M $32.60M
YoY Change 14.14% 15.44%
Operating Profit -$7.674M -$3.631M
YoY Change 32.36% 7.39%
Interest Expense $635.0K $561.0K
YoY Change 45.64% 484.38%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.039M -$3.070M
YoY Change 31.28% -6.54%
Income Tax -$500.0K -$300.0K
% Of Pretax Income
Net Earnings -$6.576M -$2.741M
YoY Change 57.51% -3.59%
Net Earnings / Revenue -15.86% -6.19%
Basic Earnings Per Share -$0.45 -$0.19
Diluted Earnings Per Share -$0.45 -$0.19
COMMON SHARES
Basic Shares Outstanding 14.63M 14.69M
Diluted Shares Outstanding 14.64M 14.69M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.70M $65.07M
YoY Change -19.45% -28.8%
Cash & Equivalents $70.65M $65.07M
Short-Term Investments
Other Short-Term Assets $7.700M $7.789M
YoY Change -10.25% -13.03%
Inventory $43.72M $42.60M
Prepaid Expenses
Receivables $34.68M $36.74M
Other Receivables $0.00 $0.00
Total Short-Term Assets $156.8M $152.2M
YoY Change -6.55% -9.33%
LONG-TERM ASSETS
Property, Plant & Equipment $45.94M $47.99M
YoY Change -3.07% -0.21%
Goodwill $7.253M $7.467M
YoY Change 7.92% 4.16%
Intangibles $68.76M $70.71M
YoY Change -10.17% -9.92%
Long-Term Investments
YoY Change
Other Assets $18.95M $19.39M
YoY Change 3.32% -7.29%
Total Long-Term Assets $171.4M $176.7M
YoY Change -4.78% -5.15%
TOTAL ASSETS
Total Short-Term Assets $156.8M $152.2M
Total Long-Term Assets $171.4M $176.7M
Total Assets $328.2M $328.9M
YoY Change -5.63% -7.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.251M $7.944M
YoY Change -1.22% -2.71%
Accrued Expenses $19.00M $14.58M
YoY Change 5.56% -13.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.06M $23.46M
YoY Change 6.5% -20.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $401.0K
YoY Change -15.61% -31.69%
Total Long-Term Liabilities $400.0K $401.0K
YoY Change -15.61% -31.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.06M $23.46M
Total Long-Term Liabilities $400.0K $401.0K
Total Liabilities $28.46M $23.86M
YoY Change 6.11% -20.52%
SHAREHOLDERS EQUITY
Retained Earnings $191.1M $197.6M
YoY Change -11.4% -10.09%
Common Stock $86.00M $82.54M
YoY Change 11.97% 13.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $270.5M $274.0M
YoY Change
Total Liabilities & Shareholders Equity $328.2M $328.9M
YoY Change -5.63% -7.13%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$6.576M -$2.741M
YoY Change 57.51% -3.59%
Depreciation, Depletion And Amortization $3.550M $3.550M
YoY Change 1.57% -4.29%
Cash From Operating Activities $6.480M -$8.293M
YoY Change 139.2% -368.56%
INVESTING ACTIVITIES
Capital Expenditures $740.0K $1.457M
YoY Change -143.76% -175.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$740.0K -$1.457M
YoY Change -56.24% -24.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -110.0K -4.943M
YoY Change -97.61% 10645.65%
NET CHANGE
Cash From Operating Activities 6.480M -8.293M
Cash From Investing Activities -740.0K -1.457M
Cash From Financing Activities -110.0K -4.943M
Net Change In Cash 5.630M -14.69M
YoY Change -256.69% -1433.3%
FREE CASH FLOW
Cash From Operating Activities $6.480M -$8.293M
Capital Expenditures $740.0K $1.457M
Free Cash Flow $5.740M -$9.750M
YoY Change 30.45% -293.91%

Facts In Submission

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td> <td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Nature of Business</b></p> </td> </tr> </tbody> </table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 41pt;">Anika Therapeutics, Inc. (the “Company”) is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care, including in the areas of osteoarthritis (“OA”) pain management, regenerative solutions, sports medicine and Arthrosurface joint solutions.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 41pt;">In early <em style="font: inherit;">2020,</em> the Company expanded its overall technology platform through its strategic acquisitions of Parcus Medical, LLC (“Parcus Medical”), a sports medicine implant and instrumentation solutions provider focused on sports medicine and soft tissue repair, and Arthrosurface, Inc. (“Arthrosurface”), a company specializing in less invasive, bone preserving partial and total joint replacement solutions. These acquisitions broadened the Company's product portfolio, developed over its <em style="font: inherit;">30</em> years of expertise in hyaluronic acid technology, into joint preservation and restoration space with higher market potential, added new revenue streams, increased and accelerated its commercial capabilities, diversified its revenue base, and expanded its product pipeline and research and development expertise.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 41pt;">The Company is subject to risks common to companies in the life sciences industry including, but <em style="font: inherit;">not</em> limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with U.S. Food and Drug Administration (“FDA”) and foreign regulations and approval requirements, as well as the ability to grow the Company’s business through appropriate commercial strategies.</p>
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