This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Anika Therapeutics Reports Record Second Quarter Revenue And Earnings

Anika Therapeutics, Inc. (Nasdaq: ANIK), a leader in products for tissue protection, healing, and repair, based on hyaluronic acid (“HA”) technology, today reported financial results for the quarter ended June 30, 2012.

Revenue

For the second quarter of 2012, Anika’s total revenue increased 22% to $19.6 million, from $16.1 million in the second quarter last year. This growth was primarily driven by higher shipments of Anika’s ophthalmic products, as well as strong domestic and international sales of the company’s flagship product, Orthovisc ®.

For the six-month period ended June 30, 2012, total revenue increased 22% to $34.0 million, from $27.9 million in the same period last year.

Product Gross Margin

Driven by higher production volume, product gross margin for the second quarter of 2012 increased to 57.2%, from 56.8% in the second quarter last year.

For the six-month period ended June 30, 2012, product gross margin increased to 55.4%, from 53.7% in the first six months of 2011.

Operating and Net Income

Operating income for the second quarter of 2012 increased to $6.1 million, from $3.7 million in the same period in 2011. Net income rose to $3.7 million, or $0.26 per diluted share, from $2.3 million, or $0.17 per diluted share, in the second quarter a year earlier. The company’s improved profitability was primarily driven by a combination of revenue growth, higher gross margin, and lower operating expenses. The company’s effective tax rate for the second quarter of 2012 was 38.6%, compared with 37.2% for the second quarter of 2011.

For the six-month period ended June 30, 2012, net income rose to $5.6 million, or $0.39 per diluted share, from $2.6 million, or $0.19 per diluted share, in the first six months of 2011.

Operating Expenses

Research and development expenses for the second quarter of 2012 decreased to $1.3 million, from $1.6 million in the second quarter last year. Anika continues to expect R&D expense to increase modestly in the second half of 2012 on a year-over-year basis due to the anticipated initiation of preclinical and clinical studies.

1 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 17,689.86 -56.12 -0.32%
S&P 500 2,103.84 -4.79 -0.23%
NASDAQ 5,128.2810 -0.5040 -0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs