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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.

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