This Day On The Street
Continue to site right-arrow
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
Cramer's Action Alerts PLUS - See his portfolio and get alerts BEFORE every trade. Learn more NOW!

Anika Therapeutics Reports Third-Quarter Financial Results

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 September 30, 2012.

Revenue

For the third quarter of 2012, Anika’s total revenue was $14.8 million. This total represents a 20% decrease compared with the same period last year and reflects the impact of a temporary scale-up issue at our Bedford manufacturing facility that prevented the company from filling all of its orders for Orthovisc ® during the quarter. The revenue shortfall impacted gross margin, operating, and net income. The issue has been resolved, and Anika expects to fill all of its orders in the current fourth quarter. In addition, the economic softness in Europe and the negative effect of foreign exchange affected revenue for the quarter.

For the nine-month period ended September 30, 2012, total revenue increased 5% to $48.8 million from the same period last year.

Product Gross Margin

Product gross margin for the third quarter of 2012 declined to 48.6%, from 58.4% in the third quarter last year, reflecting lower production volume.

For the nine-month period ended September 30, 2012, product gross margin was 53.3%, compared to 55.6% in the first nine months of 2011.

Operating and Net Income

Operating income for the third quarter of 2012 was $2.7 million, as compared to $4.8 million in the same period in 2011. Net income declined to $1.6 million, or $0.11 per diluted share, from $3.0 million, or $0.22 per diluted share, in the third quarter a year earlier due to the lower revenue and margins. The company’s effective tax rate for the third quarter of 2012 was 38.6%, compared with 37.6% for the third quarter of 2011. The higher tax rate was due to Anika SRL.

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
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

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
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,132.70 -81.72 -0.45%
S&P 500 2,104.50 -6.24 -0.30%
NASDAQ 4,963.5270 -24.3630 -0.49%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs