Anika Therapeutics Inc. (ANIK)

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Anika Therapeutics, Inc. (ANIK)

Q4 2012 Earnings Conference Call

February 28, 2013 09:00 ET


Dr. Charles Sherwood - President and Chief Executive Officer

Kevin Quinlan - Chief Financial Officer


Mark Landy - Summer Street Research

Greg Garner - Singular Research

Bill Gibson - Legend Merchant

Joe Munda - Sidoti

Jim Gentrup - Discovery Investment Research



Good day, ladies and gentlemen and welcome to the Fourth Quarter 2012 Anika Therapeutics Investor Conference Call. My name is Jeff and I will be your coordinator for today. At this time, all participants are in a listen only mode. Later, we will facilitate a question-and-answer session towards the end of this conference. (Operator Instructions) As a reminder, this conference is being recorded for replay purposes.

I would now like to turn the conference over to your host for today, Mr. Kevin Quinlan, Anika’s Chief Financial Officer. And you have the floor sir.

Kevin Quinlan - Chief Financial Officer

Thank you, Jeff, and good morning everyone. Thank you for joining us. If you have not received a copy of the Anika news release, which was issued yesterday after the market closed or you would like to be added to our contact list, please contact Sharon Merrill Associates at 617-542-5300. The news release is posted in the Investor Relations section of our website at

In addition, a slide presentation is posted on the Anika website that illustrates some of the points that we’ll be covering during today’s call. The slides can be found on the Investor Relations section under the heading Events, Webcasts, and Presentations. We invite you to take a moment to open the file and follow the presentation along with us.

Please turn to slide number two. Before we begin, please remember that the statements made in this call which are not statements of historical fact are forward-looking statements as defined in the Securities and Exchange Act of 1934. Words such as will, believe, appear, plan, expect, anticipate, forward, seek, continue, target, goals, objectives, on track, intend, pursue, outlook, as well as other expressions, which are predictions or indications of future events or trends and which do not constitute historical matters identify forward-looking statements. These statements are based on the current beliefs and expectations of management and are subject to significant risks and uncertainties. The company’s actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors which include those set forth in last evening’s press release and the company’s SEC filings.

Please turn to slide number three as I turn the call back over to Dr. Charles Sherwood.

Dr. Charles Sherwood - President and Chief Executive Officer

Thank you, Kevin. Anika achieved record quarterly and full year revenue in 2012. We also delivered double-digit revenue and net income growth in the fourth quarter of 2012 concluding an excellent year from both financial and operational perspectives. Our total revenue grew 23% from Q4 last year and our net income was up 55%. The actual results for the quarter were in line with the preliminary results we released on January 22.

If you look at our five franchises, our top line performance this quarter and this past year continues to be driven by growing in Orthobiologics reflecting strong demand for our flagship product Orthovisc. U.S. Orthovisc revenue was up nearly 42% for the year. Through the strength of our partner, DePuy Mitek’s marketing activities over the past year Orthovisc closed 2012 as the market leader in the U.S. multi-injection segment and the number two U.S. brand in viscosupplementation overall.

Mitek continues to do an outstanding job in capitalizing on the domestic demand for Orthovisc. We are very pleased with the partnership with Mitek and I am delighted to report that during the fourth quarter we mutually agreed to extend our U.S. distribution agreement through December 2018. Although international sales of Orthovisc were down nearly 17% from 2011 considering the sluggish economy in Europe they held up pretty well. We are making continued progress in our efforts to accelerate our growth internationally by penetrating in new geographic markets for Orthovisc.

Our current focus is Latin America where we are working with Mitek to gain a number of new product approvals. We are also selectively realigning our existing distribution relationships where we see opportunities for faster growth. For example during the fourth quarter we negotiated a distribution and clinical trial reimbursement agreement for both Orthovisc and Monovisc with the new partner in France. We signed a new distribution agreement for Canada with a top pharmaceutical company in that country and we also signed a new contract with the large pharmaceutical company in Turkey to reactivate our sales in that region.

For the surgical franchise launching the improved version of Merogel Injectable was the top priority in 2012. Merogel Injectable is in ENT, ear, nose and throat surgical anti-adhesion product distributed by Medtronic. During 2012 we successfully completed the product development work and received the 510(K) clearance in the fourth quarter. We have resumed shipment of Merogel Injectable to Medtronic of course launched the product in early February.

From quite sometime it’s been our practice to discuss activities on our five franchises irrespective of their contribution to our financial results in any given quarter. Going forward we will be more than happy to answer any franchise specific questions that you may have, but in our prepared remarks we will try to focus on the events and accomplishments that we feel are driving the business forward in a material way or those that have strategic value. In some quarters we will talk about everyone of our franchise and in others like this one we may not. Again if you are looking for additional information about the other franchises please feel free to join the Q&A session at the end of the call.

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