Anika Therapeutics (ANIK 0.66%) delivered its fourth-quarter earnings report Thursday night, beat Wall Street's consensus estimates on both the top and bottom lines
The medical technology company, which focuses on the $7 billion sports and regenerative medicine market, offers products that address a continuum of medical issues from arthritis pain management to joint restoration.
For the quarter, Anika reported sales of $29.77 million, up 10% from the previous year, and profits of $0.43 a share, down from $0.54 a share a year ago. But earnings were expected to be lower this quarter because of the costs associated with its acquisition of Parcus Medical and Arthrosurface, and the launch of a new product, Tactoset, an injectable bone substitute.
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Recovering from the death of its CEO
Joe Darling, the company's president and CEO, recently died from an unspecified medical condition. Cheryl Blanchard was named interim chief executive officer. On the conference call, she said: "I'd like to start by remembering Anika's President and CEO, Joe Darling, who passed away unexpectedly on Jan. 29. When I interviewed to join Anika's Board, Joe talked about Anika and the people who make up Anika with a passion you hope every leader exhibits about his or her company. Joe was a wonderful leader and a trusted colleague, who led the beginning of our transformation into a global commercial company. Over the last two and a half years, he set Anika on its current path reinforcing its strong foundation, leveraging its strengths and embracing innovation."
Darling was instrumental in the acquisition of Parcus Medical and Arthrosurface, as well as the launch of Tactoset, the company's first surgical orthopedic product. For 2020, the company is forecasting $3 million in revenues from Tactoset.
Shares were up slightly in early trading Friday.
