Shares in Anika Therapeutics (NSDQ:ANIK) rose yesterday after the company met expectations on Wall Street with its 3rd-quarter results.
The Bedford, Mass.-based company posted profits of $8.9 million, or 59¢ per share, on sales of $25.8 million for the 3 months ended Sept. 30, for bottom-line growth of 6.8% on sales growth of 8.9% compared with the same period last year.
Earnings per share came in 12¢ ahead of consensus on The Street, where analysts forecast for 47¢.
“We continued to deliver solid financial results in the third3rdquarter, while expanding globally and advancing our deep and differentiated pipeline to drive sustained growth,” president & CEO Charles Sherwood said in prepared remarks. “Last quarter, we had a productive meeting with the FDA regarding the Cingal regulatory submission and continue to gain alignment on additional clinical and non-clinical work required to bring this important treatment to the U.S. Our confidence in the future success of Cingal in the U.S. has been reaffirmed by how well Cingal has been received by physicians in Canada and Europe, where we recently launched. We are well-positioned to achieve our operational and financial objectives for 2016 and to create significant near- and long-term value for patients and shareholders.”
Anika maintained its revenue guidance for the full year, saying it still expects product revenue growth in the mid- to high-teens and total revenue growth in the low double-digits.
ANIK shares were trading at $44.39 apiece yesterday in afternoon trading, up 3.9%, but slid back down -2.3% this morning to $43.03 apiece.
