Anika Therapeutics ends quarter with no debt, $47.4 million of cash

By Lisa Kerner

Charlotte, N.C., Oct. 24 - Anika Therapeutics, Inc. said it ended the third quarter on Sept. 30 with cash and cash equivalents totaling $47.4 million and with no short- or long-term debt.

The company said that total revenue for the third quarter was down at $6.2 million, from $10.0 million for the third quarter of 2005. Product revenue dropped slightly in the quarter to $5.5 million, from $6.0 million for the same period of last year.

For the third quarter, product gross margin increased to 61%,from 37% in the prior-year quarter.

Net income dropped to $1.3 million, or $0.12 per diluted share, for the third quarter from $2.5 million, or $0.22 per diluted share, for the same period of 2005.

For the nine months ended Sept. 30, Anika had total revenue of $21.0 million, down from $24.4 million for comparable period of 2005.

The company's product revenue for the nine-month period was up at $18.8 million, from $15.8 million for the prior-year period.

Product gross margin was 57%, compared with 44% for the nine months ended Sept. 30, 2005.

Net income for the nine-month period decreased to $3.5 million, or $0.32 per diluted share, from $5.0 million, or $0.44 per diluted share, for the same period of last year.

"Looking forward, we expect the domestic sales of Orthovisc to continue to improve, and we are excited about new international prospects for that product," president and chief executive officer Charles H. Sherwood said in a news release.

"With our partner, Galderma, we continue to work toward the commercialization of our CTA product in mid 2007."

Anika Therapeutics, based in Woburn, Mass., develops products for tissue protection, healing and repair.

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