Anika Therapeutics, Inc. (ANIK) has reported 20.33 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $5.49 million, or $0.37 a share in the quarter, compared with $6.90 million, or $0.45 a share for the same period last year. Revenue during the quarter grew 4.95 percent to $23.39 million from $22.28 million in the previous year period. Gross margin for the quarter contracted 167 basis points over the previous year period to 73.99 percent. Total expenses were 65.77 percent of quarterly revenues, up from 51.94 percent for the same period last year. That has resulted in a contraction of 1382 basis points in operating margin to 34.23 percent.
Operating income for the quarter was $8.01 million, compared with $10.71 million in the previous year period.
"We made important progress executing our long-term growth strategy in the first quarter of 2017," said Charles H. Sherwood, Ph.D., president and chief executive officer. "We finalized the clinical study design for an additional Phase III clinical trial of CINGAL, and we commenced planning and site initiation activities for the trial in the quarter. MONOVISC continued its strong momentum with revenue growth of 24% year-over-year for the quarter, and we achieved a significant milestone in our global expansion with the launch of ORTHOVISC-T in Europe."
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