Anika Therapeutics, Inc. (ANIK) has reported a 26.78 percent fall in profit for the quarter ended Dec. 31, 2016. The company has earned $8.08 million, or $0.54 a share in the quarter, compared with $11.04 million, or $0.72 a share for the same period last year.
Revenue during the quarter dropped 7.02 percent to $28.73 million from $30.89 million in the previous year period. Gross margin for the quarter contracted 588 basis points over the previous year period to 73.76 percent. Total expenses were 55.65 percent of quarterly revenues, up from 44.77 percent for the same period last year. That has resulted in a contraction of 1088 basis points in operating margin to 44.35 percent.
Operating income for the quarter was $12.74 million, compared with $17.06 million in the previous year period.
"Anika delivered another year of very strong growth, with 17% product revenue growth for the full year of 2016," said Charles H. Sherwood, Ph.D., president and chief executive officer. "We also submitted an IND application to the FDA to initiate an additional Phase III clinical trial of CINGAL, and we received CE Mark approval for ORTHOVISC-T in the fourth quarter, paving the way for our next generation of growth drivers. We expect to commence the CINGAL Phase III trial and launch ORTHOVISC-T in Europe in the first half of 2017. Our strategic objectives in 2017 are focused on global commercial expansion, pipeline advancement, infrastructure enhancements and strategic M&A to drive sustained growth and create value for patients and shareholders."
Working capital increases marginally
Anika Therapeutics, Inc. has recorded an increase in the working capital over the last year. It stood at $161.64 million as at Dec. 31, 2016, up 1.56 percent or $2.49 million from $159.16 million on Dec. 31, 2015. Current ratio was at 19.37 as on Dec. 31, 2016, up from 10.21 on Dec. 31, 2015.
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