Anika Therapeutics Sees FY24 Revenue $168M-$173M Vs $179.42M Est.

Author: Benzinga Newsdesk | March 13, 2024 04:35pm

Fiscal 2024 Guidance
In 2024, Anika is prioritizing accelerated growth in profitability, with a focus on the products with the greatest growth opportunities and where the Company has the most differentiated right-to-win.

As such, Anika expects revenue for fiscal year 2024 of $168 to $173 million, representing growth of 1% to 4% compared to 2023. Revenue ranges by product family are:

• OA Pain Management of $102 to $104 million, up 0% to 2%, on sustained above-market growth offset by some unfavorable order timing
• Joint Preservation and Restoration of $58 to $60.5 million, up 6% to 10%
• Non-Orthopedic of $8 to $8.5 million, down 14% to 19%

The Company expects adjusted EBITDA for 2024 to be $25 to $30 million, up over 75% at the midpoint, representing an adjusted EBITDA margin of at least 15%, up over 6 points compared to 2023. Anika's expectations around improved profitability in 2024 reflect only partial-year cost savings as well as the early-stage ramp from Anika's new products.

Posted In: ANIK