Shares of Anika Therapeutics, Inc. (Nasdaq: ANIK) were up as much as 28 percent from Wednesday’s closing price, in morning trading on Thursday after the Bedford-based company announced third quarter revenue and profit increases, over the same period a year ago.
Shares touched an intraday high of $7.75, up from Wednesday’s closing price of $6.04.
For the three months ended September 30, 2011, Anika Therapeutics reported revenue of $18.5 million, a 33 percent increase over revenue of $13.9 million reported in the same quarter last year. Operating income for the third quarter of 2011 increased to $4.8 million, up from $2.1 million in the same period a year ago. Net income rose to $3 million, or 22 cents per diluted share, up from $1.2 million or 9 cents per diluted share last year.
“Fueled by 35% growth in product revenue and continued operational streamlining, this was an excellent quarter for Anika,” said Charles H. Sherwood, Ph.D., president and chief executive officer in a November 2 press release. “Our product revenue growth was driven by strong U.S. and international sales of Orthovisc, as well as increased shipments of our ophthalmic products and the advanced wound care products from Anika S.r.l. that we have added to our dermal franchise, highlighted by Hyalomatrix®. In addition to contributing to our top-line growth, Anika S.r.l. continued to reduce its net loss in the third quarter.”
Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops, manufactures and commercializes therapeutic products for tissue protection, healing, and repair. These products are based on hyaluronic acid (HA), a naturally occurring, biocompatible polymer found throughout the body. Anika’s products range from orthopedic/joint health solutions led by Orthovisc, a treatment for osteoarthritis of the knee, to surgical aids in the ophthalmic and anti-adhesion fields. The company also offers aesthetic dermal fillers for the correction of facial wrinkles. Anika’s Italian subsidiary, Anika S.r.l, provides complementary HA products in orthopedic/joint health and anti-adhesion, as well as therapeutics in new areas such as advanced wound treatment and ear, nose and throat care. Anika S.r.l.’s regenerative tissue technology advances Anika’s vision to offer therapeutic products that go beyond pain relief to protect and restore damaged tissue.