ANIK - Earnings call transcript Q4 2017 | Anika Therapeutics, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Anika Therapeutics' Fourth Quarter and Full-Year 2017 Earnings Conference call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will be given at that time. [Operator Instructions]. I would now like to turn the call over to Sylvia Cheung, Chief Financial Officer. ma'am. ahead, go Please

Sylvia Cheung

Officer, Good quarter and call. and call Chief on Christi. joining With you our the Executive Anika's is fourth full-year today Charles morning, you, Sherwood. thank everyone, for me Dr. Thank XXXX earnings

I call, section business earnings fourth key quarter review today's our yesterday. the Relations were which the is summarized XXXX During available earnings will results A release of full-year issued financial our at website anikatherapeutics.com. release in and Chuck of and highlights, and in our Investors copy

In in turn addition, and file We moment under Slide to & a our slide a presentation is Please the tab. the the follow number posted X. on the Presentations invite website take open section, you presentation to Investor along Relations to us. Events with

please statements statements and our I'll over actual the based Please in this Dr. we The made as achievements. anticipated turn forward-looking Sherwood. uncertainties. results, could and any These remember Securities current constitute to and Before and certain XXXX. during are statements of that are call conference future subject differ factors expectations certain defined for risks our beliefs on from Exchange call CEO, Chuck? information Act materially or that affect results. could SEC the about see performance, more to our also our results filings now Charles company's begin,

Charles Sherwood

our XXXX a completion continued the of the year markets, management of was everyone. Phase in significant by morning, new good MONOVISC of trial, expansion growth, CINGAL and and double-digit enrolment team. and highlighted Sylvia, revenue you, CINGAL strengthening Thank of III international achievement, into

of with and will the to entered past Please which feel number now share accomplishments the our our I year, review momentum over hope X. we Slide XXXX. turn we've tremendous you optimism sense As

Canada, to-date. units is This Since international sold XX,XXX CINGAL. XXXX, and markets Let to equivalent end States. MONOVISC uptake outpaced product to over has rapid currently launch. and would of the of distribution partner. The same the launch CINGAL's user over clinical on of This in begin Italy, the and time with an in in have available CINGAL capabilities million commercially that CINGAL's in for thrived of U.S. and sales injections update the treatment the over outside the its advantages both Germany, strength been United me our international OA, be XX available period following speaks its during $XX commercial

NDA XX-week PH. the efficacy required and the on end we completed At number and trial our past triamcinolone approval. design, successfully we Over in Affairs enrolled XXX for of CINGAL a and Regulatory U.S. hexacetonide patients The period III teams projected, the year and over second which than completed Phase of safety CINGAL is earlier of a enrollment, two its and a Clinical components, the roughly to trial quarter steroid our launch, comparison which MONOVISC, with and evaluates and President to the half turn pace and now Vice FDA our leadership of near Steven Executive Consultant, Regulatory of the under long-time is for our appointed an on to Frank Clinical of be Luppino, current our to the recently expect trial decision Please Chartier, and and remain we Affairs, first NDA XXXX. now who prior of mid-XXXX, X. track Slide

CINGAL. also our in enrolling are extension XX-week progress three-month We to trial pleased the from patients report of study

and impact have claim month observed effect studies and a of believe the adoption significant VISCO nine that what reimbursement on we have that of rates. optimistic a a steroids earlier nine will provide trial efficacy in CINGAL an advantage supplements months. other minimum can last are over will We We this confirm potentially favorable and

or the projected projected before, parallel FDA the will NDA submission with in noted NDA Slide now not for run filing, will and Please the number three-month we've approval. turn impact to As an extension X. study timeline

HA updates excited leverages are our medicine regenerative innovative solid our proprietary pipeline, which We on to platform. technology also share

of continued we we the on patient in trial made XX% To-date, have sites by HYALOFAST progress trial XXXX. We enrolling patients complete the are end trial of target the to III and of enrolment approximately qualified Phase in the HYALOFAST.

Our explore aid team will for for HA the patients This to process as regeneration cuff continues tissue repair. platform, rotator employed an with our cuff for damage. new rotator internal to including R&D tissue applications product solid implant be

will proprietary as pipeline. we this being technology not concept of and certainly enter year-end our by you explored We This only tissue innovative treatment will concepts our other informed create new is repair XXXX. HYAFF a developmental keep or prototype using regenerative the

to number exciting efforts internal academic research our complemented X, R&D collaborations. two are Turning Slide by

collaboration expanded in eventual promising FDA the submission. Amherst. arthritis recently focuses a on This candidate Massachusetts an for of development partnership our we rheumatoid clinical First, with injection localized University to towards advancing support

will presence in future stem three, therapeutic designed; through repair; to research recently operational launches international bring now related continued expanding and has This commercialization of since we ERP treat and of to manufacturing and transfer product Second, an not for our fourth allow planned cell MONOVISC growth; solid needed completing enrolment with one, progress to in headquarter X. strengthening XXXX CINGAL Phase optimize cartilage achieved which Phase clinical and quarter the to processes our provide for our Please the enrolling finally, patients the patient the which team advancing produce activities commercial address on HA system operations product study, the completion capability Taiwan; associated the study four, all MONOVISC, to global and as related testing the with mesenchymal a to Slide commercial Joseph Darling, pre-clinical are Chartier, in HYALOFAST Australia, University the milestones to various CINGAL treatment key in and India, implementing turn novel critical of established Bedford of Human us will experience Chief osteoarthritis. III talented pipeline will a decades These direct system number as of Regulatory with two, leadership of and companies Steven turn develop of healthcare now and our expansion. Vice our damage we in FastTRACK that approvals across treat Other collaboration included: Thomas stage success X. of Clinical to OA, potential with with as advanced the and additions the to design come President seasoned of of an number President, other by and to injectable disease. from professionals Please as the and sectors, Officer. joint Affairs, Slide pain Finnerty, and Liverpool symptoms Resources a consist therapy the to new caused III appointments

are growth. see inflection As we strong Anika's you in can a point at evolution and

and four shareholder changing leadership number value. and aggressively entire focused long-acting Our area is a executing kind osteoarthritis. all of supplementation fast first leading treatment activities on Focus combination CINGAL, sustained one growth team approval areas of VISCO game to drive its is XXXX to FDA in create the strategic for

commercial Second, increasing is CINGAL. expanding and footprint global MONOVISC growth to of drive international our

and national will formulated Third, directly Joseph commercialize complete manner in commercialization effort the upon the to organization of the is the our infrastructure a XXXX, based will The have market. organization Darling. that we President, that in our end, building U.S. our CINGAL efficient we into deployed This immediately to of this during direct under we newly CINGAL To framework, approval the oriented design sales leadership ensure sales maximize XXXX. effective. to penetration is is be and in deploying sales are of optimize and a resources appointed

of reimbursement, service sales best-in-class publicists, the providers that third-party fourth defining innovation the previously, adoption rapidly to a advancing use with is us user. and orthobiologics regenerative market clinical several and And will development. as our plan product an structure market logistics. other the perpetuity fronts, contract allow uptake discussed candidates pricing, driving will As new optimal well and organization, end our is and to access complete to on partner we This framework through medicine by as work drive product

Our the goal several product new steady years. ensure next of to and is over a launches development cascade

on you over XXXX, a have control will in renewed growth. on look on I the As our and of the limited our share operations. milestones horizon, clinical, sense commercial, expectations reliably anticipation delivered commercial forward hope Anika's we of phase to the Historically, that and reflect with next regulatory for multiple enthusiasm we

are we back couple revenue turn are trust, States, the close full we Sylvia? oversee more execution, and on as process strong the Sylvia our financial will Now, the can performance, to that of in to to now in over dimension as this and and we United review with financial call commercial CINGAL confident expansion. maintain placed the the we launch of of results. exciting legacy I rapid our

Sylvia Cheung

revenue to orthobiologics to quarter driven evidenced and in as our quarter you, Slide growth, turn growth strategy XX% for We Phase number year-over-year. for of to total Please increased XXXX. the demand primarily for revenue $XX.X the substantial executing strong CINGAL XXXX, Chuck. the X. XX% XX% million revenue Thank rapid Total MONOVISC $XX.X growth on III growth, international by growth made by our study. continued advancement compared our quarter delivered MONOVISC, was worldwide Revenue progress fourth of which million for in

the market As delivering the growth also year. MONOVISC quarter XX% quarter performed treatment. single for convenient XXXX to migrating share towards gain XXX% the the we very in market revenue worldwide injection continued more well as a of in had year-over-year expected, CINGAL and for is

me excuse up $XXX of the is For and in product was to with revenue line year-over-year. the increased we've X% right million total previously by given. XX% the XXXX, This total revenue result full-year revenue guidance

primarily decrease were in The and increase multi-injection due planned of fourth research $XX of are full-year the compared development shareholders. to outpace developing sustained was the million Income product a for growth revenue as next-generation for quarter to the a quarter in to million in the same of to from overall. of of the focused for to the in due for growth to XXXX. efforts well initiatives. expansion $X.X the XXXX of $X.X and operational product pipeline recently in income million the in resulting which decline our demand for million our as continued Europe compared operations in of fourth the driven fourth orthobiologics In quarter directly Net $X.XX share the of million Diluted We strong increase deliver investments, full-year full-year $XXX level per to included Total options. full-year, due last XXXX personnel delivered the year-over-year share million the growth Income the to compared increased from research inventory, full-year for R&D and gain our over on for $XX.X Diluted well we up as was quarter the position we Reform development leading $X.XX related approximately the MONOVISC of $XX.X expansion spending. share XX% to quarter CINGAL the MONOVISC, XXXX, of we was the products. to global tax of the cash XXXX. view continue per the primarily grew that MONOVISC XXXX were accounts charges. increases million for of quarter $XX tax for Tax of favorable fourth was $X.XX income investments of for development quarter a our XXXX. the full-year earnings primarily current ourselves revenue, ORTHOVISC continued to and by would from achieved our since was full-year balance operations the costs, share, market million million, growth of earnings a XX% $XXX with and We business revenue million sheet, in the was and that compared Our U.S. Canada. advance the to was our of the end The products million approximately $X.XX, the if million for $XX.X of year expanded the for the will a expect Net and single last million due enacted one-time the and spending in both legislation. worldwide the international $XX.X and $X.X for for was for primarily of as will value Both XXXX. $X.X translate were on maintain and the level margin down We per commercialize and from XX% periods treatment for expenses XXXX, year-over-year global Net quarter MONOVISC increase in reform to product income for quarter operating year. XXXX. benefit the gross market. increased year ended for Domestically, $XX.X in full-year XXXX. year. injection receivable

sustained revenue deployment the strategy ahead. earnings remains years to in our growth cash innovation focused Our on accelerate and

and our HYALOFAST elbow for continue to study. Phase activities, post-market to commence First, other and investment we clinical intend CINGAL, and tennis III, prepare preclinical execute to R&D our on

investments Second, we our United capability will continue to in direct to make the States. commercialization build

Third, evaluate strategic to we our will continue M&A growth. to augment organic

expect to to XXXX for year. revenue total growth and for for million Licensing expected range. mid-single-digit around be percentage be full-year Turning the to XXXX, the $X we is guidance of revenue the contract milestone

the product half of for We total includes million million million for support associated of to successful U.S. expect $X which $XX commercial year second for stronger with revenue an growth pre-launch the high CINGAL. $XX costs are launch be full-year expenses range the and XXXX operating in of to the the expected activities to

year incurred have fourth the proportion that of expenses the pre-launch to and We highest half first the expect the of that approximately spending. will of be quarter one-third during

Our expected the tax to impact XX favorable This reform. XXXX high full-year in effective be tax percentage rate reflects is from of range. for a the the

new the full-year change Phase and XXXX. MONOVISC our to advanced capital enhance approximately not summary, to While our financial our to team tax reinvest does savings and and support CINGAL revenue deploy regions, CINGAL commercial, does and reform and capital to enrolment the in the order support a innovation we our expected revenue III our expanded infrastructure in expenditure ahead. $XX of year double-digit earnings We tax growth, our study, growth We operational, accelerate we leadership delivered be priorities, years million of in and the strategy. growth. plan are Capital to XXXX, through growth achievement. future fundamentally technologies growth completed allocation ability for strengthened was In and significant high into it

now long-term Thank We well-positioned growth and shareholders. indicators you to have for near our questions. clear to we're take are and entered XXXX happy your we create for with value and

Operator

you. [Operator Instructions]. Thank

First Our first question is Analysis. from Munda of Joe

open. Your is line

Joe Munda

you can Good morning, and Chuck okay? Sylvia, hear me,

Sylvia Cheung

can. Good we morning, Joe. Yes,

Charles Sherwood

Yes, Good Joe. we morning, can.

Joe Munda

Sylvia will while you where -- down And Real if gross give year-over-year and application I color there, on the it color, back here, Chuck or could then there? just fourth first the or can might about on of off you will, in the off sequentially maybe sequentially color regarding quick. if in Thank ask you two the hop we some all us area, talked here. is, in new you. arm give some and are the you to queue injections give thoughts this more follow-up then shoulder, the us market your a cuff of the can and color different little us how you and past totally had decline maybe on in pricing rotator MONOVISC topic, on perhaps size in came some bit possibly opportunity the ORTHOVISC? and and the quarter, margin about HA and

Sylvia Cheung

state X% year It is main strong XX% basis. would to two that represent product a the in standpoint. decline on have margin, for we regards before like gross year changes from does a a product full-year figure to earlier charges are inventory parts. year to related factors margin There really in some a I With the Sure. from component gross the

from In as call. took we Italy, incurred of runs new prior manufacturer we which our in well recently plant. which half start-up commented expenses to the year from contract our initial we period the earnings solid on in So validation we first a HA quarter, this some for moved or costs production activities fourth as

in earlier. which levels a that the start-up activities, part incurred full-year and QX discussed initial some as So I costs resulted margin we of that

answers part that think first of question. I your So the

comparing injection remains flat is to I to and referring for and other for XXXX on have States. The that related MONOVISC at second MONOVISC pricing seen, presume we a MONOVISC premium in us basically part single that data the achieving priced you're United as ORTHOVISC to that year-over-year encouraging. and is pricing, stable, the Based pricing is good growth know, ORTHOVISC the and at you products full-year rates appears it still

those I'll it questions remaining hope your Chuck the I answers over part. to address to and So turn

Charles Sherwood

a little Anika and finally ago, with talking Joe, about long growth that you comment Chuck on around didn't that came I then MONOVISC the I it and it Yes, was happen. ORTHOVISC would enough thought MONOVISC, it did ORTHOVISC years you happen, remember MONOVISC has been along several and have before eat the into that of didn’t happen,

or the single forward in the that more the much show going I believe I although treatment. the favored I trend see that believe over will do multi-injection think the treatment what magnificent year next itself now trend So two becomes numbers is yet don't injection a where

So I'm because and going forward not and right come the usually a on I'm profitability that's prognosticating and but CINGAL. see right pricing of a little generally do with bit for the us to just I that but not MONOVISC thing timing, the bad

So that's little commentary ORTHOVISC MONOVISC. and a on

a rotator Now, believe. for question I you on me cuff, had

Joe Munda

Yes.

Charles Sherwood

by is And shoulder we a trial the complicated injected into shoulder we, a there. a ORTHOVISC clinical the point, There's going joint. didn't in Mitek, joint. at with looked conjunction one talk better. we the on hanging where So We the lot at have actually I'm very to them been about try not honesty out us. a because little not maybe trial could Johnson much all in run & trial that have was Johnson run but

it's there using some product That to a that a cuff so looked and implant enough making injection. And was technology. tear and repair promise and an application. wasn’t Rotator working there, like our support we're we is maybe to certainly there had it while PMA it's now indication data on an HYAFF an was

what XXX,XXX be, there's the take maybe of but potential different totally just really hundred in U.S. We're a I to seems right hard now what it's it's cuff a surgeries rotator is, say starting probably a really the couple but would probably a market it's at the and dollars. to thing. think look So market pricing million like

I of market if successful though is is cartilage as think market products little with viable some the less grows. products The not we're product. real when key maybe starting the repair the there's a bit because see to work, a

I some that on HYAFF right uses do can fits pretty, into high think product, medicine our So of we're portfolio, that with regenerative things we technology unique and pretty pretty it technology.

Joe Munda

I or off-label follow-up some is its for mean heard stuff? stories of real MONOVISC being any shoulder, if the been one percentage have injected if hearing I've I'm off-label, you're just it, usage, anecdotal can, Chuck wondering quick any much beside into you if idea of who same doing Okay. it from the how orthopedics just the injections

Charles Sherwood

Joe, I you vial Honestly, a was something pretty the I inject we we're hearing first were lot. inject quantity almost don't maybe injections millimeters. but much to you I need did, is eight not shoulder, if trial the think of that going think HA hack, to the guess like into it important.

is it product. product if used the ORTHOVISC MONOVISC off-label, the probably being not it is So probably

Joe Munda

will I thanks. hop queue. back Okay, in

Operator

[Operator Thank you. Instructions].

question Company. & of Sidoti Our is next Jim Sidoti from

line open. is Your

Jim Sidoti

me? you Good morning. hear Can

Charles Sherwood

Yes, sir.

Sylvia Cheung

we can. Yes,

Jim Sidoti

Great.

one indicated there on You will the us in any that and that in of million give all payments XXXX; be be sense quarter? about milestone will you $X of timing can

Sylvia Cheung

This rate. achieved quarter. of towards on as will projection be threshold be It part and the one will the next the the all sales the current with year based end milestone expect Mitek MONOVISC that we agreement and run of in is sales

Jim Sidoti

operating you more increase or on or that is is indicated the XXXX. you up that to the an Can little breaks R&D primarily detail then, out; $XX million sales in board? high range how us expenses a that in across it marketing be And give Okay. and from

Sylvia Cheung

on for has looking are million to CINGAL of information activities $X goal engage that types to related some the and is million which About U.S. Chuck provided pre-launch the $XX our Right. in. activities helpful to we

R&D the increase post the the I lines. think primarily approval piece the So we accelerate study We continue that to chunk for to enrollment will the have which a The a study primarily SG&A about as in post is patients. commence talked is will will of the ORTHOVISC-T enrollment the significant elbow CINGAL market timing in on HYALOFAST. remaining be of extension the or the year be of we we also study the which on three-month year, half second this based that of cost tennis incurring and this

increase as newest increasing. about to addition In development Liverpool talked Massachusetts driven activities other primarily and including is that some be of programs University. the as will with the by the revenue research our well Cost goods University to that's we and that, had cuff activities fact collaboration sold like of rotator expected

$XX combination earlier. of leading factors range those that I high shared the million the are all to So

Jim Sidoti

Okay. Then last the question --

Charles Sherwood

interested. I little was a spend, going the R&D add if to to you're color

Jim Sidoti

sure. Sure,

Charles Sherwood

XX% so Okay. at In up XX% was R&D a we XXXX, we operating as exact remember level revenue. XXXX as as tells We our it's but bumped of that spend, make or really see figure well me -- I the don't around so. Sylvia it less little

Sylvia Cheung

XX%. no, XX%. No,

Charles Sherwood

my is and But anyway little -- seems she I'm Italy, the are so call, in operating take semi-quantitative. disorganization U.S., as but here, this we in explanation so

to that work basically are substantial we company at are -- we're trials. in or to going of do getting making investments a we're we're have R&D opportunities in lot because phase the do to pretty have going developmental where two, clinical phase lot animal really of some our opportunities; level where internal into we those a into a one, So the

So year, that's last that big a pretty We we're we're at year. making. continuing made investment this

in making area. the The obviously is company other commercial the big we're investment here qualitatively in development

So this lot but we're the we growth investment support that future to of spend great the going a believe company. a to of money is

Jim Sidoti

what know last just to was can question and Sylvia, let what CapEx you CapEx is in you repeat And XXXX? said in it be XXXX expected us Okay.

Sylvia Cheung

to expected the is be level. around roughly million for similar same and $XX is XXXX CapEx

Operator

you. Thank

Barrington Our of next question Research. is from Mike Petusky

Your line is open.

Mike Petusky

in XXs questions. or few little mean if I be or margin gave year? this XX I guidance it it bit Sylvia, of low didn’t but it A gross might guys. morning XX a below you catch good are kind we Hi, looking

Sylvia Cheung

that while on talked efficiency around always process improve to we've keep are We $X focus as expect multi-year In and have that's and range the to ways will incremental million. cost introduced be the manufacturing in gains there mind XXXX, about margin recent transfer about we for and we initiatives mid-XX% look roughly in ERP upon reduction gross project we before, that margins. our depreciation

the maintaining of on that as at margin. we why one certainly increase mid-XX reasons and we're margin around a gross will Longer-term the that's the -- product efforts provide commercial towards the that. XXXX cost direct obviously forward, in more of range So result an importantly and our expect working uplift realizing mid-XX% gross will improving going product reduction initiatives, but CINGAL

Mike Petusky

Okay, all for question, expect there that right. then international are XXXX? the in of additional that And kind you approvals me into CINGAL transition next

Sylvia Cheung

do adding Europe approval. additional already we expect distributors in where We have

from are countries, on that a earlier mentioned that particular XX% a particular an well franchise at certainly very expected to before. geographies that I key timeframe, year but the I growth of areas give we're XXXX over which growth, from can standpoint from in terms In we was working you CINGAL comparing are there no as but looking strong

Mike Petusky

Okay.

be to through countries you distributors? additional So in expect selling

Sylvia Cheung

Correct.

Mike Petusky

Perfect. right. all Okay,

Charles Sherwood

we've I to go think and with to we're partner the submission. one been country of talking ready note is Australia our

a think in pretty be likely it's can add XXXX. where as able territory I CINGAL So we that to sell will

Mike Petusky

you stand guys patient on question is there this just total point what at your roughly then And where HYALOFAST, enrollment goal me remind for you last terrific. and where can a right, enrollment? -- All

Sylvia Cheung

by the that is XXX end year. of goal Our patients

once and And help site our site in took quarter starts, to I and take. I to And speed time to measures investigators and a long, to now will they're there up third a underway, of We site the we've initiation can for U.S. think to bit site the running got there. longer accelerate. over enrollment a sites between are and but little than start looking get XX close that enrollment United started planned up initiate we to believe our us creative ways the also currently and some are the It the way States. we’re

I the and So along as will think the spending we enrolments accelerate that XXXX. move

Charles Sherwood

takes get it just expecting. and stick add go to do up the the it of seemed sites have that the to bit, kind But running that, time of patients. a do hockey performance Yes, I looks to would sites a little training, that access long we're like RRBs, we all picked to a and

difficulty we're the way we by the third year. believe So the a part that of the even the going there, make We've to target the unethical anything of of there smallest sites a thought it is at microfracture end still of the is use were for comparison though we're but a lesions and microfracture. look lot where only of had few the to was they of

year-end. I we but to that pretty have like we arduous fully it target select much carefully said to So was the and strongly me, by bearing sites really process believe we're believe we're going hit that

Operator

you. Thank

Joe Our of Analysis. First next question Munda from is

Your open. line is

Joe Munda

quick real CINGAL trial. on follow-up just Hey the Chuck,

there trial the you any could the concerned? I six as there months, weeks. recall time endpoint or six I steroid us still versus as we MONOVISC negotiating at think think the far at last some is co-primary with If update spoke around co-primaries at were primary couple the I questions FDA, at were provide you of steroid

Charles Sherwood

CINGAL MONOVISC We're still steroid end negotiating. months, versus points the at But at six CINGAL are three versus week.

So then have benefit. looked those of At the we in to and pretty we have while the good. and but first the show show both to we have hit point, steroid we benefit the data the this trial short-term long-term didn't

co-primaries away we because confident, just we're like don't to co-primaries from we FDA loves negotiate always pretty try So think co-primaries. and the I

not and call. we one it FDA the listening number that end doesn't whether up a So matter in secondary is a in co-primary end we up really much. Hopefully to or this primary

Joe Munda

Okay. Chuck. Thanks,

Operator

Thank you.

Petusky next of Research. Barrington Our from question Mike is

line Your open. is

Mike Petusky

wondering as I what can just semantic Sorry, characterized of single-digit or about I decline one but and ORTHOVISC stable this what kind understand I you guess pricing sort that? means what flat Sylvia as -- just a and I small maybe just MONOVISC had decline I'm talk means but more. think of you flat stable

Sylvia Cheung

looks it up I'm Stable characterizing actually like a means on numbers; it's as it stable. the little, so based

Michael Petusky

all Okay, Well, you. very good. Thank right.

Sylvia Cheung

welcome. You're

Operator

And session Sherwood Thank does to Dr. call the I'd that like our to Charles today. remarks. conclude Q&A any over further for for turn you. back

Charles Sherwood

to seen for can price of a that within you far come and Thank up that strategic in a years commercial three of time wave gain months new Anika seasoned in progress costs line be as well also transformational both encouraged doubling aimed wave of along or be greater earnings very visibility change revenue strength. Anika usher all anticipate operations XXXX XX you, and Indeed, Those and growth our deliver drive and promise these in at innovation progress years there on and revenues new out team. our we for will a today. underway and with Christi, to control ahead. the product your acceleration and fundamental we're the of will A a our the proud innovation is leadership promise of we at new thanks anxious We're that costs The for next our to-date we're as ultimately company of commercial to under less. XX all of pretty the this modest near-term are evolution. achievements and product and

and many that take on to Day. April updating to and look sometime products forward And market look reporting and in Day place Analyst certainly attend April York plans X them we to quarterly these our results additional and New Investor we color which of detail hope we our next after you on NASDAQ our providing commercial you So can at we will Investor and in forward headquarters the at take City.

Anika in have support your for and thanks a day. great So

Operator

program. does gentlemen, participating conclude today's This in today's for and Ladies you conference. thank

You have great disconnect. all may day. Everyone a

Anika Therapeutics (ANIK) 22 Feb 182017 Q4 Earnings call transcript