ANIK - Earnings call transcript Q2 2020 | Anika Therapeutics, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Thank you for standing by. This is the conference operator. Welcome to the Q2 2020 Anika Therapeutics Earnings Conference Call.

As a reminder, all participants are in listen-only mode and the conference is being recorded. After the presentation, there will be an opportunity to ask questions. now Executive turn Director would to conference I Galfetti, Kristen of Instructions] like the to over [Operator Investor Relations. ma’am. ahead, go Please

Kristen Galfetti

Thank Financial on everyone, us. evening, Chief Executive Cheryl you, you Sylvia and Anika. Carl. joining Cheung, and for Chief Blanchard, and President With of call the thank today Officer; is Officer Dr. me Good

earnings copy highlights, review financial results XXXX the today’s During which summarized is the second were Anika’s available call, A at Cheryl of Investor and quarter release in release earnings Relations our key of our Sylvia business today. anikatherapeutics.com. will on and website section

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

financial differ on results, from for pandemic Exchange calculated Relations statements Cheryl? to to could forward-looking subject Dr. risks of any impacts the most uncertainties. with about statements factors our the beliefs over information call is including presented begin, non-GAAP call COVID-XX turn GAAP, defined in of These Investor we A in website. is more our investors our this and during with these and The results comparable consistent Before Please accordance financial measurement, conference a Securities results CEO, Certain of actual anticipated believe providing Cheryl affect are helps President and that financial future also remember available results this made our section Blanchard. achievements. I to gain now results. performance company’s the the filings views or certain see how in of are management reconciliation please statements, to We our measures. Anika. understanding respect complete these materially current will in as measures call statements statements SEC could our with based on we GAAP certain Act that XXXX. constitute of expectations, the that U.S. will the non-GAAP and are performance. and discuss financial more measures our These

Cheryl Blanchard

evening. Kristen, you, this everyone in call that good health, and continue navigate landscape. on We while joining hope Thank remains us we ever-shifting good to this

global committed Our world, around the who gratitude and with on frontlines all healthcare the this thoughts the and pandemic. remain are selflessly taking workers on

executed share quarter and to As Anika the this team became against is both internal external I and that first since our extremely report delighted I’m call full well to President CEO, expectations.

the to expected, continued execution COVID the including bottom line and cross-functional elected material from in increased integration and That situational with barriers X. of all a patients suspension stakeholders find products. adapt, a generated new Despite pandemic. COVID performance aggressive As key shareholders of the customers, we business. organizational other impact positive turn due top environment, the to deliver ability environment milestones, a underscores of on the Anika’s to surpassed our global Slide to overcome goals, our our value and focus benefit to procedures and Please who ways on team had

are quarter how our navigate like discuss results environment. business continuing progress, COVID-XX to and second evolving Before into I’d we the diving to

closely treatments and distribution to in have And with our to safeguard have healthy access and uninterrupted have measures other physicians to continuing internal the policies distance First with they other surgery organization well-being ensure coordinated Remote partners off. our team and and new Manufacturing have supply facilities health patients patients effective steps continued in their need. have working, the safely. to employees operations medical and our centers to had foremost, disruption. and deliver and also and products chain and and paid minimal plans maintaining stakeholders of been our a and

during focusing maintained our discipline the also quarter, preservation strong on cash fiscal and We strengthening liquidity.

activities in There product, delivering Medical the back we Anika quarter current our progress for procedural the continued team other and drove to This well and and for ramps joined positions positioned very the and Anika recent Our for acceleration up, their team many continued the would as additions Slide contributions, key to of deserve Parcus leaders now members X. adds have coming The to to proactive our and grow recognition including combination Anika and years. Arthrosurface, redeployment, decisive and business turn quarters future. talent Please this as of that the several work environment is well is us recent newly results a in the recovery success acquisitions team. enhanced of through we highlight unique Anika and leadership actions, us successfully integration I achieved been in navigating today, formed team that environment executive talented legacy a who executives, key and to but few team. organizational like changes

products Ek, and has And who for marketing Sales First, of been as innovating Arthrex field served a including continue manufacturing Brunsvold, Arthrosurface, brings Americas prior in sales Metals. a in and Bart region. the of orthopedic Nephew. manufacturing has at at Steve orthopedic the a CEO for and Senior in work brings to lead and Linvatec, the joint he the background record legacy and and prior experience designing executive prior developing Arthrex preservation knowledge Vice also appointed President Parcus, owner Mark his President of the delivering and Marketing Parcus, from President roles is sports in work has Medicine. sports commercial co-Founder Co-Founder operations ConMed, medicine President companies Sports Executive Steve and leadership sports Parcus, breakthrough and now & and Parcus an is another track Development. Smith with at Bart career solutions Research of and at successful of a significant former Smith Nephew. of from the former been & appointed and of as Mark will a medicine. experience wealth markets. Bracy, established He joining President restoration the medicine to his Machine and in Vice of

International brings and Smith the & in and to experience extensive growth Finally, I The more spend sports President this more regenerative Senior to for I future experience assumed new ability our Padua, spaces to excited team, Marketing, from at medicine has drive Anika’s order with Nephew. growing Chase, become Anika’s our Vice levels. about time leverage the his Sales general of James fully in and responsibility James operations marketing international in business. management significant sales, Italy

turning an expectations suspension procedures the X, total in exceeded strong revenue the quarter Now of growing revenue the COVID quarter. planning we million to of a light during Slide procedural This in The even due quarter, elected decline our for delivered $X.X slowdowns of temporary resulted organic to performance pandemic. year-over-year. in top-line the with the

restrictions last certain a July’s rose regions. Restoration also protocols Joint increase pro However, encouraged XXXX in setbacks our June volume and on by strength across pro inorganic offset volumes year-over-year experienced activity, XX% markets, procedures that with couple implement Preservation Joint revenue than to very procedural easing initiatives resulted about of of recovery a even procedures have major diversified the were an more have XX% expanded, quarter, a and and Orthopedic on Preservation historical over around and the ambulatory of the particularly or surgery and orthopedic of our of on the evident of physicians in the in X%. to ability had levels in basis. strategic in I’m in result forma and was and at $X.X which more of centers, allowed XX% certain million over elective we office-based April newly recent safety months Restoration the as to resume. May also top-line drop basis. the business. levels, This of rate and run success contributed speaks in The growth improvement forma to around ASCs, appointments XX% are where COVID

side new of shifting has of relevance hospitals to ASC the hospital anticipate elective office the We either pain are the based products in important face ASC response in settings, surgeries with for to the allowed in procedures adaption to and office train and setting. depressed majority the and continue It’s challenges possibly levels remember business rapid geographies. us and in our the during period. OA COVID Our procedures emerge of marketplace the and we used COVID customers hotspots especially that expect tracking the different in will even vast patients, to gain and special management or performed environment maintain the influx of as continued injectable

COVID depending benefiting quarter in ORTHOVISC us puts terms. momentum current mix to status contractual partner product timing given MONOVISC based our forward An position flow our for due to procedures quarter second and geography. was that the order from continue order in going factor additional U.S. positive and non-hospital favors during stable a the the strong Our commercial a revenue on

of implementation changes We MONOVISC personnel. QX to and a include These integration will functions of sales XX in to of U.S. half expect I on our sales and the X. product seamless discussed we domestic orders our of against systems marketing due turn with support We the the off continue to in to product changes ease pipeline, and a shared group market during We of a accelerated which Final implementation elements the result specialized year end consolidation organization team, addition the the COVID. sales second for integrated and sales plans. will commercial sales call. progress direct importantly, professionals next lower made into and earnings scaling robust as our earlier, next optimized representative mentioned ORTHOVISC the to expanded third forming U.S. senior and marketing that year of be Slide Most to include an in structure entered prioritization Please level fully plan portfolio. the quarter operating the management of the integration in support quarter. direct and operations single, inventory our

to X. Turning Slide

our to Anika’s regulatory commercialized team for recently through surgical X products product and repairs integrated the be gained will instruments and regulatory arthritis in to from devices and medicine knee treating robust R&D new rotator damage development We These third on our We time sports quarter roll are an many in changes investors on in our of evaluating we third track new our earnings development for product and to QX streamline our team active new to and promising effort call. pipeline, was a to product marketing our programs. and wrist. XXXX. through quarter also R&D clearance and arthroscopic made teams. enable roadmap repair out procedures ranging U.S. sales made very the development progress We hand accelerate cuff of

expanded We will surgeons was in input therapy, patient extremities, in surgically with from also regenerative the line foot and with treat ankle a accurate launch and and joints. franchise, bone needs to bone cannula to fractures set. small address insufficiency the access small joints delivered extension TACTOSET our more unmet those and of improved enable This developed

of to safely and ORTHOVISC With MONOVISC work ongoing we Finland resume trials, regulatory CRO quarter In to trial can to achieved our when or in joint addition, partners of continued expansion with how international MONOVISC portfolio we we’ve our in approvals and sales new determine sites and clinical Serbia. continued studies. approvals respect CINGAL in and and the CINGAL, start in CINGAL clinical pain management and the Australia first with

yet pilot we trial, in October. we by results ready new that the for time provide Phase able report our will not we III HYALOFAST we’re be guidance optimistic the updated While quarter third provide or are CINGAL to the study to timing

with on review our up I will with additional the internationally. to and before I commercial of in wrap clinical products be second the over plans on do safe with pursue Sylvia move We’re comments quarter market the line the for both it experience turn them call in Sylvia? some to current will these ahead COVID and to the opening questions. as our excited now based to continue U.S. quarter soon ready so environment, is as trial to to these results,

Sylvia Cheung

environment. Cheryl. and quarter #X. XXXX of Slide increased Please you, Revenue the periods, quarter the Thank X- turn Total respectively. revenue growth X% to and for for XX% X-month second for was the year-over-year partially products of under was the lower joint Preservation driven Medical orthopedic COVID Arthrosurface. pain and Parcus Joint to the management This Restoration due by and acquisitions offset by revenue the primarily

We COVID. to expect our half inventory for in orders ORTHOVISC ease as a purchase to due the the of second U.S. and commercial partner result year leveling MONOVISC of by

wound and prioritize, products. of the primarily low volume time, and Anika over and related integration decided products non-core have future. the In we are of part margin, As Arthrosurface, Parcus discontinue to These care $X.X certain million cost in rationalization, low of the and quarter, charges second million to and million included related in expenses. was we in the included non-cash which the product recorded this of was administrative selling, revenue general $X.X $X of legacy

also charges non-cash we volumes, amortization points of of impacted XX product by impacted acquisition-related million resulting points in negatively expected, incurred margin also revenue these for non-cash of product percentage the quarter revenue. quarter. gross by percentage XX result product royalty and year-over-year. cost in As lower $X.X in lower expense The margin our top-line, COVID impacted manufacturing the together gross

related better-than-expected certain performance Net contingent to of primarily certain second were XXXX. $X $X.XX drivers of QX and XXXX. asset the acquisitions of diluted in per approximately million XX% not R&D with associated the SG&A $X the value expenses million second result million rationalization revenue. the general XXXX product items and $XX.X of in and quarter Parcus administrative earlier. quarter quarter the sales for point million for be quarter future quarter of the increase is Arthrosurface. for loss expense consideration increase included share million for of and the regions increased liability. due million recorded quarter in of also environment to performance. as margin XXXX. of product which XX% compared liability and XXXX products, discussed to improvements gross was we increased of a due in of to previously marketing therefore, the $XX.X our an compared the of of and margin result the The – quarter in extended the product expenses operating legacy second gross in The is Total or in related increased indicative for $XX of and, result, quarter Selling, increased infrastructure mostly intangible COVID the a related $X.X nonrecurring discussed. million was recent expenses This These second contingent X to company’s to and As primarily XX% second second the to expenses loss $X.X to quarter. were charge million income revenue product of due of Cost diluted Cost and compared the selling of share easing per charges the quarter in revenue restrictions first should a net COVID $X.X or was in $X.XX fair revenue

selling pandemic. due the Excluding revenue million the well earlier. charges was EBITDA Adjusted quarter. GAAP of to $X.X marketing $X.XX as and our as facility million down a second year. for our for million income sheet. We $XX.X for April, we and of the to is consideration quarter we the and associated income, by share. In the as result positive and ended $XX per fair second to share-based recent net net earlier, quarter was primarily Non-GAAP in revenue first company with a non-cash and depreciation in and diluted adjusted income income the excluding cost on discussed EBITDA solid XXXX strengthen contingent of COVID-XX quarter income Adjusted of change or non-cash with goodwill other COVID-XX. expense, acquisition expense, product the existing acquisition-related in as cash compensation defined U.S. last related investments in of credit discussed other amortization, $X.X EBITDA related and for of the light the in quarter net and or $XXX was from taxes, value compared and EBITDA liquidity charges, and increases charge The achieved mix interest impairment million to adjusted our decrease balance in quarter expenses million expenses drew

conserve business selected cash also are future of strategic initiatives number for prioritizing growth. continued investment short-term to initiatives in have We implemented internal and expense controls critical flow and a

impacted into financial trends to our COVID for revenue remainder continuing our guidance until improves. are for of year We – visibility XXXX by suspend full the the

Importantly, and the turn to That I’ll back call Cheryl. the this our long-term we concludes strong, fundamentals uncertainty. well to remain now over are and navigate comments, Cheryl? period of business of positioned my

Cheryl Blanchard

I’d that, from Sylvia. plans away month. you, step to remind previously as her announced, to like at Thank Cheung you next Anika Sylvia role

for We have a in name me be able proceeded identify years also of I with truly. want excellent evaluated she her and successor feel we future. colleagues On strongly to CFO candidates. top-notch Thank some has thank not-too-distant years. for the building a Sylvia’s Board management support timely so our search company, team, I the service this you, will and of many the in to over and of have Sylvia to the to behalf and Sylvia, provided truly

wrap your we experienced an on will always for volumes grateful of We a COVID. in be up quarter, to business unprecedented result general leadership. procedure And as our in impact the second

into that the with our to monitor continued quickly actively situation with efforts indicators challenge, distributors. of full activity customers we hospital, as center safely tracking jarring As the surgery leaned turning engage soon to our leading and commercial and as We’ve and was, returning multiple channels aggressively office-based goal activity as the possible. it’s of through to

full We were be quickly to ready. allowed across our also full product and integrating customers portfolio moved vigilant commercial analysis team. when us on response to rapid sales our equipped the organizations leverage our That

the of resolve this portfolio in of our new forward. strength, leadership Our diversity our and underscores product organization propelling the the team performance second and quarter depth

remains our environment, is business robust. our not in we and due fundamentals current the time and to at guidance providing this for products While pipeline product demand COVID the strong, are innovative presented uncertainty

your ready questions. We’re to now Thank take you.

Operator

Thank you.

from Sidoti Please session. with Sidoti first question [Operator Company, the The comes begin now & question-and-answer Instructions] Jim ahead. go will We LLC.

Jim Sidoti

Good Can hear you me? afternoon.

Cheryl Blanchard

We you, can. How are Jim?

Sylvia Cheung

Yes, we Good Jim. afternoon, can.

Jim Sidoti

Great. Great.

adventures just missed. First, and you you’ll say be want Sylvia, to next I luck with whatever to good are

Sylvia Cheung

you. I it, appreciate Thank Jim.

Jim Sidoti

Now your of guess, indicated with U.S. in make the the how then? And Can go much regards that do of us will to from the was you year? that give what down an second you order some purchases. half obligated, you magnitude I to partner was quarter, contractually that on just revenue expect

Sylvia Cheung

Yeah.

used than a So due And the smaller But royalty. the the less U.S. in the before. due component had contractual And continued our our revenue QX roughly the for well of to and standpoint, as year between as with mix order our it their U.S. to MONOVISC and roughly about from pandemic much of the XX% and as this be products our Cheryl from product inventory this did not of COVID impacted more ORTHOVISC is was factor purchase mentioned revenue. second is quarter. They earlier, their or purchase royalty to partner placement reduce terms. timing situation, revenue first-half as

quarter the COVID. the the the the leveling our U.S. office-based we MONOVISC of the same procedure result the that However, as at domestic in royalty time, second second a will royalty do year of of up was we by product and resumes inventory the in MONOVISC the half expect in half commercial We partner. for of from to ORTHOVISC the U.S., year negatively pick think But half year to revenue first and continue comparing as the that sales revenue purchase impacted did see be of ORTHOVISC and declined by during lighter the to

not point, remember different our partner We And in those a get position terms X may this. in compensation we’re in from So at ways. provide do think quantitative expectations. you to really this I of numbers

a dynamic transfer now the market. is I the first the just talking X sell and sell the was and will what the when second product second the that discussed the we mix royalty price, products; standpoint. as of a Cheryl is components and And into from First product half when half about them they impact revenue

product So had revenue, royalty first less half, revenue. we more

we’ll provide dollar to of year, in seeing position the be the information. in But terms a of half reverse. size, second that not we’re The

Jim Sidoti

lower right? Okay. it will the revenue lower, second-half do than in first-half. expect will the the be Is probably that But be you or combined

Sylvia Cheung

it’s like. the is market much because what sales. will surrounding by difficult say, uncertainty potential. to to to very revenue it’s the time, difficult very project At There the component is look COVID, this the end driven continue And trend royalty that with

Jim Sidoti

Okay.

revenue in So I’m up think pick I sales. what the enough procedures if significantly, decline be to might is the hearing that offset product royalty increasing

Sylvia Cheung

very and end-market Yeah, upon recovery the dependent that’s COVID correct. much sales. the That’s

Jim Sidoti

million or Okay. And entirely there? expense, expenses non-cash were the $X.X then, there other is that acquisition-related amortization in that

Sylvia Cheung

components of and is in now it which X half Roughly to intangible the to amortization and are rate we and XXXX. of inventory Parcus of related markup, obviously, the of Arthrosurface to amortization to it. assets is there the is So between to remaining And COVID sometime about do expect products. the of deplete tied and recovery sales related that,

Jim Sidoti

Okay.

the But of that the like there would quicker recover, step-up things So inventory sounds forward? it around per non-cash $X amortization away. charge that million going in faster goes be always quarter will

Sylvia Cheung

And For amortization, of is assets. within X are there categories different ranges the the X correct. years – bucket, intangible economic from the that And estimated XX near-term intangible to years. lives yes, to that for related the asset

depending expected markup are amortization, XXXX. to comparing be So it remaining to inventory term the will which sometime expense. amortization the in But sizing of impact are much completed those the obviously, longer life, useful the by on

Jim Sidoti

come Right. later? that And how sooner could on go, or depending sales

Sylvia Cheung

exactly That’s right.

Jim Sidoti

you And XX%, right. repeat what you think said then was procedures, you was All it said? XX%, can breakout? that the I monthly XX%, just on

Cheryl Blanchard

then Cheryl. is historical. is Preservation & was XX%. about business, July pro-forma the at I of at levels April Restoration this XX% May in historical was XX%. we around part on were for over XX%, This at was basis. tracking a Yeah, XX% June of and the said, of Joint

Jim Sidoti

seeing to maybe the replacement? physicians hesitant into to activity get and from bit increase total hospital you go are the report in who patients, little any And a knee

Cheryl Blanchard

a with Yeah. It’s had we’ve conversation of a partners. customers lot and marketing

that of it’s taking to track place, there’s I with element think data. that but an difficult

cases as assumption that COVID be to a make. it have reasonable we we I back But that of that think a you tell would trend. that happening. data I certainly hear lot seeing We believe progresses intuitive we that’s of well, up. to is as where don’t a And So, could

Jim Sidoti

and $X then acquisition you the think last million onetime In $XX.X quarter, charges of that SG&A one and of from for said one charges. right, was around there I All million, the the me. was about in

So think should But sales $XX.X around good at obviously, SG&A up there. level? if of a go up, this quarter we a million sales $XX.X at would million is baseline? it go And, in

Sylvia Cheung

the baseline give number So, comment is a difficult COVID. to Jim, on, because we’re under currently

similar So The that item assuming million say conditions the would spoke we that number. I it’s all are past good activity, product QX, a was the to about. non-recurring to baseline $X rationalization this which related

will sales-related You and top-line other that any line our expenses this point, are commission because expenses. increase, that providing part for scale top-line SG&A is At associated in operating we related correct revenue with are of not saying the projection or with to revenue. information baseline

a normalized do as we – from exit better to in much be have more as so we’ll to position and think we business have a COVID I of. speak

Jim Sidoti

Okay. was All Thank that Well, for. you. again, luck, good it Sylvia. And right.

Sylvia Cheung

much, Jim. Thank you very

Cheryl Blanchard

Thanks, Jim.

Operator

[Operator from next Barrington ahead. comes The Petusky question Thank Please Research. you. from go Instructions] Mike

Michael Petusky

you. Thank Hi.

procedure sort Joint Restoration? and revenue So I of XX%, in – in volume XX%, XX%, XX%, clarify, want or that’s space the the Preservation just to your that’s your trends

Cheryl Blanchard

volume procedure procedure our was that – our is volume Yeah, it’s trend. our That trend. Yes.

Michael Petusky

Got you.

is guys of and Or then sort Or just Can rationalization, on rationalizations about the you more come? totality can product play on Thanks. revenues the how doing are is And quarter? Sylvia, that it million talk annualized? Great. $X the that for of to $X much there what Okay. here? is you million

Sylvia Cheung

Sure.

So $X $X.X revenue, in product million was total, of went through million. went through SG&A. million the cost product and rationalization-related $X.X charge

low-margin to area. related is this and care non-core, the mostly products, and defocusing business low-volume wound in on So or de-prioritizing

So they’re not certainly and material non-core of to in business. aspects our our revenue, the

So it event. a one-time is

Michael Petusky

All Okay. right.

million $X or that? year million something than less So or like it’s $X a

Sylvia Cheung

that. much it’s Yes, less than

Michael Petusky

Okay.

And there half? Great. – Was pricing sometimes What in price guys your is about you sort in ORTHOVISC. about cutting there anything any MONOVISC you the Okay. have can as second QX? and best trends of given guess All right. to share

Sylvia Cheung

Yeah.

U.S. So from was and ORTHOVISC a standpoint a the pricing a there ORTHOVISC pretty pricing basis, what quarter saw was for sequential – on and we stabilized. MONOVISC, was for

For it’s what saw modest the second MONOVISC, half decline like. difficult second the the in to a project would look quarter And year range. low-single-digit we in of

business. terms are As you have don’t in know, into information of visibility that the aspect full activities, and The within don’t the think, our QX shared from we of expectation I that I have control standpoint.

Michael Petusky

were have there? visibility mishear conference some And QX Or you that Cheryl, have call. in All you around seems more it get that this is and your right, you saying? other were you for great. guys hear may restarting – be seem you to than you heard optimistically it. – do did visibility saying across terms then, what commentary The when trials, meant those CINGAL I thought I would of Did you that I to what trying

Cheryl Blanchard

trials. progress to clinical for environment We given that we’ve geographies like what’s make progress relative specific all on with we It’s But timing update with QX heard feel spinning site very me in up HYALOFAST that dependent work the calls, – you pilot going optimistic will of to the sites the new an No, a and geography. start-up be and for and prior we’re able had COVID to trial, to doing trial. on with the continued talked CINGAL on as correctly. on those COVID about provide the implementing obviously still trial call for we

QX, very obviously our we’re able like there. continued own So through communications close feel and we be our to we’ll through sites work provide CRO And the to some has And staying by partner updates. communications.

Michael Petusky

in this on in that to going crystal clear absolutely this of but of site are point, terms making company certification on at actual I and Okay. be want just aren’t that you’re trials active there progress thing, there? sort the like

Cheryl Blanchard

active is not we But point has start-up all have done execute until the up them trial the So remains and to trial which do it sort we of of pilot COVID. because that until an according trial completed HYALOFAST feel suspended we activities yet, because trial take enrollment can the that we to on the do can trial that safely won’t we has the The start that CINGAL patients, we like active. protocol. enrolling

So yeah, we’ll – that’s started feel either or next that’s the to able optimistic update We’ve correct. call. we the we we’re be like and enrollment, yet can provide not on suspended

Michael Petusky

you. Got

particularly retiree also Okay. I have with states, been Last Obviously, strength weeks. pockets heavy how of much of that the and some that place places guys last, are a are sense southwest-type have like would southern retirees? have say, or states X in you you Do where have in like of California, hit on. Southern Sunbelt, your some of to COVID in with assume exposure sort Arizona, question. you let’s any key of X sort ORTHOVISC and those hard business, these that – so MONOVISC Florida,

Cheryl Blanchard

these see a shutdown that a Yeah. dynamics We’ve are popping, frankly, those track United can. and around And tell for a elective month. or we world States as of as in the obviously states a kept as what state have close those business hotspots for the we is procedure that we in I around you city week, a can other and, places, in

could looks pretty And active felt impact some of because to very like going start/stop obviously to some definitely like predict. very best And difficult this why continue close give forward. the say, you we there’s so in would those in impact time. to going that’s and, do July, the point then we that we’re tracking of track regions. And What activities actual least was is closely to we’re data I in that’s how at things at month

Michael Petusky

any clarifying yesterday you I came dip half July? versus July do of you July, half first ask essentially versus Can off the of a first in had have communicated they a – of sort in We seen second half. they one dip half actually material second just In question? where call seen

Cheryl Blanchard

seen say would we that. that I have not

Michael Petusky

you. right. Okay. good. All Very Thank

Cheryl Blanchard

very a you Mike. day. much, Have nice Thank

Operator

now back I you. Cheryl question-and-answer would Thank remarks. any to concludes to conference the closing like for This over session. Blanchard the turn

Cheryl Blanchard

initiatives. strategic continue And for Have well. time We evening. forward to everyone. a please, Thank as you you, on deliver progress to your and Carl, our you great today, thank updating we everyone, stay look

Operator

today’s Thank call. concludes you. This conference

your have disconnect day. you participating Thank and lines. a pleasant may You for

Anika Therapeutics (ANIK) 2 Aug 202020 Q2 Earnings call transcript