ANIK - Earnings call transcript Q3 2020 | Anika Therapeutics, Inc.

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Operator

[00:00:02] That evening, ladies and gentlemen, and welcome to Anika's third quarter Twenty Petoskey earnings conference call was 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 to join the question queue.

You may press star, then one on your telephone keypad. Should you need assistance.

During the conference call, you may signal an operator by pressing star in zero. the Relations. to turn director Guzzardi, now Investor of will conference Christine over executive I proceed. Please

Kristen Galfetti

issued Thank [XX:XX:XX] call today's Good officer, financial third key us. Cheryl in darling. officer you, president and With for relations Danica's thank at Blanchot, Michael, on quarter A release business our which of vice and financial available me and joining Dot twenty Annica the Mike you Cheryl results and Leavitt, on section president, of chief treasurer call. summarized highlights the and today were executive earnings is Dr. website earnings today. evening, copy Blanchet is Com. of release executive everyone, our chief and during investor Unica the

slide open our Investor on follow a file addition, invite website events presentations posted to is Section the Relations along to to us. tab. presentation now the the you moment and Please to. We the turn and with slide and presentation a in take In

statements for filing affect measures. anticipated results, S.E.C. financial performance future factors these Before current risk statements and We've could remember any from seen impact results uncertainty. These about as conference statements the statements constitute certain to the Securities call expectations, please our and on ANICKA, are On certain that made to covid-XX looking this in based our certain that Act are during results of or subject materially The forward statements the company's Exchange in with differ XXXX. respect beliefs including defined actual pandemic. begin, information also could achievements. of we

to financial measures results investors our financial the more understanding financial gain helps providing believe these the performance. with the on available that tab the most calculated non-GAAP with quarterly We results us. discuss and Charles measures. will comparable is accordance of of in Dr. and management now reconciliation A Investor call to consistent a CEO, of turn complete our I president is our Cheryl. our and non-GAAP measurement in website. We these Relations call Gap and under will the our over gap Winter. section results presented the

Cheryl Blanchard

you, Thank positive to line turn from saw navigate and Please elective successfully joining the acquisitions on that while covid the gains to procedures patterns momentum remains pandemic. three. navigate continued in pandemic in how us while call this impactive We rates evening. health spring top relative everyone synergies we good remained focused hope transformative I'm good to very moving with activity. we Christine, as third normal continue report the to revenues and our levels the I'm navigating also [XX:XX:XX] showed quarter with team seeing and we we Danica's recent in passenger legacy the the that COGAT of summer execution are business. more on with months. And ANICKA has towards see pleased slide happy

to including stakeholders. high and base, on focus we and focus. dollar management We growing meaningful addressable the market progressed, in on Annika the osteoarthritis, billion from of includes surgeon are the to soft early to and a extremities. pain We're that within in intervention. and much and regenerative all our preservation of the with remaining joint and and practitioner pain segments medicine addressable focused billion plan broader bring that to other and health our our develop management, to capabilities our this investing patient a joint of now addressing committed care, We advancements these uniquely expanded orthopedics, for the is has each joint orthopedics leading set leverage and system spaces. and complement As repair space, that and these value Orthopedic in of needs preservation significant new believe our on to solutions, a offer eight real all care market faster creating is sports opportunity unique organization commercial can preserving patient. [XX:XX:XX] businesses proposition technologies technology clear focused we're By orthopedic therapies delivering leverage, key tissue a strategic on dollars across to value ability unique joint joint has preservations including customers solutions integration focused preservation our combining provide by bone full spaces and one

We that around develop the understand need collaboratively closely what living they work world. patients, with invasive to we also partner them to active physicians products restore those minimally and to with most treat people their for

Hanukkah During and to share are large we as we we a markets win these these have doing right you will this establish to in force growing work high a and with call, opportunity why the spaces. within

this Anicka, and more how elective those world the strategic over back share [XX:XX:XX] rebound that encouraged In companies difficult although have our lag you elective injection in despite see successfully to surgery in in in strength past the with I'm This we success markets, we the revenue that the covid. due addition, of resulting of to business. other year quarter, like and in year. delivered as appear covid during over office surgery. note our executing speaks serve diversified the with in industry elective quarters to While total expect to to initiative experienced we continue we since come Even light the surgeries procedures do on next for spaces, performance of lumpiness several the pandemic, situation we strong will turn several increasing the early revenue slide four. we the year. Cauvin Please growth in percent months have the navigated seven continued

new We are also ANICKA. three across top seeing combination the some legacy the line synergies products with the leveraging nice businesses and of new

products in one reminder, a of of our majority vast two used As the are environments.

or the covid We environment. second the hospitals anticipate surgeries in is settings, ongoing ambulatory errors to continue up to and dynamic will is procedures open fully including injectable business, face surgery The office side space first to elective the hospital management with pain for surgical challenges AC. centers, the of and

of elective We in by levels office procedures XX will percent XX at historical office space the at forma encouraged third percent which the about are to U.S. XX southeast, the in about setting, and in quarter. and of in pro the recovery we're procedures the

Our momentum in primarily in to the us continue used strong surgical going our setting, products are position which puts U.S. positive a forward.

percent to products. and fact, sequentially revenues joint increased our for recovery showing XX surgical QX demand QX, In strong from preservation

sales with our and U.S. commercial integrated model to U.S.. XX Our professionals over fifty sales over sell our in expanding rounding portfolio out and team hybrid continues distributors

and the that product our and includes the well access clinical now of six expansion completion injection the the of launch last are seven we cannula in to the small pain. announce With enrolled patient tactics the our Extremities treat to the pilot launched launches, product small ironic we as steroid single in Importantly, bone combination to after with as franchise side, the products trial pleased study the joints. that [XX:XX:XX] single QX, portfolio the our treated first medicine sports on instruments is single

paused cartilage pandemic. March in highly trial. regeneration, ironic We the our were in the resumed I stage scaffold due both as asked trials enrollment single for as based three to was a reminder Phase Haisla also

that therefore We our affect environment trials and brings that are clinical caution clinical the timing. optimistic could enrollment the want uncertainty current will rates completion the that trial continue, but to

based pursuing in to France of obtained registered of on in single market these Israel, both look our we Additionally, and in with in to US Halifax regulatory now all commercial this launches to forward in and internationally. continue follow approval is positive game Estonia products experience geographies, them potentially changing with those the

developed to to that today. Finally, after we by plastic associated the sparing our five the with system release [XX:XX:XX] the the motion of Legacy commercial motion wrist, accomplishment turtle implant clinical is motion The recently the wrist take we issued care the system a resolution to currently semiotic, announcing treat Service Arthroscope for plus receive of with arthritis of we team add the press a sell great company. success and which preserving bone was can pain

unique comes to years product great the Undersurface better they've Please five. slide solutions developed as to differentiated business the preserve provides of wish example a Our that restaurant continued engagement is turn and to new throwers and dart solution as from XX over terrorist people the retain. acquired a category product team. ocean, but known kinematics, This of

several acquisitions We now medical is company increases has value Dannica of Mikovits continue and members of The companies. add am the talented joined to helped enterprise early Arthur experience a years Pakistan, over combination in to I industry executive talented company very team ANICKA significant brings performance financial CFO, veteran. experienced quarter, Surface and XX and operating added joined at recently Mike, ANICKA pleased through Anicka the in Legacy public Anicka and to leaders that August. of deliver technology this that

week as extremities and sales the and leading industry veteran branding, portfolio sales for and their marketing, with growth in management We product experience Americas. businesses. his Zimmer also marketing foot Biomet added from banjoes years driving Then, an this with XX ankle great upper orthopedic

in his board with industry, time period will toward if Danica's and of in propel on NewLink Corporation. [XX:XX:XX] at company multiple career, Dickinson Anicka industries as Jack at Integral Hannaman delighted breath brings Genetics independent Sciences Richard we and care incredible as chief gained roles In plus were experience executive rapid a we risk growth. a and Additionally, that directors. chief the as Steve Jack executive September, career XX appointment continue of year more leadership and Life to role the board serve Co.. pivotal as expand throughout year a joined strategy XX to and current directors following our his execute management the global including for advisers a Jack of of including health and our at audit and joined officer Steve He

preservation legacy mapped we product level on progress, from building leverage infrastructure businesses along internal capabilities to fillers, product to with will taken gap developing will focus platform to new because for the the close and continued the term, to roadmap moving simultaneously addition and our us our as and start an and core roadmap are will customers, such kit we In the care. joint environment with of development out shown out this, we've based board, acid capabilities, competitive Our repair. in fully current roadmap hieratic, technologies near looked targeted at we we advancing spoken enhanced products the the well product at Following Today, map ensure [XX:XX:XX] regenerative bring needs such meaningful new combined opportunities. our six. across products range solutions high products Slide development met R&D continued in great while to and configurations, the on share surgeon they team, include that surgeon very resolution. look Annika. unmet with through business you to extremity fixation tissue products space total both forward. new includes cleared early as initial success efforts a new Since innovation the a intervention bear. up road around as disruptive recently three and bag these our This products R&D our as refreshed are carrying activities well inorganic pleased for our We've our create sets development February, to This will tissue the soft advisory

over to meaningful products to the launch steady cadence product pipeline continue refine will We we expect high from a coming years. of which a new develop opportunity and

new will additional last strategy the work fast bone our remain therapy management at development [XX:XX:XX] Product partner in earn to is orthopedic continue available we our program marketing with market product dollars. can the a we countries roadmap to so and in continue always to XX patients XX space management slide, approval will treat business development addressable in multiple for has geographic the plus billion therapies. left, have product tax the the supplement years. Tango my single in focus look because for sales market you see to show new our product strongly. expanded for of dollar now continue If This to novel development progress solutions, therapy international XX in osteoarthritis, leverage a to very our while regenerative patients as to that in we U.S. prominently the impacted and our had to to opportunity and markets eight damage U.S. is figure over injuries acid meaningful of win with excited newly the billion products hieratic, right that on combines for US you ANICKA and knee continue our next and of This therapy with international we products their moving single cartilage will significant the built XX over the plan in Change, expand platform meaningful the expansion fiscal where focus that tissues in commercially over fiscal markets. changing to we on with it technology lives column, roadmap. and global on advance focus soft to includes supplement been third Moving We expertize US. generation a outside asteroid. and The development and stage repair has hydroponic over where game acid Hellfest growing currently cartilage regenerative how and

second our with in relative to instruments perform Arthur including nano the bone fact, microfracture traction repair. procedures category and In portfolios, seeing we're nanostructure combination Hellfest in to Purkiss legacy generation used also this Surface nice selling

working the procedure are a kit. product to additions addresses on to that franchise, anatomy's and fractures tax insufficiency, specific We that include

around rounds regenerative sports speaks our and again, an rotator We including critical and orthopedic penetration rotator businesses fillers cuff area. repair market for soft anchors build to portfolio of This, market procedural The view deeper in us, traditional in out this billion work in photo areas technology. in pathologies, hands extremities section, the materials gap our bringing tissue resectable have This medicine these strength for as the [XX:XX:XX] general, together. we model. kits aligns QX a area strength on of portfolio surgical launches instrumentation finally, soft to ongoing combined opportunity the regenerative of and delivery the which we into with products in focus repair, is using tissues, other a new comprehensive dollars extremities. of with that more risk combining augmentation these also soft tissue total work solutions such repair, cuff to novel includes the and a strategy ankle And hyaluronic are including The acid platform develop sutures, as the cuff and for for will space rotator of doing and for treat a sports suture products. medicine the other six focus well ANICKA fixation, a

for to repair. are that are new from As planning to part our of Purkiss rotator portfolio, the the cuff repair launch soft Legacy we tissue products business next primarily used

suture to The be future can those used tissue we offering portfolio anchors first and attach so will new in be soft restored fully bones to will these to anchor round out competitive cases. that our

and the area implants and expansive that and and includes foot cleared of Preserving was from partial Legacy market XXXX. disability billion over the a total actively. joints, progression progressed The that dollars. and billion a with needs, with joint addressable shoulder tissue bone stand further and These technologies includes that area repair cars in and also is ANICKA, [XX:XX:XX] in with is further allow disease products minimally preserving additions second is areas where resurfacing system of joint addressable technologies category product an the roadmap patients Psychology the including implants for will of motion is new development multiple used is of comes These replaced our process and product Undersurface enhanced set launch total rotator needed. a joint planned procedures. four business with unmet address implant is an the access or invasive will and a The elbow in cuff recently usable by suture over two soft market. traction with provide product bolstering This the final where dollar ankle. opportunity parser

development new allow create intervention, in As our described roadmap patients. and deliver by to care meaningful will advancements to us product early orthopedic

business innovative solutions. is term And focused on to in to opportunities joint. areas joy, management incremental pipeline Our with preservation, solutions and our Pain the fixation truly and implant longer are with products. are regenerative

around large invasive active will where physicians opportunities restore world. partner growing All to the we areas products minimally for of continue represent to with patients and these that living market orthopedic develop faster

I've results, I turn review over before growth. comments call then questions with now with strategic the Mike line I will EBITDA Anicka the five expect just business will wrap substantial stated our the provide our doubling to year our to double digit top with from to quarter and some additional revenue for We third line in revenue and line described the quarter of up the incremental opportunities opening like. goals on for

Mike Levitz

Thank very sir. together. point such Rose primarily to please revenue for Total to Pakis our turn and year [XX:XX:XX] you, thirty successes dollars quarter to growth and quarter, slide. million the He forward million. twenty orthopedic in preservation point I'm million Surface over the eleven time of company's seven the of pivotal joint Arthus to I year, join in the Revenue Twenty future from in to two a and year first at team look growth, this due increased percent third would excited by eleven Medical one was driven the seven revenue. prior acquisitions the seven year. restoration Hanukkah point

covid pleased are a This sequential revenues volume as these traction lower from team pain impact procedure we management than quarter gained that initial revenue. growth more introduce increased, recovered sales our We Opposing basis forma the new offset that product. integrated and covid pro joint level as settlement. free significantly,

my and tax quarter's lower in twenty of in a be expected to of impact market call, States this from pattern. result and as last all Soviet product on would second orders that related had the back Twenty might mentioned we distribute and we As its the of Zamana earnings half JNJ ordering United the

as they year. covid doctors of the royalty covid monitus and the sales revenue the a quarter on in fully as to of continue inventory end the their to the down of percent due impact quoted year management covid our of a notably over the to [XX:XX:XX] joint third XX revenue ordering joint as expected, the Also, address to levels our management initial by impact distributors, my diversification accelerated, from end orbit mix percent work our on fourth unfavorable restoration the in pain the to strong America's growth quarter, well expect as of total pain and preservation sequential my sales, basis, representing are while as XX in return last from joint notably manage down by of year impact. down That's users, quarter result favorite, XX We the from eight of revenue JMJ patients quarter, same year. revenue. offices same joint revenue from rebounded that's As representing of the from forty percent Mysak total Further period period revenue the year. of the in percent in last in third

It's While guidance across impacting to continuing are our our covid and third to volatility recovery twenty. we with we procedure of pleased volume product in our are we visibility suspend Twenty for of revenue Therefore, remainder to. continue. the for line the expect the quarter, related financial

third year. That's last third gross margin fifty in to quarter the of was quarter percent. the in percent product compared XX Our five

manufacturing the eight one same year, expenses accounting period together in the due primarily and related decrease quarter. the and in point acquisition unfavorable impact the twenty development and one With million point Aschiana to [XX:XX:XX] an organization. on our the revenue reflecting That's related Arthur of Surface up our dollars last investments seven from acquisitions of note third million and point of four point eleven totaled the point Please also by. non-cash the estimated growth, to associated Pakistan, Research fifteen covid impact million dollars in as expenses the and million as included two contingent well with consideration dollars as of trial value of future clinical the four expenses expenses compensation and to total liability Arkestra. support acquisitions of due Pakistan quarter incentive increase in support and the commercial in operating third cost, such unfavorable

expected primarily the based liability increase reminder, a state reduction to until this quarter than each this a the the rate. revenues period quarter and due remeasured time borrowing is As in the market passage and higher of during is

and This by from subsequent FDA the this related Also we net year. consideration, I to pleased this million last same four a dollar as loss charge two favorable the reminder, was net that five surface quarter. get five clearance motion we a Cheryl for by. of dollars XX to quarter per can to million to second had A triggers the quarter six income the point paid fourth in per to for payout buy similar cents nine third the were the the point share in operating quarter diluted clearing Earth's share in quarter, end. diluted a As mentioned, acquisition was for or see cents million, of driven agreement, contingent forty if compared

Excluding dollars, of impact, year. of the per we future investment share. unfavorable income was growth. for diluted the non-cash covid fourteen nine our adjusted four The EBITDA point same to Adjusted charges cents nine [XX:XX:XX] last dollars, achieved point to discussed was as million compared profitability quarter well as due the earlier, net XXXXXX in primarily supporting five decrease

adjusted reminder, figures EBITDA are quarter first to per website. income, of a please of section gap the adjusted income As measures, refer the the our these not share corresponding released investor reported to measures and reconciliations third in and adjusted net net

of quarter, and one hundred and the our in with and just the dollars end financial cash invest. at twenty under Lastly, with position to regards million five

down quarter. recovery business in dollars that in liquidity As dollars of we through outstanding April, million we third on drew of strengthen thus covid-XX. retain a our during the XX on now and credit light principal facility the to outstanding million stabilization reminder, of the facility performance, far, pandemic, our XX credit the Based

now profitability show. with of strategic term over positioned remain and long will that well I to business to While we period focused back growth fundamentals this the and term also consistent our navigate we controlling of We our believe reinvesting we objective. are remain on costs, to are support the uncertainty. balancing with strong turn long call

Cheryl Blanchard

fight [XX:XX:XX] We Thank Mike. you, eight. to started

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

toward diverse are table. see procedure position trending new, provide three continue to and bring each product the to Kovik to strengths the ANICKA pleased very We by the volumes are that more legacy portfolio our across company new energized to to the integrating levels products

position dollar market in expanded eight our joint investment us growth then our addressable the address future. strong billion orthopedic joint and focus the preservation and with leveraging total higher Our commercial continued market. growth financial within positions, our focus will and be unique CarPoint, to along R&D on large This, with teams on preservation segments catalysts into the

expanded take value sharing we're Our successes talented all to ready team And continue stakeholders. nine, you. turn to and forward and will look our to on slide of with future Thank focus to delivering discussions. through we now your our to questions. you Please

Operator

[XX:XX:XX] Will your join on begin acknowledging the one your and telephone the then request. keypad, press you'll question question hear star, session answer a to tone now your to

then If to. up question, you're using Press any a pressing speakerphone, the to withdraw star, your please. please pick keys before handset

Sidoti. from Our with is first Sidoti Jim question

Jim Sidoti

revenue [XX:XX:XX] Glad a in the well. you're quarter We the doing little all go just just through bit.

million If you about revenue to million break XX your the a is revenue from out acquisition, about year XX ago. know, you core compared the

I Now, a percent think were ago. procedures XX year from don't down

comment are And second some revenue because some of the pushed of of quarter? pricing? buying into you my can is June kind check the in some So the of on that that

Mike Levitz

[XX:XX:XX] Mike, correct related that Jim, so timing. this you're that largely I'll question, order is this ask to is

from quarter the therefore, covid that second earnings into of and on had not call, Anicka flow said the Mike the impact kept was quarter did last on the order their third until their revenue reflect of really purchases steady As purchases Tech I also royalties they it to and purchases. as pay customers. then make is for a that they us Asia-Pac remember, split us as their combination from and a a related From their from sales the the between from reminder,

the for I on this as But ago, we as as resolved quarter. of ordering as to fourth little inventory the year twenty. said think be go as year desk lower have patterns I Twenty we a expect of my into adjust of said continuing from we a that by was to that bit here end the last to second half quarter, levels expect their result the in as so, they And revenues they're their the covid

the that saw we would important we the trend there. the our nice saw sequentially In than of was then second would. think the to at third sales end-user over an looking I not much as piece quarter I year the say more volume change that associated are comments we more say within that that take driven business, described significant. you the the quarter the Volume saw year is change largely really recovery is did I that, from volume to from pricing change year over that speak the But And pain big just that of understanding know, terms was joint we you domestic business would there they I might by pricing impact. year and a the to things with recovery was of think

Jim Sidoti

that's [XX:XX:XX] Well, normal QX fourth could that rationalization quarter in the Inventory before saying So there be some correct. that's back their yeah, more? they get probably to you're purchases? some be it'll

Mike Levitz

we that's we And that is And last saw expect purchases call was what that impact said on And really continue them. that on the we have in half impact. quarter. first the with second [XX:XX:XX] makes It really with good third us. that the a the we relationship from quarter consistent will half,

grow we're know, really managing managing to that continue you that, through and the. so so you together can looking know, out we And covid getting towards,

Jim Sidoti

to But term, not you XXX, start. next get know, to going point back at business look million pin to down or we in any did there some any longer if shouldn't why XXX, to So and about [XX:XX:XX] at level XXX you why the I'm you reason so? XXXX. it, that you the reason Is year there is

Mike Levitz

but you on. know, terms exactly we're digit And in doubling guidance, are of that's strategic also laid driving out direction, about just what would not by double say, obviously XXXX Jim, [XX:XX:XX] we profitability. I of company the focused revenue talking and targets the

We have not focus bit. changed one our

that of revenue pain, say came XX to XX in pain fair year percent now it's composition a ago, because down part of in kind ANICKA, historically joint that's And think this quarter. I new of many from that management, you saw joint our the a of know, the revenue the to you So, and ways percent business.

so part nice, is joint excited a know, the you faster we're saw coming nice for very places the You where center know, you procedure going. preservation is in that the from significant we might shots know, say, mentioned growth business setting and And, of get increasing which your surgery in The our that restoration, about business. quarter. surgery, from where girl than safe in, are you are volumes they and

so of growth in in see on very well. little our But we term are out we as that yeah, long dynamic mean, the target. And focused of I a business, playing bit terms

Jim Sidoti

[XX:XX:XX] there's change Michael. so relationship your no And with with fundamental

noisome get shouldn't was that why at least in once So back the there's covid dissipates, where to no it XXXX. reason was

Sounds like me. to

Cheryl Blanchard

that, we important on think very It's these of their good be certainly I us our dedicated they part first these they're products. partner them with all, this. to Yeah, good and [XX:XX:XX] see our of focused for a to And continue being And relationship appropriately They're continues. marketing very sales products. a very business.

remain giving because guidance understand, again, we which with. Jim, not you business You covid, but on this of know I along we're know, bullish

Jim Sidoti

know expect R&D know, guidance, we know, you You do or of four question not monitor the get we give you to system you trial you're three costs you're up, starting those but should ramp up now costs? Quick I next quarters? directionally, as going through the ticking and [XX:XX:XX] those to again, know, now that

Mike Levitz

giving to and company and we're focused as you a you we on can without you to been without And Annika guys and going as giving continue. know, obviously going that's [XX:XX:XX] that going we're directionally, soon know, is to but Yeah, has Jim, give guidance, innovation. R&D

You're going to management as the roadmap. numbers see with both the but also on in traditional R&D side, seen we've our R&D spending, today,

the front. the new trial see You lot areas can we're a making where clinical investment on of

clinical settling you we know, of is know, those a Sheryl As with on begun, moving moving said, we've now is, now covered with you those kind in little trials. bit, just forward

about you our Nor into we nothing companies. be we in going forward. innovation what know, come out the EBITDA are speaking, coming historic But growth are they in talking with our costs double those am we're to targets that's is numbers be And so go investment XXXX. of I. impacting and And number, as going you broadly line direction as and different digit know, than, in to

Jim Sidoti

And you of people guess the well? size sales I sales you one products? these satisfied agree new then the you [XX:XX:XX] it more. force, or do as I have is think Do whether with with your Are

Cheryl Blanchard

[XX:XX:XX] Wow, great that's a question.

and we're of I you, that tell legacy made I'll acquisitions the bullish really like that from business on together kind feel and we three all this sales investment bringing with First, really companies. forces the

Joint call that that investment transformative point Preservation be that but company, of on. was really that sales off we that our about ability focused the to a Commission You and into the call really was we for an the know, an scale investment drive that the move fact talked will pay to going was line as to we we

line, top last in of feel So, lot launch obviously at you drive the on products team to to of months. are commercial run as we all we out continue strong with right of got awful we've we especially and we've continue well to six new we'll to the lot like here that metrics an the that eight coming now the business. positioned the and in But probably we a to know, really development a as look couple to next over the announced quarters

Jim Sidoti

you. [XX:XX:XX] Thank

welcome. You're

Operator

[XX:XX:XX] question Petoskey Barrington The Research. with Mike next is from

open. is line Your

Michael Petusky

[XX:XX:XX] You know, good evening.

on versus know, worry out opportunity, special the feel sort are here more And, you of guys are categories of in hey, develop an you there things. inclined internally solutions Can buy there. know, that, four surely But but that? we or, products really lay you there we our got of biases? areas and some you global to develop, you those I got know, where those All there market are way certain like you he these are sort essentially to sort know, columns So know, about you the. inorganic? where high opportunity mean, of we have, talk to we

Cheryl Blanchard

and in years second, plus the plan things, that definitely for you a know, couple Regenerative you you leverage could joint tissue the Solutions that XX [XX:XX:XX] and Absolutely, to of a I'll tell the soft if areas pieces, to and soft also. and technology through joint we column repair could on of expertize the, manufacturing those bone focus that need piece the adding Poletown, for to said, look platforms perspective represent biomaterials those the invested and inorganic from know, are on on has represent that that, region acquired of opportunistic the Annika new opportunities preserving in repair you how another surface. that developing we acid an side technologies to platform. technologies technologies That continuing for preserving ironic not medical tissue solutions. purchase on based we're we're out at of really regenerative And side bone, capabilities expertize technology open We're then exploration

wrist, there, be will to we in have interest continuing hand our build and ankle, we the extremities general. internal while So in out in on capabilities and focused in in definitely the foot

look in at of so we to will inorganic continue also. areas And opportunities those some

Michael Petusky

you few we've Can I'm maybe talked me that I and think many [XX:XX:XX] this, halophiles. a how how remind other people many patients? about just

XXX. think I of

please looking You're wrong I'm I'm but What's If the on me. single. to correct halophiles, patient target? enroll,

Cheryl Blanchard

that to you I because [XX:XX:XX] Well, how and. number on it's fast around the to trying answer. want find wrong We're don't number give exact a

really kind that arm. the trial this the in that on is thing piece placebo. study we put I it's focused of of so that And comment making the focused a on can't FDA addresses of pieces those on of the us the that that that drive bigger single trial You know, sure to pilot thing is front needs that the design really more

Michael Petusky

six, XX [XX:XX:XX] can't six was Right. recall. What like, that, months I months,

Cheryl Blanchard

for Well, was that agree covid. that a pretty the was with original timing but entire take about [XX:XX:XX] would I that the year, study

at possible are not that of a because covid. timeline rates simply So, what this enrollment we guidance have because in now really of giving again, right sense point on time don't just we're

Michael Petusky

[XX:XX:XX] Cheryl, was would in the or July you that mind in giving a sense of few when or just that you initial weeks like, when realized? patient enrolled patient last was

Cheryl Blanchard

[XX:XX:XX] September. patient the restarted trial actually in The

September. that So enrolled in patient first was

Michael Petusky

then in in three I able terms close terms guess but you know, know, don't how and or of four speak you the to patients any elevated the they're how last across be with to of just you're sort their time? changes covid they're are the in or, I and of the of spikes you plugged just FSD, [XX:XX:XX] to and the weeks Ok, know this, country, or based heard office from seeing has either allocating of guys anything stocks, sort in sort of how about you know, some where of you most

Cheryl Blanchard

the is what as think are we're of faces shut are, are there back also the will the country know, hearing covid, Well, hearing spike. [XX:XX:XX] temporarily, down I you impacted The certainly but that coming know, in that. fastest, as that we you things things by parts are general,

AC. certainly come So the more but fastest, bumpiness, just are of continued for then asdis Injectable at would covid coming slowly of the office. back are be risk and the than kind say, in still have back I procedures because

covid between in we're to So, office seeing more XX XX percent is said the are injections of XX again, I AFSC in pre sort percent the about numbers. of recovery that ranging

Michael Petusky

about mean, you term guys assuming for reasonable of on term normalized this know, related unusual of what's sort product and And the your back to based of you sort Mike, portfolio gross on mid, to, upper sort current your XXs no the can think you be might product [XX:XX:XX] you mid, margin, current get sort normalized accounting based target maybe for of or but portfolio margin longer and a longer guys under as Mike, know, conditions? I just more gross environment you what's Yamane. guys

Mike Levitz

sure so. make By [XX:XX:XX]

margin had said that amortization the a value of XX point and for was a on. there If intangibles accounting percent unfavorable accounting XX you look impact at the acquisition of numbers we acquisition inventory about or to and for of that related related gross the quarter, and so the the the we stuff, technology

as I now. if But, on board apples months that and of said the more I and company the So the here. historic take related three historic XX that would I'm you around of you the it's been only talked was know, I've story the had look XX that But as know, out that know, normative an gross acquisition And, I be in apples new percent. to days to for about. margin Obviously, to now company sorts you before, levels, been you transcripts, what all at past believe said more we percent joint I know, than I is, really you say you our products have covid pain interesting quarter And the know, I preservation our the has creating but But management joint the would mix. and through acquisition of when can't midst that in I that. think comment we've covid, of at this exclude you even impacts, happy was related when described. as XX gross all be in we'll percent accounting. we're margin further do

that's the think is from talking that. you I that different the. where don't company That's So, all about know,

Cheryl Blanchard

for you update. XXX two my is Hierophant trial patients the hundred give that And single of sense scheduled and numbers for to pilot patients study [XX:XX:XX] is the and you, total those thirty in one

Michael Petusky

about, I years. know, again, I how and you just thing enrollment [XX:XX:XX] where this So enrolled everything and talk strategically for that just has you harder, been you Can sort of environment, have ways know, covid is strategically, last it get on but, know, sort unlock mean, so the of fast, you fully and question, previous to it's know, management, you about several trial thought you done? though, of guys know the man, and sort

Cheryl Blanchard

a plans manner in international this Mikovits So to interrupted of the ahead, a expanded the know, that lined to rates. our again, fact, would changed But to moved we do we hit, number timely and international sites And in number had that so we get by were all [XX:XX:XX] we trial. implementing enrollment Yes, through. started thing we covid significantly protocol, have if in that a enrolled in we a sites us number and of did we've enrollment literally. very secular expanded that up of fortunately, a an allowed did got plan increase stuff and you our Right. we this Copan

simply able present international any the getting at even dynamic not be quickly am know I that enroll timing guidance to those for so in of because difficult And sites. to how the just is time will

Michael Petusky

[XX:XX:XX] All Thank you. right, very good.

Good You're very night. welcome.

Operator

conference turn to like the to Cheryl I'd concludes question over remarks. This [XX:XX:XX] closing answer back for the session. now and Blanchard

Cheryl Blanchard

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

Operator

you today's call, This participating a concludes [XX:XX:XX] may have for Thank disconnect your pleasant lines. conference and day. you

Kristen Galfetti	Investor Relations
Cheryl Blanchard	President and Chief Executive Officer
Mike Levitz	Executive Vice President, Chief Financial Officer and Treasurer
Jim Sidoti	Sidoti & Company, LLC
Michael Petusky	Barrington Research Associates, Inc.
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Anika Therapeutics (ANIK) 4 Nov 202020 Q3 Earnings call transcript