Anika Therapeutics Q4 Profit Rises, Revenue Slides - Update

(RTTNews) - Anika Therapeutics, Inc. (ANIK), a provider of products for tissue protection, healing and repair, Wednesday said fourth-quarter profit increased from the prior year, as lower expenses more than offset a drop in revenues.

Net income increased to $6.65 million or $0.44 per share from $4.46 million or $0.31 per share for the year-ago quarter.

On average, 3 analysts polled by Thomson Reuters expected the company to earn $0.42 per share for the quarter. Analysts' estimates typically exclude special items.

Total revenue declined to $21.25 million from $22.61 million in the previous year. Analysts expected revenue of $21.91 million for the fourth quarter.

According to the company, the fourth quarter of 2012 reflected higher product sales, as a result of a temporary scale-up issue at Anika's Bedford manufacturing facility during the third quarter of 2012. This issue was rectified quickly and resulted in uneven revenue distributions for the last two quarters of that year.

Total operating expenses declined to $10.82 million from $14.81 million in the prior year, amid a cash settlement received as well as cost reduction initiatives.

The firm said it is beginning 2014 in a strong position.

ANIK surged 33.2 percent to close at $45.90.