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Anika Therapeutics, Inc. announced the appointment of Steve Griffin as the new CFO, effective June 3, 2024. He replaces Michael Levitz, who will stay until December 31, 2024, to ensure a smooth transition. The company aims to accelerate its pivot to profitability with Steve's expertise.
Anika Therapeutics, Inc. reported a 7% increase in revenue for the first quarter of 2024, with revenue reaching $40.5 million. The company is on track to achieve its 2024 revenue guidance and adjusted EBITDA guidance of $25-30 million, signaling a significant improvement over the previous year. Anika's strategic initiatives have resulted in cost reductions and improved financial performance, positioning the company for continued growth in the orthopedic market. The company's recent business highlights include strengthening its leadership position in OA Pain Management, advancing its HA-based regenerative solutions pipeline, and achieving milestones in profitability. Anika expects accelerated growth in profitability in 2024, with revenue projections ranging from $168 to $173 million and adjusted EBITDA projected to increase by over 75% compared to 2023.
Anika Therapeutics, a global joint preservation company, granted non-statutory stock options to a newly hired non-executive employee under the 2021 Inducement Plan. The options cover 3,800 shares at an exercise price of $26.49 per share, equal to the closing price on the grant date. The vesting schedule spans over three years, contingent on continuous service, expiring after ten years. The grant was made in line with Nasdaq Listing Rule 5635(c)(4) as part of the employee's compensation package.
