Here are five things to know:
1. Anika’s first quarter 2016 net income was 45 cents a share, up 96 percent from 23 cents a year ago and beating out analyst views which polled at 28 cents.
2. Total revenue for the quarter grew 44 percent to $22.3 million, which also beat analyst views, predicted at $19.3 million.
3. Anika’s injectable therapies are known as hyaluronic acid viscosupplementation products, which are designed to not only ease varying stages of pain, but also stave off expensive knee surgeries or replacements.
4. Charles Sherwood, CEO of Anika Therapeutics, said the worldwide market for hyaluronic treatments is roughly $2 billion and is growing 5 percent to 8 percent per year.
5. The American Medical Society for Sports Medicine has recommended the use of hyaluronic treatments for appropriate patients with knee osteoarthritis.
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