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BEDFORD, MA - Anika Therapeutics , Inc. (NASDAQ:ANIK), a leader in products for tissue healing and repair with a market capitalization of $193 million, reported on Thursday the upcoming departure of Anne Nunes, the company's Chief Operations Officer. Nunes will officially leave the company on April 25, 2025, just weeks after the company's next earnings report, scheduled for May 7.
The announcement, as filed with the U.S. Securities and Exchange Commission, indicates that Nunes's exit is in line with her Executive Retention Agreement from March 15, 2024. The specifics of her severance benefits, as per the agreement, have not been disclosed. The news comes as Anika's stock trades near its 52-week low of $12.83, having declined 46% over the past year.
Following Nunes's departure, Stephen Griffin, who currently serves as Executive Vice President, Chief Financial Officer, and Chief Operating Officer, will take over the responsibilities of the COO role. Anika has decided to eliminate the position of Chief Operations Officer and does not intend to seek a replacement for Nunes.
Griffin, who will manage the company’s manufacturing and operations functions previously overseen by Nunes, will maintain his current annual compensation.
This strategic move by Anika Therapeutics comes as the company continues to refine its operational structure. The information regarding these changes is based on a press release statement.
In other recent news, Anika Therapeutics Inc. reported its fourth-quarter 2024 earnings, surpassing expectations with an earnings per share (EPS) of -$0.03, compared to the anticipated -$0.23. The company achieved revenue of $30.6 million, exceeding forecasts of $29 million. Anika's commercial channel revenue increased by 25%, while overall full-year revenue saw a slight decrease of 1% to $119.9 million. The company completed a $15 million stock repurchase plan early, reflecting strategic financial management. Anika's gross margin fell to 56%, down 13 percentage points from the previous year, indicating ongoing competitive pressures. The company also divested its ArthroSURFACE and Parkus Medical (TASE:BLWV) businesses, aligning with its focus on core products. Looking ahead, Anika projects commercial channel revenue growth between 12% and 18% for 2025. Additionally, the company is advancing its Integrity technology platform and has filed regulatory submissions for its Hyalofast product, aiming for a U.S. launch by 2026.
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