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“Anika continued to deliver strong financial results this quarter, driven by growing demand for our key viscosupplementation products, Orthovisc® and Monovisc®, as well as our business performance improvement initiatives,” said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. “Total revenue increased by 24% and product revenue grew by 29% as compared to the third quarter last year.”

“Looking ahead to the fourth quarter, we expect continued growth in viscosupplementation patient demand in our U.S. market, and we expect our product revenue to grow faster than the market growth rate. At the same time, revenue for the fourth quarter is expected to fall short of our internal expectations due to partner ordering patterns and weaker than expected international sales. The potential assignment of a unique J-Code for Monovisc from CMS and its related milestone payment, does however, provide revenue upside. Longer term, given the robust demand for our products, as well as the improved efficiencies in our business and our strong product pipeline, Anika is well-positioned for continued revenue growth and profitability.”
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