BEDFORD, MA - Anika Therapeutics (NASDAQ:ANIK), Inc., a medical device company, disclosed the results of its annual stockholders' meeting held on Monday, where three Class I directors were elected and other proposals were voted upon.
The company, headquartered in Bedford, Massachusetts, reported that Sheryl L. Conley, William R. Jellison, and Stephen O. Richard were elected to the board of directors with 10,713,825, 11,092,818, and 10,205,467 votes respectively. They will serve until the 2027 Annual Meeting of Stockholders. The election saw some shares cast against each nominee and some abstentions, with a significant number of broker non-votes for each candidate.
Additionally, stockholders ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for the fiscal year ending December 31, 2024. The proposal received overwhelming support with 12,337,376 votes for and 43,654 against, with 6,034 abstentions.
The compensation for the company's named executive officers was also approved on a non-binding, advisory basis. The proposal, which included the Compensation Discussion and Analysis, compensation tables, and narrative discussion as disclosed in the Proxy Statement, received 11,020,273 votes for, 129,717 against, and 6,748 abstentions.
The meeting, which saw an 83.37% turnout of the voting power, did not involve any solicitation in opposition to the board's recommendations, as per the statement filed with the Securities and Exchange Commission. The information presented in this article is based on the SEC filing by Anika Therapeutics.
In other recent news, Anika Therapeutics has announced strategic board appointments and initiated a $40 million share repurchase program. The company has brought on board Joseph Capper, CEO of MIMEDX, and William Jellison, former CFO of Stryker (NYSE:SYK), leveraging their combined nearly five decades of MedTech experience. The board has also authorized a new share repurchase program, replacing the April 2023 buyback plan. Anika's management remains committed to achieving an adjusted EBITDA of $25-$30 million for 2024, marking a significant increase from the previous year.
In their recent earnings call, Anika reported a 7% increase in revenue in Q1 2024 compared to the same period last year. The company's strategic initiatives have positioned it for an anticipated 75% growth in adjusted EBITDA in 2024. Furthermore, CFO Mike Levitz will step down, succeeded by Steve Griffin. Anika reiterated its 2024 revenue guidance of $168 million to $173 million. These developments are part of Anika's continuous efforts to enhance operational efficiency and shareholder value.
InvestingPro Insights
As Anika Therapeutics continues to navigate the medical device industry, a review of the company's financial health and market performance offers valuable context. According to InvestingPro data, Anika Therapeutics currently holds a market capitalization of $405.16 million. Despite a challenging period, the company has maintained a gross profit margin of 62.68% over the last twelve months as of Q1 2024. This resilience is further underscored by a 7.49% revenue growth during the same period, signaling potential for future expansion.
InvestingPro Tips highlight that Anika Therapeutics has been proactive in its capital management, with aggressive share buybacks suggesting confidence from management. Additionally, the company's solid liquidity position is evident, as it holds more cash than debt and has liquid assets that exceed its short-term obligations. With analysts predicting profitability this year, these financial maneuvers could be strategic steps towards fostering long-term shareholder value.
For readers looking to delve deeper into Anika Therapeutics' financial landscape and strategic outlook, InvestingPro offers additional insights and tips. There are currently 9 more tips available which can be accessed by visiting InvestingPro's dedicated page for Anika Therapeutics at https://www.investing.com/pro/ANIK. For those interested in a comprehensive analysis, use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.