Anika Therapeutics Reports Second-Quarter Fiscal 2007 Financial Results

WOBURN, Mass.--(BUSINESS WIRE)--Anika Therapeutics, Inc. (Nasdaq: ANIK) today reported financial results for the second quarter ended June 30, 2007. Revenue Anika reported product revenue of $6,332,000 for the second quarter of 2007 compared with $7,115,000 in the year ago period. Product revenue for the first six months of 2007 was $11,706,000 compared with $13,381,000 in the first six months of 2006. The decline in product revenue was due to the change in the Turkish government’s reimbursement policy previously announced in October 2006. This resulted in a loss of ORTHOVISC® sales during the second half of 2006, and through May of 2007. ORTHOVISC sales in Turkey were $2.4 million and $3.8 million for the second quarter and first half of 2006, respectively.