Anika Therapeutics Due Off Halt at 435 PM ET

Anika Therapeutics (ANIK) is due off a trading halt at 435 PM ET. The company said Q1 sales slipped to $21.3 million from the year-ago period’s $23.4 million and missesd the CapIQ mean for $24.3 milllion.

It swung to a net loss per share of $0.46 from a $0.37 profit last year and missed forecasts for a quarter gain.

It said it is undertaking a voluntary recall of certain lots of its HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX products after internal quality testing which indicated that the products were at risk of not maintaining certain measures throughout their entire shelf life.

It said it expects to fully resolve the matter and resume production and shipping by the end of 2018. It said the recall affected Q1 by $1.1 million in product revenue, $0.6 million in inventory reserves, and $0.4 million in administration costs related to the recall. HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX revenue totaled approximately 3% of total revenue for the full year of 2017.

For the year, it expects total revenue growth to be flat.

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