Thinly traded small cap Anika Therapeutics (ANIK -28.1%) slumps on double normal volume, albeit on turnover of only ~250K shares, after it released Q1 results after the close yesterday.
Revenue was down 9% to $21.3M. The company says the shortfall was due in part to $1.1M related to its voluntary recall of HYALOFAST, HYALOGRAFT-C and HYALOMATRIX. It says it took action as a precautionary measure after internal quality testing indicated that the products were at risk of not maintaining certain parameters throughout their shelf life.
Production and shipments are not expected to resume until year-end, however, while it identifies and implements an operational fix to address the issue.
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