04:41 PM EDT, 03/13/2024 (MT Newswires) -- Anika Therapeutics ( ANIK ) reported Q4 adjusted earnings late Wednesday of $0.05 per diluted share, compared with a loss of $0.21 a year earlier.

Three analysts surveyed by Capital IQ expected a loss of $0.23.

Revenue for the quarter ended Dec. 31 was $43.0 million, up from $39.6 million a year earlier.

Three analysts surveyed by Capital IQ expected $41.4 million.

The company said it expects fiscal year 2024 revenue of $168 million to $173 million. Analysts expect $179.4 million.

Anika also said it will reduce its spending for 2024 and cut about 9% of its workforce, effective the end of Q1 amid a slower than expected growth pace in some of its more mature product lines. It expects the cuts to save about $10 million annually, excluding the impact of one-time costs.

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