Anika Therapeutics Inc. ANIK

SEC filings · Reporting currency USD · Quarterly reporting · Figures as of 2026-Q2 · updated 2026-09-06 · ISIN US0352551081

Net income turned positive Revenue accelerating Guidance raised

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Business Model#

What the company does and how it earns its money; written AI-editorially, exclusively from the company's original reports, without any assessment of our own.

Anika Therapeutics is a global joint preservation company that develops and commercializes products for orthopedic conditions, primarily osteoarthritis pain management, joint restoration, and cartilage repair. Revenue is generated through two channels: an OEM Channel, under a supply arrangement with J&J MedTech, and a Commercial Channel through which Anika markets branded products to healthcare providers internationally and, where approved, in the United States. Key commercial products include hyaluronic acid-based OA pain management injectables and the Integrity Implant System for joint restoration. The development pipeline centers on Hyalofast, a bioresorbable scaffold for cartilage repair currently under FDA Premarket Approval review, and Cingal, a drug-device combination product pairing hyaluronic acid with a corticosteroid, for which an NDA is being prepared to target the U.S. market.

Current Status#

Summary of the most recent reporting period: core figures, drivers and management statements; written editorially from the current original report, every figure backed by a source number.

Anika Therapeutics reported revenue of $32.6 million in 2026-Q2, a 16% year-over-year increase driven by higher OEM Channel sales with J&J MedTech and increased Commercial Channel revenue from international OA Pain Management and Integrity products ³⁰. Gross margin expanded to 65% from 51% in the prior-year period, reflecting higher sales volume, increased manufacturing production, and an improved sales mix ³⁰. Commercial Channel revenue reached a record $13.9 million, up 17% year-over-year, while international revenue reached a record $12.6 million, up 22% year-over-year ³¹. Adjusted EBITDA was $7.1 million, representing a 22% adjusted EBITDA margin, and the company subsequently raised its full-year 2026 total revenue growth guidance to 5-10% and adjusted EBITDA margin guidance to 13-17% ³¹.

Management commentary on the 2026-Q2 results (8-K-EX99.1, 2026-07-29):

„Given the timing uncertainty that remains in our regulatory review process, particularly as our discussions with the FDA on Hyalofast evolve, we are adopting a new revenue guidance practice. Going forward, our forecast will only include revenue from products that have received regulatory approval or clearance. As a result, our 2027 Commercial Channel revenue guidance no longer includes revenue associated with Hyalofast.“ – Steve Griffin, President and Chief Executive Officer ³¹

„Our second quarter results mark a positive step forward in improving the performance of our business. We achieved record Commercial Channel revenue, substantial gross margin expansion, and our highest adjusted EBITDA since 2020. The actions we initiated earlier this year are delivering early gains as we continue to drive operational excellence throughout the Company. Additionally, our growth has diversified across channels and geographies, highlighted by a record quarter of international revenue.“ – Steve Griffin, President and Chief Executive Officer ³¹

Revenue · 2026-Q233$m+15.6 % vs. 2025-Q2

Net profit · 2026-Q23$m+182.5 % vs. 2025-Q2

EPS · 2026-Q20.24$+185.7 % vs. 2025-Q2

Revenue trend

Guidance

For FY2027, the company guides 2027 Commercial Channel revenue growth to 5% to 15% (cut); 2027 Total Company revenue to flat to 5% growth (initiated). ³¹.

Profitability

Income from continuing operations was $3.3 million for Q2 2026, compared to a loss of $4.6 million in Q2 2025, with diluted EPS of $0.24 and adjusted EPS of $0.42 ³⁰ ³¹. Operating income was $3.0 million for the quarter, supported by gross margin expansion and a 20% reduction in SG&A expenses versus the prior-year period, or approximately 30% excluding one-time severance charges ³¹. Free cash flow was -$2.1 million for the quarter, with capital expenditures of $1.4 million and an operating cash outflow of $0.7 million ³¹.

Leverage

Cash and cash equivalents were $38.4 million at June 30, 2026, down from $57.5 million at December 31, 2025, while working capital declined from $80.2 million to $77.0 million over the same period ³⁰. The company maintains a revolving line of credit under an agreement with Bank of America N.A.; the Fifth Amendment to the Credit Agreement, entered into on July 10, 2026, kept the facility at $50.0 million with an option to request up to an additional $50.0 million for a maximum aggregate commitment of $100.0 million ³⁰. The available inputs do not disclose an explicit net debt figure or net debt-to-EBITDA ratio for the quarter.

Management view

Full-year 2026 guidance was raised to total revenue growth of 5-10%, adjusted EBITDA margin of 13-17%, and Commercial Channel growth of 12-18% ³¹. The Hyalofast PMA review with the FDA is ongoing, with active discussions focused on co-primary clinical endpoints within the Premarket Approval submission ³¹. Cingal NDA development was described as on track, with bioequivalence study enrollment progressing as planned and CMC activities accelerating for the drug-drug combination product filing; the company also adopted a new 2027 revenue guidance practice that will include only products with existing regulatory approval or clearance ³¹.

Change

Severance costs of $0.8 million were recorded in Q2 2026, and $2.4 million for the six-month period ended June 30, 2026, related to cost reduction actions announced in the first quarter and a CEO transition ³⁰. Operating cash outflow for the six months ended June 30, 2026, was $5.5 million, compared to $0.3 million in the prior-year period, primarily reflecting higher inventory purchases to build safety stock and higher accounts receivable from increased revenues ³⁰. For the six-month period ended June 30, 2026, the company reported a net loss from continuing operations of $1.7 million, compared to a loss of $8.6 million in the first half of 2025 ³⁰.

Risks (current)

The regulatory pathways for Cingal and Hyalofast represent the primary near-term uncertainties: FDA approval of the Hyalofast PMA is not guaranteed following a deficiency letter received in January 2026, and the Cingal NDA filing depends on completion of bioequivalence studies and CMC activities before the company can access an approximate $1 billion U.S. addressable market ³⁰ ³¹. J&J MedTech represented approximately 50% of 2025 revenue, and loss of this major customer or other key channel partners could materially affect the business ²⁷. The company operates in competitive OA pain management and regenerative solutions markets, and the negative operating cash flow pattern in the first half of 2026 may pressure the cash position if inventory and receivables growth continues ³⁰ ³¹.

Price & Chart#

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Share-Price Drivers#

Factors the company itself names as material for its business development (IR-based); reproduced neutrally, no price forecast and no assessment of our own.

Return to accelerating revenue with a turn to profitability under the two-channel (Commercial/OEM) model
Revenue rose to 32.6 in 2026-Q2 from 26.2 in 2025-Q1, and operating income turned positive (3.0) with net income 3.3 and adj. EPS 0.42 after several loss quarters, indicating the restructured channel model is gaining traction ³¹ ²⁹

OEM Channel
OEM Channel 6M 2026 revenue 35.7 at +14% growth; 2026-Q1 OEM revenue 17.0 at +14% ³⁰ ²⁹

Commercial Channel
Commercial Channel 2026-Q1 revenue 12.6 at +12% growth ²⁹

Integrity Implant System expansion
FDA 510(k) clearance for additional implant sizes in Q2 2025 and launch of larger shapes/sizes for Achilles repair in 2025-Q3, extending the platform ²² ²⁴

Hyalofast U.S. regulatory pathway
Final PMA module submitted 2025-10-31, followed by an FDA deficiency letter (Jan 2026) and PMA responses; U.S. launch planned for 2026-2027 ²⁴ ²⁶ ²⁹

Cingal U.S. regulatory pathway
Cingal NDA filing planned with a bioequivalence study and FDA Type-C meeting feedback still pending completion ³⁰ ²⁷

Profitability / earnings turn
Change flags show accelerating growth, improving profitability and raised guidance; 2026-Q2 operating income 3.0 and net income 3.3 versus losses through 2025 ³¹ ²⁶

Sector trend: Demand across the orthopedic and regenerative-medicine portfolio is expanding, with revenue accelerating quarter over quarter and margins improving as the company moves from operating losses to positive operating and net income ³¹ ²⁹.

Event Timeline#

This timeline collects the material events from the original reports: guidance changes, revenue and margin signals, strategy shifts, product and M&A announcements. Events are grouped by quarter (most recent first); the grey tag before each event names the event type, the date is the publication date of the source. Management quotes open the quarter block as direct quotes. Per quarter we show the three most defining events; more can be expanded per quarter, older years are collapsed. Every event carries its source as a superscript, clickable number.

Overview: one dot per event · click jumps to the period

2026 · 6 events

2026-Q2 · Apr – Jun 2026

Net income turned positive 2026-07-29
Income from continuing operations of $3.3M versus a loss of $4.6M in Q2 2025; adjusted EBITDA of $7.1M at 22% adjusted EBITDA margin, the highest since 2020, driven by commercial growth, gross margin expansion, and disciplined expense management ³¹

Revenue accelerating 2026-07-29
Revenue rose 16% to $32.6M; Commercial Channel reached record $13.9M (+17% year-over-year) and International revenue reached record $12.6M (+22% year-over-year) ³¹

Guidance raised 2026-07-29
Full-year 2026 guidance raised: total revenue growth to 5–10%, adjusted EBITDA margin to 13–17%, and Commercial Channel growth to 12–18% ³¹

2026-Q1 · Jan – Mar 2026

„Our strategic transformation and organizational realignment is yielding results and driving improved profitability and efficiencies throughout the organization. We delivered a strong start to 2026, highlighted by double-digit revenue growth and gross margin expansion, which improved adjusted EBITDA. These results were led by strong growth in our Commercial Channel with Regenerative Solutions increasing 20% year over year, driven by 35% US procedure growth from Integrity, which generated $1.8 million in revenue during the quarter. In addition, OEM Channel performance reflected a combination of favorable order timing, lower 2025 sales volume, and solid execution by our teams to start 2026, contributing to a 14% revenue increase year over year. Our margin performance in the first quarter demonstrates the leverage in our business model as volume scales and operational initiatives take hold, including the deployment of lean manufacturing principles that are enabling our teams to increase throughput and drive improved performance. These initiatives are designed to support our operations as we advance our portfolio through FDA review and position the company to scale production in anticipation of future growth. At the same time, we continue to make targeted investments across our regenerative pipeline and commercial business to position Anika for sustainable, profitable long-term growth.“ – Steve Griffin, President and Chief Executive Officer ²⁸

Margin expanding 2026-04-30
Gross margin expanded to 64% from 56% in Q1 2025, driven by higher sales activity, increased production volume, and lower inventory reserves ²⁹

earnings 2026-04-29
Adjusted EBITDA increased to $4.3M from $0.1M in the prior-year quarter ²⁸

Revenue accelerating 2026-04-29
Total revenue rose 13% to $29.6M, driven by OEM Channel order timing (+14% to $17.0M) and Commercial Channel growth (+12% to $12.6M) including Regenerative Solutions (+20%) and Integrity procedure volume (+35% in US) ²⁸

2025 · 15 events

2025-Q4 · Oct – Dec 2025

„2025 was an important year for advancing our product portfolio, highlighted by more than doubling Integrity procedures, the filing of the Hyalofast PMA with the FDA, and continued progress on the remaining filing requirements, the toxicity and bioequivalence studies, for the Cingal® NDA. Cingal and Hyalofast remain core strategic priorities for 2026 as we prepare for future U.S. market launches.“ – Steve Griffin, President and Chief Executive Officer ²⁶

Operating income turned positive 2026-02-26
Q4 GAAP operating income turned positive at $0.6M vs. operating loss of $(0.7)M in Q4 2024, driven by gross margin recovery to 63% and sustained operating expense discipline ²⁶

Margin expanding 2026-02-26
Q4 gross margin expanded to 63%, recovering from the Q2 trough of 51%, driven by favorable product mix and operating leverage ²⁶

Strategic pivot 2026-02-26
FDA issued Hyalofast PMA deficiency letter in January 2026 regarding chemistry, manufacturing, controls, and statistical analysis; company preparing responses with review timeline extended ²⁶

Net income turned positive 2026-02-26
Net income turned positive for the first time after 16 negative periods (-2.3 to +0.3 USDm). ²⁶

EBITDA turned positive 2026-02-26
EBITDA turned positive for the first time after 3 negative periods (-1.8 to +2.0 USDm). ²⁶

Operating cash flow turned positive 2026-02-26
Operating cash flow turned positive on a half-year basis (2025-H1: -0.3 to 2025-H2: +11.5 USDm, aggregated from reported quarters where needed). ²⁶

2025-Q3 · Jul – Sep 2025

„We continue to see strength in our Commercial Channel with Regenerative Solutions revenue increasing 25% in the quarter driven by Integrity's outperformance, continued strong international Hyalofast growth, and double-digit International OA Pain Management revenue growth. Third quarter pricing for U.S. OA Pain Management products was in line with expectations, and we anticipate the full year to be in line with our prior guidance. In addition, J&J MedTech has exercised its option to continue our license and supply agreement for Monovisc for another 5-year term through December 2031. During the quarter, Cingal reached a significant commercial milestone, surpassing 1 million injections globally since launch. Finally, we continued to take actions to improve our operating expense profile, with Selling, General and Administrative expenses down 12% year over year, and overall operating expenses down 3%, as we continue to work to improve our profitability and free cash flow.“ – Cheryl Blanchard, President and CEO ²⁴

Revenue decelerating 2025-11-05
Q3 revenue -6% to $27.8M; OEM Channel -20% on lower pricing while Commercial Channel +22% driven by Integrity, Hyalofast, and international OA Pain Management ²⁴

Strategic pivot 2025-11-05
J&J MedTech announced in October 2025 plans to divest its orthopedics implants business, which includes Monovisc and Orthovisc products manufactured by Anika ²³

Strategic pivot 2025-11-05
Third and final Hyalofast PMA module submitted to FDA on October 31, 2025 following review of Phase III FastTRACK trial data ²⁴

2025-Q2 · Apr – Jun 2025

„Earlier today we announced topline results of our U.S. Hyalofast clinical trial. While we are disappointed that the study did not meet its pre-specified co-primary endpoints, we are encouraged by the consistent improvements Hyalofast demonstrated over microfracture, including statistically significant improvements in pre-defined secondary endpoints and other measures. These results, combined with clinical data from over 15-years of successful real-world use in Europe, reinforce our confidence in Hyalofast's potential to address a critical unmet need in cartilage repair. We remain committed to advancing this breakthrough therapy and look forward to submitting the final PMA module to the FDA later this year, as planned.“ – Cheryl Blanchard, Chief Executive Officer ²²

Margin compressing 2025-07-30
Q2 gross margin declined to 51% from 67% in Q2 2024, including $3.0M inventory obsolescence and scrap charges from production yield issues; company returned to full production in June 2025 ²²

Guidance cut 2025-07-30
Long-term 2026-2027 revenue guidance updated to reflect potential delay of Hyalofast U.S. commercial launch to 2027 following Phase III trial miss ²²

Strategic pivot 2025-07-30
Hyalofast Phase III FastTRACK trial failed to achieve pre-specified co-primary endpoints for pain and function; final PMA module planned for submission by year-end 2025 despite secondary endpoint improvements ²²

2025-Q1 · Jan – Mar 2025

„During the quarter, we continued to invest in the regulatory and clinical efforts necessary to file for U.S. approval of both Hyalofast and Cingal. We continue to make meaningful progress on both programs and are confident that Hyalofast and Cingal will be market-drivers in both the cartilage repair and next generation OA pain markets.“ – Cheryl Blanchard, President and CEO ²⁰

Revenue decelerating 2025-05-09
Q1 revenue -10% to $26.2M; OEM Channel -23% on lower Monovisc and Orthovisc pricing from J&J MedTech ²⁰

Guidance cut 2025-05-09
FY2025 Adjusted EBITDA guidance cut to -3% to +3% from prior 8% to 10%; OEM Channel revenue guidance lowered to $62-$65M (down 16%-20% year-over-year) ²⁰

Divestiture 2025-05-09
Parcus Medical divestiture completed March 7, 2025 for $4.5M; together with Arthrosurface sale (October 2024) completes exit from non-core implants businesses ²⁰

2024 · 15 events

2024-Q4 · Oct – Dec 2024

„Cingal, Anika's fast-acting, long-lasting, non-opioid OA pain injection product, also saw significant advancements. We held a Type-C meeting with the FDA in February to help finalize the bioequivalence bridging study design. We also started final non-clinical toxicology testing during the quarter.“ – Cheryl Blanchard, President and CEO ¹⁷

Segment divergence 2026-02-26
Commercial Channel revenue grew +23.9% to 10.9 USDm in 2024-Q4 (36% of group revenue) while group revenue changed -58.2%. ²⁶

Revenue accelerating ◦ 2025-03-12
Q4 continuing ops revenue +1% YoY to $30.6M; Commercial Channel +25%, International OA Pain Management +22% in Q4 ¹⁷

Guidance initiated 2025-03-12
FY2025 guidance initiated: Commercial Channel $47-49.5M (+12-18%), OEM Channel $64-68.5M (-12-18%), adjusted EBITDA margin 8-10% ¹⁷

Divestiture 2025-03-12
Parcus Medical sale completed March 7, 2025; together with Arthrosurface divestiture (October 2024), strategic focus now fully on HA technology and Regenerative Solutions ¹⁷

Operating cash flow turned positive 2025-03-12
Operating cash flow turned positive on a half-year basis (2024-H1: -1.2 to 2024-H2: +6.6 USDm, aggregated from reported quarters where needed). ¹⁷

2024-Q3 · Jul – Sep 2024

„Today's announcements highlight our continued focus on allocating capital towards our highest returning programs which we expect will maximize shareholder value. To align with our strategy of migrating resources to our highest value opportunities, we announced the sale of Arthrosurface and the planned divestiture of Parcus Medical. In addition, as of the end of the third quarter, we have repurchased $5.3 million of shares as part of our $40 million buyback program, through our previously announced 10b5-1 plan. Lastly, we are realizing the benefits of our cost reduction efforts announced in March, which have better positioned Anika for long-term growth.“ – Cheryl R. Blanchard, Ph.D., President and CEO ¹⁵

Margin compressing 2024-11-04
Q3 gross profit declined $23.5M driven by $23.4M write-down of Arthrosurface inventories ahead of divestiture, plus $3.1M long-lived asset impairment charge ¹⁶

EBITDA turned positive 2024-11-04
EBITDA turned positive for the first time after 2 negative periods (-0.4 to +1.4 USDm). ¹⁶

Guidance cut 2024-10-31
FY2024 and FY2025 adjusted EBITDA guidance revised; long-term Commercial and OEM revenue targets updated through 2026-2027 reflecting portfolio divestiture impact ¹⁵

Divestiture 2024-10-31
Sale of Arthrosurface to Phoenix Brio completed October 31 for $7M non-interest-bearing note plus contingent payments; Parcus Medical divestiture announced to focus on core HA technology and Regenerative Solutions ¹⁵

2024-Q2 · Apr – Jun 2024

„OA Pain Management remains a strong, foundational element of our business and represents a key aspect of total company profitability. Outside the US, Cingal, together with Monovisc and Orthovisc, grew 17% in the first half of 2024 as we gained market share and expanded into new countries. In the US, we continue to drive progress towards Cingal's FDA approval. In addition, we continue to hold the market-leading position in the US with both Monovisc and Orthovisc, despite softer pricing dynamics as our US sales and marketing partner works to improve market access.“ – Cheryl R. Blanchard, Ph.D., President and CEO ¹⁴

Revenue decelerating 2024-08-08
Q2 revenue -5% to $41.9M; OA Pain Management -9% on unfavorable strategic partner order timing, Non-Orthopedic -26% on distributor timing and legacy product end-of-life ¹⁴

New market 2024-08-08
Full market release of Integrity Implant System for rotator cuff and tendon repair in July 2024, following 300+ cases by 60+ surgeons during limited market release ¹⁴

Strategic pivot 2024-08-08
$40M share repurchase program announced with $15M tranche initiated under 10b5-1 plan; $10M annualized cost reduction initiative completed as part of accelerated profitability strategy ¹⁴

2024-Q1 · Jan – Mar 2024

„With continued strength in our market-leading OA Pain Management platform, an expanding and highly differentiated HA-based regenerative solutions pipeline, and continued cost discipline, we delivered a good start to the year and are on track to achieve our 2024 guidance. While we are still early in the execution of our refocused strategy, we are pleased with the results and poised to capture the opportunities ahead as we seek to maximize value for our shareholders.“ – Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer ¹²

earnings 2024-05-08
Adjusted EBITDA turned positive at $2.5M from -$1.2M in Q1 2023, supported by $10M in annualized cost reductions completed ¹²

revenue 2024-05-08
Q1 revenue grew 7% to $40.5M; OA Pain Management +7%, Non-Orthopedic +29% on favorable distributor ordering timing ¹¹

Guidance initiated 2024-05-08
FY2024 adjusted EBITDA guidance initiated at $25-30M, representing growth of over 75% at midpoint vs. prior year ¹²

2023 · 15 events

2023-Q4 · Oct – Dec 2023

„We are pleased to report strong fourth quarter and full year results, including a record year in OA Pain Management. These results reflect the evolution of our differentiated HA franchise and the launch of exciting new products in Regenerative, Sports Medicine and Arthrosurface Joint Solutions.“ – Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer ⁹

Operating income turned positive 2025-03-12
Operating income turned positive for the first time after 3 negative periods (-7.7 to +24.7 USDm). ¹⁷

EBITDA turned positive 2025-03-12
EBITDA turned positive for the first time after 3 negative periods (-6.1 to +26.3 USDm). ¹⁷

Operating cash flow turned positive 2025-03-12
Operating cash flow turned positive on a half-year basis (2023-H1: -11.9 to 2023-H2: +10.1 USDm, aggregated from reported quarters where needed). ¹⁷

earnings 2024-03-13
$62.2M non-cash impairment on intangibles from 2020 Arthrosurface and Parcus Medical acquisitions, attributed to slower than expected revenue growth, drove Q4 net loss to $63.0M and FY2023 net loss to $82.7M ⁹

Revenue accelerating ◦ 2024-03-13
Full-year 2023 revenue +7% to $166.7M; OA Pain Management record annual revenues of $102M +11%; Joint Preservation and Restoration +9% to $54.9M ⁹

Strategic pivot 2024-03-13
Company-wide strategic review with Piper Sandler initiated mid-2023 evaluating alternatives including potential sale; cost reduction announced with approximately 9% workforce reduction targeting approximately $10M in annualized savings ⁹

2023-Q3 · Jul – Sep 2023

„We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created. We delivered 14% growth in Joint Preservation and Restoration and higher-than-expected growth in OA Pain Management, which has grown 11% year-to-date. In the third quarter, we also continued to advance our product pipeline across Joint Preservation and Restoration, successfully completed the full market launch of our RevoMotion Reverse Shoulder System, received FDA clearance for both our new HA-based regenerative rotator cuff patch, the Integrity Implant System, and the biocomposite version of our X-Twist Fixation System, with launches on track for the first quarter of 2024. Each of these milestones position Anika to accelerate Joint Preservation and Restoration growth in 2024, as we continue to focus on commercial execution and actively managing our costs to drive improved profitability.“ – Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer ⁷

revenue 2023-11-02
Revenue +3% to $41.5M; OA Pain Management +2%, Joint Preservation and Restoration +14%; overall growth decelerated from Q2's 12% ⁷

Guidance raised 2023-11-02
Full-year 2023 revenue guidance raised to $164-166M (5-6% growth) from prior range of $159.5-163M ⁷

New market 2023-11-02
Full market launch of RevoMotion Reverse Shoulder Arthroplasty System at OSET Annual Meeting; FDA clearance received for Integrity Implant System and X-Twist Biocomposite Fixation System, launches on track for Q1 2024 ⁷

2023-Q2 · Apr – Jun 2023

„We are very pleased with our double-digit top line growth and improved margins in the second quarter. Strong growth and operational execution year-to-date increase our confidence for this year. We made significant progress this quarter in strengthening an already robust portfolio focused on early intervention orthopedics. Specifically, we are thrilled to have our Phase III Pivotal study for Hyalofast now fully enrolled and on track for a modular PMA filing beginning in 2024 and completed in 2025. We also significantly advanced the development of Integrity, our HA-based rotator cuff patch system, which remains on track for a 2024 launch. In addition, since meeting the primary endpoint of our most recent Cingal Phase III Pivotal study, we had a Type-C meeting with the FDA in the second quarter and are actively engaging with them regarding next steps for U.S. regulatory approval.“ – Cheryl R. Blanchard, Ph.D., President and Chief Executive Officer ⁶

Revenue accelerating 2023-08-08
Revenue +12% to $44.3M; OA Pain Management +22% driven by growing customer demand and favorable strategic partner ordering patterns; Joint Preservation and Restoration +5% ⁵

Margin expanding 2023-08-08
Gross margin improved to 65% in Q2 2023 from 63% in Q2 2022; adjusted gross margin 69% vs. 67% ⁶

Guidance raised 2023-08-08
Full-year 2023 revenue guidance raised to $159.5-163M from prior range of $158-163M ⁶

2023-Q1 · Jan – Mar 2023

„We are off to a positive start to 2023 with solid top line performance in the first quarter. Double digit growth in our Joint Preservation and Restoration product family coupled with solid OA Pain Management growth gives us confidence in our 2023 outlook. We are driving adoption of our X-Twist Fixation System and are on-track for the full market release of our new RevoMotion Reverse Shoulder system in late 2023, as well as the launch of our HA-based, arthroscopic, regenerative rotator cuff patch system in 2024. With our strong balance sheet and growing product portfolio, we are creating meaningful value for our shareholders.“ – Cheryl R. Blanchard, Ph.D., President and CEO ⁴

earnings 2023-05-09
Net loss of $10.4M vs. net income of $2.9M in Q1 2022, attributable to $5.8M in non-recurring costs from Parcus Medical arbitration settlement and shareholder activism ³

Revenue accelerating ◦ 2023-05-09
Revenue +3% to $37.9M; OA Pain Management +8%, Joint Preservation and Restoration +11%, partially offset by Non-Orthopedic -49% ³

Strategic pivot 2023-05-09
Cooperation agreement signed with activist investor Caligan Partners LP resolving director nominations dispute; $20M share repurchase program authorized subsequent to quarter end ⁴

Key Figures ($m)#

The company's core financial figures in three views, one below the other: fiscal years (as reported; after restatements the table shows the most recent filing version, marked), half-years (6-month basis, H2 = second half on its own) and quarters (3-month basis, not cumulative). Each row is one period, most recent first. Values with a dotted underline are clickable and show the raw value, the exact source location, the scale evidence and the source; derived values additionally show their formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.

Basis Metric

Revenue ($m) · annual basis, as reported

Net income ($m) · annual basis, as reported

EPS ($) · annual basis, as reported

Operating cash flow ($m) · annual basis, as reported

Revenue ($m) · quarterly basis, as reported

Net income ($m) · quarterly basis, as reported

EPS ($) · quarterly basis, as reported

Operating cash flow ($m) · quarterly basis, as reported

Cash ($m) · annual basis, as reported

Capex ($m) · annual basis, as reported

FCF ($m) · annual basis, as reported

D&A ($m) · annual basis, as reported

Cash ($m) · quarterly basis, as reported

Capex ($m) · quarterly basis, as reported

FCF ($m) · quarterly basis, as reported

D&A ($m) · quarterly basis, as reported

Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $m · EPS in $ per share · as reported

Period	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	OCF	Source
FY2025	112.8	-11.1	-10.9	-0.76	0.11	5.34	11.2	²⁷
FY2024	119.9	-5.1	-56.4	-3.83	0.16	15.54	5.4	¹⁸
FY2023	120.8	0.8	-82.7	-5.64	0.91	15.52	-1.8	¹⁰

Quarters

Amounts in $m · EPS in $ per share · as reported

Period	Published	Revenue	Op. income	Net income	EPS ($)	EPS adj. ($)	EBITDA (adj.)	FCF	Cash	Source
2026-Q2*	2026-07-29	32.6	3	3.3	0.24	0.42	7.1	-2.1	38.4	³⁰
2026-Q1*	2026-04-29	29.6	-5.5	-5.1	-0.37	0.27	4.3	-6.3	41	²⁸
2025-Q4*	2026-02-26	30.6	0.6	0.3	0.02*	0.31	0	4	57.5	²⁶
2025-Q3*	2025-11-05	27.8	-3.2	-2.3	-0.16	0.04	0.9	5	58	²³
2025-Q2*	2025-07-30	28.2	-4.2	-4	-0.28	-0.13	-0.3	-1.7	53.2	²¹
2025-Q1*	2025-05-09	26.2	-4.3	-4.9	-0.34	-0.06	0.1	-3	53.4	¹⁹
2024-Q4*	2025-03-12	30.6	-0.7	-21.9	-1.49*	-0.03	3.6	0.3	55.6	¹⁷
2024-Q3*	2024-11-04	29.6	-0.1	-29.9	-2.03	0.07	4.5	3.8	62.4	¹⁶
2024-Q2*	2025-07-30	30.7	-1.8	-0.1	0.00	0.04	4.7	-4.5	62.8	²¹
2024-Q1*	2024-05-08	29	-2.5	-4.5	-0.31	0.13	2.7	-1.9	68.6	¹¹
2023-Q4*	2025-03-12	–	24.7	-63	-4.30*	0.07	6.4	1.8	68.7	¹⁷
2023-Q3*	2023-11-02	41.5	-7.7	-6.6	-0.45	0.23	4.7	5.7	70.7	⁷
2023-Q2*	2023-08-08	44.3	-3.6	-2.7	-0.19	0.31	6.3	-9.8	65.1	⁵
2023-Q1*	2023-05-09	37.9	-12.6	-10.3	-0.71	-0.14	-1.2	-5	79.7	³

* derived: values with formula provenance (hover); Q4 = FY − 9M · H2 = FY − H1 · EPS via implied shares · net debt = financial debt − cash · FCF = OCF − |capex|.

Columns not reported in this reporting cadence are hidden: Op. income (adj.), Net Debt/EBITDA (not reported in any source for these periods).

Balance Sheet & Cash Flow ($m)#

Point-in-time balance sheet items (e.g. cash, financial debt) and cash flow items (operating cash flow, investments/capex) per fiscal year, half-year and quarter. Balance sheet values are as of the period end, flow items cover the period. Derived values are marked and are calculated, for example, as: net debt = financial debt − cash; free cash flow = operating cash flow − capex; the click popover shows formula and inputs. All values are extracted automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original.

Fiscal years

Amounts in $m · as reported

Period	Published	Cash	D&A	OCF	Capex	FCF	Source
FY2025	2026-02-26	57.5	5.4	11.2	6.8	4.4	²⁶
FY2024	2025-03-12	55.6	6.9	5.4	7.7	-2.3	¹⁷
FY2023	2024-03-15	68.7	6.4	-1.8	5.4	-7.2	¹⁰

Quarters

Amounts in $m · as reported

Period	Published	Cash	D&A	OCF	Capex	FCF	Source
2026-Q2	2026-07-29	38.4	1.5	-0.7	1.4	-2.1	³⁰
2026-Q1	2026-04-29	41	1.4	-4.8	1.4	-6.3	²⁸
2025-Q4	2026-02-26	57.5	1.3	4.6	0.6	4	²⁶
2025-Q3	2025-11-05	58	1.4	6.9	1.9	5	²³
2025-Q2	2025-07-30	53.2	1.5	-0.2	1.5	-1.7	²¹
2025-Q1	2025-05-09	53.4	1.4	-0.1	2.8	-3	¹⁹
2024-Q4	2025-03-12	55.6	1.6	1.6	1.3	0.3	¹⁷
2024-Q3	2024-11-04	62.4	1.5	5	1.2	3.8	¹⁶
2024-Q2	2025-07-30	62.8	1.4	-1.1	3.4	-4.5	²¹
2024-Q1	2024-05-08	68.6	1.7	-0.1	1.8	-1.9	¹¹
2023-Q4	2025-03-12	68.7	1.6	3.6	1.8	1.8	¹⁷
2023-Q3	2023-11-02	70.7	1.6	6.5	0.7	5.7	⁷
2023-Q2	2023-08-08	65.1	1.6	-8.3	1.5	-9.8	⁵
2023-Q1	2023-05-09	79.7	1.6	-3.6	1.4	-5	³

Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

Revenue by Type (as of 2026-Q2 · USDm · 3/6)#

Revenue split by segment or product type, exactly as the company itself reports it. The basis is stated next to each value (3, 6 or 12 months); segment totals can deviate from group revenue (reconciliation/consolidation items). If the company changes its segment structure, older structures are kept in the expandable part. Rows in grey are no longer reported separately by the company; they show the last available figures and are never extrapolated.

Segment	Since	Period	Basis	Revenue	Growth	Source
Original Equipment Manufacturer (OEM) Channel	2025-Q2	2026-Q2	6M	35.7	14%	³⁰
OEM Channel	2023-Q4	2026-Q1	3M	17	14%	²⁹
Commercial Channel	2023-Q4	2026-Q1	3M	12.6	12%	²⁹
OA Pain Management	2022-Q2	2024-Q1	3M	24.3	7%	¹²
Joint Preservation and Restoration	2022-Q2	2024-Q1	3M	13.8	3%	¹²
Non-Orthopedic	2022-Q2	2024-Q1	3M	2.4	29%	¹²

Products & M&A (12/21 active+recent)#

Product announcements from the reports; market launches, approvals, partnerships; with first mention (date) and source. “Active/current” means: still mentioned in the most recent reports; what the company no longer mentions moves to the expandable part but is never deleted. Rows in grey are discontinued products.

Product/Line	Since	Status	Source
Hyalofast PMA responses	2026-01	Launched	²⁶
Hyalofast FDA deficiency letter	2026-01	Launched	²⁷
Hyalofast Premarket Approval (PMA) application, third and final module	2025-10	Launched	²⁴
Integrity Implant System larger shapes and sizes for Achilles repair	2025-09	Launched	²⁴
Integrity Implant System FDA 510(k) clearance for 40x60mm and 25x60mm implants	2025-06	Launched	²²
Integrity European market launch	2025-03	Launched	²⁰
Integrity Implant System - Clinical Study Enrollment	2025-02	Launched	¹⁷
Cingal bioequivalence study (2×)	2025	Launched	²⁷
Hyalofast - Second PMA Module (14×)	2024	Launched	²²
Cingal Type-C FDA meeting (2×)	2023-06	Launched	³⁰
Hyalofast MDR approval (5×)	2023-03	Launched	²⁰
Cingal Phase III clinical trial (5×)	2022	Launched	²⁷
Hyalofast (5×)	2025-10	Launched	³¹
Hyalofast - international expansion	2024-09	Launched	¹⁶
Cingal (4×)	2024-06	Launched	²⁴
Integrity HA-based rotator cuff patch system launch (2×)	2024	Launched	⁶
Hyalofast full market release (7×)	2023-11	Launched	¹⁴
RevoMotion Reverse Shoulder Arthroplasty System (3×)	2023-09	Launched	⁴
Arthroscopic patch system for rotator cuff repair	2023-06	Launched	⁵
X-Twist Biocomposite (3×)	2023-01	Launched	¹⁰
Integrity (6×)	2023	Launched	¹¹

▸ More products & M&A (older) (+6)

M&A (13)#

All recorded acquisitions (purchases) and divestitures/exits with date, short description and source; deliberately including smaller transactions that summaries often miss. Purchase prices appear only where the company itself has disclosed them. Rows in grey are cancelled transactions; the cancellation date is shown in the row.

Acquisitions · 4Divestitures/exits · 7older: 2 (in the table)

Acquisitions

Transaction / stake	Date	Type	Source
J&J MedTech divestiture of orthopedics implants business	2025-10	Completed	²⁷
$15 million 10b5-1 share repurchase	2025-09	Completed	²⁴
Share repurchase program (2×)	2025-03	Completed	²⁶
Pendopharm distribution agreement extension	2024	Announced	¹²
Parcus Medical Sale (5×)	2020-03	Completed	⁴

Divestitures / exits

Transaction / stake	Date	Type	Source
Completion of Arthrosurface divestiture transitional services (2×)	2025-06	Divested	²²
Aristospan NDA sale to third party manufacturer	2025-04	Divested	²⁷
Parcus Medical business divestiture (3×)	2024-10	Divested	¹⁸
Arthrosurface sale to Phoenix Brio	2024-10	Divested	²⁷
Arthrosurface business divestiture	2024-10	Divested	¹⁶
Arthrosurface Sale	2024	Divested	¹⁹
Aristospan NDA Sale (2×)	2024	Divested	³⁰
Arthrosurface acquisition	2020-03	Divested	²⁷

Reported KPIs (as disclosed) (139)#

Figures the company discloses itself in addition to the standard financials; order intake, recurring revenue, user or unit counts, adjusted measures. These “story KPIs” usually slip through standard databases; here they are collected as reported, with no calculation of our own. Important: the definition comes from the company itself and can differ from firm to firm; period and source are stated next to every value.

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.

Date	Period	KPI	Value / change	Source
2026-07-29	2026-Q2	Working capital	77.0 million	³⁰
2026-07-29	2026-Q2	International revenue growth Q2	22%	³¹
2026-07-29	2026-Q2	International revenue Q2	12.6 million	³¹
2026-07-29	2026-Q2	Gross margin	65%	³¹
2026-07-29	2026-Q2	Commercial Channel revenue Q2	13.9 million	³¹
2026-07-29	2026-Q2	Cash and cash equivalents	38.4 million	³⁰
2026-07-29	2026-Q2	Cash and cash equivalents	38.4 million	³¹
2026-07-29	2026-Q2	Available credit facility	50.0 million	³⁰
2026-07-29	2026-Q2	Adjusted EBITDA margin Q2	22%	³¹
2026-04-30	2026-Q1	Working capital	72.6 million	²⁹
2026-04-30	2026-Q1	Revolving credit facility	75.0 million	²⁹
2026-04-30	2026-Q1	Cash and cash equivalents	41.0 million	²⁹
2026-04-30	2026-Q1	Additional credit available	75.0 million	²⁹
2026-04-29	2026-Q1	Gross Margin	64.2%	²⁸
2026-04-29	2026-Q1	Cash and cash equivalents	41.0 million	²⁸
2026-03-03	FY2025	Working capital 2025	$80.2 million	²⁷
2026-03-03	FY2025	Working capital 2024	$90.3 million	²⁷
2026-03-03	FY2025	Revenue from J&J MedTech 2025 pct	50%	²⁷
2026-03-03	FY2025	Revenue from JJ MedTech 2024 pct	57%	²⁷
2026-03-03	FY2025	Maximum aggregate credit commitment	$150.0 million	²⁷
2026-03-03	FY2025	Foreign currency revenue 2025	$27.6 million	²⁷
2026-03-03	FY2025	Cash and cash equivalents 2025	$57.5 million	²⁷
2026-03-03	FY2025	Cash and cash equivalents 2024	$55.6 million	²⁷
2026-03-03	FY2025	Available credit facility	$75.0 million	²⁷
2026-03-03	FY2025	International product sales percentage	38	²⁷
2026-02-26	2025-Q4	International OA Pain Management Q4 growth	28%	²⁶
2026-02-26	2025-Q4	International OA Pain Management FY growth	12%	²⁶
2026-02-26	2025-Q4	Integrity revenue FY2025	6 million	²⁶
2026-02-26	2025-Q4	Integrity procedures growth	doubling	²⁶
2026-02-26	2025-Q4	Commercial Channel Q4 growth	22%	²⁶
2026-02-26	2025-Q4	Commercial Channel FY growth	15%	²⁶
2026-02-26	2025-Q4	Cash and cash equivalents	57.5 million	²⁶
2026-02-26	2025-Q4	Annualized stock based compensation savings	3.0 million	²⁶
2026-02-26	2025-Q4	Annualized adjusted EBITDA savings	2.5 million	²⁶
2025-11-05	2025-Q3	Working capital	82.5 million	²³
2025-11-05	2025-Q3	Gross margin	56%	²⁴
2025-11-05	2025-Q3	Cingal injections milestone	more than one million injections worldwide since 2016	²⁴
2025-11-05	2025-Q3	Cash provided by operating activities	6.9 million	²⁴
2025-11-05	2025-Q3	Cash balance	58.0 million	²⁴
2025-11-05	2025-Q3	Cash and cash equivalents	58.0 million	²³
2025-07-30	2025-Q2	Working capital	83.2 million	²¹
2025-07-30	2025-Q2	Integrity procedures growth	fifth consecutive quarter	²²
2025-07-30	2025-Q2	Cash balance	53.2 million	²²
2025-07-30	2025-Q2	Cash and cash equivalents	53.2 million	²¹
2025-05-09	2025-Q1	Working capital	84.6 million	¹⁹
2025-05-09	2025-Q1	Regenerative Solutions portfolio growth	33%	²⁰
2025-05-09	2025-Q1	International OA Pain Management growth	13%	²⁰
2025-05-09	2025-Q1	Integrity procedures	more than 300	²⁰
2025-05-09	2025-Q1	Cash balance	$53.4 million	²⁰
2025-05-09	2025-Q1	Cash and cash equivalents	53.4 million	¹⁹
2025-05-09	2025-Q1	Available credit facility	75.0 million	¹⁹
2025-03-17	FY2024	Working capital 2024	90.3 million	¹⁸
2025-03-17	FY2024	working capital 2023	132.3 million	¹⁸
2025-03-17	FY2024	J&J MedTech revenue concentration	57%	¹⁸
2025-03-17	FY2024	international product sales percentage 2024	31%	¹⁸
2025-03-17	FY2024	international product sales percentage 2023	28%	¹⁸
2025-03-17	FY2024	international product sales percentage 2022	26%	¹⁸
2025-03-17	FY2024	credit facility available	75.0 million	¹⁸
2025-03-17	FY2024	cash, cash equivalents & investments 2024	55.6 million	¹⁸
2025-03-17	FY2024	cash, cash equivalents & investments 2023	68.7 million	¹⁸
2025-03-12	2024-Q4	Cash from operating activities Q4	$1.6 million	¹⁷
2025-03-12	2024-Q4	Cash from operating activities FY	$5.4 million	¹⁷
2025-03-12	2024-Q4	Cash and cash equivalents	$55.629 million	¹⁷
2024-11-04	2024-Q3	working capital	110.6 million	¹⁶
2024-11-04	2024-Q3	revolving credit facility	75.0 million	¹⁶
2024-11-04	2024-Q3	cash and cash equivalents	62.4 million	¹⁶
2024-10-31	2024-Q3	U.S. OA Pain Management revenue decline	5%	¹⁵
2024-10-31	2024-Q3	Regenerative Solutions revenue growth	17%	¹⁵
2024-10-31	2024-Q3	International OA Pain Management revenue growth	7%	¹⁵
2024-10-31	2024-Q3	Integrity total surgeries since launch	500+	¹⁵
2024-10-31	2024-Q3	Integrity surgeries in Q3	~200	¹⁵
2024-10-31	2024-Q3	Integrity Implant System sequential growth Q3	40%+	¹⁵
2024-10-31	2024-Q3	Commercial Channel growth rate 2024	~16% (estimated for full year)	¹⁵
2024-10-31	2024-Q3	Cash and cash equivalents	62.4 (USD millions)	¹⁵
2024-08-08	2024-Q2	working capital	128.9 million	¹³
2024-08-08	2024-Q2	credit facility available	75.0 million	¹³
2024-08-08	2024-Q2	cash and cash equivalents	62.8 million	¹³
2024-08-08	2024-Q2	Revenue	41.9 million	¹⁴
2024-08-08	2024-Q2	OA Pain Management Revenue	26.7 million	¹⁴
2024-08-08	2024-Q2	Non-Orthopedic Revenue	1.7 million	¹⁴
2024-08-08	2024-Q2	Net Loss per Share	-0.01	¹⁴
2024-08-08	2024-Q2	Net Loss	-0.1 million	¹⁴
2024-08-08	2024-Q2	Joint Preservation and Restoration Revenue	13.5 million	¹⁴
2024-08-08	2024-Q2	International OA Pain Management Revenue Growth (First Half 2024)	17%	¹⁴
2024-08-08	2024-Q2	Gross Margin	65%	¹⁴
2024-08-08	2024-Q2	Cash Used for Operating Activities	-1.1 million	¹⁴
2024-08-08	2024-Q2	Cash Balance	62.8 million	¹⁴
2024-05-08	2024-Q1	X-Twist anchors sold globally	more than 10,000	¹²
2024-05-08	2024-Q1	Working capital	130.5 (USD millions)	¹¹
2024-05-08	2024-Q1	Revolving credit facility	75.0	¹¹
2024-05-08	2024-Q1	OA Pain Management revenue	24,318 (USD in thousands)	¹²
2024-05-08	2024-Q1	Non-Orthopedic revenue	2,364 (USD in thousands)	¹²
2024-05-08	2024-Q1	Joint Preservation and Restoration revenue	13,841	¹²
2024-05-08	2024-Q1	Integrity Implant System cases completed	over 200	¹²
2024-05-08	2024-Q1	Gross margin	61%	¹²
2024-05-08	2024-Q1	Cash and cash equivalents	68.6 (USD millions)	¹¹
2024-05-08	2024-Q1	Cash and cash equivalents	68,629 (USD in thousands)	¹²
2024-05-08	2024-Q1	Annualized cost savings achieved	10 million	¹²
2024-05-08	2024-Q1	Adjusted gross margin	62%	¹²
2024-03-15	FY2023	Property and equipment	46.2 million	¹⁰
2024-03-15	FY2023	Long-lived assets	58.4 million	¹⁰
2024-03-15	FY2023	international product sales percentage 2023	26%	¹⁰
2024-03-15	FY2023	international product sales percentage 2022	24%	¹⁰
2024-03-15	FY2023	International product sales percentage 2021	23%	¹⁰
2024-03-15	FY2023	Working capital (prior year)	141.6 million	¹⁰
2024-03-15	FY2023	Working capital	132.2 million	¹⁰
2024-03-15	FY2023	Revolving line of credit available	75.0 million	¹⁰
2024-03-15	FY2023	OA Pain Management revenue 2023	101.9 million	¹⁰
2024-03-15	FY2023	Non Orthopedic revenue 2023	9.9 million	¹⁰
2024-03-15	FY2023	Maximum aggregate commitment available	150.0 million	¹⁰
2024-03-15	FY2023	Joint Preservation Restoration revenue 2023	54.9 million	¹⁰
2024-03-15	FY2023	Foreign currency revenue	12.8 million	¹⁰
2024-03-15	FY2023	Cash, cash equivalents, and investments (prior year)	86.3 million	¹⁰
2024-03-15	FY2023	Cash, cash equivalents, and investments	72.9 million	¹⁰
2024-03-13	2023-Q4	OA Pain Management Revenue	101.9 million	⁹
2024-03-13	2023-Q4	Non-Orthopedic Revenue	9.9 million	⁹
2024-03-13	2023-Q4	Joint Preservation and Restoration Revenue	54.9 million	⁹
2024-03-13	2023-Q4	Cash and cash equivalents	72.9 million	⁹
2023-11-03	2023-Q3	working capital	128.7 million	⁸
2023-11-03	2023-Q3	Credit facility availability	75.0 million	⁸
2023-11-03	2023-Q3	Cash and equivalents	70.7 million	⁸
2023-11-02	2023-Q3	Cash from operations (Q3 2023)	6.5 million	⁷
2023-11-02	2023-Q3	Cash and cash equivalents	70,651 (USD in thousands)	⁷
2023-08-08	2023-Q2	Working capital	128.7 million	⁵
2023-08-08	2023-Q2	Gross margin	65%	⁶
2023-08-08	2023-Q2	Credit facility commitment	75.0 million	⁵
2023-08-08	2023-Q2	Cash, cash equivalents, and investments	65.1 million	⁵
2023-08-08	2023-Q2	Cash and cash equivalents	65,071 (USD in thousands)	⁶
2023-08-08	2023-Q2	Adjusted gross margin	69%	⁶
2023-08-08	2023-Q2	Additional credit facility commitment available	75.0 million	⁵
2023-05-09	2023-Q1	working capital	131.6 million	³
2023-05-09	2023-Q1	credit facility available	75.0 million	³
2023-05-09	2023-Q1	Cash, equivalents and investments	79.7 million	³
2023-05-09	2023-Q1	Quarter ending cash balance	79.7 million	⁴
2023-05-09	2023-Q1	Operating cash outflow	3.6 million	⁴
2023-05-09	2023-Q1	OA Pain Management Revenue	22.6 million	⁴
2023-05-09	2023-Q1	Non-Orthopedic Revenue	1.8 million	⁴
2023-05-09	2023-Q1	Joint Preservation and Restoration Revenue	13.5 million	⁴
2023-05-09	2023-Q1	Gross Margin	60%	⁴

▸ Earlier KPIs (+124)

Guidance Tracking (latest per metric/period · 17/28)#

All management forecasts (guidance) and their later outcome. Types: fiscal-year targets as well as quarterly/half-year targets; per metric and period the most recent statement applies, older versions can be expanded. The status is checked automatically against the actuals reported later: open (period still running), met, beaten, missed. For ranges (“X to Y”) reaching the range counts. Logged neutrally, no estimate of our own, no assessment.

Actuals: revenue in $m · ratios in %

For period	Guided on	Metric	Guided	Actual	Verdict	Direction	Source
FY2027	2026-07-29	2027 Commercial Channel revenue growth	5–15%	–	pending	cut	³¹
FY2027	2026-07-29	2027 Total Company revenue	5%	–	pending	initiated	³¹
FY2026	2026-07-29	EBITDA margin	13–17%	–	pending	raised	³¹
FY2026	2026-07-29	Total Company Revenue	5–10%	–	pending	raised	³¹
FY2026	2026-07-29	OEM Channel revenue growth	0–5%	–	pending	raised	³¹
FY2026	2026-07-29	Commercial Channel revenue growth	12–18%	–	pending	confirmed	³¹
FY2026	2026-02-26	Commercial Channel Revenue	53–58	–	pending	confirmed	²⁸
FY2026	2026-02-26	OEM Channel Revenue	61–64.5	–	pending	confirmed	²⁸
FY2026	2026-02-26	Adjusted EBITDA as a percent of revenue	5–10%	–	pending	confirmed	²⁸
FY2025	2025-11-05	Adjusted EBITDA as a percent of revenue	3%	–	–	confirmed	²⁴
FY2025	2025-07-30	Revenue	47–49.5	112.8	beat	confirmed	²²
FY2025	2025-05-09	EBITDA (adjusted)	-3–3%	5.34	beat	confirmed	²²
FY2025	2025-05-09	Commercial Channel revenue	47–49.5	–	–	confirmed	²⁴
FY2025	2025-05-09	OEM Channel revenue	62–65	–	–	confirmed	²⁴
FY2025	2025-03-12	EBITDA margin	8–10%	–	–	cut	¹⁷
FY2025	2025-03-12	Revenue - Commercial Channel	47–49.5	–	–	initiated	¹⁷
FY2025	2025-03-12	Revenue - OEM Channel	64–68.5	–	–	initiated	¹⁷
FY2024	2024-10-31	EBITDA (adjusted)	16–18	15.54	miss	initiated	¹⁵
FY2024	2024-10-31	Commercial Channel Revenue	14–19%	–	–	initiated	¹⁵
FY2024	2024-10-31	OEM Channel Revenue	8–10%	–	–	initiated	¹⁵
FY2024	2024-05-08	OA Pain Management Revenue	102–104	–	–	confirmed	¹⁴
FY2024	2024-05-08	Joint Preservation and Restoration Revenue	58–60.5	–	–	confirmed	¹⁴
FY2024	2024-05-08	Non-Orthopedic Revenue	8–8.5	–	–	confirmed	¹⁴
FY2024	2024-03-13	Revenue	168–173	119.9	miss	confirmed	¹⁴
FY2023	2023-11-02	Revenue	164–166	120.8	miss	raised	⁷
FY2023	2023-11-02	OA Pain Management revenue	99.75–101	–	–	raised	⁷
FY2023	2023-11-02	Non-Orthopedic revenue	~9.5	–	–	raised	⁷
FY2023	2023-08-08	Joint Preservation and Restoration revenue	54.75–55.5	–	–	raised	⁷

▸ show older periods (+13)

Development#

A condensed summary per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. Most recent period first, grouped by year; each text is written from the original report of that period, superscript numbers lead to the source.

FY2026

Anika Therapeutics reported accelerating top-line growth through the first half of fiscal 2026, with Q1 revenue rising 13% to $29.6 million and Q2 revenue rising 16% to $32.6 million, driven by OEM Channel order timing with J&J MedTech and Commercial Channel momentum including Integrity and international OA Pain Management products ²⁸ ³¹. Gross margin expanded materially in both quarters, reaching 65% in Q2 2026 compared to 51% in the prior-year period, reflecting higher sales volume, increased manufacturing production, and improved product mix ³⁰. Adjusted EBITDA improved to $4.3 million in Q1 and $7.1 million in Q2 – the highest adjusted EBITDA margin since 2020 – supported by commercial growth, gross margin expansion, and SG&A reductions of 20% year-over-year in Q2 ²⁸ ³¹. The company raised its full-year 2026 guidance in July, projecting total revenue growth of 5–10%, adjusted EBITDA margin of 13–17%, and Commercial Channel growth of 12–18% ³¹. Cash decreased from $57.5 million at December 31, 2025, to $38.4 million at June 30, 2026, partly reflecting the completion of a $15 million share repurchase program and higher inventory purchases tied to increased manufacturing production ²⁹ ³⁰.

FY2025

Anika Therapeutics recorded full-year 2025 revenue of $112.8 million, a 6% decline from $119.9 million in 2024, as lower OEM Channel pricing and volumes with J&J MedTech–which represented 50% of revenue, down from 57% in 2024–more than offset 15% Commercial Channel growth led by the Integrity Implant System, whose revenue more than doubled to $6 million ²⁷ ²⁶. The company completed its portfolio restructuring by divesting Parcus Medical in March 2025 following the Arthrosurface divestiture in October 2024, concentrating operations on OA Pain Management and Regenerative Solutions ²⁷. Full-year gross margin contracted to 57% from 63% in 2024, reaching a trough of 51% in Q2 due to $3.0 million in inventory obsolescence and scrap charges from production yield issues, before recovering to 63% in Q4 driven by favorable product mix and operating leverage ²² ²⁶. The full-year GAAP operating loss widened to $(11.1) million from $(5.1) million in 2024, while operating cash flow improved to $11.2 million from $5.4 million in the prior year, primarily reflecting lower net loss and improved working capital ²⁶ ²⁷. On the pipeline, the Hyalofast Phase III FastTRACK trial failed to achieve pre-specified co-primary endpoints for pain and function in July 2025; the final PMA module was nonetheless submitted to the FDA in October 2025, with a deficiency letter received in January 2026 ²² ²⁴ ²⁶.

FY2024

Anika Therapeutics reported FY2024 revenue from continuing operations of $119.9 million, down 1% year-over-year, with Commercial Channel revenue up 17% offset by an 8% OEM Channel decline driven by lower J&J MedTech sales, which represented 57% of total revenues (¹⁷, ¹⁸). Gross margin contracted to 63% from 68% in the prior year due to lower revenue, product mix shift, and inventory rationalization charges, while adjusted EBITDA declined to $15.5 million from $23.7 million, reflecting a 17% increase in R&D spending to $25.5 million for Hyalofast, Integrity, and Cingal development programs (¹⁸). In Q3 2024 the company executed a strategic portfolio restructuring by completing the Arthrosurface divestiture on October 31, 2024 and announcing the planned sale of Parcus Medical, concentrating resources on its core hyaluronic acid technology and Regenerative Solutions portfolio (¹⁵, ¹⁸). Integrity Implant System achieved greater than 40% sequential surgery growth in three consecutive quarters, reaching over 1,000 total cases globally since its November 2023 launch, while the first Hyalofast modular PMA module was filed with the FDA in October 2024 (¹⁷, ¹⁸). The company ended the year with $55.6 million in cash and no debt, and initiated FY2025 guidance targeting Commercial Channel revenue growth of 12-18% and an adjusted EBITDA margin of 8-10% (¹⁷).

FY2023

Anika Therapeutics reported FY2023 revenue of $120.8 million, with OA Pain Management and Joint Preservation and Restoration segments delivering year-over-year growth offset by ongoing declines in Non-Orthopedic products ¹⁷. Full-year operating income was $0.8 million and adjusted EPS was $0.91, reflecting improved underlying operating performance despite elevated non-recurring costs from the Parcus Medical arbitration settlement and shareholder activism incurred primarily in the first half of the year ¹⁷. Net loss widened to $82.7 million, or $5.64 per diluted share, driven primarily by a $62.2 million non-cash impairment charge recorded in Q4 2023 on intangible assets associated with the 2020 Arthrosurface and Parcus Medical acquisitions ¹⁷ ¹⁰. Free cash flow was negative $7.2 million and cash ended the year at $68.7 million with no outstanding debt ¹⁷. The company announced approximately $10 million in annualized cost reduction initiatives including an approximately 9% workforce reduction effective end of Q1 2024, and disclosed a company-wide strategic review evaluating alternatives including a potential sale ⁹.

Sources: official investor relations documents#

All original documents used, with type (e.g. quarterly, half-year, annual report), publication date and a direct link to the filing (EDINET/SEC/IR). Every superscript number in the report points to an entry in this list; so every figure can be traced back to its place in the original.

47 documents · 2016 – 2026 · SEC EDGAR (USA)

#	Document type	Published	Link
#1	8-K-EX99.1	2023-03-06	Open
#2	10-K	2023-03-16	Open
#3	10-Q	2023-05-09	Open
#4	8-K-EX99.1	2023-05-09	Open
#5	10-Q	2023-08-08	Open
#6	8-K-EX99.1	2023-08-08	Open
#7	8-K-EX99.1	2023-11-02	Open
#8	10-Q	2023-11-03	Open
#9	8-K-EX99.1	2024-03-13	Open
#10	10-K	2024-03-15	Open
#11	10-Q	2024-05-08	Open
#12	8-K-EX99.1	2024-05-08	Open
#13	10-Q	2024-08-08	Open
#14	8-K-EX99.1	2024-08-08	Open
#15	8-K-EX99.1	2024-10-31	Open
#16	10-Q	2024-11-04	Open
#17	8-K-EX99.1	2025-03-12	Open
#18	10-K	2025-03-17	Open
#19	10-Q	2025-05-09	Open
#20	8-K-EX99.1	2025-05-09	Open
#21	10-Q	2025-07-30	Open
#22	8-K-EX99.1	2025-07-30	Open
#23	10-Q	2025-11-05	Open
#24	8-K-EX99.1	2025-11-05	Open
#25	8-K-EX99.1	2026-01-08	Open
#26	8-K-EX99.1	2026-02-26	Open
#27	10-K	2026-03-03	Open
#28	8-K-EX99.1	2026-04-29	Open
#29	10-Q	2026-04-30	Open
#30	10-Q	2026-07-29	Open
#31	8-K-EX99.1	2026-07-29	Open

▸ More rows (+16)

Older sources (+16)

#	Document type	Published	Link
#202	10-K	2016-05-03	Open
#201	10-Q	2016-08-01	Open
#204	10-K	2017-02-24	Open
#206	10-K	2017-02-24	Open
#203	10-Q	2017-07-28	Open
#205	10-Q	2018-07-31	Open
#207	10-Q	2019-02-27	Open
#209	10-K/A	2019-02-27	Open
#208	10-Q	2019-07-26	Open
#213	10-K	2020-03-06	Open
#210	10-Q	2020-05-22	Open
#211	10-Q	2020-08-07	Open
#212	10-Q	2020-11-05	Open
#214	10-Q	2021-05-07	Open
#215	10-Q	2021-08-06	Open
#216	10-Q	2021-11-05	Open

▸ More rows (+1)

FAQ#

Is there a management forecast (guidance) for FY2027?

Yes. Management has issued targets for FY2027, including 2027 Commercial Channel revenue growth. The guidance tracking chapter shows all targets and checks them against the actuals reported later; neutral, with no estimate of our own.

Where can I find the official investor relations documents of Anika Therapeutics Inc.?

The sources chapter links all 47 original filings used (SEC filings) with type, publication date and a direct link; every figure in the report carries a source number.

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Anika Therapeutics Inc. ANIK

Business Model#

Current Status#

Price & Chart#

Share-Price Drivers#

Event Timeline#

2026-Q2 · Apr – Jun 2026

2026-Q1 · Jan – Mar 2026

2025-Q4 · Oct – Dec 2025

2025-Q3 · Jul – Sep 2025

2025-Q2 · Apr – Jun 2025

2025-Q1 · Jan – Mar 2025

2024-Q4 · Oct – Dec 2024

2024-Q3 · Jul – Sep 2024

2024-Q2 · Apr – Jun 2024

2024-Q1 · Jan – Mar 2024

2023-Q4 · Oct – Dec 2023

2023-Q3 · Jul – Sep 2023

2023-Q2 · Apr – Jun 2023

2023-Q1 · Jan – Mar 2023

Key Figures ($m)#

Fiscal years

Quarters

Balance Sheet & Cash Flow ($m)#

Fiscal years

Quarters

Revenue by Type (as of 2026-Q2 · USDm · 3/6)#

Products & M&A (12/21 active+recent)#

M&A (13)#

Acquisitions

Divestitures / exits

Reported KPIs (as disclosed) (139)#

Guidance Tracking (latest per metric/period · 17/28)#

Development#

Sources: official investor relations documents#

FAQ#

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