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Anika Therapeutics Stock ANIK

Anika Therapeutics Inc. · SEC filings · Reporting currency USD · Quarterly reporting · Figures as of Q2 2026 · updated 2026-10-18 · checked 2026-09-28 · ISIN US0352551081

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. Anika Therapeutics stock (ANIK): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 07/2026, quarterly reporting. Stock analysis by NadirAlpha. Anika Therapeutics stock (ANIK): listed on Nasdaq. NadirAlpha has evaluated 47 original documents, cross-checked every figure automatically and linked each to its source; sources as of 07/2026. Revenue Q2 2026: USD 33 million (+16% year on year). Latest reported (Q2 2026): Gross margin, International revenue growth Q2, International revenue Q2. Latest reading: Net income turned positive, Margin expanding, Guidance raised.

Net income turned positive Margin expanding Guidance raised

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Anika Therapeutics Current Status

The current state of Anika Therapeutics at a glance, figures as of Q2 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology

Assessment by NadirAlpha, as of Q2 2026.

Anika Therapeutics reported quarterly revenue of 32.6 million for 2026-Q2, an increase of 16% year-over-year driven by higher OEM Channel sales with J&J MedTech and increased Commercial Channel revenue from international OA Pain Management and Integrity products 30. Commercial Channel revenue reached a record $13.9 million, up 17% year-over-year, and international revenue reached a record $12.6 million, up 22% year-over-year, exceeding the prior quarterly record by 5% 31. Integrity global unit volumes grew both sequentially and year-over-year, with year-to-date unit sales growth of 39% year-over-year driven by international demand and adoption of larger implant sizes 31. Anika Therapeutics raised its full-year 2026 guidance, lifting the total revenue growth target to 5-10%, adjusted EBITDA margin to 13-17%, and Commercial Channel growth to 12-18% 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$ million+15.6 % vs. 2025-Q2
Net profit · 2026-Q23$ million+182.5 % vs. 2025-Q2
EPS · 2026-Q20.24$+185.7 % vs. 2025-Q2
Revenue trend
Guidance
For FY2026, Anika Therapeutics guides EBITDA margin 13 to 17% (raised); Total Company Revenue 5 to 10% (raised); OEM Channel revenue growth 0 to 5% (raised). 31
Profitability
Anika Therapeutics reported operating income of 3 million and income from continuing operations of 3.3 million, or 0.24 per diluted share, in 2026-Q2, compared to an operating loss of 4.2 million and a net loss of 4 million in the prior-year period 30. Gross margin improved to 65% from 51% in the prior-year period, primarily due to higher sales volume, increased manufacturing production, and improved sales mix 30. Adjusted EBITDA was $7.1 million at a 22% adjusted EBITDA margin, described as the highest since 2020, with adjusted EPS of 0.42 and a free cash flow outflow of 2.1 million for the quarter 31.
Leverage
Anika Therapeutics held cash and cash equivalents of 38.4 million at June 30, 2026, compared to 57.5 million at December 31, 2025, with working capital declining from $80.2 million to $77.0 million over the period 30. Net debt and net-debt-to-EBITDA figures are not explicitly stated in available sources; the company maintains a $50.0 million revolving line of credit with Bank of America N.A. 30. On July 10, 2026, the company entered into a Fifth Amendment to its Credit Agreement, maintaining the $50.0 million revolving facility with an option to request up to an additional $50.0 million for a maximum aggregate commitment of $100.0 million 30.
Management view
Anika Therapeutics is actively engaged with FDA on the Hyalofast PMA review, with discussions ongoing around co-primary clinical endpoints within the Premarket Approval submission 31. Cingal NDA development is on track, with bioequivalence study enrollment progressing as planned and CMC activities accelerating for the drug-drug combination product filing 31. Anika Therapeutics adopted a new revenue guidance practice for 2027, under which forecasts will include only revenue from products with existing regulatory approval or clearance, explicitly excluding Hyalofast pending its PMA approval 31.
Change
Anika Therapeutics incurred severance costs of $0.8 million in 2026-Q2 and $2.4 million for the first half of 2026, associated with cost reduction actions announced in the first quarter and a Chief Executive Officer transition 30. SG&A expenses declined 20% year-over-year, or approximately 30% when excluding one-time severance charges, with stock-based compensation expense also decreasing in the period 31. Operating cash outflow for the first half of 2026 was $5.5 million, compared to $0.3 million in the prior-year period, primarily attributable to higher inventory purchases to support increased manufacturing production and the building of safety stock, as well as increased accounts receivable from higher revenues 30.
Risks (current)
Anika Therapeutics faces significant regulatory risk across its pipeline, as the Hyalofast PMA approval timeline is uncertain and contingent on ongoing FDA review of co-primary clinical endpoints, while the Cingal NDA filing depends on completion of bioequivalence studies and CMC activities 30 31. J&J MedTech represented approximately 50% of 2025 revenue, and the loss of such a major customer could materially impact the business 27. Operating cash flows were negative in the first half of 2026 due to inventory buildup and higher accounts receivable, and competition in OA pain management and regenerative solutions presents an ongoing market risk 30 31.

Anika Therapeutics Stock: Key Figures ($ million)

The core financial figures of Anika Therapeutics stock in three views: fiscal years up to FY2026, half-years and quarters up to Q2 2026, in $ million, most recent period first. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

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

Revenue ($ million) · annual basis, as reported
Net income ($ million) · annual basis, as reported
EPS ($) · annual basis, as reported
Operating cash flow ($ million) · annual basis, as reported
Revenue ($ million) · quarterly basis, as reported
Net income ($ million) · quarterly basis, as reported
EPS ($) · quarterly basis, as reported
Operating cash flow ($ million) · quarterly basis, as reported
Cash ($ million) · annual basis, as reported
Capex ($ million) · annual basis, as reported
FCF ($ million) · annual basis, as reported
D&A ($ million) · annual basis, as reported
Cash ($ million) · quarterly basis, as reported
Capex ($ million) · quarterly basis, as reported
FCF ($ million) · quarterly basis, as reported
D&A ($ million) · quarterly basis, as reported
Shown: the most recent fiscal years. Full history since FY2016 is on record.

Fiscal years

Amounts in $ million · EPS in $ per share · as reported
Anika Therapeutics stock: key figures on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodRevenueOp. incomeNet incomeEPS ($)EPS adj. ($)EBITDA (adj.)OCFSource
FY2025112.8-11.1-10.9-0.760.115.3411.227
FY2024119.9-5.1-56.4-3.830.1615.545.418
FY2023120.80.8-82.7-5.640.9115.52-1.810

Quarters

Amounts in $ million · EPS in $ per share · as reported
Anika Therapeutics stock: key figures on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedRevenueOp. incomeNet incomeEPS ($)EPS adj. ($)EBITDA (adj.)FCFCashSource
2026-Q2*2026-07-2932.633.30.240.427.1-2.138.430
2026-Q1*2026-04-2929.6-5.5-5.1-0.370.274.3-6.34128
2025-Q4*2026-02-2630.60.60.30.02*≈0.310457.526
2025-Q3*2025-11-0527.8-3.2-2.3-0.160.040.955823
2025-Q2*2025-07-3028.2-4.2-4-0.28-0.13-0.3-1.753.221
2025-Q1*2025-05-0926.2-4.3-4.9-0.34-0.060.1-353.419
2024-Q4*2025-03-1230.6-0.7-21.9-1.49*≈-0.033.60.355.617
2024-Q3*2024-10-3129.6-0.1-29.9-2.030.074.53.862.415
2024-Q2*2024-08-0830.7-1.8-0.10.000.044.7-4.562.813
2024-Q1*2024-05-0829-2.5-4.5-0.310.132.7-1.968.611
2023-Q4*2024-03-13–24.7-63-4.30*≈0.076.41.868.79
2023-Q3*2023-11-0241.5-7.7-6.6-0.450.234.75.770.77
2023-Q2*2023-08-0844.3-3.6-2.7-0.190.316.3-9.865.15
2023-Q1*2023-05-0937.9-12.6-10.3-0.71-0.14-1.2-579.73
* 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.) (not reported in any source for these periods).

Anika Therapeutics Balance Sheet & Cash Flow ($ million)

Balance sheet and cash flow of Anika Therapeutics up to Q2 2026 in $ million: net debt = financial debt minus cash, free cash flow = operating cash flow minus capex, every input sourced. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology

Fiscal years

Amounts in $ million · as reported
Anika Therapeutics stock: balance sheet and cash flow on annual basis, FY2023 to FY2025, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashD&AOCFCapexFCFSource
FY20252026-02-2657.55.411.26.84.426
FY20242025-03-1255.66.95.47.7-2.317
FY20232024-03-1568.76.4-1.85.4-7.210

Quarters

Amounts in $ million · as reported
Anika Therapeutics stock: balance sheet and cash flow on quarterly basis, 2023-Q1 to 2026-Q2, in $ million. Compiled by NadirAlpha from SEC filings.
PeriodPublishedCashD&AOCFCapexFCFSource
2026-Q22026-07-2938.41.5-0.71.4-2.130
2026-Q12026-04-29411.4-4.81.4-6.328
2025-Q42026-02-2657.51.34.60.6426
2025-Q32025-11-05581.46.91.9523
2025-Q22025-07-3053.21.5-0.21.5-1.721
2025-Q12025-05-0953.41.4-0.12.8-319
2024-Q42025-03-1255.61.61.61.30.317
2024-Q32024-11-0462.41.551.23.816
2024-Q22025-07-3062.81.4-1.13.4-4.521
2024-Q12024-05-0868.61.7-0.11.8-1.911
2023-Q42025-03-1268.71.63.61.81.817
2023-Q32023-11-0270.71.66.50.75.77
2023-Q22023-08-0865.11.6-8.31.5-9.85
2023-Q12023-05-0979.71.6-3.61.4-53
Debt = long-term + current · Net debt = debt − cash · FCF = OCF − capex.

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

NadirAlpha records 28 guidance statements of Anika Therapeutics neutrally: annual and quarterly targets, direction of change and outcome as a dot with legend, with no estimate of our own. NadirAlpha methodology

Actuals: revenue in $m · ratios in %

Direction: confirmedcutinitiatedraised Verdict: beatmisspending

Anika Therapeutics: guidance and actuals per metric and period, 28 entries. Compiled by NadirAlpha from SEC filings.
For periodGuided onMetricGuidedActualVerdictDirectionSource
FY20272026-07-292027 Commercial Channel revenue growth5–15%–31
FY20272026-07-292027 Total Company revenue5%–31
FY20262026-07-29EBITDA margin13–17%–31
FY20262026-07-29Total Company Revenue5–10%–31
FY20262026-07-29OEM Channel revenue growth0–5%–31
FY20262026-07-29Commercial Channel revenue growth12–18%–31
FY20262026-02-26Commercial Channel Revenue53–58–28
FY20262026-02-26OEM Channel Revenue61–64.5–28
FY20262026-02-26Adjusted EBITDA as a percent of revenue5–10%–28
FY20252025-11-05Adjusted EBITDA as a percent of revenue3%––24
FY20252025-07-30Revenue47–49.5112.822
FY20252025-05-09EBITDA (adjusted)-3–3%5.3422
FY20252025-05-09Commercial Channel revenue47–49.5––24
FY20252025-05-09OEM Channel revenue62–65––24
FY20252025-03-12EBITDA margin8–10%––17
FY20252025-03-12Revenue - Commercial Channel47–49.5––17
FY20252025-03-12Revenue - OEM Channel64–68.5––17
FY20242024-10-31EBITDA (adjusted)16–1815.5415
FY20242024-10-31Commercial Channel Revenue14–19%––15
FY20242024-10-31OEM Channel Revenue8–10%––15
FY20242024-05-08OA Pain Management Revenue102–104––14
FY20242024-05-08Joint Preservation and Restoration Revenue58–60.5––14
FY20242024-05-08Non-Orthopedic Revenue8–8.5––14
FY20242024-03-13Revenue168–173119.914
FY20232023-11-02Revenue164–166120.87
FY20232023-11-02OA Pain Management revenue99.75–101––7
FY20232023-11-02Joint Preservation and Restoration revenue54.75–55.5––7
FY20232023-11-02Non-Orthopedic revenue~9.5––7

Anika Therapeutics Stock: Price & Chart

Price history of Anika Therapeutics stock (ANIK) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology

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Anika Therapeutics Event Timeline

NadirAlpha sorts 51 events of Anika Therapeutics by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology

Overview: one dot per event · click jumps to the period
earningsrevenuemarginguidancestrategy2023-Q12023-Q22023-Q32023-Q42024-Q12024-Q22024-Q32024-Q42025-Q12025-Q22025-Q32025-Q42026-Q12026-Q2
2026 · 6 events

Net income turned positive 2026-07-29
Income from continuing operations was 3.3 million in Q2 2026, compared to a loss of $4.6 million in Q2 2025 30
Margin expanding 2026-07-29
Gross margin expanded to 65% from 51% in the prior-year period, reflecting higher sales volume, increased manufacturing production and improved sales mix 31
Guidance raised 2026-07-29
Full-year 2026 guidance raised to total revenue growth of 5-10%, adjusted EBITDA margin of 13-17%, and Commercial Channel growth of 12-18% 31

“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
earnings 2026-04-29
Adjusted EBITDA increased to $4.3 million from $0.1 million in the prior-year quarter 28
Revenue accelerating 2026-04-29
Revenue grew 13% to 29.6 million, with OEM Channel up 14% and Commercial Channel up 12% year-over-year 28
Margin expanding 2026-04-29
Gross margin improved 8 percentage points to 64.2%, driven by operational execution and favorable product mix 28
2025 · 15 events

“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 +USD 0.3 million). 26
EBITDA turned positive 2026-02-26
EBITDA turned positive for the first time after 3 negative periods (-1.8 to +USD 2.0 million). 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: +USD 11.5 million, aggregated from reported quarters where needed). 26

“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

“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

“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

“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 USD 10.9 million 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: +USD 6.6 million, aggregated from reported quarters where needed). 17

“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 +USD 1.4 million). 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

“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

“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

“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 +USD 24.7 million). 17
EBITDA turned positive 2025-03-12
EBITDA turned positive for the first time after 3 negative periods (-6.1 to +USD 26.3 million). 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: +USD 10.1 million, 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

“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

“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

“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

Anika Therapeutics Business Model

What Anika Therapeutics does and how the company earns its money, written AI-editorially from the original reports alone, without any assessment of our own. NadirAlpha methodology

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.

Anika Therapeutics Stock: Share-Price Drivers

What determines the business trajectory of Anika Therapeutics according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology

Commercial and OEM channel revenue growth combined with regulatory catalysts (Hyalofast, Cingal) driving a return to profitability
Revenue rose to 32.6 million in 2026-Q2 with a swing back to positive operating income of 3 million and net income of 3.3 million, after an operating loss of 5.5 million in the prior quarter 31 29
Commercial Channel traction (Integrity Implant System and sports-medicine portfolio)
Commercial Channel revenue of 12.6 million grew 12% year-on-year, with the Integrity Implant System receiving additional FDA 510(k) clearances and larger shapes/sizes for Achilles repair 29 22 24
OEM Channel revenue
OEM Channel revenue reached 35.7 million on a six-month basis, up 14% 30 29
Hyalofast U.S. regulatory pathway
Final PMA module was submitted to the FDA on 2025-10-31; an FDA deficiency letter was received in January 2026 and PMA responses were filed, with U.S. launch targeted for 2026 30 27 26 29
Cingal U.S. regulatory pathway (NDA)
Cingal NDA filing is planned pending completion of toxicity and bioequivalence studies, following FDA Type-C meeting feedback 24 30 #55827974fa
Profitability and cash position
Adjusted EPS improved to 0.42 in 2026-Q2 from -0.13 a year earlier; cash stood at 38.4 million after ongoing share repurchases 31 26

Sector trend: Orthopedic medtech demand is broadly rising, with Anika's channel revenues growing and margins improving toward profitability while regulatory approvals (Hyalofast, Cingal) gate the next leg of demand 31 30.

Anika Therapeutics Revenue by Type (as of 2026-Q2 · USD million · 3/6)

Where the revenue of Anika Therapeutics comes from: segments and product types with share, growth and margin, as of Q2 2026, older structures remain in the expandable part. NadirAlpha methodology

Anika Therapeutics: revenue by segment, as of 2026-Q2, in USD million. Compiled by NadirAlpha from SEC filings.
SegmentSinceRevenueGrowthSource
Period 2026-Q2 (6M)
Original Equipment Manufacturer (OEM) Channel2025-Q235.714%30
Period 2026-Q1 (3M)
OEM Channel2023-Q41714%29
Commercial Channel2023-Q412.612%29
Period 2024-Q1 (3M)
OA Pain Management2022-Q224.37%12
Joint Preservation and Restoration2022-Q213.83%12
Non-Orthopedic2022-Q22.429%12

Anika Therapeutics Products & announcements (12/21 active+recent)

Product announcements of Anika Therapeutics from the reports: market launches, approvals, partnerships, with first mention and source; discontinued products are shown in grey. NadirAlpha methodology

Status: LaunchedPlanned

Anika Therapeutics: product announcements from the filings, 21 entries. Compiled by NadirAlpha from SEC filings.
Product/LineSinceStatusSource
2026
Hyalofast PMA responses2026-0126
Hyalofast FDA deficiency letter2026-0127
2025
Hyalofast Premarket Approval (PMA) application, third and final module2025-1024
Integrity Implant System larger shapes and sizes for Achilles repair2025-0924
Integrity Implant System FDA 510(k) clearance for 40x60mm and 25x60mm implants2025-0622
Integrity European market launch2025-0320
Integrity Implant System - Clinical Study Enrollment2025-0217
Cingal bioequivalence study (2×)202527
2024
Hyalofast - Second PMA Module (14×)202422
2023
Cingal Type-C FDA meeting (2×)2023-0630
Hyalofast MDR approval (5×)2023-0320
2022
Cingal Phase III clinical trial (5×)202227
2025
Hyalofast (5×)2025-1031
2024
Hyalofast - international expansion2024-0916
Cingal (4×)2024-0624
Integrity HA-based rotator cuff patch system launch (2×)20246
2023
Hyalofast full market release (7×)2023-1114
RevoMotion Reverse Shoulder Arthroplasty System (3×)2023-094
Arthroscopic patch system for rotator cuff repair2023-065
X-Twist Biocomposite (3×)2023-0110
Integrity (6×)202311

Anika Therapeutics Transactions & Events (11)

11 transactions and events of Anika Therapeutics from the original reports, financing measures and management changes are not listed here, cancelled items in grey. NadirAlpha methodology

Acquisitions · 1Partnerships/contracts · 1Divestitures/exits · 7older: 2 (in the table)
2025

Acquisitions by Anika Therapeutics

Anika Therapeutics: Acquisitions, 2 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2025
J&J MedTech divestiture of orthopedics implants business2025-10Completed27
2020
Parcus Medical Sale (5×)2020-03Completed4

Divestitures and exits by Anika Therapeutics

Anika Therapeutics: Divestitures / exits, 8 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2025
Completion of Arthrosurface divestiture transitional services (2×)2025-06Divested22
Aristospan NDA sale to third party manufacturer2025-04Divested27
2024
Parcus Medical business divestiture (3×)2024-10Divested18
Arthrosurface sale to Phoenix Brio2024-10Divested27
Arthrosurface business divestiture2024-10Divested16
Arthrosurface Sale2024Divested19
Aristospan NDA Sale (2×)2024Divested30
2020
Arthrosurface acquisition2020-03Divested27

Partnerships and contracts of Anika Therapeutics

Anika Therapeutics: Partnerships & contracts, 1 entries. Compiled by NadirAlpha from SEC filings.
Transaction / stakeDateTypeSource
2024
Pendopharm distribution agreement extension2024Agreement12

Anika Therapeutics Risks (73 since the annual report of 2026-03-03, 181 tracked in total)

NadirAlpha lists 73 active risks of Anika Therapeutics from the filings, the category as a coloured dot with legend, the wording as a short summary of the filing with no assessment of our own. NadirAlpha methodology

Category: RegulatoryCompetitionMarketFinancialCustomersSupply chainTechnologyPeopleLegalMacroStrategyCyber

Anika Therapeutics: risk factors as reported, 73 since the last annual report, 181 tracked. Compiled by NadirAlpha from SEC filings.
RiskCategoryLast reported
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2026-07-29 (2026-Q2), source 31
Cingal NDA filing dependent on bioequivalence study and CMC completion=
FDA may not approve Hyalofast PMA or timeline uncertain=
Competition in OA pain management and regenerative solutions=
Anika Therapeutics: first mention in 10-Q quarterly report of 2026-07-29 (2026-Q2), source 30
Success dependent on FDA approval to enter approximate $1 billion addressable U.S. market for Cingal.=
Operating cash flows turned negative in first half 2026 due to inventory buildup and receivables increase.=
Anika Therapeutics: first mention in 10-Q quarterly report of 2025-07-30 (2025-Q2), source 21
OEM business dependent on J&J DePuy Synthes order timing and volumes2026-Q2
2026-07-29 31
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2025-03-12 (2024-Q4), source 17
Osteoarthritis market competition and pricing dynamics2026-Q2
2026-07-29 31
Anika Therapeutics: first mention in 10-K annual report of 2024-03-15 (FY2023), source 10
Production and manufacturing yield improvements critical to margin expansion2026-Q2
2026-07-29 31
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2024-03-13 (2023-Q4), source 9
Successful commercialization depends on completion of regulatory requirements including CMC activities and bioequivalence studies.2026-Q2
2026-07-29 30
Anika Therapeutics: first mention in 10-Q quarterly report of 2023-11-03 (2023-Q3), source 8
Cingal and Hyalofast regulatory pathways dependent on FDA approval; timing of NDA submission and approval remains uncertain.2026-Q2
2026-07-29 30
Anika Therapeutics: first mention in 10-Q quarterly report of 2026-04-30 (2026-Q1), source 29
Operating cash flow negative at $4.8 million for Q1 2026; cash position declining.=
Cingal FDA approval timeline dependent on bioequivalence study completion and NDA submission requirements.=
Hyalofast U.S. launch delayed pending FDA PMA approval; currently pipeline product under IDE trial.=
Commercialization success dependent on FDA approval of pipeline products Cingal and Hyalofast.=
Competition in osteoarthritis pain management market for Monovisc and Orthovisc products.=
Anika Therapeutics: first mention in 10-K annual report of 2026-03-03 (FY2025), source 27
Potential renegotiation of customer agreements on less favorable terms could adversely affect financial condition=
Dependent on marketing and distribution partners; failure to maintain strategic alliances on acceptable terms could materially harm business=
J&J MedTech accounts for large revenue percentage with unilateral control over pricing and promotion; October 2025 divestiture announcement threatens revenue stability=
Group purchasing organizations and integrated delivery networks increasing negotiating leverage; exclusion could adversely impact revenue.=
Product sales heavily dependent on third-party payer coverage and reimbursement; payer decisions could reduce sales=
Single manufacturing site in Bedford, Massachusetts; key supplier dependencies; potential production disruption.=
Dependence on qualified management and technical personnel; CEO transition in February 2026 may create uncertainty and operational disruption=
Subject to False Claims Act, Anti-Kickback Statute, Stark Law, Sunshine Act; 'buy-and-bill' model may face heightened scrutiny under fraud/abuse laws=
Notes Receivable from Arthrosurface divestiture repayment dependent on cash receipts from that entity=
Longer than expected pathway for Cingal U.S. commercialization; FDA engagement ongoing; additional unforeseen regulatory difficulties possible=
Subject to activist shareholder campaigns; Caligan increased board seats to 10; activism is costly, distracts management, creates uncertainty=
Buildout of direct U.S. sales channel may not succeed; inability to attract/retain sophisticated personnel or achieve pricing targets=
Loss of major customers or delayed orders could reduce ability to predict cash flow accurately=
Quarterly sales volume variation makes results difficult to predict; expense base does not vary proportionally.=
Approximately $27.6 million revenue denominated in foreign currencies; no hedging arrangements in place=
Russia-Ukraine and Middle East conflicts may increase inflation, energy prices, disrupt supply chains and global economy=
Subject to FCPA and anti-corruption laws; violations punishable by criminal/civil sanctions and healthcare program exclusion=
Products may infringe third-party IP rights; defense costs are high; infringement could prevent manufacturing or marketing of products=
May be unable to adequately protect intellectual property; patents may be challenged, designed around, or prove insufficient to prevent competition=
Extensive FDA and foreign regulations; non-compliance could result in warnings, fines, seizures, recall orders, or criminal prosecution=
Regulatory clearances may be delayed or withheld; FDA may impose limitations on indications or require post-market surveillance=
Once obtained, FDA clearance can be withdrawn for regulatory non-compliance or unforeseen post-approval problems=
HA products could be re-classified as drugs or biologics, requiring longer and more expensive regulatory review=
FDA and other regulatory bodies may issue deficiency notices requiring expensive corrective and preventive actions=
Third-party payer coverage decisions; pricing pressures and prior authorization requirements affecting product utilization.=
Reliance on third-party CROs for clinical trials creates risk of delays, failures, or adverse events affecting regulatory approvals=
Large competitors with greater resources; consolidation in healthcare increasing competition.=
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2026-02-26 (2025-Q4), source 26
Significant general and administrative expenses being reduced in 2026 to achieve cost structure improvements and profitability targets.=
U.S. OA Pain Management pricing headwinds affecting OEM Channel revenue; Monovisc and Orthovisc pricing declines in 2025.=
Company's ability to provide adequate and timely supply of products to customers; cost effectiveness and efficiency of manufacturing operations critical to profitability.=
Anika Therapeutics: first mention in 10-Q quarterly report of 2025-11-05 (2025-Q3), source 23
J&J MedTech has unilateral decision-making authority over Monovisc/Orthovisc U.S. sales, pricing, promotion; accounts for large revenue percentage=
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2025-07-30 (2025-Q2), source 22
Company continues to generate operating losses; Q1 2026 loss from continuing operations of $5.1 million.2026-Q1
2026-04-30 29
Hyalofast Phase III trial did not meet pre-specified co-primary endpoints; regulatory approval uncertain.=
Anika Therapeutics: first mention in 10-Q quarterly report of 2025-07-30 (2025-Q2), source 21
Hyalofast Phase III trial failed to achieve pre-specified co-primary endpoints; FDA deficiency letter January 2026; approval uncertainFY2025
2026-03-03 27
Anika Therapeutics: first mention in 10-K annual report of 2025-03-17 (FY2024), source 18
May need additional capital raising; equity financing could dilute shareholders; debt financing could impose restrictive covenantsFY2025
2026-03-03 27
Common stock price may be highly volatile due to product announcements, clinical results, regulatory decisions, or market conditionsFY2025
2026-03-03 27
Charter provisions and Delaware Section 203 could prevent or delay acquisition of companyFY2025
2026-03-03 27
Loss of analyst coverage or negative recommendations could reduce stock price and trading volumeFY2025
2026-03-03 27
Evolving AI regulation globally; FDA guidance on AI in medical devices requiring risk management and review processes.FY2025
2026-03-03 27
Improper promotion of off-label uses could result in fines, warning letters, or consent decreesFY2025
2026-03-03 27
Changes to U.S. and non-U.S. tax laws could increase tax burdens and affect financial positionFY2025
2026-03-03 27
Growth in employees, product portfolio, systems, and geographic operations increases management complexity and operational risksFY2025
2026-03-03 27
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2025-03-12 (2024-Q4), source 17
FDA approval timing and regulatory pathway risks for Hyalofast, Cingal, and Integrity products2025-Q1
2025-05-09 20
Anika Therapeutics: first mention in 10-Q quarterly report of 2024-11-04 (2024-Q3), source 16
U.S. tariffs and trade policy changes create uncertainty for import/export of materials and productsFY2025
2026-03-03 27
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2024-05-08 (2024-Q1), source 12
FDA approval of Hyalofast PMA and Cingal NDA not guaranteed; failure to achieve primary endpoints or other regulatory determinations could delay or prevent approvals.2025-Q4
2026-02-26 26
Anika Therapeutics: first mention in 10-K annual report of 2024-03-15 (FY2023), source 10
Compromise of information security could result in operational interruption, unauthorized disclosure of confidential or customer data, GDPR violations, litigation, and reputational harmFY2025
2026-03-03 27
J&J MedTech represents 50% of 2025 revenue; loss of major customers could materially impact businessFY2025
2026-03-03 27
EU MDR implementation requires substantial product submissions and compliance efforts; transition deadline extended to 2026-2028; failure could result in withdrawal of approvalsFY2025
2026-03-03 27
International sales (38% of 2025 revenue) subject to FX risk, economic downturns, labor regulations, tariffs, supply chain disruptionFY2025
2026-03-03 27
Inherent risk of product liability claims; insurance adequacy cannot be assured.FY2025
2026-03-03 27
GDPR and U.S. privacy laws impose stringent requirements; non-compliance could result in fines up to 4% of global revenue.FY2025
2026-03-03 27
Subject to hazardous substance handling and disposal regulations; non-compliance could result in significant liabilitiesFY2025
2026-03-03 27
Healthcare cost-containment initiatives and regulatory changes could limit product sales and reimbursement.FY2025
2026-03-03 27
Future acquisitions expose company to unanticipated liabilities, intangible asset amortization, market entry challenges, and management distractionFY2025
2026-03-03 27
Company's ability to successfully commercialize products in competitive U.S. and international markets.2025-Q4
2026-02-26 26
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2024-03-13 (2023-Q4), source 9
Fair value decreases in long-lived assets may require impairment charges on goodwill, intangible assets, or R&DFY2025
2026-03-03 27
Anika Therapeutics: first mention in 8-K-EX99.1 earnings release of 2023-11-02 (2023-Q3), source 7
Strength of economies in which company operates and political stability of geographic areas affects business performance.2025-Q4
2026-02-26 26
Anika Therapeutics: first mention in 10-Q quarterly report of 2023-05-09 (2023-Q1), source 3
FDA requirements for medical devices; delays in regulatory approvals could impact commercialization.FY2025
2026-03-03 27
= last mention identical with the first mention (same source)

Anika Therapeutics Reported KPIs (as disclosed) (139)

The story KPIs of Anika Therapeutics that standard databases usually miss, grouped by publication, most recent first, with source number. NadirAlpha methodology

Company-specific KPIs verbatim from the filings (English, as disclosed; not normalised). Balance-sheet and boilerplate items filtered.
Anika Therapeutics: reported KPIs as disclosed, 139 entries. Compiled by NadirAlpha from SEC filings.
KPIValue / changeSource
Anika Therapeutics, published 2026-07-29, period 2026-Q2
Working capital77.0 million30
International revenue growth Q222%31
International revenue Q212.6 million31
Gross margin65%31
Commercial Channel revenue Q213.9 million31
Cash and cash equivalents38.4 million30
Cash and cash equivalents38.4 million31
Available credit facility50.0 million30
Adjusted EBITDA margin Q222%31
Anika Therapeutics, published 2026-04-30, period 2026-Q1
Working capital72.6 million29
Revolving credit facility75.0 million29
Cash and cash equivalents41.0 million29
Additional credit available75.0 million29
Anika Therapeutics, published 2026-04-29, period 2026-Q1
Gross Margin64.2%28
Cash and cash equivalents41.0 million28
Anika Therapeutics, published 2026-03-03, period FY2025
Working capital$80.2 million27
Working capital$90.3 million27
Revenue from J&J MedTech 2025 pct50%27
Revenue from JJ MedTech 2024 pct57%27
Maximum aggregate credit commitment$150.0 million27
Foreign currency revenue$27.6 million27
Cash and cash equivalents$57.5 million27
Cash and cash equivalents$55.6 million27
Available credit facility$75.0 million27
International product sales percentage3827
Anika Therapeutics, published 2026-02-26, period 2025-Q4
International OA Pain Management Q4 growth28%26
International OA Pain Management FY growth12%26
Integrity revenue6 million26
Integrity procedures growthdoubling26
Commercial Channel Q4 growth22%26
Commercial Channel FY growth15%26
Cash and cash equivalents57.5 million26
Annualized stock based compensation savings3.0 million26
Annualized adjusted EBITDA savings2.5 million26
Anika Therapeutics, published 2025-11-05, period 2025-Q3
Working capital82.5 million23
Gross margin56%24
Cingal injections milestonemore than one million injections worldwide since 201624
Cash provided by operating activities6.9 million24
Cash balance58.0 million24
Cash and cash equivalents58.0 million23
Anika Therapeutics, published 2025-07-30, period 2025-Q2
Working capital83.2 million21
Integrity procedures growthfifth consecutive quarter22
Cash balance53.2 million22
Cash and cash equivalents53.2 million21
Anika Therapeutics, published 2025-05-09, period 2025-Q1
Working capital84.6 million19
Regenerative Solutions portfolio growth33%20
International OA Pain Management growth13%20
Integrity proceduresmore than 30020
Cash balance$53.4 million20
Cash and cash equivalents53.4 million19
Available credit facility75.0 million19
Anika Therapeutics, published 2025-03-17, period FY2024
Working capital90.3 million18
working capital132.3 million18
J&J MedTech revenue concentration57%18
international product sales percentage31%18
international product sales percentage28%18
international product sales percentage26%18
credit facility available75.0 million18
cash, cash equivalents & investments55.6 million18
cash, cash equivalents & investments68.7 million18
Anika Therapeutics, published 2025-03-12, period 2024-Q4
Cash from operating activities Q4$1.6 million17
Cash from operating activities FY$5.4 million17
Cash and cash equivalents$55.629 million17
Anika Therapeutics, published 2024-11-04, period 2024-Q3
working capital110.6 million16
revolving credit facility75.0 million16
cash and cash equivalents62.4 million16
Anika Therapeutics, published 2024-10-31, period 2024-Q3
U.S. OA Pain Management revenue decline5%15
Regenerative Solutions revenue growth17%15
International OA Pain Management revenue growth7%15
Integrity total surgeries since launch500+15
Integrity surgeries in Q3~20015
Integrity Implant System sequential growth Q340%+15
Commercial Channel growth rate~16% (estimated for full year)15
Cash and cash equivalents62.415
Anika Therapeutics, published 2024-08-08, period 2024-Q2
working capital128.9 million13
credit facility available75.0 million13
cash and cash equivalents62.8 million13
Revenue41.9 million14
OA Pain Management Revenue26.7 million14
Non-Orthopedic Revenue1.7 million14
Net Loss per Share-0.0114
Net Loss-0.1 million14
Joint Preservation and Restoration Revenue13.5 million14
International OA Pain Management Revenue Growth17%14
Gross Margin65%14
Cash Used for Operating Activities-1.1 million14
Cash Balance62.8 million14
Anika Therapeutics, published 2024-05-08, period 2024-Q1
X-Twist anchors sold globallymore than 10,00012
Working capital130.511
Revolving credit facility75.011
OA Pain Management revenue24,31812
Non-Orthopedic revenue2,36412
Joint Preservation and Restoration revenue13,84112
Integrity Implant System cases completedover 20012
Gross margin61%12
Cash and cash equivalents68.611
Cash and cash equivalents68,62912
Annualized cost savings achieved10 million12
Adjusted gross margin62%12
Anika Therapeutics, published 2024-03-15, period FY2023
Property and equipment46.2 million10
Long-lived assets58.4 million10
international product sales percentage26%10
international product sales percentage24%10
International product sales percentage23%10
Working capital (prior year)141.6 million10
Working capital132.2 million10
Revolving line of credit available75.0 million10
OA Pain Management revenue101.9 million10
Non Orthopedic revenue9.9 million10
Maximum aggregate commitment available150.0 million10
Joint Preservation Restoration revenue54.9 million10
Foreign currency revenue12.8 million10
Cash, cash equivalents, and investments (prior year)86.3 million10
Cash, cash equivalents, and investments72.9 million10
Anika Therapeutics, published 2024-03-13, period 2023-Q4
OA Pain Management Revenue101.9 million9
Non-Orthopedic Revenue9.9 million9
Joint Preservation and Restoration Revenue54.9 million9
Cash and cash equivalents72.9 million9
Anika Therapeutics, published 2023-11-03, period 2023-Q3
working capital128.7 million8
Credit facility availability75.0 million8
Cash and equivalents70.7 million8
Anika Therapeutics, published 2023-11-02, period 2023-Q3
Cash from operations6.5 million7
Cash and cash equivalents70,6517
Anika Therapeutics, published 2023-08-08, period 2023-Q2
Working capital128.7 million5
Gross margin65%6
Credit facility commitment75.0 million5
Cash, cash equivalents, and investments65.1 million5
Cash and cash equivalents65,0716
Adjusted gross margin69%6
Additional credit facility commitment available75.0 million5
Anika Therapeutics, published 2023-05-09, period 2023-Q1
working capital131.6 million3
credit facility available75.0 million3
Cash, equivalents and investments79.7 million3
Quarter ending cash balance79.7 million4
Operating cash outflow3.6 million4
OA Pain Management Revenue22.6 million4
Non-Orthopedic Revenue1.8 million4
Joint Preservation and Restoration Revenue13.5 million4
Gross Margin60%4

Anika Therapeutics Development

A condensed summary of Anika Therapeutics per reporting period as running text: what changed operationally, which drivers management names, how earnings and cash flow developed. NadirAlpha methodology

FY2026: Anika Therapeutics

Anika Therapeutics reported revenue of 29.6 million in Q1 2026 and 32.6 million in Q2 2026, representing year-over-year growth of 13% and 16% respectively, driven by OEM Channel order timing and sustained Commercial Channel expansion 28 30. Gross margin reached 64% in Q1 and 65% in Q2, compared with 56% and 51% in the respective prior-year periods, reflecting higher sales volume, increased manufacturing production, and an improved product mix 29 30. Q1 results included an operating loss of 5.5 million, primarily due to higher stock-based compensation and restructuring-related severance costs, while Q2 returned to operating income of 3 million 29 31. Following the stronger first half, the company raised its full-year 2026 guidance to total revenue growth of 5-10% and an adjusted EBITDA margin of 13-17% 31. Cash and cash equivalents decreased to 38.4 million at June 30, 2026, from $57.5 million at year-end 2025, reflecting operating cash outflows and the completion of a $15 million share repurchase program in April 2026 28 30.

FY2025: Anika Therapeutics

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. Anika Therapeutics 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

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). Anika Therapeutics 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

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. Anika Therapeutics 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.

Glossary

  • Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
  • Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
  • EBITDA (adj.): Adjusted EBITDA, verbatim and company-defined (non-GAAP), never derived.
  • Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
  • EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
  • EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
  • FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
  • OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
  • Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
  • Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
  • *: derived, the formula is in the hover
  • ≈: calculated, approximation
  • ~: uncertain; the value stays visible, verdicts do not use it
  • °: repaired by a targeted query against the document, or curated with documentary evidence
  • EBIT: EBIT as a fallback: the income statement carries no operating line
  • basic: basic earnings per share as a fallback when diluted is missing

Sources: quarterly reports, annual reports and investor relations documents

All original documents NadirAlpha used for this report on Anika Therapeutics stock: quarterly and annual reports, earnings releases and investor relations documents, sorted by publication, the document type is the link. NadirAlpha methodology

47 documents · 2016 to 2026 · SEC EDGAR (USA)
Sources for Anika Therapeutics stock: 47 original documents, 2016 to 2026. Compiled by NadirAlpha.
#Document typePublished
#18-K-EX99.1 earnings release2023-03-06
#210-K annual report2023-03-16
#310-Q quarterly report2023-05-09
#48-K-EX99.1 earnings release2023-05-09
#510-Q quarterly report2023-08-08
#68-K-EX99.1 earnings release2023-08-08
#78-K-EX99.1 earnings release2023-11-02
#810-Q quarterly report2023-11-03
#98-K-EX99.1 earnings release2024-03-13
#1010-K annual report2024-03-15
#1110-Q quarterly report2024-05-08
#128-K-EX99.1 earnings release2024-05-08
#1310-Q quarterly report2024-08-08
#148-K-EX99.1 earnings release2024-08-08
#158-K-EX99.1 earnings release2024-10-31
#1610-Q quarterly report2024-11-04
#178-K-EX99.1 earnings release2025-03-12
#1810-K annual report2025-03-17
#1910-Q quarterly report2025-05-09
#208-K-EX99.1 earnings release2025-05-09
#2110-Q quarterly report2025-07-30
#228-K-EX99.1 earnings release2025-07-30
#2310-Q quarterly report2025-11-05
#248-K-EX99.1 earnings release2025-11-05
#258-K-EX99.1 earnings release2026-01-08
#268-K-EX99.1 earnings release2026-02-26
#2710-K annual report2026-03-03
#288-K-EX99.1 earnings release2026-04-29
#2910-Q quarterly report2026-04-30
#3010-Q quarterly report2026-07-29
#318-K-EX99.1 earnings release2026-07-29
Older sources (+16)
Older sources for Anika Therapeutics, 16 documents
#Document typePublished
#20210-K annual report2016-05-03
#20110-Q quarterly report2016-08-01
#20410-K annual report2017-02-24
#20610-K annual report2017-02-24
#20310-Q quarterly report2017-07-28
#20510-Q quarterly report2018-07-31
#20710-Q quarterly report2019-02-27
#20910-K/A annual report, amended2019-02-27
#20810-Q quarterly report2019-07-26
#21310-K annual report2020-03-06
#21010-Q quarterly report2020-05-22
#21110-Q quarterly report2020-08-07
#21210-Q quarterly report2020-11-05
#21410-Q quarterly report2021-05-07
#21510-Q quarterly report2021-08-06
#21610-Q quarterly report2021-11-05

Anika Therapeutics Stock 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.

Which additional key figures does Anika Therapeutics report?

As reported for Q2 2026: Gross margin, International revenue growth Q2, International revenue Q2, Commercial Channel revenue Q2, Adjusted EBITDA margin Q2. The chapter Reported KPIs lists every value with its source. Revenue is broken down by Original Equipment Manufacturer (OEM) Channel, OEM Channel, Commercial Channel, OA Pain Management.

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

NadirAlpha links all 47 original filings used (SEC filings) in the sources chapter: quarterly report, earnings release, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.

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