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Anika Therapeutics, Inc.

Anika Therapeutics, Inc.

NASDAQ•ANIK
CEO: Dr. Cheryl Renee Blanchard Ph.D.
Sector: Healthcare
Industry: Medical - Devices
Listing Date: 1993-05-03
Anika Therapeutics, Inc., a joint preservation company, creates and delivers advancements in early intervention orthopedic care in the areas of osteoarthritis (OA) pain management, regenerative solutions, sports medicine, and arthrosurface joint solutions in the United States, Europe, and internationally. The company develops, manufactures, and commercializes products based on hyaluronic acid (HA) technology platform. Its OA pain management products includes Monovisc and Orthovisc, an injectable HA-based viscosupplement for the pain relief from osteoarthritis conditions; and Cingal, a single-injection OA pain management product to provide both short- and long-term pain relief. The company's joint preservation and restoration product family comprises and orthopedic regenerative solutions, including Hyalofast and Tactoset; sports medicine solutions used to repair and reconstruct damaged ligaments and tendons; and preserving joint solutions, including partial joint replacement, joint resurfacing, and invasive and bone sparing implants, which are designed to treat upper and lower extremity orthopedic conditions. In addition, it offers non-orthopedic products comprising HA-based products for non-orthopedic applications including Hyvisc, a molecular weight injectable HA veterinary product; Hyalobarrier, an anti-adhesion barrier indicated for use after abdominal-pelvic surgeries; and Hyalomatrix used for the treatment of burns and ulcers, as well as products used for the treatment of ears, nose and throat disorders, and ophthalmic products. The company was founded in 1983 and is headquartered in Bedford, Massachusetts.
Contact Information
32 Wiggins Avenue, Bedford, MA, 01730, United States
781-457-9000
www.anika.com
Market Cap
$134.26M
P/E (TTM)
-4.0
32.4
Dividend Yield
--
52W High
$18.37
52W Low
$7.87
52W Range
14%
Rank31Top 21.6%
5.0
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Average • 5 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q3 2025 Data

Revenue

$27.82M-28.22%
4-Quarter Trend

EPS

-$0.16-92.12%
4-Quarter Trend

FCF

$4.98M+55.72%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Net Loss Significantly Narrows Nine-month Net Loss reduced $23.3M to $11.2M, representing a 68% improvement compared to prior year period results.
Operating Cash Flow Improves Cash provided by operating activities reached $6.6M for nine months, increasing $2.7M versus 2024 results.
Divestitures Complete Strategic Shift Sales of Arthrosurface and Parcus Medical finalized, focusing business entirely on OA Pain Management and Regenerative Solutions.
Commercial Revenue Growth Strong Commercial Channel revenue increased 22% for the quarter and 13% for nine months, driven by Cingal and Integrity sales.

Risk Factors

OEM Revenue Faces Pricing Pressure OEM Channel revenue dropped 19% for nine months, driven by $10.4M reduction in J&J MedTech pricing realization.
Gross Margin Significantly Compressed Gross margin fell 12 points to 54% (9M) due to higher inventory reserves and increased lower-priced international sales mix.
Hyalofast Regulatory Approval Risk Pivotal trial missed co-primary endpoints; FDA approval for Hyalofast remains uncertain, potentially impacting intangible asset value.
High Customer Concentration Risk J&J MedTech accounts for 50% of nine-month revenue, holding unilateral control over pricing and promotion of key products.

Outlook

Focus on Regenerative Growth Future success driven by proprietary HA technology, growth of Integrity Implant System launched in 2024, and international expansion.
Hyalofast Regulatory Submission Made Final PMA module submitted to FDA for Hyalofast based on consistent secondary endpoint improvements across clinical data.
R&D Spending Increases Externally Total R&D expense up 1% to $19.3M (9M); external costs rose 27% supporting Cingal submission and Integrity studies.
J&J Licensing Extended Monovisc marketing exclusivity in US extended by J&J MedTech through December 2031, securing long-term revenue stream.

Peer Comparison

Revenue (TTM)

Lucid Diagnostics Inc.LUCD
$1.21B
+28885.2%
DocGo Inc.DCGO
$368.09M
-47.0%
Quipt Home Medical Corp.QIPT
$250.78M
+0.2%

Gross Margin (Latest Quarter)

AVITA Medical, Inc.RCEL
81.3%
-2.4pp
Quipt Home Medical Corp.QIPT
74.5%
+0.6pp
Apyx Medical CorporationAPYX
64.4%
+3.9pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
OWLT$219.86M-5.6126.8%33.3%
RPID$185.27M-4.2-73.9%28.6%
APYX$163.71M-11.2-153.8%68.4%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-3.1%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
50%
Cash Flow Needs Attention

Research & Insights

Next earnings:Mar 11, 2026
|
EPS:$0.02
|
Revenue:-
Reports
All Years
  • Form 10-Q - Q3 2025

    Period End: Sep 30, 2025|Filed: Nov 5, 2025|
    Revenue: $27.82M-28.2%
    |
    EPS: $-0.16-92.1%
    Beat
  • Form 10-Q - Q2 2025

    Period End: Jun 30, 2025|Filed: Jul 30, 2025|
    Revenue: $28.22M-32.7%
    |
    EPS: $-0.28+4645.8%
    Miss
  • Form 10-Q - Q1 2025

    Period End: Mar 31, 2025|Filed: May 9, 2025|
    Revenue: $26.17M-35.4%
    |
    EPS: $-0.34+9.7%
    Miss
  • Form 10-K - FY 2024

    Period End: Dec 31, 2024|Filed: Mar 17, 2025|
    Revenue: $119.91M-0.7%
    |
    EPS: $-3.83+32.1%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Sep 30, 2024|Filed: Nov 4, 2024|
    Revenue: $38.75M-6.5%
    |
    EPS: $-2.03+351.1%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Jun 30, 2024|Filed: Aug 8, 2024|
    Revenue: $41.92M-5.4%
    |
    EPS: $-0.01-96.9%
    Miss
  • Form 10-Q - Q1 2024

    Period End: Mar 31, 2024|Filed: May 8, 2024|
    Revenue: $40.52M+6.9%
    |
    EPS: $-0.31-56.3%
    Miss
  • Form 10-K/A - FY 2023

    Period End: Dec 31, 2023|Filed: Apr 26, 2024|
    Revenue: $166.66M+6.7%
    |
    EPS: $-5.64-452.9%
    Miss