Anika Therapeutics, Inc. (ANIK) Market Cap
Anika Therapeutics, Inc. has a market capitalization of $230.7M.
Financials based on reported quarter end 2025-12-31
Price: $16.00
▲ 0.61 (3.96%)
Market Cap: 230.74M
NASDAQ · time unavailable
CEO: Stephen D. Griffin
Sector: Healthcare
Industry: Medical - Devices
IPO Date: 1993-05-03
Website: https://www.anikatherapeutics.com
Anika Therapeutics, Inc. (ANIK) - Company Information
Market Cap: 230.74M · Sector: Healthcare
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, soft tissue repair, and bone preserving joint technologies 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 product family consists of Monovisc, Orthovisc, Cingal, and Hyvisc that are indicated to provide pain relief from osteoarthritis conditions; and joint preservation and restoration product family comprise a portfolio of approximately 150 bone preserving joint technology products, a line of sports medicine soft tissue repair solutions, and orthopedic regenerative solutions products. The company's non-orthopedic product family include HA-based products for non-orthopedic applications, including adhesion barrier products, advanced wound care products, ophthalmic products, and ear, nose, and throat products. Anika Therapeutics, Inc. was founded in 1983 and is headquartered in Bedford, Massachusetts.
Analyst Sentiment
Based on 2 ratings
Consensus Price Target
No data available
Price & Moving Averages
Related Companies in Healthcare
COHERUS ONCOLOGY INC (CHRS)
Healthcare
$0.23B
Mkt Cap
UTAH MEDICAL PRODUCTS INC (UTMD)
Healthcare
$0.23B
Mkt Cap
CODEXIS INC (CDXS)
Healthcare
$0.24B
Mkt Cap
NUVECTIS PHARMA INC (NVCT)
Healthcare
$0.24B
Mkt Cap
AVIDITY BIOSCIENCES INC (RNA)
Healthcare
$0.22B
Mkt Cap
ANTERIS TECHNOLOGIES GLOBAL CORP (AVR)
Healthcare
$0.22B
Mkt Cap
Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"For the fiscal year ending December 31, 2025, ANIK reported a revenue of $30.6M and a net income of $292k, leading to an earnings per share (EPS) of $0.0205. The company generated an operating cash flow of $4.6M with a free cash flow of $3.99M. On the balance sheet, total assets stand at $190.27M against total liabilities of $46.81M, indicating a healthy equity position of $143.47M and a positive net debt of $33.29M. Despite showing strong growth in the last six months with a price change of 56.58% and a year-to-date increase of 52.73%, the 1-year performance reflects a slight decline of 7.81%. The absence of dividends and the company's profitability level indicates reliance on capital appreciation for shareholder returns. Overall, ANIK maintains a solid financial foundation with good cash flow generation, but the recent price volatility could indicate underlying challenges that need to be addressed for sustained growth."
Revenue Growth
Moderate growth with $30.6M revenue, yet potential for further expansion.
Profitability
Net income of $292k suggests limited profitability.
Cash Flow Quality
Positive free cash flow indicates effective cash generation.
Leverage & Balance Sheet
Strong equity position with total assets of $190.27M.
Shareholder Returns
Mixed shareholder returns; reliance on price appreciation.
Analyst Sentiment & Valuation
Recent price volatility presents uncertainty in valuation.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
So What? Management is upbeat about commercial momentum (Q4 commercial +22% YoY; international OA +28% YoY) and is leaning on operational execution to normalize profitability (gross margin ‘high 50s’ target). However, the Q&A pressure centers on the durability of OEM pricing and the regulatory clock. The company reiterated that the OEM guide (flat to modestly down) depends on volume/share gains from J&J MedTech being offset by continued price pressure, and it acknowledged potential lumpiness/US seasonality. On the innovation side, the core “open item” is regulatory timing: Hyalofast’s US pathway remains dependent on approval (not changed; ~$3M assumed for 2027), while Cingal’s NDA is paced by a just-under-60 patient bioequivalence study started in December (enrollment criteria may extend timelines). Net: management’s confidence is grounded in throughput/margin leverage and international share gains, but analyst follow-ups highlight that OEM price and FDA/clinical enrollment timing remain the gating factors.
Growth Catalysts
- Commercial channel revenue growth: +22% YoY in Q4 driven by international OA pain management and Integrity momentum
- International OA pain management franchise growth: +28% in Q4 (Monovisc and Cingal share gains across regions)
- Integrity expansion: procedures/revenue more than doubled in 2025; ~600 Integrity surgeries in Q4 (+20% sequential)
- Operational leverage: higher throughput/yield and recovery of late shipments supporting Q4 margin strength
Business Development
- OEM partnership with J&J MedTech (Orthovisc and Monovisc) driving double-digit Monovisc unit shipment growth; OEM pricing headwinds persisted
- FDA regulatory engagement for Hyalofast (PMA submission module 3) and Cingal (toxicity studies completed; bioequivalence study initiated)
Financial Highlights
- Q4 total revenue: $30.6M (flat YoY) vs revised expectations
- Q4 commercial channel revenue: $13.3M (+22% YoY)
- Q4 OEM channel revenue: $17.3M (-12% YoY) in line with revised expectations due to lower sell-through pricing for Monovisc/Orthovisc at J&J
- Q4 GAAP gross margin: 63% vs 56% prior year (+700 bps implied YoY); driven by mix (international OA) and improved manufacturing throughput/productivity
- Full-year 2025 revenue: $112.8M (-6% YoY) in line with revised guidance
- Full-year commercial channel revenue: $48.4M (+15% YoY)
- Full-year OEM channel revenue: $64.4M (-17% YoY) driven primarily by pricing/market dynamics
- Full-year GAAP gross margin: 57% vs 63% in 2024 (-600 bps implied) due to mix, higher manufacturing costs from earlier-year disruptions, and legacy program costs
- Full-year operating cash flow: $11.2M vs $5.4M in 2024
- Adjusted EBITDA full-year: $5.3M (~5% of revenue), outperforming revised outlook of -3% to +3%
- Balance sheet: ended year with $57.5M cash and no debt
- Share repurchase: initiated $15M 10b5-1 plan (Nov 2025); purchased 5.5M shares in Q4; $10.7M repurchased to date; completion expected in Q2 2026
Capital Funding
- Share repurchase plan: $15M total authorization; $10.7M repurchased to date; $5.5M repurchased in Q4
- Cash: $57.5M at year-end; no debt
Strategy & Ops
- Manufacturing execution improvements: increased productivity/yield and expanded throughput; second-half 2025 manufacturing gains drove Q4 gross margin expansion and positive operating income
- Organizational streamlining: reduced G&A via leadership layer reductions and senior role eliminations/releveling; impacts G&A functions
- Leadership transition: David Colleran to transition off role as EVP General Counsel & Corporate Secretary effective May 2026; no backfill of CFO/COO/General Counsel roles
- Expected annualized savings from restructuring: ~$2.5M annualized headcount savings and >$3M stock-based compensation savings
Market Outlook
- 2026 total revenue guidance: $114.0M to $122.5M (1% to 9% YoY growth)
- 2026 commercial channel guidance: +10% to +20% YoY or $53.0M to $58.0M; drivers include Integrity growth in US, Hyalofast outside US, and international OA pain portfolio adoption
- 2026 OEM channel guidance: flat to -5% YoY or $61.0M to $64.5M (Monovisc volume growth offset by lower pricing; Orthovisc modestly flat)
- 2026 adjusted EBITDA guidance: 5% to 10% of revenue (midpoint benefit from revenue growth, G&A cost reductions, and manufacturing/productivity gains; partially offset by modestly lower US OEM pricing dynamics)
- Integrity US Hyalofast timing: Hyalofast US contribution in 2027 remains ~${3M} previously shared; contingent upon US approval
- Gross margin normalization: management indicated 'high 50s' gross margin is the appropriate normalized target (implying Q4 63% is not sustainable every quarter)
Risks & Headwinds
- OEM pricing headwinds: Monovisc and Orthovisc pricing lower YoY (U.S.), driving OEM revenue -12% in Q4 and -17% for full year
- Manufacturing disruption and cost pressure: full-year gross margin down vs 2024 due to higher manufacturing costs from earlier-year disruptions and legacy program costs
- Regulatory hurdles—Hyalofast: FDA deficiency letter in 1Q 2026 related to CMC and clinical data; prior FastTRACK Phase III did not achieve prespecified co-primary endpoints
- Regulatory hurdles—Cingal: U.S. NDA still requires (1) required toxicity studies completed in 2025 and (2) bioequivalence study initiated Dec 2025 and underway (timeline depends on enrollment completion)
- FDA enrollment/clinical pacing risk: bioequivalence enrollment ongoing; targeted enrollment just under 60 patients; enrollment may take slightly longer than a typical bioequivalence study
Sentiment: MIXED
Note: This summary was synthesized by AI from the ANIK Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.