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ANIK

Anika Therapeutics, Inc.

ANIK

Anika Therapeutics, Inc. • NASDAQ
$9.88 ▲ 1.02% (+0.10)
Market Cap $142.48 M
52w High $18.37
52w Low $7.87
Dividend Yield 0%
P/E -9.98
Volume 68.24K
Outstanding Shares 14.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $27.817M ▼ $18.817M ▲ $-2.329M ▲ -8.373% ▲ $-0.16 ▲ $-833K ▲
Q2-2025 $28.219M ▲ $18.543M ▼ $-3.97M ▲ -14.069% ▲ $-0.28 ▲ $-2.764M ▼
Q1-2025 $26.168M ▲ $18.965M ▲ $-4.873M ▲ -18.622% ▼ $-0.34 ▲ $-2.692M ▼
Q4-2024 $-1.29M ▼ $-5.253M ▼ $-21.865M ▲ 1.695K% ▲ $-1.5 ▲ $26.529M ▲
Q3-2024 $38.753M $29.457M $-29.918M -77.202% $-2.03 $-25.423M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $57.99M ▲ $189.437M ▲ $42.632M ▲ $146.805M ▼
Q2-2025 $53.167M ▼ $187.682M ▼ $40.01M ▼ $147.672M ▼
Q1-2025 $53.371M ▼ $190.605M ▼ $42.208M ▼ $148.397M ▼
Q4-2024 $55.629M ▼ $202.74M ▼ $48.751M ▼ $153.989M ▼
Q3-2024 $62.368M $231.405M $51.541M $179.864M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-2.329M ▲ $6.87M ▲ $-1.732M ▼ $-13K ▼ $4.823M ▲ $4.983M ▲
Q2-2025 $-3.97M ▲ $-189K ▼ $-539K ▼ $179K ▲ $-204K ▲ $-1.656M ▲
Q1-2025 $-4.873M ▲ $-130K ▼ $1.672M ▲ $-5.438M ▼ $-3.788M ▲ $-2.954M ▼
Q4-2024 $-21.865M ▲ $1.582M ▼ $-1.307M ▲ $-5.354M ▼ $-5.209M ▼ $275K ▼
Q3-2024 $-29.918M $5.016M $-1.816M $-3.991M $-454K $3.2M

Revenue by Products

Product Q4-2023Q1-2024Q2-2024Q3-2024
Joint Preservation and Restoration
Joint Preservation and Restoration
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
NonOrthopedic
NonOrthopedic
 $0 ▲$0 ▲$0 ▲$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has trended upward over the past five years, but only gradually, and the company is still relatively small in scale. Gross profit has been fairly steady, which means the core products are holding their pricing and cost structure reasonably well. However, operating profit has hovered around break-even and often slipped into small losses, suggesting that overhead, R&D, and selling costs are absorbing most of the gross profit. Net income has been consistently negative in recent years, with particularly deeper losses lately, indicating that restructuring, non-cash charges, or other below-the-line items are weighing on reported earnings. Overall, the income statement reflects a company in transition: stable product economics but not yet enough scale or efficiency to deliver consistent profitability.

Balance Sheet

Balance Sheet The balance sheet shows a modest but shrinking asset base over the last few years, which often reflects ongoing losses and divestitures. Cash remains a meaningful portion of total assets, providing some financial flexibility, though it has drifted down over time. Debt levels are relatively low compared with equity, so leverage risk appears limited. Equity has declined from its earlier peak, mainly due to cumulative losses, which gradually erode the company’s cushion. In short, the balance sheet is conservative from a debt standpoint, but it is slowly being strained by a lack of sustained profitability.

Cash Flow

Cash Flow Cash generation is more stable than the earnings line suggests. Operating cash flow has stayed slightly positive most years, implying that the core business can largely fund itself on a cash basis, even if accounting profits are negative. Free cash flow has hovered around break-even, occasionally dipping slightly negative, reflecting modest and fairly steady capital spending. The company does not appear to be burning cash aggressively, but it is also not yet producing strong surplus cash to reinvest or return to shareholders. Future performance will depend on whether new products can lift operating cash flow meaningfully above this low plateau.

Competitive Edge

Competitive Edge Anika occupies a focused niche in joint preservation and early-intervention orthopedics, rather than competing head-on across the full orthopedic landscape. Its deep specialization in hyaluronic acid and its HYAFF technology provide a clear technical edge and form the basis for differentiated products in pain management and regenerative medicine. Vertical integration in manufacturing adds control over quality and costs, and its intellectual property helps defend its position. However, the company operates in markets where large orthopedic and pharma players are active, so it must win on clinical performance, surgeon preference, and focused execution. Its smaller scale is both a risk—less marketing muscle—and a strength—greater agility in a specialized niche.

Innovation and R&D

Innovation and R&D Innovation is a clear centerpiece of Anika’s strategy. The company has built a broad platform around hyaluronic acid, especially its HYAFF scaffold technology, enabling products that aim not just to relieve symptoms but to support actual tissue repair. Flagship offerings such as Monovisc, Orthovisc, Cingal, Tactoset, and the Integrity implant system highlight this focus on differentiated, clinically meaningful solutions. The pipeline is substantial, with dozens of products and line extensions under development, and key potential catalysts include U.S. approvals for Hyalofast and Cingal. The main risks lie in regulatory timing, clinical trial outcomes, and the company’s ability to convert scientific promise into wide adoption and commercial scale.

Summary

Overall, Anika looks like a specialized medical device and regenerative-medicine company with solid technical foundations but still-immature financial results. The business shows modest growth, relatively stable product margins, and a conservative debt profile, but it has not yet translated its innovation engine into consistent profits or strong free cash flow. Its competitive strengths lie in its hyaluronic acid expertise, protected technology, and focused joint-preservation niche. Future value creation will depend heavily on successful U.S. launches of key products, continued surgeon adoption of its regenerative solutions, and better operating leverage so that revenue growth falls more clearly to the bottom line. The story is one of promising technology and pipeline potential, balanced by execution and profitability risks typical of a smaller, innovation-driven healthcare company.

NEWS

November 5, 2025 · 7:05 AM UTC

Anika Reports Third Quarter 2025 Financial Results

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October 23, 2025 · 4:01 PM UTC

Anika to Issue Third Quarter 2025 Financial Results on Wednesday, November 5, 2025

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October 9, 2025 · 12:45 PM UTC

ANIKA INVESTIGATION REMINDER: Bragar Eagel & Squire, P.C. Reminds Anika Therapeutics Investors to Contact the Firm Regarding the Ongoing Investigation on Behalf of Anika Stockholders

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September 25, 2025 · 5:43 PM UTC

ANIKA (ANIK) ALERT: Bragar Eagel & Squire, P.C. is Investigating Anika Therapeutics, Inc. on Behalf of Anika Stockholders and Encourages Investors to Contact the Firm

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September 10, 2025 · 2:50 PM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Anika Therapeutics, Inc. - ANIK

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