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Anika Therapeutics, Inc. is a global joint preservation company focused on advancing early intervention orthopedic care. The company specializes in developing minimally invasive products that leverage its expertise in hyaluronic acid (HA) and implant solutions to restore active living for people worldwide. Anika's product offerings include solutions for osteoarthritis pain management, regenerative solutions, and sports medicine.
- OA Pain Management - Offers HA-based injectable products like Monovisc and Orthovisc for osteoarthritis pain relief, and Cingal, a next-generation single-injection product combining HA with a steroid for both short- and long-term pain relief.
- Joint Preservation and Restoration - Provides products for joint preservation and restoration, including Integrity, an arthroscopic patch system for rotator cuff repair, Tactoset for bone regeneration, and Hyalofast for cartilage repair.
- Non-Orthopedic - Includes products that fall outside the orthopedic category, contributing to the company's diverse product portfolio.
| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Cheryl R. Blanchard ExecutiveBoard | President and Chief Executive Officer | Board member at Vigil Neuroscience, Inc. (NASDAQ: VIGL) since December 2020 | Cheryl R. Blanchard, Ph.D. has been the CEO of Anika Therapeutics since April 2020 and a board member since August 2018, with extensive experience in leading and transforming medical device companies. | View Report → |
Anne M. Nunes Executive | Senior Vice President, Chief Operations Officer | Anne M. Nunes is the Senior Vice President, Chief Operations Officer at ANIK since June 2023, having previously served as Vice President of Operations from September 2021 until her promotion. | ||
Ian McLeod Executive | Vice President, Chief Accounting Officer | Ian McLeod is the Vice President, Chief Accounting Officer and Principal Accounting Officer at Anika Therapeutics, Inc, serving in an executive capacity. He has held this role since at least March 14, 2025 (another document mentions March 16, 2023 ). | ||
Stephen Griffin Executive | Executive Vice President, Chief Financial Officer, and Treasurer | Stephen Griffin serves as Executive Vice President, Chief Financial Officer, and Treasurer at Anika Therapeutics, Inc. since June 3, 2024, and has extensive senior finance experience, including his previous role as Senior Vice President and CFO at VSE Corporation, as well as various leadership roles at General Electric. | ||
Gary P. Fischetti Board | Class III Director | Chairman of the Board for Orchid Orthopedic Solutions; Board Member at Extremity Medical; Board Member at Acuitive Technologies, Inc. | Gary P. Fischetti has been serving as a Class III Director at ANIK since April 2023 and is a member of the Capital Allocation and Compensation Committees. He brings over 35 years of experience in the medical device industry, having held senior leadership positions at Johnson & Johnson. | |
Glenn R. Larsen Board | Director | Chairman, President, Chief Executive Officer at Aquinnah Pharmaceuticals, Inc. | Glenn R. Larsen, Ph.D., has been a Director at Anika Therapeutics, Inc. since February 2015 and serves on its Compensation Committee and Governance and Nominating Committee, contributing his extensive experience in the pharmaceutical and medical device industries. He also currently serves as Chairman, President, and Chief Executive Officer at Aquinnah Pharmaceuticals, Inc., further highlighting his broad leadership background. | |
John B. Henneman Board | Chair of the Board at Anika Therapeutics, Inc. | Director at Aprea Therapeutics Inc. ; Lead Independent Director at R1 RCM, Inc. ; Director at Orthofix Medical, Inc. | John B. Henneman, III is the Chair of the Board at Anika Therapeutics, Inc. since February 24, 2024 after serving as a Director since September 2020. He also serves on multiple committees, including as Chair of the Compensation Committee, and is recognized as an independent board member under SEC rules. | |
Joseph H. Capper Board | Independent Class II Director | CEO and Director of MiMedx Group, Inc. | Joseph H. Capper is a seasoned healthcare executive with nearly 30 years of experience in MedTech and Life Sciences leadership roles. At ANIK, he serves as an independent director and a member of the Capital Allocation Committee since May 28, 2024. | |
Sheryl L. Conley Board | Director | Board Member at Neuronetics, Inc. | Sheryl L. Conley has served as Director at Anika Therapeutics, Inc. since October 2021, bringing extensive expertise from her long career in the medical device and healthcare sectors. Previously, she held executive positions including President and CEO of OrthoWorx, Inc. from September 2012 to May 2017 and has contributed to board leadership roles at other prominent companies. | |
Stephen O. Richard Board | Director | Senior Vice President, Chief Risk Officer at Becton, Dickinson and Company; Chief Audit Executive at Becton, Dickinson and Company | Stephen O. Richard has served as a Director at Anika Therapeutics since September 2020, where he also chairs the Audit and Capital Allocation Committees. He has a strong background in finance and risk management, currently holding executive roles as Senior Vice President, Chief Risk Officer and Chief Audit Executive at Becton, Dickinson and Company. | |
Susan L. N. Vogt Board | Director | Board member at Charlotte's Web Holdings, Inc. | Susan L. N. Vogt is a Director at Anika Therapeutics, Inc. since October 2018. She serves on the Audit Committee as a Financial Expert and as Chair of the Governance and Nominating Committee, and she has previously held executive roles such as CEO and President at Aushon Biosystems, Inc. and SeraCare Life Sciences, Inc. | |
William R. Jellison Board | Class I Director | Director at Avient Corporation (since 2015) ; Director at Young Innovations (since 2017) ; Senior Advisor at Astor Place Holdings (since 2017) | William R. Jellison was appointed to the Board of Directors at ANIK as a Class I Director on May 28, 2024, and brings extensive experience in MedTech and corporate finance from previous executive roles at Stryker Corporation and Dentsply International. |
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With OEM channel revenue projected to decline due to pricing pressures from J&J on Monovisc and Orthovisc, how do you plan to offset this decline and achieve sustainable growth, considering the OEM channel still represents a significant portion of your revenue?
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Given the decrease in adjusted gross margin from 69% to 64% due to one-time legacy expenses and unfavorable product mix, what specific steps are you taking to improve gross margins, and how do you anticipate these measures impacting profitability in the coming years?
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The Integrity implant system has shown strong sequential growth, but can you provide more details on your strategy to scale this product and capture a larger market share, particularly when competing against established products in the rotator cuff augmentation market?
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With the divestitures of Arthrosurface and Parcus Medical completed, how will the loss of revenue from these businesses impact your financial performance in the near term, and are there any anticipated additional costs associated with these divestitures that could affect profitability?
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Considering the uncertainties around the FDA approval process for Cingal, especially awaiting formal feedback on the bioequivalence study design, how confident are you in the projected timelines for bringing Cingal to the U.S. market, and what are the potential financial implications if there are further delays or additional requirements from the FDA?
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Sanofi Genzyme | For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. |
For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. | |
For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. | |
For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. | |
For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. | |
For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. | |
Ferring Pharmaceuticals | For OA Pain Management products, the company competes with numerous companies, including large pharmaceutical firms and specialized medical device companies. Many of these companies have substantially greater financial resources, larger research and development staffs, more extensive marketing and manufacturing organizations, and more experience in the regulatory process than the company. |
Arthrex, Inc. | With respect to Regenerative Solutions products, the company faces competition from key competitors. Many of these larger companies have significantly greater financial resources, larger research and development teams, more extensive marketing and manufacturing capabilities, and more experience with regulatory processes than the company. |
With respect to Regenerative Solutions products, the company faces competition from key competitors. Many of these larger companies have significantly greater financial resources, larger research and development teams, more extensive marketing and manufacturing capabilities, and more experience with regulatory processes than the company. | |
With respect to Regenerative Solutions products, the company faces competition from key competitors. Many of these larger companies have significantly greater financial resources, larger research and development teams, more extensive marketing and manufacturing capabilities, and more experience with regulatory processes than the company. | |
Atreon Orthopedics | With respect to Regenerative Solutions products, the company faces competition from smaller organizations. Many of these larger companies have significantly greater financial resources, larger research and development teams, more extensive marketing and manufacturing capabilities, and more experience with regulatory processes than the company. |
Bone Support AB | With respect to Regenerative Solutions products, the company faces competition from smaller organizations. Many of these larger companies have significantly greater financial resources, larger research and development teams, more extensive marketing and manufacturing capabilities, and more experience with regulatory processes than the company. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Parcus Medical | 2020 | Deal Value & Structure: Acquired for a total estimated purchase consideration of $75.1 million—comprising $32.8 million in cash, $1.6 million in deferred consideration, and $40.7 million for contingent consideration, with potential additional payments up to $60 million based on sales performance. Strategic Rationale & Capabilities: The acquisition was intended to accelerate revenue growth, broaden Anika Therapeutics’ joint preservation and restoration product portfolio, and expand its pipeline, with Parcus Medical being integrated as a wholly-owned subsidiary and incurring about $1.9 million in transaction costs. |
Recent press releases and 8-K filings for ANIK.
- Total Q4 revenue reached $30.6 million, up 1% YoY, with the commercial channel growing 25% to $10.9 million while the OEM channel declined 8%.
- The company completed the divestitures of Arthrosurface and Parcus Medical to sharpen its focus on core hyaluronic acid products.
- The Integrity product demonstrated robust momentum with over 40% sequential growth, recording more than 300 surgeries in Q4 and surpassing 1,000 procedures globally since launch.
- A $15 million share repurchase was completed ahead of schedule, and the company ended Q4 with $56 million in cash and no debt.
- Integrity Implant System delivered over 40% sequential growth for the third consecutive quarter, while the International OA Pain business maintained strong double-digit growth, reflecting improved commercial execution.
- Q4 2024 revenue reached $30.6M with Commercial revenue growing 25% to $10.9M, despite an 8% decline in OEM revenue, and gross profit recorded at $17.1M.
- The company increased R&D expenses due to the $600K Hyalofast FDA filing fee and executed a $15M share repurchase plan earlier than scheduled .
- Q4 continuing operations revenue reached $30.6 million, reflecting a 1% year-over-year increase, with Commercial Channel revenue up 25% and OEM Channel revenue down 8%.
- Full-year 2024 revenue totaled $119.9 million, showing a 1% decline from 2023, while Commercial Channel revenue increased by 17% and OEM Channel revenue declined by 8%.
- Key milestones were achieved, including >40% sequential growth for the Integrity Implant System and significant regulatory/clinical progress for products like Hyalofast and Cingal.
- The company executed a share buyback program, purchasing $5.6 million in common stock, and ended the quarter with a strong cash balance of $55.6 million and no debt.