Anika Therapeutics (ANIK) Company Report

Anika Therapeutics reported Q4 2025 total revenue of $30.6 million, which was flat year-over-year, and full-year 2025 total revenue of $112.8 million, a 6% decline compared to the prior year. The commercial channel revenue grew 22% in Q4 2025 to $13.3 million and 15% for the full year to $48.4 million, driven by international OA pain management and Integrity, which more than doubled its revenue to $6 million in 2025.
For full-year 2026, the company expects total revenue between $114 million and $122.5 million, representing 1% to 9% year-over-year growth, and anticipates adjusted EBITDA of 5% to 10% of revenue.
Steve Griffin was appointed President and CEO, with Cheryl Blanchard transitioning to Executive Chair. Anika implemented an organizational restructuring that includes eliminating the CFO, COO, and General Counsel roles, with Ian W. McLeod assuming broader finance and legal responsibilities. These changes are expected to drive approximately $2.5 million in annualized headcount savings and over $3 million in stock-based compensation savings.
The company generated $11.2 million in operating cash flow for full-year 2025 and ended the year with $57.5 million cash and no debt. Anika purchased $5.5 million in common stock in Q4 2025 as part of a $15 million share repurchase program initiated in November 2025, which is expected to be completed in Q2 2026.

1 day ago

Transcript

Anika Therapeutics Reports Q4 and Full-Year 2025 Results

ANIK

Earnings

Guidance Update

Revenue Acceleration/Inflection

**Anika Therapeutics reported Q4 2025 revenue of $30.6 million, which was flat year-over-year, and full-year 2025 revenue of $112.8 million, representing a 6% decrease. **
**The Commercial Channel showed strong momentum, growing 22% in Q4 2025 to $13.3 million and 15% for the full year to $48.4 million, with International OA Pain growing 28% in Q4 and Integrity's full-year revenue doubling to approximately $6 million. **
**Adjusted EPS from continuing operations was $0.31 for Q4 2025 and $0.11 for the full year 2025. **
**The company generated $11.2 million in operating cash flow for FY 2025, ending the year with $57.5 million in cash and no debt, supported by reduced operating expenses. **
**Anika Therapeutics provided FY 2026 revenue guidance of $114 million to $122.5 million and Adjusted EBITDA guidance of 5% to 10%. **

1 day ago

Presentation

Anika Therapeutics Reports Q4 and Full-Year 2025 Results, Provides 2026 Guidance

ANIK

Earnings

Guidance Update

Management Change

Anika Therapeutics reported Q4 2025 total revenue of $30.6 million, which was flat year-over-year, and full-year 2025 total revenue of $112.8 million, a 6% decline compared to the prior year.
The commercial channel revenue grew 22% in Q4 2025 to $13.3 million and 15% for the full year to $48.4 million, driven by strong international OA pain management and Integrity, which more than doubled its revenue to $6 million in 2025.
For the full year 2026, the company expects total revenue between $114 million and $122.5 million, representing 1%-9% year-over-year growth, and anticipates adjusted EBITDA of 5%-10% of revenue.
Anika completed a CEO transition with Steve Griffin taking the role, and implemented an organizational restructuring expected to generate approximately $2.5 million in annualized headcount savings and over $3 million in stock-based compensation savings.
The company ended 2025 with $57.5 million in cash and no debt and has purchased $10.7 million in stock under its $15 million share repurchase program, which is expected to be completed in Q2 2026.

1 day ago

Transcript

Anika Therapeutics Reports Q4 and Full-Year 2025 Results, Issues 2026 Guidance

ANIK

Earnings

Guidance Update

Management Change

Anika reported Q4 2025 total revenue of $30.6 million, which was flat year-over-year, driven by 22% growth in commercial channel revenue to $13.3 million and a 12% decline in OEM channel revenue to $17.3 million. For the full year 2025, total revenue was $112.8 million, a 6% decline compared to the prior year.
The company achieved a Q4 2025 GAAP gross margin of 63% and adjusted EBITDA of $4.5 million. Full-year 2025 adjusted EBITDA was $5.3 million, or approximately 5% of revenue, and generated $11.2 million in operating cash flow.
For 2026, Anika expects total revenue between $114 million and $122.5 million, representing 1%-9% year-over-year growth, with commercial channel growth of 10%-20% and OEM channel revenue projected to be flat to down 5%. Adjusted EBITDA is forecast to be 5%-10% of revenue.
Anika initiated a $15 million stock repurchase plan in November 2025, with $10.7 million purchased to date and completion expected in Q2 2026. The company ended 2025 with $57.5 million in cash and no debt.
Leadership changes, including Steve Griffin becoming CEO and Ian McLeod assuming expanded finance and legal responsibilities, are expected to drive approximately $2.5 million in annualized headcount savings and over $3 million in stock-based compensation savings.

1 day ago

Transcript

Anika Therapeutics Reports Q4 and Full Year 2025 Financial Results

ANIK

Earnings

Guidance Update

Share Buyback

Anika Therapeutics reported Q4 2025 revenue of $30.6 million, which was flat year-over-year, and full-year 2025 revenue of $112.8 million, representing a 6% decrease compared to 2024.
For the full year 2025, the company generated $11.2 million in operating cash flow and $4.4 million in free cash flow, with Adjusted EBITDA of $5.3 million.
The company provided 2026 revenue guidance between $114 million and $122.5 million, an increase of 1% to 9% year-over-year, and set an Adjusted EBITDA target of 5% to 10% of revenue.
Anika is continuing its $15 million 10b5-1 share repurchase program, having funded $10.7 million to date, with completion expected in Q2 2026.
The company is preparing responses for the FDA's Hyalofast PMA received in January 2026 and has initiated actions to reduce general and administrative expenses, anticipating $2.5 million in annualized adjusted EBITDA savings.

1 day ago

8-K

Anika Therapeutics Announces Q4 and Full Year 2025 Financial Results

ANIK

Earnings

Guidance Update

Share Buyback

Anika Therapeutics reported Q4 2025 revenue of $30.6 million, flat year-over-year, and full-year 2025 revenue of $112.8 million, a 6% decrease compared to 2024.
The Commercial Channel grew 22% in Q4 2025 and 15% for the full year 2025, while the OEM Channel declined 12% in Q4 2025 and 17% for the full year 2025.
For the full year 2025, the company generated $11.2 million in operating cash flow and $4.4 million in free cash flow. Adjusted EBITDA for Q4 2025 was $4.5 million and for the full year 2025 was $5.3 million.
Anika provided fiscal year 2026 guidance for total revenue between $114 million and $122.5 million and Adjusted EBITDA as a percent of revenue between 5% and 10%.
The company is continuing its $15 million 10b5-1 share repurchase program, having funded $10.7 million to date with completion expected in Q2 2026.

1 day ago

Press Release

Anika Therapeutics Announces Leadership Transition and Reaffirms 2025 Guidance

ANIK

CEO Change

Management Change

Guidance Update

Stephen (Steve) Griffin has been appointed President and Chief Executive Officer (CEO) and a member of the Board of Directors, effective February 1, 2026, succeeding Cheryl R. Blanchard, who will transition to Executive Chair of the Board.
New CEO Steve Griffin's compensation package includes an annual base salary of $690,000, a target annual bonus of 75% of his base salary for fiscal year 2026, and an equity award with a target grant date fair value of $2,450,000.
The company reaffirmed its fiscal 2025 guidance, expecting Commercial Channel revenue of $47 million to $49.5 million (up 12% to 18% year over year) and OEM Channel revenue of $62 million to $65 million (down 16% to 20% year over year), with Adjusted EBITDA as a percent of revenue between positive 3% and negative 3%.
Susan N. Vogt resigned from the Board of Directors, effective February 1, 2026, to accommodate Mr. Griffin's appointment to the Board.

Jan 8, 2026, 9:02 PM

8-K

Anika Reports Q3 2025 Financial Results and Pipeline Progress

ANIK

Earnings

Guidance Update

Share Buyback

Anika reported Q3 2025 revenue of $27.8 million, a 6% decrease year-over-year, primarily due to a 20% decline in OEM revenue. However, Commercial Channel revenue grew 22% year-over-year.
The company achieved $0.9 million in Adjusted EBITDA and generated $6.9 million in cash from operations during Q3 2025.
Anika submitted the Hyalofast® PMA on October 31 and commenced a $15 million 10b5-1 share repurchase program.
The company is maintaining its full-year 2025 and long-term revenue guidance.

Nov 5, 2025, 1:30 PM

Presentation

Anika Reports Q3 2025 Results, Advances Product Pipelines, and Maintains Full-Year Guidance

ANIK

Earnings

Guidance Update

Product Launch

Anika reported Q3 2025 total revenue of $27.8 million, a 6% decline compared to the same period last year, with commercial channel revenue growing 22% to $12 million and OEM channel revenue declining 20% to $15.8 million.
The company achieved positive adjusted EBITDA of $900,000 and generated strong operating cash flow of $6.9 million in Q3 2025, ending the quarter with $58 million in cash and no debt.
Significant progress was made on key product pipelines, including the submission of the third and final PMA module for Hyalofast to the FDA and advancing Cingal towards NDA submission with completed toxicity studies and initiated patient screening for a bioequivalent study.
The Integrity Implant System continued its strong momentum, driving 25% year-over-year growth in regenerative solutions and performing approximately 500 procedures in Q3 2025, with the company on track to more than double Integrity procedures and revenue in 2025.
Anika is maintaining its full-year 2025 guidance, expecting commercial channel revenue between $47 million and $49.5 million and OEM channel revenue between $62 million and $65 million, with adjusted EBITDA guidance of positive 3% to negative 3%. The company also commenced a second $15 million share repurchase.

Nov 5, 2025, 1:30 PM

Transcript

Anika Therapeutics Reports Q3 2025 Financial Results, Files Final Hyalofast PMA, and Initiates Share Repurchase

ANIK

Earnings

Guidance Update

Share Buyback

Anika Therapeutics reported Q3 2025 revenue from continuing operations of $27.8 million, a 6% decrease year-over-year, with Commercial Channel revenue up 22% and OEM Channel revenue down 20%.
For Q3 2025, the company posted a loss from continuing operations of ($3.2) million, or ($0.22) per share, but an adjusted net income from continuing operations of $0.7 million, or $0.04 per share.
The third and final PMA module for Hyalofast was filed with the FDA on October 31, 2025, although the pivotal FastTRACK Phase III study did not meet its pre-specified co-primary endpoints under the original statistical framework.
Anika reaffirmed its Fiscal 2025 guidance and initiated a $15 million 10b5-1 share repurchase program, expected to conclude by June 2026.
J&J MedTech extended its license and supply agreement for Monovisc for an additional 5-year term through December 2031, and Cingal surpassed one million injections worldwide since its 2016 launch.