olivLaw · US equity research
Anika Therapeutics, Inc. ANIK
Surgical & Medical Instruments & Apparatus · SIC 3841 · Vertical: Surgical & Medical Instruments & Apparatus (SIC 3841)
Anika Therapeutics develops and sells hyaluronic acid products for osteoarthritis pain relief and orthopedic regenerative repair, with a focus on early intervention. In the second quarter of 2026 the company reported revenue of $32.6 million, and a record Commercial Channel quarter points to a turnaround if the trend holds.
At the close of 05 Nov 2026, Anika Therapeutics, Inc. (ANIK) stock was 19.33 USD (−5.25% on the day), with market capitalisation 258.7 m USD, beta 0.94, 52-week range 9.13–22.03 USD. Latest reported quarter (Q2 2026): revenue of 32.6 m USD (+15.6% YoY), net income of 3.3 m USD, diluted EPS 0.24 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.6
- weak (30–45)
- Bollinger (20, 2)
- 19.09 – 21.98
- in the lower half of the band · %B 0.08 · band width 14.1%
- SMA 50 / 200
- 20.51 / 16.28
- mixed trend
- MACD (12, 26, 9)
- -0.06 / 0.10
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.1% | −5.9% | +7.0 pp | — |
| 3 months | −4.1% | −4.6% | +0.5 pp | — |
| 6 months | +27.7% | +0.2% | +27.4 pp | — |
| Year to date | +101.1% | +7.4% | +93.7 pp | — |
| 1 year | +96.2% | +8.2% | +88.0 pp | −6.5% |
| 3 years | −8.8% | +68.4% | −77.3 pp | −15.7% |
| 5 years | −57.1% | +56.5% | −113.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.6 m | 30.6 m | 26.2 m | 28.2 m | 27.8 m | 30.6 m | 29.6 m | 32.6 m |
| Cost of revenue | 10.2 m | 13.5 m | 11.5 m | 13.9 m | 12.2 m | 11.4 m | 10.6 m | 11.4 m |
| Gross profit | 19.4 m | 17.1 m | 14.7 m | 14.4 m | 15.6 m | 19.2 m | 19.0 m | 21.2 m |
| Research & development | 5.9 m | 6.5 m | 6.1 m | 6.3 m | 6.9 m | 6.5 m | 6.7 m | 7.3 m |
| SG&A | 13.5 m | 11.3 m | 12.9 m | 12.2 m | 11.9 m | 12.1 m | 17.8 m | 10.9 m |
| Operating income | -81.0 k | -705.0 k | -4.3 m | -4.2 m | -3.2 m | 646.0 k | -5.5 m | 3.0 m |
| Depreciation & amortisation | 1.9 m ≈ | 1.6 m | 1.4 m | 1.3 m ≈ | 1.4 m ≈ | 1.3 m | 1.4 m | 1.5 m ≈ |
| Pre-tax income | 325.0 k | 39.0 k | -3.9 m | -4.0 m | -2.2 m | 764.0 k | -4.8 m | 3.4 m |
| Income tax | 2.2 m | 2.5 m | 89.0 k | 681.0 k | 939.0 k | -1.0 m | 235.0 k | 71.0 k |
| Net income | -29.9 m | -21.9 m | -4.9 m | -4.0 m | -2.3 m | 292.0 k | -5.1 m | 3.3 m |
| Diluted EPS | -2.03 | -1.50 ≈ | -0.34 | -0.28 | -0.16 | 0.02 ≈ | -0.37 | 0.24 |
| Operating cash flow | 5.0 m ≈ | 1.6 m | -130.0 k | -189.0 k ≈ | 6.9 m ≈ | 4.6 m | -4.8 m | -684.0 k ≈ |
| Capex | 1.2 m ≈ | 1.3 m | 2.8 m | 1.5 m ≈ | 1.9 m ≈ | 648.0 k | 1.4 m | 1.4 m ≈ |
| Share repurchases | 4.0 m ≈ | 5.6 m | 4.0 m | 0 ≈ | 0 ≈ | 5.5 m | 8.7 m | 853.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 105.6 m | 114.6 m | 130.5 m | 147.8 m | 113.8 m | 120.8 m | 119.9 m | 112.8 m |
| Revenue YoY | −6.9% | +8.6% | +13.8% | +13.3% | −23.0% | +6.1% | −0.7% | −5.9% |
| Net income | 18.7 m | 27.2 m | -24.0 m | 4.1 m | -14.9 m | -82.7 m | -56.4 m | -10.9 m |
| Net income YoY | −41.2% | +45.2% | −188.2% | unavailable | −459.4% | unavailable | unavailable | unavailable |
| Diluted EPS | 1.27 | 1.89 | -1.69 | 0.28 | -1.02 | -5.64 | -3.83 | -0.76 |
| Diluted EPS YoY | −39.8% | +48.8% | −189.4% | unavailable | −464.3% | unavailable | unavailable | unavailable |
| net % | 17.7% | 23.7% | -18.4% | 2.8% | -13.1% | -68.4% | -47.0% | -9.6% |
| Free cash flow | 30.3 m | 34.2 m | 11.4 m | 3.3 m | -3.1 m | -7.2 m | -2.3 m | 4.4 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 57.5 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 143.5 m USD
- Total assets
- 190.3 m USD
- Debt / equity
- unavailable
- Current ratio
- 4.72x
- ROE
- -7.3%
- ROA
- -5.5%
- FCF margin
- 3.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 130.5 m | 147.8 m | 113.8 m | 120.8 m | 119.9 m | 112.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Cost of revenue | 61.4 m | 64.9 m | 40.6 m | 38.3 m | 43.9 m | 49.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Gross profit | 69.0 m | 82.9 m | 73.2 m | 82.5 m | 76.0 m | 63.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Research & development | 23.4 m | 27.3 m | 18.3 m | 21.8 m | 25.5 m | 25.8 m | SEC (XBRL)· 03 Mar 2026verified |
| SG&A | 60.1 m | 74.1 m | 51.2 m | 59.9 m | 55.6 m | 49.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Operating income | -28.3 m | 2.6 m | 3.7 m | 844.0 k | -5.1 m | -11.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Depreciation & amortisation | 6.1 m | 6.5 m | 6.7 m | 6.4 m | 6.9 m | 5.4 m | SEC (XBRL)· 03 Mar 2026verified |
| EBITDA | -22.2 m ≈ | 9.1 m ≈ | 10.4 m ≈ | 7.3 m ≈ | 1.8 m ≈ | -5.7 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Pre-tax income | -28.6 m | 2.4 m | 4.3 m | 3.2 m | -2.8 m | -9.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Income tax | -4.6 m | -1.7 m | 2.1 m | 6.6 m | 6.1 m | 672.0 k | SEC (XBRL)· 03 Mar 2026verified |
| Net income | -24.0 m | 4.1 m | -14.9 m | -82.7 m | -56.4 m | -10.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Diluted EPS | -1.69 | 0.28 | -1.02 | -5.64 | -3.83 | -0.76 | SEC (XBRL)· 03 Mar 2026verified |
| Weighted average diluted shares | 14.2 m | 14.6 m | 14.8 m | 14.7 m | 14.7 m | 14.3 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 95.8 m | 94.4 m | 86.3 m | 68.7 m | 55.6 m | 57.5 m | SEC (XBRL)· 03 Mar 2026verified |
| Receivables | 24.1 m | 29.8 m | 34.6 m | 26.4 m | 23.6 m | 23.7 m | SEC (XBRL)· 29 Jul 2026verified |
| Inventories | 46.2 m | 36.0 m | 39.8 m | 24.4 m | 23.8 m | 18.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Current assets | 177.4 m | 168.5 m | 169.5 m | 163.3 m | 113.7 m | 103.4 m | SEC (XBRL)· 03 Mar 2026verified |
| Property, plant & equipment, net | 50.6 m | 47.6 m | 48.3 m | 37.4 m | 39.0 m | 40.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Goodwill | 8.4 m | 7.8 m | 7.3 m | 7.6 m | 7.1 m | 8.1 m | SEC (XBRL)· 03 Mar 2026verified |
| Intangibles (excl. goodwill) | 91.2 m | 82.4 m | 74.6 m | 2.6 m | 2.5 m | 1.7 m | SEC (XBRL)· 03 Mar 2026verified |
| Total assets | 365.6 m | 347.5 m | 349.1 m | 270.6 m | 202.7 m | 190.3 m | SEC (XBRL)· 03 Mar 2026verified |
| Accounts payable | 9.0 m | 7.6 m | 9.1 m | 6.2 m | 5.6 m | 6.0 m | SEC (XBRL)· 03 Mar 2026verified |
| Current liabilities | 36.9 m | 29.8 m | 27.9 m | 31.1 m | 23.3 m | 21.9 m | SEC (XBRL)· 03 Mar 2026verified |
| Equity | 272.4 m † | 287.1 m † | 285.6 m † | 212.3 m † | 154.0 m † | 143.5 m † | SEC (XBRL)· 03 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 13.1 m | 8.4 m | 4.4 m | -1.8 m | 5.4 m | 11.2 m | SEC (XBRL)· 03 Mar 2026verified |
| Capex | 1.6 m | 5.1 m | 7.5 m | 5.4 m | 7.7 m | 6.8 m | SEC (XBRL)· 03 Mar 2026verified |
| Free cash flow | 11.4 m ≈ | 3.3 m ≈ | -3.1 m ≈ | -7.2 m ≈ | -2.3 m ≈ | 4.4 m ≈ | SEC (XBRL)· 03 Mar 2026derived |
| Investing cash flow | -71.3 m | -3.1 m | -7.5 m | -5.4 m | -8.3 m | -401.0 k | SEC (XBRL)· 03 Mar 2026verified |
| Financing cash flow | -3.8 m | -6.8 m | -4.9 m | -6.3 m | -12.7 m | -10.6 m | SEC (XBRL)· 03 Mar 2026verified |
| Share repurchases | 0 | 0 | 0 | 5.0 m | 10.9 m | 9.5 m | SEC (XBRL)· 03 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 33.3% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 258.7 m USD
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -3.1% | 47 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -0.3% | 0 (on a fixed band) | 25% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 4.5x | 100 (on a fixed band) | 13% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 0.2% | 3 (on a fixed band) | 25% |
| Shareholder yield (distributions) · Returns | 5.8% | 83 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial47/100 · 1/3 factors with a value
- Returns· partial83/100 · 1/2 factors with a value
- Valuation· partial3/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Anika Therapeutics, Inc. (ANIK). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 112.8 m USD in 2025; YoY growth -5.9%; net margin -3.1%; ROE -2.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 33.3% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.5x
- Shareholder yield (distributions): 5.8%
What contradicts it
- Revenue CAGR 3Y: -0.3%
- FCF yield: 0.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Payout ratio (FCF).
Versus the vertical median
Surgical & Medical Instruments & Apparatus (SIC 3841) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SYKStryker Corp | 127.6 bn | 35.7 | 16.0% | 13.8% | +11.2% | −10% / +13% |
| MMM3m Company | 97.0 bn | 28.0 | 80.8% | 14.0% | +1.5% | +9% / +127% |
| BSXBoston Scientific Corporation | 64.7 bn | 18.9 | 14.3% | 16.6% | +19.9% | −56% / −20% |
| BDXBecton, Dickinson And Company | 58.2 bn | 64.5 | 3.8% | 4.0% | +8.2% | +40% / +15% |
| RMDResMed Inc. | 33.7 bn | 21.8 | 26.4% | 27.8% | +9.9% | −6% / +52% |
| DXCMDexcom, Inc. | 31.5 bn | 33.3 | 37.7% | 19.4% | +15.6% | +33% / −27% |
| WSTWest Pharmaceutical Services, Inc. | 27.3 bn | 44.1 | 21.2% | 18.8% | +6.3% | +42% / +12% |
| SOLVSolventum Corporation | 14.8 bn | 98.2 | 3.2% | 1.9% | +0.9% | +2% / unavailable |
| PENPenumbra, Inc | 12.7 bn | 80.9 | 10.7% | 10.1% | +17.5% | +10% / +45% |
| GMEDGlobus Medical, Inc. | 10.9 bn | 20.0 | 12.1% | 17.8% | +16.7% | −11% / +81% |
| TFXTeleflex Incorporated | 6.0 bn | 18.5 | 8.3% | 13.5% | +17.2% | +33% / −33% |
| MMSIMerit Medical Systems Inc | 5.4 bn | 33.7 | 9.8% | 9.9% | +11.8% | +3% / +25% |
| ATRCAtriCure, Inc. | 3.1 bn | 206.6 | 2.9% | 2.5% | +14.9% | +70% / +73% |
| LMATLemaitre Vascular, Inc. | 1.9 bn | 30.4 | 15.6% | 23.5% | +13.5% | +1% / +58% |
| NVCRNovoCure Limited | 1.6 bn | — | -35.2% | -16.8% | +8.3% | +6% / +10% |
| KIDSOrthoPediatrics Corp | 841.3 m | — | -9.8% | -12.8% | +15.4% | +74% / +5% |
| TCMDTactile Systems Technology, Inc. | 590.7 m | 25.7 | 11.0% | 6.7% | +12.5% | +3% / +98% |
| CERSCerus Corp | 430.2 m | — | -10.7% | -2.9% | +16.1% | +21% / +32% |
| BWAYBrainsway Ltd. | 415.5 m | 212.2 | 5.6% | 7.1% | +29.0% | +21% / +238% |
| TMCITreace Medical Concepts, Inc. | 271.8 m | — | -72.0% | -29.0% | +1.6% | +40% / −52% |
| ANIKAnika Therapeutics, Inc. | 258.7 m | — | -2.7% | -3.1% | −5.9% | +96% / −9% |
| UTMDUtah Medical Products, Inc. | 226.2 m | 21.7 | 8.8% | 29.0% | −5.8% | +26% / −16% |
| LUCDLucid Diagnostics Inc. | 79.3 m | — | -556.3% | -959.8% | +8.3% | −63% / −74% |
| ICCMIceCure Medical Ltd. | 50.4 m | 2.9 | -188.8% | -445.6% | +2.7% | −97% / −98% |
| MDAISpectral Ai, Inc. | 44.4 m | — | — | -65.5% | −33.6% | −14% / −51% |
1- and 3-year price returns: for ANIK from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Anika Therapeutics develops and sells hyaluronic acid products for osteoarthritis pain relief and orthopedic regenerative repair, with a focus on early intervention. In the second quarter of 2026 the company reported revenue of $32.6 million 3, and a record Commercial Channel quarter points to a turnaround if the trend holds.
SWOT
Strengths
- Over thirty years of expertise in hyaluronic acid technology and the ability to tailor the molecule for differentiated products 2.
- Rapid growth in Commercial Channel sales and international revenue, with gross margin rising in the second quarter of 2026 3.
- A regenerative portfolio led by Integrity, which is gaining adoption in the US and abroad 3.
Weaknesses
Opportunities
- US approval of Cingal could open a market estimated at about one billion dollars if the NDA is accepted 12.
- Expanding Integrity into larger implant sizes and new customers could support Regenerative Solutions growth 3.
- International OA growth could continue through a wider distributor network and the global commercial team 23.
Threats
- Pricing pressure from group purchasing organizations and healthcare consolidation could reduce revenue and market access 1.
- Rejection or delay of FDA decisions for Hyalofast and Cingal could affect medium-term growth plans 13.
- Larger competitors with substantial financial resources could gain market share if Anika does not strengthen its position 1.
Risks
- Dependence on J&J MedTechhigh
One partner generated half of revenue in 2025, and a reduction in orders or renegotiated terms could seriously affect results 1.
- FDA approvalshigh
Hyalofast has deficiencies identified by the FDA in January 2026, and Cingal requires completing CMC activities before the NDA filing 12. Delays could push back planned launches.
- Pricing pressuremedium
Consolidation among purchasing groups can lead to demands for concessions and exclusion from contracts, which could compress margins 1.
- Single-site manufacturingmedium
All HA products are made in Bedford, so a production interruption could affect global supply 1.
- Quarterly fluctuationlow
Sales vary from quarter to quarter because of OEM ordering, which makes short-period comparisons difficult 13.
Investment thesis
What would need to be true (bull case)
- The second quarter of 2026 brought record Commercial Channel revenue and higher gross margin, suggesting the company's refocusing is starting to pay off 3.
- Growth in Integrity and international revenue could reduce dependence on a single partner if the trend holds 23.
- If Cingal receives FDA approval, the estimated US market could become a major growth source for the company 1.
What would break the thesis
- Annual revenue fell in 2025, driven by lower pricing with the OEM partner, a trend that could continue 1.
- US approvals for Hyalofast and Cingal remain uncertain, and the company has already excluded Hyalofast from its 2027 revenue guidance 3.
- Guidance implies possible slower revenue in the second half of the year because of the timing of OEM orders 3.
What to watch
- OEM Channel results and J&J MedTech ordersQ3 2026
- Company response to FDA deficiencies for Hyalofast2026
- Filing of the Cingal NDA2027
- Delivery against the 2026 adjusted EBITDA margin guidancenext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Anika, founded in 1992, focuses on its proprietary hyaluronic acid (HA) technology and two portfolios: osteoarthritis pain management (OA Pain Management) and orthopedic regenerative solutions. The company refocused in 2024–2025 by selling Arthrosurface and Parcus Medical to concentrate on these two lines 1. All HA-based products are manufactured at a single site in Bedford, Massachusetts 1.
Revenue depends heavily on one partner: in 2025 J&J MedTech accounted for 50% of revenue, and Monovisc and Orthovisc are marketed in the US exclusively through this partner 1. The company is diversifying its channels, including direct sales of Regenerative Solutions in the US, while in 2025 Commercial Channel revenue grew as OEM Channel revenue fell 1.
Medium-term direction depends on FDA approvals for Cingal and Hyalofast. The FDA deficiency letter for Hyalofast was received in January 2026, and Cingal is still preparing its NDA filing 12. Until those approvals, growth relies mainly on products already on the market.
Segments
Market context
The osteoarthritis treatment and orthopedic regeneration markets are described by the company as having unmet needs and long-term growth, according to its filings 1. The US tendon augmentation market in which Integrity competes is estimated at more than $220 million annually 1.
The market is shaped by healthcare consolidation, pricing pressure and the role of group purchasing organizations, which can demand concessions or exclude suppliers 1. These forces could directly affect OA product revenue if major customers change their purchasing terms.
Trends
- Healthcare consolidationheadwind
Pricing pressure and the bargaining power of group purchasing organizations are rising, which could compress margins if Anika is excluded from certain contracts 1.
- International growth in OA Pain Managementtailwind
International demand for Cingal and Monovisc has grown and international revenue reached a quarterly record 23. This supports Commercial Channel growth.
- Integrity adoption in the UStailwind
Integrity is growing in both volume and new customers, and adoption of larger implant sizes is rising 3. If this continues, it could partly offset dependence on J&J MedTech.
- FDA approval uncertaintymixed
Timing for Hyalofast and Cingal depends on FDA processes with open deficiencies, so the timing of US launches remains uncertain 13. The company has excluded Hyalofast from its 2027 revenue guidance 3.
Competitive position
In OA Pain Management the main competitors include Sanofi Genzyme, Zimmer Biomet, Bioventus, Avanos Medical, Pacira BioSciences, Conmed and Ferring Pharmaceuticals 1. In Regenerative Solutions the company competes with Arthrex, Smith & Nephew, Stryker, Zimmer Biomet, and smaller firms such as Atreon Orthopedics and Bone Support AB 1.
Many competitors have substantially greater financial resources and larger research and marketing organizations, which can affect market access and pricing 1. Anika's edge lies in its HA expertise and differentiated portfolio, but competitive pressure could limit margins if approvals are delayed.
- Zimmer BiometZBH
Competes in both OA Pain Management and Regenerative Solutions, with much larger research and distribution resources 1.
- Smith & NephewSNN
Competes in Regenerative Solutions with extensive orthopedic marketing and manufacturing organizations 1.
- StrykerSYK
Competes in Regenerative Solutions with extensive regulatory experience and a large customer network 1.
- BioventusBVS
Competes in OA Pain Management in the same category of injectable joint therapies 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Anika Wells named on Time100 list as one of ‘world’s most influential rising stars’ after social media banThe Guardian World · 01 Oct 2026 · EN
- Anika Wells ridicules Angus Taylor and Barnaby Joyce for linking Telstra outages with ChinaThe Guardian World · 08 Jul 2026 · RO
SEC filings
- Quarterly report29 Jul 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report14 Jul 2026Material agreement · Creation of a direct financial obligation · Financial statements and exhibits
- Current report23 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report29 Apr 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Proxy statement28 Apr 2026
- Annual report03 Mar 2026
- Current report26 Feb 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
- Current report08 Jan 2026Results of operations · Departure or appointment of officers · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Anika Therapeutics, Inc. · 03 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Anika Therapeutics, Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Anika Therapeutics, Inc. · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.