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1. Company Snapshot

1.a. Company Description

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.

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1.b. Last Insights on ANIK

Recent news surrounding Anika Therapeutics, Inc. suggests a negative impact on its stock performance. The company's decision to divest Parcus Medical, announced on March 7, 2025, may indicate a shift in focus away from certain business segments. This move may have sparked investor concerns about the company's future prospects. Additionally, the lack of recent earnings release and investor conference calls, such as the one scheduled for March 12, 2025, may have contributed to the uncertainty.

1.c. Company Highlights

2. Anika Therapeutics: Mixed Q3 2025 Results with Commercial Channel Growth Offset by OEM Decline

Anika Therapeutics reported third-quarter 2025 revenue of $27.8 million, a 6% year-over-year decline. The commercial channel grew 22% to $12 million, driven by regenerative solutions and international OA pain sales growth. However, this was offset by a 20% decline in the OEM channel to $15.8 million due to pricing pressure. Gross margin was 56%, down 10 percentage points year-over-year. Despite the revenue decline, Anika generated strong operating cash flow of $6.9 million and ended the quarter with $58 million in cash and no debt. Adjusted EBITDA was $900,000, a decline of $3.7 million year-over-year. EPS came in at $0.04, beating estimates of $0.02.

Publication Date: Nov -19

📋 Highlights
  • Revenue Decline:: Q3 2025 revenue fell to $27.8 million (-6% YoY) due to OEM channel slump.
  • Commercial Channel Growth:: Revenue rose 22% to $12 million, driven by regenerative solutions and international OA pain sales.
  • OEM Channel Decline:: Revenue dropped 20% to $15.8 million amid pricing pressure.
  • Gross Margin Drop:: 56% margin, down 10 percentage points YoY, with long-term target of 55-60%.
  • Adjusted EBITDA Decline:: Fell $3.7 million to $900,000 YoY, despite $6.9 million operating cash flow and $58 million cash on hand.

Segment Performance and Guidance

The company's commercial channel continued to show strength, with revenue growth driven by regenerative solutions. The OEM channel, however, faced pricing pressure, leading to a decline in revenue. Anika maintained its full-year 2025 guidance, expecting commercial channel revenue growth of 12% to 18% and OEM channel revenue decline of 16% to 20%. The adjusted EBITDA guidance range remains at positive 3% to negative 3%.

Product Updates and R&D

On the product front, Anika is focused on increasing utilization with existing surgeons and expanding the footprint with new surgeons for its Integrity product. Cheryl Blanchard mentioned that the company is seeing significant clinical advantages with the product. Regarding Cingal, the company aims to start the bioequivalence study by the end of the year and will provide an updated timeline at the next earnings call.

Capital Deployment and Production

Anika is investing $14 million in its regenerative solutions portfolio and is commencing a second $15 million share repurchase. Stephen Griffin stated that the company's capital deployment priorities include internal investment, CapEx, and then share repurchase. On production issues, Griffin mentioned that the problems are being resolved, and the company expects to return to a healthy production level by year-end.

Valuation and Outlook

With a P/S Ratio of 1.24 and an EV/EBITDA of -15.07, the market seems to be pricing in a challenging near-term environment for Anika. Analysts estimate revenue growth of 4.8% for next year. Gross margin is expected to improve towards the fourth quarter, with a long-term goal of 55-60%. The company's strong operating cash flow and cash position provide a solid foundation for future investments and share repurchases.

3. NewsRoom

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Anika Therapeutics, Inc. INVESTIGATION: Kirby McInerney LLP Announces Investigation Into Potential Securities Fraud on behalf of Investors ANIK

Dec -06

Source: globenewswire.com

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Connor Clark & Lunn Investment Management Ltd. Acquires 8,573 Shares of Anika Therapeutics Inc. $ANIK

Nov -21

Source: defenseworld.net

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Anika Therapeutics, Inc. (ANIK) Q3 2025 Earnings Call Transcript

Nov -05

Source: seekingalpha.com

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Anika Therapeutics (ANIK) Q3 Earnings and Revenues Top Estimates

Nov -05

Source: zacks.com

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Anika Reports Third Quarter 2025 Financial Results

Nov -05

Source: globenewswire.com

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

Oct -23

Source: globenewswire.com

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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

Oct -09

Source: globenewswire.com

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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

Sep -25

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (6.80%)

6. Segments

Ostoarthritis Pain Management

Expected Growth: 6.5%

Anika Therapeutics' Osteoarthritis Pain Management segment growth of 6.5% is driven by increasing prevalence of osteoarthritis, growing demand for minimally invasive treatments, and expanding adoption of hyaluronic acid-based therapies. Additionally, rising healthcare expenditure, aging population, and increasing awareness of alternative pain management options contribute to the segment's growth.

Joint Preservation and Restoration

Expected Growth: 7.5%

Anika Therapeutics' Joint Preservation and Restoration segment growth of 7.5% is driven by increasing demand for minimally invasive orthopedic procedures, expanding adoption of hyaluronic acid-based treatments, and growing awareness of early intervention for joint pain. Additionally, strategic partnerships, geographic expansion, and innovative product launches contribute to the segment's growth momentum.

Non-Orthopedic

Expected Growth: 6.0%

Anika Therapeutics' Non-Orthopedic segment growth of 6.0% is driven by increasing adoption of its hyaluronic acid-based products in the aesthetic and ophthalmic markets, coupled with expanding distribution channels and strategic partnerships. Additionally, growing demand for minimally invasive treatments and rising healthcare expenditure also contribute to this growth.

7. Detailed Products

HydraFill

A family of osteochondral allografts used for joint preservation and restoration

HydraGel

A family of hyaluronic acid-based products used for viscosupplementation and tissue augmentation

Cingal

A viscosupplement used to treat osteoarthritis

Monovisc

A single-injection viscosupplement used to treat osteoarthritis

Orthovisc

A multi-injection viscosupplement used to treat osteoarthritis

8. Anika Therapeutics, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Anika Therapeutics, Inc. has a moderate threat of substitutes due to the presence of alternative treatments and products in the market.

Bargaining Power Of Customers

Anika Therapeutics, Inc. has a low bargaining power of customers due to the specialized nature of its products and limited customer base.

Bargaining Power Of Suppliers

Anika Therapeutics, Inc. has a moderate bargaining power of suppliers due to the presence of multiple suppliers and the company's moderate dependence on them.

Threat Of New Entrants

Anika Therapeutics, Inc. has a high threat of new entrants due to the growing demand for orthobiologics and the increasing number of companies entering the market.

Intensity Of Rivalry

Anika Therapeutics, Inc. operates in a highly competitive market with several established players, leading to a high intensity of rivalry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 12.03%
Debt Cost 7.62%
Equity Weight 87.97%
Equity Cost 7.62%
WACC 7.62%
Leverage 13.68%

11. Quality Control: Anika Therapeutics, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
iCAD

A-Score: 4.7/10

Value: 7.0

Growth: 3.1

Quality: 4.5

Yield: 0.0

Momentum: 10.0

Volatility: 3.7

1-Year Total Return ->

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Stock-Card
TriSalus Life Sciences

A-Score: 4.4/10

Value: 8.4

Growth: 4.2

Quality: 6.0

Yield: 0.0

Momentum: 6.0

Volatility: 2.0

1-Year Total Return ->

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Stock-Card
OrthoPediatrics

A-Score: 3.8/10

Value: 8.4

Growth: 4.0

Quality: 5.2

Yield: 0.0

Momentum: 1.5

Volatility: 4.0

1-Year Total Return ->

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Stock-Card
Anika Therapeutics

A-Score: 2.8/10

Value: 8.8

Growth: 1.3

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 3.3

1-Year Total Return ->

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Stock-Card
Bioventus

A-Score: 2.8/10

Value: 6.6

Growth: 3.4

Quality: 4.1

Yield: 0.0

Momentum: 0.0

Volatility: 2.7

1-Year Total Return ->

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Stock-Card
Iridex

A-Score: 2.6/10

Value: 8.4

Growth: 1.8

Quality: 3.6

Yield: 0.0

Momentum: 0.5

Volatility: 1.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

9.65$

Current Price

9.65$

Potential

-0.00%

Expected Cash-Flows