# Anika Therapeutics, Inc. (ANIK)

Informational only - not investment advice.

CIK: 0000898437
SIC: 3841 Surgical & Medical Instruments & Apparatus
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 38](/major-group/38/) > [SIC 3841 Surgical & Medical Instruments & Apparatus](/industry/3841/)
Latest 10-K filed: 2026-03-03
SEC page: https://www.sec.gov/edgar/browse/?CIK=898437
Filing source: https://www.sec.gov/Archives/edgar/data/898437/000117184326001275/anik20251231_10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-03 · accession 0001171843-26-001275 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898437.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 112,819,000 USD | 2025 | verified |
| Net income | -10,880,000 USD | 2025 | verified |
| Assets | 190,270,000 USD | 2025 | verified |
| Free cash flow | 4,362,000 USD | 2025 | computed |
| Net margin | -9.64% | 2025 | computed |
| Operating margin | -9.80% | 2025 | computed |
| Revenue YoY | -5.91% | 2025 | computed |
| ROE | -7.58% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ANIK | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -9.6% | -6.0% | 42 | 63 |
| Operating margin | -9.8% | -2.7% | 42 | 63 |
| Revenue growth | -5.9% | 13.6% | 5 | 64 |
| FCF margin | 3.9% | 0.2% | 56 | 63 |
| ROE | -7.6% | -9.1% | 51 | 58 |
| ROA | -5.7% | -4.8% | 48 | 65 |
| Liabilities / equity | 0.33 | 0.89 | 21 | 63 |
| Current ratio | 4.72 | 3.23 | 69 | 65 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3841 Surgical & Medical Instruments & Apparatus, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 112819000 | USD | 2025 | 2026-03-03 |
| Net income | -10880000 | USD | 2025 | 2026-03-03 |
| Assets | 190270000 | USD | 2025 | 2026-03-03 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-03. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898437.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 103,379,000 | 113,420,000 | 105,555,000 | 114,610,000 | 130,457,000 | 147,794,000 | 113,827,000 | 120,792,000 | 119,907,000 | 112,819,000 |
| Net income | 32,547,000 | 31,816,000 | 18,722,000 | 27,193,000 | -23,982,000 | 4,134,000 | -14,859,000 | -82,667,000 | -56,385,000 | -10,880,000 |
| Operating income | 50,607,000 | 45,729,000 | 21,749,000 | 34,248,000 | -28,322,000 | 2,615,000 | 3,670,000 | 844,000 | -5,101,000 | -11,051,000 |
| Gross profit |  |  | 74,275,000 | 85,863,000 | 69,026,000 | 82,943,000 | 73,220,000 | 82,532,000 | 75,998,000 | 63,807,000 |
| Diluted EPS | 2.15 | 2.11 | 1.27 | 1.89 | -1.69 | 0.28 | -1.02 | -5.64 | -3.83 | -0.76 |
| Operating cash flow | 24,448,000 | 40,812,000 | 34,918,000 | 37,005,000 | 13,065,000 | 8,397,000 | 4,409,000 | -1,788,000 | 5,403,000 | 11,188,000 |
| Capital expenditures | 14,014,000 | 8,980,000 | 4,656,000 | 2,827,000 | 1,628,000 | 5,143,000 | 7,486,000 | 5,427,000 | 7,734,000 | 6,826,000 |
| Share buybacks | 25,000,000 |  | 30,000,000 | 30,000,000 | 0.00 | 0.00 | 0.00 | 5,000,000 | 10,914,000 | 9,485,000 |
| Assets | 240,246,000 | 282,617,000 | 278,993,000 | 330,710,000 | 365,605,000 | 347,535,000 | 349,128,000 | 270,632,000 | 202,740,000 | 190,270,000 |
| Stockholders' equity | 222,773,000 | 263,491,000 | 263,612,000 | 288,378,000 | 272,400,000 | 287,085,000 | 285,563,000 | 212,265,000 | 153,989,000 | 143,465,000 |
| Cash and cash equivalents | 104,261,000 | 133,256,000 | 89,042,000 | 157,463,000 | 95,817,000 | 94,386,000 | 86,327,000 | 68,740,000 | 55,629,000 | 57,481,000 |
| Free cash flow | 10,434,000 | 31,832,000 | 30,262,000 | 34,178,000 | 11,437,000 | 3,254,000 | -3,077,000 | -7,215,000 | -2,331,000 | 4,362,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 31.48% | 28.05% | 17.74% | 23.73% | -18.38% | 2.80% | -13.05% | -68.44% | -47.02% | -9.64% |
| Operating margin | 48.95% | 40.32% | 20.60% | 29.88% | -21.71% | 1.77% | 3.22% | 0.70% | -4.25% | -9.80% |
| Return on equity | 14.61% | 12.07% | 7.10% | 9.43% | -8.80% | 1.44% | -5.20% | -38.95% | -36.62% | -7.58% |
| Return on assets | 13.55% | 11.26% | 6.71% | 8.22% | -6.56% | 1.19% | -4.26% | -30.55% | -27.81% | -5.72% |
| Liabilities / equity | 0.08 | 0.07 | 0.06 | 0.15 | 0.34 | 0.21 | 0.22 | 0.27 | 0.32 | 0.33 |
| Current ratio | 19.37 | 15.78 | 17.98 | 14.39 | 4.81 | 5.66 | 6.07 | 5.26 | 4.88 | 4.72 |

## As-reported value updates

7 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/ANIK/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000898437.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.29 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.71 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 | 44,302,000 |  | -0.19 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 |  | -2,741,000 |  | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 41,465,000 |  | -0.45 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 42,971,000 | -63,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 40,523,000 | -4,514,000 | -0.31 | reported discrete quarter |
| 2024-Q2 | 2024-03-31 |  | -4,514,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 41,921,000 |  | -0.01 | reported discrete quarter |
| 2024-Q3 | 2024-06-30 |  | -88,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 38,753,000 |  | -2.03 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 |  | -21,865,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 26,168,000 | -4,873,000 | -0.34 | reported discrete quarter |
| 2025-Q2 | 2025-03-31 |  | -4,873,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 28,219,000 |  | -0.28 | reported discrete quarter |
| 2025-Q3 | 2025-06-30 |  | -3,970,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 27,817,000 |  | -0.16 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 30,615,000 | 292,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 29,612,000 | -5,056,000 | -0.37 | reported discrete quarter |
| 2026-Q2 | 2026-03-31 |  | -5,056,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 32,610,000 |  | 0.24 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ANIK's latest 10-K: [/company/ANIK/business/](/company/ANIK/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ANIK's latest 10-K: [/company/ANIK/risk-factors/](/company/ANIK/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/898437/000117184326005012/anik20260630_10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following discussion in conjunction with our financial statements and related notes appearing elsewhere in this report and our audited consolidated financial statements and related notes contained in our Annual Report on Form 10-K for the year ended December 31, 2025, or our 2025 Form 10-K. In addition to historical information, this report contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, concerning our business, consolidated financial condition, and results of operations. The Securities and Exchange Commission, or the SEC, encourages companies to disclose forward-looking statements so that investors can better understand a company’s future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by words such as "will," "likely," "may," "believe," "expect," "anticipate," "intend," "seek," "designed," "develop," "would," "future," "can," "could," and other expressions that are predictions of or indicate future events and trends and that do not relate to historical matters. All statements other than statements of historical facts included in this report regarding our strategies, prospects, financial condition, operations, costs, plans, and objectives are forward-looking statements. Examples of forward-looking statements include, among others, express or implied statements regarding expected future operating results, expectations regarding the timing and receipt of regulatory results, anticipated levels of capital expenditures, and expectations of the effect on our financial condition of claims, litigation, and governmental and regulatory proceedings.

Please also refer to “Item 1A. Risk Factors” of our 2025 Form 10-K for important factors that we believe could cause actual results to differ materially from those in our forward-looking statements. Any forward-looking statement made by us in this report is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

Management Overview

We are a global leader in the design, development, manufacturing and commercialization of hyaluronic acid, or HA, innovations. In partnership with our clinicians, our sole focus is dedicated to delivering and advancing osteoarthritis, or OA, pain management and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world.

We have over 30 years of global expertise developing, manufacturing and commercializing products based on our technology platform, HA. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA pain management and creating a solid form of HA called Hyaff, which is a platform utilized in our Regenerative Solutions portfolio.

As we look forward to the future, our business is positioned to capture value within our target markets of OA Pain Management and Regenerative Solutions. We believe our future success will be driven by our:

[[GREPCENT_TABLE]]
[["","\u25cf","Over 30 years of experience in HA and HA-based regenerative solutions and early intervention orthopedics, combined with seasoned leadership with a strong financial foundation for future investment in meaningful solutions for our customers and their patients;"]]
[[/GREPCENT_TABLE]]

18

[[GREPCENT_TABLE]]
[["","\u25cf","Utilizing proprietary HA-based technology and manufacturing expertise to provide new and differentiated solutions in next generation OA pain management (e.g., Cingal) and regenerative (e.g., Integrity Implant System and Hyalofast) markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Growth of the Integrity Implant System, our HA-based scaffold for rotator cuff and other tendon repairs, with first commercial cases in 2023;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Targeting to introduce key HA-based products into the U.S. market upon U.S. Food and Drug Administration, or FDA, approval/clearance, such as Cingal and Hyalofast, and developing additional products that leverage our proprietary Hyaff regenerative platform;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Robust network of stakeholders in our target markets to identify evolving unmet patient treatment needs;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Global commercial expertise, which we will leverage to drive growth across our product portfolio, including continued international expansion;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Opportunity to pursue strategic inorganic growth opportunities, including potential partnerships and smaller acquisitions, technology licensing, and leveraging our strong financial foundation and operational capabilities; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Energized and experienced team focused on strong values, talent, and culture."]]
[[/GREPCENT_TABLE]]

Products

OA Pain Management

Our OA Pain Management product family consists of Monovisc and Orthovisc, our injectable, HA-based OA pain management offerings that are indicated to provide pain relief from osteoarthritis conditions; and Cingal, our novel, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a fast-acting steroid.

Cingal is our next generation fast-acting, long-lasting, non-opioid, clinically proven OA pain product that is designed to provide both short- and long-term pain relief through at least six months. It is currently sold outside the United States in over 35 countries. In 2022, we completed a third Phase 3 clinical trial for Cingal, which achieved its primary endpoint. We have been actively engaging with FDA, on next steps for U.S. regulatory approval. We have made significant progress in addressing the FDA's requirements for Cingal's approval. In April 2023, we held a Type-C meeting with the FDA, which led to an advice letter received from the FDA in April 2024. The letter included positive feedback and new challenges that we are actively addressing. We also received confirmation that the clinical data for Cingal is a review issue and not a filing issue. Additionally, in September 2024, we acquired the Aristospan New Drug Application, or NDA, which allowed us to address a recent FDA requirement and will enable us to source the reference drug for a bioequivalence study. In April 2025, we subsequently sold the Aristospan NDA to a third-party manufacturer who will supply the reference drug for the bioequivalence study. We had another Type-C meeting with the FDA in February 2025 to discuss finalizing NDA submission requirements, including bioequivalence study requirements. We are continuing to advance NDA preparation activities and are working towards a submission to the FDA. Chemistry, Manufacturing and Controls (“CMC”) activities required for approval of HA as a drug remain a key milestone in the regulatory pathway and are expected to be a primary focus as we advance toward filing. While we remain confident in the clinical profile and commercial opportunity for Cingal, the timing of any potential NDA submission or regulatory approval remains subject to the completion of these development and regulatory requirements. We are committed to bringing this revolutionary pain management therapy to the approximate $1 billion U.S. addressable market.

Regenerative Solutions

Our Regenerative Solutions product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Integrity, our hyaluronic acid-based scaffold for rotator cuff repair and other tendon procedures, Tactoset, an HA-enhanced, flowable, injectable and settable bone void filler used to facilitate bone regeneration and augment hardware in poor quality bone, and Hyalofast, a hyaluronic acid scaffold for cartilage repair, sold outside of the United States in over 30 countries.

Hyalofast is not currently approved for commercial use in the United States and is not available for commercial sale. Anika submitted a Premarket Approval (“PMA”) application to the FDA on October 31, 2025, following completion of its pivotal Investigational Device Exemption (“IDE”) clinical trial. The Company remains actively engaged with the FDA as it works through the ongoing PMA review process and responses to the deficiency letter that the Company received in January 2026.

Results of Operations

Three and Six Months Ended June 30, 2026, Compared to Three and Six Months Ended June 30, 2025

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/898437/000117184326001275/anik20251231_10k.htm
Complete FY 2025 MD&A: /company/ANIK/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-03-03
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following section contains statements that are not statements of historical fact and are forward-looking statements within the meaning of the federal securities laws. These statements involve known and unknown risks, uncertainties, and other factors that may cause our actual results, performance, or achievement to differ materially from anticipated results, performance, or achievement, expressed or implied in such forward-looking statements. These statements reflect our current views with respect to future events, are based on assumptions, and are subject to risks and uncertainties. We discuss many of these risks and uncertainties at the beginning of this Annual Report on Form 10-K and under the sections captioned “Business” and “Risk Factors.” The following discussion should also be read in conjunction with the consolidated financial statements and the Notes thereto appearing elsewhere in this Annual Report on Form 10-K. 

Management Overview

We are a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Based on our collaborations with clinicians to understand what they need most to treat their patients, we develop minimally invasive products that restore active living for people around the world. We are committed to leading in high opportunity spaces within orthopedics, including osteoarthritis (“OA”) Pain Management and Regenerative Solutions.

We have thirty years of global expertise developing, manufacturing and commercializing products based on our hyaluronic (“HA”) technology platform. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA Pain Management and creating a solid form of HA called Hyaff, which is a platform utilized in our regenerative solutions portfolio.

37

In early 2020, we expanded our product portfolio and commercial capabilities through the acquisitions of Parcus Medical, LLC and Arthrosurface Incorporated, adding sports medicine, joint preservation, and instrumentation offerings to our business. In 2024, we refined our strategic focus to prioritize OA Pain Management and regenerative solutions and, consistent with this focus, divested Arthrosurface Incorporated in October 2024 and Parcus Medical, LLC in March 2025.

As we look forward to the future, our business is positioned to capture value within our target market of OA Pain Management and Regenerative Solutions product portfolios. We believe our success will be driven by our:

[[GREPCENT_TABLE]]
[["","\u25cf","Over 30 years of experience in HA and HA-based regenerative solutions and early intervention orthopedics combined with seasoned leadership with a strong financial foundation for future investment in meaningful solutions for our customers and their patients;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Utilizing proprietary HA-based technology and manufacturing expertise to provide new and differentiated solutions in next generation OA Pain Management (eg. Cingal) and regenerative (eg. Integrity Implant System and Hyalofast) markets;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Growth of the Integrity Implant System, our HA-based scaffold for rotator cuff and other tendon repairs;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Targeting to introduce key HA-based products into the US market upon FDA approval/clearance, such as Cingal and Hyalofast, and developing additional products that leverage our proprietary Hyaff regenerative platform;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Robust network of stakeholders in our target markets to identify evolving unmet patient treatment needs;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Global commercial expertise which we will leverage to drive growth across our product portfolio, including continued international expansion;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Opportunity to pursue strategic inorganic growth opportunities, including potential partnerships and smaller acquisitions, technology licensing, and leveraging our strong financial foundation and operational capabilities; and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Energized and experienced team focused on strong values, talent, and culture."]]
[[/GREPCENT_TABLE]]

For additional information regarding our business, please refer to “Item 1. Business” of this Annual Report on Form 10-K.

Products

OA Pain Management

Our OA Pain Management product family consists of Monovisc and Orthovisc, our injectable, HA-based OA Pain Management offerings that are indicated to provide pain relief from osteoarthritis conditions; and Cingal, our novel, next-generation, single-injection OA Pain Management product consisting of our proprietary cross-linked HA material combined with a fast-acting steroid. Cingal is our next generation fast-acting, long-lasting, non-opioid, clinically proven osteoarthritis pain product which is designed to provide both short- and long-term pain relief, through at least six months.  It is currently sold outside the United States in 53 countries.  In 2022, we completed a third Phase III clinical trial for Cingal, which achieved its primary endpoint. Cingal is currently not approved for commercial use in the United States. We have been actively engaging with the U.S. Food and Drug Administration (“FDA”) on next steps for U.S. regulatory approval.

Regenerative Solutions

Our Regenerative Solutions product family consists of: (a) our portfolio of orthopedic regenerative solutions products utilizing HA, including Integrity, our new arthroscopic patch system for rotator cuff repair and other tendon procedures, Tactoset to facilitate bone regeneration, and Hyalofast, sold outside of the United States in over 30 countries, for cartilage repair.

For additional information with respect to our products, including information related to how they are sold and new product development initiatives, please see the sections captioned “Products,” “Sales Channels,” and “Research and Development” contained within “Part I. Item I. Business” of this Annual Report on Form 10-K.

38

Results of Operations

Year ended December 31, 2025 compared to year ended December 31, 2024

Statement of Operations Detail 

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024","","","$ Change","","","% Change"],["","","(in thousands, except percentages)"],["Revenue","","$","112,819","","","$","119,907","","","$","(7,088",")","","","(6","%)"],["Cost of revenue","","","49,012","","","","43,909","","","","5,103","","","","12","%"],["Gross profit","","","63,807","","","","75,998","","","","(12,191",")","","","(16","%)"],["Gross margin","","","57","%","","","63","%"],["Operating expenses:"],["Research & development","","","25,770","","","","25,544","","","","226","","","","1","%"],["Selling, general & administrative","","","49,088","","","","55,555","","","","(6,467",")","","","(12","%)"],["Total operating expenses","","","74,858","","","","81,099","","","","(6,241",")","","","(8","%)"],["Loss from operations","","","(11,051",")","","","(5,101",")","","","(5,950",")","","","117","%"],["Interest and other income, net","","","1,744","","","","2,337","","","","(593",")","","","(25","%)"],["Loss before income taxes","","","(9,307",")","","","(2,764",")","","","(6,543",")","","","237","%"],["Provision for income taxes","","","672","","","","6,064","","","","(5,392",")","","","(89","%)"],["Loss from continuing operations","","","(9,979",")","","","(8,828",")","","","(1,151",")","","","13","%"],["Loss from discontinued operations, net of tax","","","(901",")","","","(47,557",")","","","46,656","","","","(98","%)"],["Net loss","","$","(10,880",")","","$","(56,385",")","","$","45,505","","","","(81","%)"]]
[[/GREPCENT_TABLE]]

Revenue

We classify our revenue between the Original Equipment Manufacturer (“OEM”) Channel and the Commercial Channel. In the OEM Channel, we are responsible for development and manufacturing of products sold to our OEM partners governed by long-term agreements, but we do not control sales, marketing, or pricing with end users. In the Commercial Channel, we have full responsibility for sales, marketing, and pricing of products through our commercial leaders, direct sales representatives, and independent distributors. Revenue from our Regenerative Solutions and international OA Pain Management businesses is included in the Commercial Channel.

The following table presents revenue by product family for fiscal years 2025 and 2024 (dollars in thousands): 

[[GREPCENT_TABLE]]
[["","","Years Ended December 31,"],["","","2025","","","2024","","","$ Change","","","% Change"],["OEM Channel","","$","64,406","","","$","77,770","","","$","(13,364",")","","","(17","%)"],["Commercial Channel","","","48,413","","","","42,137","","","","6,276","","","","15","%"],["","","$","112,819","","","$","119,907","","","$","(7,088",")","","","(6","%)"]]
[[/GREPCENT_TABLE]]

Revenue for the year ended December 31, 2025 was $112.8 million, a decrease of $7.1 million, or 6%, compared to the prior year. The decrease in revenue was driven by lower pricing with our OEM channel partners, primarily J&J MedTech.

Revenue from our OEM Channel product family decreased 17% for the year ended December 31, 2025, as compared to prior year, due to a $12.6 million decrease in J&J MedTech revenue, primarily due to lower pricing contributing $10.0 million of the decrease and lower volumes contributing to $2.6 million of the decrease. There was a $0.8 million decrease in the Non-Orthopedic category revenue with prior year due to lower veterinary sales offset by higher ophthalmic and surgery product sales.

Revenue from our Commercial Channel product family increased 15% for the year ended December 31, 2025, as compared to prior year, due to international sales growth on Cingal and Orthovisc, offset by lower Monovisc shipments due to manufacturing delays. This sales growth in international OA Pain Management products was primarily related to increased product demand of $3.6 million and minimal change on pricing with international customers. We also continued our full market release of Integrity in the U.S. in 2025 which contributed to a $3.4 million increase during the year ended December 31, 2025 and we had a $0.8 million increase in Hyalofast which is sold only outside of the United States. These increases in international OA Pain Management, Hyalofast and Integrity revenues were offset by a $1.5 million decrease in Tactoset sales during 2025.

Gross Profit and Margin

Gross profit for the year ended December 31, 2025 was $63.8 million, or gross margin of 57%, as compared with $76.0 million, or gross margin of 63%, for the year ended December 31, 2024. The decrease in gross profit for the year ended December 31, 2025, primarily resulted from lower revenue, primarily related to OA Pain Management products in the U.S., product channel mix with a higher percentage of international sales which have a lower selling price, increased manufacturing costs and higher inventory reserves.

39

Research and Development

Research and development costs for the years ended December 31, 2025 and 2024 were as follows:

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ANIK/mda/fy2025/
All MD&A years: /company/ANIK/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ANIK/mda/fy2024/): filed 2025-03-17; accession 0001171843-25-001486 (https://www.sec.gov/Archives/edgar/data/898437/000117184325001486/anik20241231_10k.htm)
- [FY 2023 MD&A](/company/ANIK/mda/fy2023/): filed 2024-03-15; accession 0001171843-24-001380 (https://www.sec.gov/Archives/edgar/data/898437/000117184324001380/anik20231231_10k.htm)
- [FY 2022 MD&A](/company/ANIK/mda/fy2022/): filed 2023-03-16; accession 0001171843-23-001729 (https://www.sec.gov/Archives/edgar/data/898437/000117184323001729/anik20221231_10k.htm)
- [FY 2021 MD&A](/company/ANIK/mda/fy2021/): filed 2022-03-11; accession 0001171843-22-001790 (https://www.sec.gov/Archives/edgar/data/898437/000117184322001790/anik20211231_10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3841 Surgical & Medical Instruments & Apparatus) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ANIK.md · JSON record: /company/ANIK.json · verified financials: /company/ANIK/financials.json / /company/ANIK/financials.csv · machine TOC for the whole site: /llms.txt