Anika Therapeutics, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 6 November 2026: press release. Guidance figures: 1 raised, 1 lowered, 2 narrowed, 3 kept. The quarter’s numbers.

Key takeaways

Revenue rose 10% in quarter: Total revenue was $30.6 million, against $27.8 million a year earlier. Management attributed growth to Commercial Channel expansion and steady OEM Channel execution. Source
Commercial Channel revenue up 17%: Commercial Channel revenue was $14.0 million, supported by international viscosupplement growth and Integrity adoption. OEM Channel revenue was $16.6 million. Source
Hyvisc distribution deal runs 10 years: Anika entered a new 10-year Hyvisc distribution partnership with its existing partner, Boehringer Ingelheim, in November. Source
Gross margin improved on productivity: Gross margin improved year over year. Management attributed the gain to manufacturing productivity, partly offset by product mix from the Hyalomatrix reintroduction. Source
Commercial guidance lowered for elective market: The 2026 Commercial Channel guidance was updated to reflect the slower elective surgery market. Source
Hyalofast PMA not approvable by FDA: In October the FDA notified the company that the Hyalofast PMA application is not approvable, based primarily on the clinical data submitted. Source
Channel guidance mix shifted to OEM: 2026 channel guidance reflects a greater contribution from the OEM Channel and more measured Commercial Channel growth. Source

“Taken together, this progress reinforces our confidence in our full-year 2026 outlook and our 2027 revenue expectations.”
Steve Griffin, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Total company revenue growth Source	Full year 2026	6% to 10%	Narrowed, low end up from 5% to 10%
OEM Channel revenue growth Source	Full year 2026	5% to 9%	Raised from 0% to 5%
Commercial Channel revenue growth Source	Full year 2026	9% to 13%	Lowered from 12% to 18%
Adjusted EBITDA margin Source	Full year 2026	15% to 17%	Narrowed, low end up from 13% to 17%
Total company revenue growth Source	Full year 2027	Flat to 5%	Kept
OEM Channel revenue growth	Full year 2027	Flat to modestly lower	Kept
Commercial Channel revenue growth	Full year 2027	5% to 15%	Kept

What changed from last quarter

Guidance raised: The company raised the lower end of its 2026 total company revenue guidance and raised 2026 adjusted EBITDA guidance. Source
Guidance raised: The 2026 OEM Channel revenue growth range was raised. Source
Guidance lowered: The 2026 Commercial Channel revenue growth range was lowered. Source
Guidance kept: The 2027 total company revenue guidance was reaffirmed. Source
New: Anika entered a new 10-year Hyvisc distribution partnership with Boehringer Ingelheim in November. Source
New: Hyalomatrix was reintroduced in the U.S. through a new OEM distributor, with first units shipped in the third quarter. Source
New: A second-generation Integrity instrumentation was launched in September. Source
New: The FDA informed the company in October that the Hyalofast PMA application is not approvable. Source
New: Enrollment in the Cingal bioequivalence study was completed in September. Source

Quarter results and growth

Revenue rose 10% in quarter: Total revenue was $30.6 million, against $27.8 million a year earlier. Management attributed growth to Commercial Channel expansion and steady OEM Channel execution. Source
Nine-month growth in both channels: Year to date, Commercial Channel revenue rose 15% and OEM Channel revenue rose 11%, with both channels growing in double digits. Source
Continuing operations loss smaller than last year: The GAAP loss from continuing operations was $0.3 million, or $0.02 per diluted share, against a $3.2 million loss in the prior-year quarter. Source
Nine-month revenue reached $92.8 million: Revenue for the nine months was $92.8 million, compared with $82.2 million in the same period of 2025. Source

Segments and regions

Commercial Channel revenue up 17%: Commercial Channel revenue was $14.0 million, supported by international viscosupplement growth and Integrity adoption. OEM Channel revenue was $16.6 million. Source
International viscosupplement growth 19%: International viscosupplement revenue rose 19% year over year, and total Regenerative Solutions revenue rose 12%. Source
Pain management grew 16% year to date: International OA Pain Management revenue grew 16% year to date, which management linked to demand for Cingal and Monovisc. Source
OEM growth from Hyvisc and DePuy: OEM Channel growth was supported by Hyvisc and J&J DePuy Synthes sales, the company said. Source

“Third quarter results reflect the continued execution against these priorities and represent key milestones to improve durable growth and drive sustained profitability.”
Steve Griffin, President and Chief Executive Officer

Products and customers

Integrity revenue up 37% year to date: Integrity revenue rose 37% year to date. Larger implant sizes introduced in late 2025 and early 2026 extended use into foot & ankle and knee applications. Source
Second-generation Integrity instrumentation launched: A second-generation Integrity instrument launched in September, offering surgeons an alternative insertion and deployment option. Source
Hyvisc distribution deal runs 10 years: Anika entered a new 10-year Hyvisc distribution partnership with its existing partner, Boehringer Ingelheim, in November. Source
Hyvisc deal adds royalty and purchases: The renewed Hyvisc arrangement provides higher transfer pricing, a royalty on end-market sales, higher contractual purchases and upfront and milestone payments. Source

Costs, gross margin and profit

Gross margin improved on productivity: Gross margin improved year over year. Management attributed the gain to manufacturing productivity, partly offset by product mix from the Hyalomatrix reintroduction. Source
Gross margin 62% against 56%: Gross margin was 62%, compared with 56% in the prior-year period. Source
Operating expenses up 4%: Operating expenses were $19.5 million, up 4% year over year, covering research and development and selling, general and administrative costs. Source
Adjusted EBITDA $5.1 million in quarter: Adjusted EBITDA was $5.1 million for the quarter and $16.5 million for the nine months, excluding stock-based compensation and severance costs. Source

“Anika continues to believe strongly in Hyalofast’s potential in the U.S. market and is continuing to assess the available regulatory pathways and next steps”
Anika Therapeutics, Inc., press release

Demand and order book

Integrity grew despite slower elective market: Integrity rose sequentially and more than 30% year over year, although the third-quarter elective surgery market was slower than anticipated. Source
Demand ran ahead of forecasts: Demand has exceeded forecasts, and management significantly increased throughput on the cross-link line. Source
Safety stock built for growth: Production is rising and safety stock is being built for future growth. Management expects this to bring further productivity gains and gross margin improvement over time. Source
Commercial guidance lowered for elective market: The 2026 Commercial Channel guidance was updated to reflect the slower elective surgery market. Source

Capital, cash and shareholder returns

Cash balance $45.0 million at quarter-end: Cash and cash equivalents stood at $45.0 million as of September 30, 2026. Source
Operating cash flow $2.8 million year to date: Net cash provided by operating activities was $2.8 million for the nine months, against $6.6 million a year earlier. Source
Capital spending $4.5 million year to date: Purchases of property and equipment were $4.5 million for the nine months, against $6.2 million in the prior-year period. Source
Share repurchases $9.5 million year to date: Share repurchases were $9.5 million for the nine months, against $4.0 million a year earlier. Source

Strategy and pipeline

Hyalofast PMA not approvable by FDA: In October the FDA notified the company that the Hyalofast PMA application is not approvable, based primarily on the clinical data submitted. Source
Cingal bioequivalence enrollment completed: Enrollment in the Cingal bioequivalence study was completed in September. Source
Hyalofast potential still believed: Management continues to believe in Hyalofast's potential in the U.S. market and is assessing available regulatory pathways and next steps. Source

Guidance update

Lower end of 2026 revenue raised: The company raised the lower end of 2026 total company revenue guidance, reaffirmed 2027 total company revenue guidance and raised 2026 adjusted EBITDA guidance. Source
Channel guidance mix shifted to OEM: 2026 channel guidance reflects a greater contribution from the OEM Channel and more measured Commercial Channel growth. Source
2026 adjusted EBITDA margin range raised: The 2026 adjusted EBITDA margin range was raised at its lower end. Source

Management priorities

Three 2026 priorities executed through September: Management said it executed against three priorities set at the start of 2026: revenue growth, operational execution and pipeline advancement. Source
Confidence in 2026 and 2027 expectations: Management said the quarter's progress reinforces confidence in full-year 2026 guidance and 2027 revenue expectations. Source
Operational discipline central to strategy: Management said operational discipline remains central to its value creation strategy. Source

Coming up, as management said on 6 November 2026

Hyvisc payments expected in 2027: Management expects $8 million in total Hyvisc payments: a $4 million upfront payment in the first quarter of 2027 and $4 million tied to commercial volumes. Source
Cingal NDA expected before year-end 2027: Cingal NDA submission is expected before year-end 2027, after the clinical study report and CMC work are completed. Source
Hyalofast next steps under assessment: Management is assessing the Hyalofast regulatory path, including FDA discussions on the additional evidence that may be required for future approval. Source

Risks management discussed

Demand: Management cited a slower than anticipated third-quarter elective surgery market, which affected Integrity results and Commercial Channel guidance. Source
External: Seasonality in the summer months was more market-wide than usual, according to management. Source
Regulatory: The FDA did not find the Hyalofast PMA application approvable, based primarily on clinical data, and further evidence may be needed. Source
Operational: Product mix from the Hyalomatrix reintroduction partly offset manufacturing productivity gains in gross margin. Source

Earlier plans management reported on

On track: The prior release described Cingal development as on track, with bioequivalence enrollment progressing as planned.
Met: Management stated it executed against the three priorities established at the start of the year. Source
Not stated: The prior release expected some second-half moderation in revenue and profitability; this release does not state whether it occurred.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Anika Reports Third Quarter 2026 Financial Results

Revenue Increased 10% Year Over Year, Led by 17% Commercial Channel Growth Including More Than 30% Growth in IntegrityTM Revenue

Secured New 10-Year Hyvisc® Partnership with Enhanced Economics; Reintroduced Hyaff Non-Orthopedic OEM Product

Raised Lower End of Full-Year 2026 Total Company Revenue Guidance and Raised 2026 Adjusted EBITDA Guidance

BEDFORD, Mass., Nov. 06, 2026 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (Nasdaq: ANIK), the global leader in the design, development, manufacturing and commercialization of hyaluronic acid (HA) innovations, today announced financial results for the third quarter of 2026.

Total revenue for the third quarter was $30.6 million, compared with $27.8 million in the prior-year period, representing 10% year over year growth. Performance was driven by continued Commercial Channel growth and steady Original Equipment Manufacturer (OEM) Channel execution, with Commercial Channel revenue of $14.0 million, up approximately 17% year over year, and OEM Channel revenue of $16.6 million, up approximately 5% year over year.

Third quarter results reflected continued progress on Anika’s strategy to accelerate revenue growth, strengthen operations and advance the pipeline. International viscosupplement revenue increased 19% year over year, total Regenerative Solutions revenue increased 12%, and Integrity revenue grew both sequentially and by more than 30% year over year despite more market-wide seasonality than usual in the summer months. Strong Integrity performance was supported in part by the larger implant sizes introduced in the fourth quarter of 2025 and first quarter of 2026, respectively, which expanded use into other tendon applications including foot & ankle and knee.

“Through the first nine months of 2026, we have executed against the three priorities we established at the start of the year: accelerating revenue growth, strengthening operational execution and advancing our pipeline. We delivered double-digit year to date revenue growth across both channels, secured a long-term agreement that improves the durability and economics of an important commercial relationship, increased manufacturing capacity to support future growth, fully enrolled the Cingal bioequivalence study and expanded Integrity adoption,” said Steve Griffin, President and Chief Executive Officer. “Third quarter results reflect the continued execution against these priorities and represent key milestones to improve durable growth and drive sustained profitability. Taken together, this progress reinforces our confidence in our full-year 2026 outlook and our 2027 revenue expectations.”

Accelerating Revenue Growth Anika delivered a solid third quarter, highlighted by growth across both channels and continued progress on key pipeline and operational priorities. Through the first nine months, Anika has delivered double-digit revenue growth in both channels, with Commercial Channel revenue increasing 15% and OEM Channel revenue increasing 11% year to date. As part of the Company’s strategy to drive sustainable long-term growth, an enhanced long-term commercial agreement with improved economics has been secured increasing revenue visibility and unlocking additional value in one of our non-orthopedic product franchises.

Strengthening Operational Discipline Operational discipline remains central to Anika’s value creation strategy. Gross margin improved meaningfully year over year driven by manufacturing productivity offset partially by product mix from the reintroduction of Hyalomatrix®, a Hyaff wound product. Anika continues to improve manufacturing execution through stronger production planning, process improvements and sourcing flexibility, including FDA approval of new aseptic manufacturing processes and validation of a second cross-link filler. Because demand has exceeded forecasts, the Company has significantly increased throughput. Unit volumes on Anika’s cross-link line are now more than 50% above 2022 levels, and further opportunity exists to expand output. As demand continues to grow, the Company is increasing production and building safety stock to support future growth, which is expected to drive additional productivity gains and gross margin improvement over time.

Advancing the Pipeline In September, enrollment in the Cingal bioequivalence study was completed. Following completion of the clinical study report and chemistry, manufacturing and controls (CMC) work required to file HA as a drug, Anika expects the Cingal new drug application (NDA) to be submitted before year-end 2027.

In October, the Company received formal notification from the FDA that the Hyalofast® pre-market approval (PMA) application is not approvable, primarily based on the clinical data included in the submission. Anika continues to believe strongly in Hyalofast’s potential in the U.S. market and is continuing to assess the available regulatory pathways and next steps, including discussions with the FDA regarding the additional evidence that may be required to support a future approval.

Third Quarter 2026 Business Highlights and Updates

Total third quarter revenue was $30.6 million, up 10% year over year, reflecting continued execution across Commercial and OEM Channels.
Commercial Channel revenue increased 17% year over year to $14.0 million, supported by international viscosupplement growth and Integrity adoption.
International OA Pain Management revenue increased 19% year over year in the third quarter and 16% year to date, reflecting sustained strong demand on both Cingal and Monovisc.
OEM Channel revenue increased 5% year over year in the third quarter, supported by Hyvisc growth and J&J DePuy Synthes sales.
In November, Anika entered a new 10-year partnership for the distribution of Hyvisc with its existing partner, Boehringer Ingelheim. The agreement provides higher transfer pricing, a royalty on end-market sales, higher contractual purchases and upfront and milestone payments. In total, we expect to receive $8 million in payments, including a $4 million upfront payment in the first quarter of 2027 and remaining $4 million tied to commercial volumes.
Integrity revenue recorded sequential growth and increased more than 30% year over year in the third quarter despite a slower than anticipated third quarter elective surgery market. Despite these market dynamics, Integrity contributed $7.5 million in revenue for the trailing 12 months. Strong performance was supported in part by the larger sizes introduced in the fourth quarter of 2025 and first quarter of 2026 which expanded use into other tendon applications including foot & ankle and knee. Integrity revenue has increased 37% year to date. Commercial Channel Revenue 2026 guidance has been updated to reflect this slower elective surgery market.
Anika’s second-generation Integrity instrumentation launched in September, providing surgeons with an alternative insertion and deployment option designed to support differences in surgeon preference.
In October, Anika received formal notification from the U.S. Food and Drug Administration (FDA) that its Hyalofast PMA application is not approvable, primarily based on the clinical data included in the submission. Anika continues to believe strongly in Hyalofast’s potential in the U.S. market and is assessing available regulatory pathways and next steps.
Cingal bioequivalence study enrollment was completed in September, CMC preparation is progressing, and Anika expects an NDA submission before year-end 2027.
Anika reintroduced Hyalomatrix, a Hyaff wound product, in the U.S. through a new OEM distributor with first commercial units shipped during the third quarter.

Third Quarter 2026 Continuing Operations Financial Summary

Revenue: $30.6 million, up 10% year over year
Commercial Channel revenue: $14.0 million, up 17%
OEM Channel revenue: $16.6 million, up 5%
Gross margin: 62%, compared with 56% in the prior-year period
Operating expenses: $19.5 million, up 4% year over year
GAAP loss from continuing operations: $0.3 million, or $0.02 per diluted share
Adjusted net income from continuing operationsˆ: $3.9 million, or $0.29 per diluted share
Adjusted EBITDAˆ: $5.1 million
Cash and cash equivalents: $45.0 million as of September 30, 2026

ˆSee description of non-GAAP financial information contained in this release.

Fiscal 2026 and 2027 Guidance Anika is raising the lower end of its full-year 2026 total company revenue guidance, reaffirming its full-year 2027 total company revenue guidance and raising full-year 2026 adjusted EBITDA guidance. The Company is updating its 2026 channel revenue guidance to reflect a greater contribution from the OEM Channel and more measured Commercial Channel growth.

2026 Guidance

Total Company revenue growth: 6% to 10%, compared to 5% to 10% previously
OEM Channel revenue growth: 5% to 9%, compared to 0% to 5% previously
Commercial Channel revenue growth: 9% to 13%, compared to 12% to 18% previously
Adjusted EBITDA margin: 15% to 17%, compared to 13% to 17% previously

2027 Revenue Guidance

Total Company revenue growth: Flat to 5%
OEM Channel revenue growth: Flat to modestly lower
Commercial Channel revenue growth: 5% to 15%

Conference Call and Webcast Information Anika’s management will hold a conference call and webcast to discuss its financial results and business highlights on November 6, 2026, at 8:30 am ET. The conference call can be accessed by dialing 1-800-717-1738 (toll-free domestic) or 1-646-307-1865 (international) and providing the conference ID number 27870. A live audio webcast will be available in the Investor Relations section of Anika’s website, www.anika.com. A slide presentation with highlights from the conference call will be available in the Investor Relations section of the Anika website. A replay of the webcast will be available on Anika’s website approximately two hours after the completion of the event.

About Anika Anika Therapeutics, Inc. (NASDAQ: ANIK), is a global leader in the design, development, manufacturing, and commercialization of hyaluronic acid innovations. In partnership with clinicians, our primary focus is dedicated to delivering and advancing osteoarthritis pain management and orthopedic regenerative solutions. At our core is a passion to deliver a differentiated portfolio that improves patient outcomes around the world. Anika’s global operations are headquartered outside of Boston, Massachusetts. For more information about Anika, please visit www.anika.com.

ANIKA, ANIKA THERAPEUTICS, CINGAL, HYALOFAST, INTEGRITY, MONOVISC, HYVISC, HYALOMATRIX, and the Anika logo are trademarks of Anika Therapeutics, Inc. or its subsidiaries or are licensed to Anika Therapeutics, Inc. for its use.

Non-GAAP Financial Information Non-GAAP financial measures should be considered supplemental to, and not a substitute for, Anika’s reported financial results prepared in accordance with GAAP. Furthermore, Anika’s definition of non-GAAP measures may differ from similarly titled measures used by others. Because non-GAAP financial measures exclude the effect of items that will increase or decrease Anika’s reported results of operations, Anika strongly encourages investors to review Anika’s consolidated financial statements and publicly filed reports in their entirety. Anika presents these non-GAAP financial measures because it uses them as supplemental measures in internally assessing its operating performance, and, in the case of Adjusted EBITDA, it is set as a key performance metric to determine executive compensation. Anika also recognizes that these non-GAAP measures are commonly used in determining business performance more broadly and believes that they are helpful to investors, securities analysts, and other interested parties as a measure of comparative operating performance from period to period.

Adjusted EBITDA Adjusted EBITDA is defined by Anika as GAAP net loss from continuing operations excluding depreciation and amortization, interest and other income (expense), net, income taxes, stock-based compensation expense, non-recurring professional fees and severance costs.

Adjusted Net Income (Loss) from Continuing Operations and Adjusted Earnings Per Share (“EPS”) from Continuing Operations Adjusted net income (loss) from continuing operations is defined by Anika as GAAP net income (loss) from continuing operations, on a tax effected basis, excluding stock-based compensation, non-recurring professional fees and severance costs. Adjusted diluted EPS from continuing operations is defined by Anika as GAAP diluted EPS from continuing operations excluding stock-based compensation, non-recurring professional fees and severance costs, each on a tax effected and per share basis.

A reconciliation of adjusted EBITDA to adjusted net income (loss) from continuing operations to net income (loss) from continuing operations and adjusted diluted EPS from continuing operations to diluted EPS from continuing operations, the most directly comparable financial measures calculated and presented in accordance with GAAP, is shown in the tables at the end of this release.

Anika has not provided a reconciliation of its forward-looking adjusted EBITDA margin guidance to the most directly comparable GAAP financial measure because it is unable to predict with reasonable certainty the occurrence or amount of items such as stock-based compensation expense, severance costs, non-recurring professional fees and certain other items that may affect GAAP results. The effect of these items could be material, and therefore a reconciliation is not available without unreasonable effort.

Forward-looking statements notice

Forward-Looking Statements This press release may contain forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, concerning Anika’s expectations, anticipations, intentions, beliefs or strategies regarding the future which are not statements of historical fact, including express or implied statements regarding Anika’s 2026 revenue and adjusted EBITDA guidance, and 2027 revenue guidance; Anika’s product development activities, including clinical trials, regulatory submissions and reviews, including for Cingal and Hyalofast;, manufacturing improvements and capacity expansion; receipt of milestone payments and royalties; margin contributions from product reintroductions; and other, operational initiatives and pipeline advancement, among others. These express or implied statements are based upon the current beliefs and expectations of Anika’s management and are subject to significant risks, uncertainties, and other factors. Anika's actual results could differ materially from any anticipated future results, performance, or achievements described in the forward-looking statements as a result of a number of factors including, but not limited to, risks related to (i) Anika’s ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) Anika’s ability to obtain pre-clinical or clinical data to support regulatory approvals; (iii) other regulatory, commercial, and operational risks, including related to manufacturing, production planning, addressing customer demands and supply chain risks ; (iv)achieving success from its research and product development efforts, including any future product sales; (v) the cost effectiveness and efficiency of its manufacturing operations and production planning; (vi) the strength of the economies in which Anika operates or will be operating, as well as political stability in such geographies; (vii) future resource allocation determinations; (viii) achieving growth targets and realizing expected economic benefits; (ix) receipt of milestone payments and royalties under its distribution agreements, including the recently renewed Boehringer Ingelheim agreement; and (x) achieving anticipated margin contributions and commercial returns from product reintroductions and new product launches. Additional factors and risks are described in Anika’s periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC's website at www.sec.gov. Forward-looking statements are made based on information available on the date of this press release, and Anika assumes no obligation to update the information contained in this press release.

For Investor Inquiries: Anika Therapeutics, Inc. Matt Hall, 781-457-9554 Executive Director, Corporate Development and Investor Relations investorrelations@anika.com

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations
(in thousands, except per share data)
(unaudited)
Revenue	$30,594	$27,817	$92,816	$82,204
Cost of revenue	11,757	12,233	33,738	37,576
Gross profit	18,837	15,584	59,078	44,628
Operating expenses:
Research and development	7,895	6,946	21,949	19,318
Selling, general and administrative	11,654	11,871	40,375	37,007
Total operating expenses	19,549	18,817	62,324	56,325
Loss from operations	(712)	(3,233)	(3,246)	(11,697)
Interest and other income (expense), net	390	997	1,483	1,626
Loss before income taxes	(322)	(2,236)	(1,763)	(10,071)
(Benefit from) provision for income taxes	(11)	939	295	1,709
Loss from continuing operations	(311)	(3,175)	(2,058)	(11,780)
Income from discontinued operations, net of tax	-	846	-	608
Net loss	$(311)	$(2,329)	$(2,058)	$(11,172)
Net income (loss) per share:
Basic
Continuing Operations	$(0.02)	$(0.22)	$(0.15)	$(0.82)
Discontinued Operations	$-	$0.06	$-	$0.04
	$(0.02)	$(0.16)	$(0.15)	$(0.78)
Diluted
Continuing Operations	$(0.02)	$(0.22)	$(0.15)	$(0.82)
Discontinued Operations	$-	$0.06	$-	$0.04
	$(0.02)	$(0.16)	$(0.15)	$(0.78)
Weighted average common shares outstanding:
Basic	13,388	14,419	13,416	14,361
Diluted	13,388	14,419	13,416	14,361

	September 30,	December 31,
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Balance Sheets
(in thousands, except per share data)
(unaudited)
ASSETS	2026	2025
Current assets:
Cash and cash equivalents	$44,957	$57,481
Accounts receivable, net	24,255	23,690
Inventories, net	30,351	18,787
Prepaid expenses and other current assets	3,482	3,400
Total current assets	103,045	103,358
Property and equipment, net	40,739	40,324
Right-of-use assets	25,775	25,939
Other long-term assets	3,931	4,034
Notes receivable	5,754	5,636
Deferred tax assets	925	1,275
Intangible assets, net	1,650	1,650
Goodwill	7,781	8,054
Total assets	$189,600	$190,270
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$6,033	$6,041
Accrued expenses and other current liabilities	20,692	15,867
Total current liabilities	26,725	21,908
Other long-term liabilities	733	701
Lease liabilities	24,565	24,196
Stockholders’ equity:
Common stock, $0.01 par value	134	139
Additional paid-in-capital	84,131	87,498
Accumulated other comprehensive loss	(5,417)	(4,959)
Retained earnings	58,729	60,787
Total stockholders’ equity	137,577	143,465
Total liabilities and stockholders’ equity	$189,600	$190,270

	For the Nine Months Ended September 30,
	2026	2025
Anika Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
Cash flows from operating activities:
Net loss	$(2,058)	$(11,172)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation	4,351	4,054
Amortization of acquisition related intangible assets	-	357
Non-cash operating lease cost	1,390	1,562
Stock-based compensation expense	12,718	7,626
Deferred income taxes	329	18
Provision for doubtful accounts	(57)	209
Provision for inventory	3,190	4,969
Interest income on notes receivable	(384)	(424)
Loss (gain) on sale of assets	6	(956)
Changes in operating assets and liabilities:
Accounts receivable	(645)	1,953
Inventories	(14,327)	1,809
Prepaid expenses, other current and long-term assets	(1,386)	1,016
Accounts payable	(455)	(835)
Operating lease liabilities	(1,324)	(1,525)
Accrued expenses, other current and long-term liabilities	541	(1,641)
Income taxes	958	(469)
Net cash provided by operating activities	2,847	6,551
Cash flows from investing activities:
Proceeds from sale of Parcus	-	4,496
Proceeds from sale of intangible assets	-	600
Notes receivable	266	483
Purchases of property and equipment	(4,541)	(6,178)
Net cash used in investing activities	(4,275)	(599)
Cash flows from financing activities:
Proceeds from employee stock purchase plan	198	261
Cash paid for tax withheld on vested restricted stock awards	(1,742)	(1,562)
Proceeds from exercises of equity awards	12	-
Repurchases of common stock	(9,543)	(3,971)
Net cash used in financing activities	(11,075)	(5,272)
Exchange rate impact on cash	(21)	151
(Decrease) increase in cash and cash equivalents	(12,524)	831
Cash and cash equivalents at beginning of period	57,481	57,159
Cash and cash equivalents at end of period	$44,957	$57,990

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Income (Loss) from Continued Operations to Adjusted EBITDA
(in thousands)
(unaudited)
Loss from continuing operations	$(311)	$(3,175)	$(2,058)	$(11,780)
Interest and other (income) expense, net	(390)	(997)	(1,483)	(1,626)
Provision for income taxes	(11)	939	295	1,709
Depreciation and amortization	1,439	1,403	4,351	4,263
Stock-based compensation	4,244	2,215	12,718	7,758
Non-recurring professional fees	-	480	169	480
Severance costs	127	-	2,486	-
Adjusted EBITDA	$5,098	$865	$16,478	$804
Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Net Income from Continuing Operations to Adjusted Net Income from Continuing Operations
(in thousands)
(unaudited)
	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Loss from continuing operations	$(311)	$(3,175)	$(2,058)	$(11,780)
Stock-based compensation, tax effected	4,099	3,145	14,846	9,075
Non-recurring professional fees, tax effected	-	682	197	561
Severance costs, tax effected	123	-	2,902	-
Adjusted net income (loss) from continuing operations	$3,911	$652	$15,887	$(2,144)
Anika Therapeutics, Inc. and Subsidiaries
Reconciliation of GAAP Diluted Earnings from Continuing Operations Per Share to Adjusted Diluted Earnings from Continuing Opertions Per Share
(in thousands, except per share data)
(unaudited)
	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026	2025	2026	2025
Diluted loss from continuing operations per share	$(0.02)	$(0.22)	$(0.15)	$(0.82)
Stock-based compensation, tax effected	0.30	0.21	1.11	0.63
Non-recurring professional fees, tax effected	-	0.05	-	0.04
Severance costs, tax effected	0.01	-	0.22	-
Adjusted diluted income (loss) from continuing operations per share	$0.29	$0.04	$1.18	$(0.15)

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2026	2025	$ change	% change	2026	2025	$ change	% change
Anika Therapeutics, Inc. and Subsidiaries
Revenue by Channel
(in thousands, except percentages)
(unaudited)
OEM Channel	$16,601	$15,844	$757	5%	$52,341	$47,093	$5,248	11%
Commercial Channel	13,993	11,973	2,020	17%	40,475	35,111	5,364	15%
	$30,594	$27,817	$2,777	10%	$92,816	$82,204	$10,612	13%