Anika Therapeutics announced its fourth quarter and full-year 2025 financial results for the period ended December 31, 2025.

Anika Therapeutics, Inc. (Nasdaq: ANIK), a global leader in the osteoarthritis ("OA") pain management and regenerative solutions spaces focused on early-intervention orthopedics, today announced financial results for the fourth quarter and full year ended December 31, 2025.

Anika reported fourth quarter revenue of $30.6 million, flat compared to the fourth quarter of 2024. Gross margin expanded to 63%, driven by favorable product mix and operating leverage. Commercial Channel revenue increased 22% year over year driven by timing of 2025 shipments to international customers and growth in the Integrity™ Implant System, while OEM Channel revenue declined 12%, reflecting anticipated U.S. OA Pain Management pricing dynamics.

For the full year 2025, total revenue was $112.8 million, a decrease of 6% compared to 2024, in line with expectations. Commercial Channel revenue increased 15% year over year, supported by continued Integrity growth and international OA Pain Management performance. OEM Channel revenue declined 17% for the year driven by lower Monovisc® and Orthovisc® pricing in the U.S. The Company delivered 57% gross margin for the year and generated $11.2 million in operating cash flow and $4.4 million in free cash flow.

"We closed 2025 with a strong fourth quarter, with top-line growth led by our Commercial Channel and company-wide results that included expanded gross margin, and positive operating income and free cash flow," said Steve Griffin, President and Chief Executive Officer of Anika Therapeutics. "Our operating income performance in the fourth quarter and full year underscores the strength of our core OA Pain Management business despite U.S. pricing headwinds in 2025 and establishes a foundation for improved profitability.

2025 was an important year for advancing our product portfolio, highlighted by more than doubling Integrity procedures, the filing of the Hyalofast PMA with the FDA, and continued progress on the remaining filing requirements, the toxicity and bioequivalence studies, for the Cingal® NDA. Cingal and Hyalofast remain core strategic priorities for 2026 as we prepare for future U.S. market launches.

I'm proud to lead this organization as we build upon a strong foundation and deliver results for patients and shareholders. Looking ahead, our priorities are driving revenue and volume growth, including building on the momentum in our Commercial Channel; advancing our R&D pipeline; and improving execution – supported by rigorous expense management and productivity improvements at our manufacturing facility – to enhance profitability."

Fourth Quarter and Full Year 2025 Business Highlights and Current Business Updates

International OA Pain Management grew 28% and 12% in the fourth quarter and full year, respectively, led by the international sales team's continued regional expansion and improved market share.

Integrity continued to demonstrate strong momentum, with procedures increasing for the seventh consecutive quarter and revenue more than doubling in 2025 to $6 million, driven by sustained surgeon adoption in the U.S., new line extensions, and expanding international penetration.

Hyalofast PMA responses were received from the FDA in January 2026 as expected, and the Company is preparing responses to PMA deficiencies. The FDA review remains in line with the previously provided extended timeline.

Successfully completed Cingal toxicity studies initiated in 2025; bioequivalence study initiated in December 2025 in preparation for an FDA NDA submission.

The Company has initiated actions to reduce general and administrative expenses in the first half of 2026, reflecting a more focused cost structure following recent strategic divestitures and supporting continued investment in manufacturing and product development. Following these actions and customary transition periods for affected team members, the Company anticipates approximately $2.5 million in annualized adjusted EBITDA savings and $3.0 million in annualized stock-based compensation savings.

Fourth Quarter 2025 Continuing Operations Financial Summary

Revenue $30.6 million, flat year over year

Commercial Channel revenue $13.3 million, up 22%

OEM Channel revenue $17.3 million, down 12%

Gross margin 63%

Operating expenses $18.5 million

GAAP income from continuing operations $1.8 million, $0.13 per diluted share

Adjusted net income from continuing operations1 $4.6 million, $0.31 per diluted share

Adjusted EBITDA1 $4.5 million

Cash and cash equivalents $57.5 million as of December 31, 2025

Full Year 2025 Continuing Operations Financial Summary

Revenue $112.8 million, down 6% year over year

Commercial Channel revenue $48.4 million, up 15%

OEM Channel revenue $64.4 million, down 17%

Gross margin 57%

Operating expenses $74.9 million

GAAP loss from continuing operations $(10.0) million, $(0.70) per diluted share

Adjusted net income from continuing operations1 $1.6 million, $0.11 per diluted share

Adjusted EBITDA1 $5.3 million

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

Fiscal 2026 Guidance

Anika is providing the following 2026 guidance:

Total Company Revenue between $114 and $122.5 million, up 1% to 9% year over year

Commercial Channel, $53 to $58 million, maintaining up 10% to 20% year over year

OEM Channel, $61 to $64.5 million, maintaining flat to modestly lower year over year

Adjusted EBITDA as a percent of revenue to 5% to 10%, reflecting higher revenues and reduced expenses offset by modestly lower U.S. pricing dynamics.

Company Continues $15 Million 10b5-1 Share Repurchase

In accordance with Anika's commitment to return capital to shareholders while maintaining the flexibility to execute on strategic growth objectives, the Company is continuing the $15 million 10b5-1 share repurchase which commenced in Q4 2025. Through the end of Q4 2025, the Company funded $5.5 million of this share repurchase commitment. To date, the Company has funded $10.7 million of the commitment, and the program's completion is expected in the second quarter of 2026.

Conference Call and Webcast Information

Anika's management will hold a conference call and webcast to discuss its financial results and business highlights today, Thursday, February 26, 2026, at 8:30 am ET.

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