Anika Therapeutics (ANIK)
NASDAQ:ANIK
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Anika Therapeutics
(NASDAQ:ANIK)
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Rating:50Neutral
Price Target:
$15.00
▲(53.85% Upside)
Action:Reiterated
Date:04/30/26
ANIK scores in the middle primarily due to weak underlying profitability and uneven free cash flow despite a low-leverage balance sheet. The earnings call was a notable positive (reaffirmed guidance, strong Q1 growth, and margin/EBITDA improvement), but near-term technical weakness and the lack of positive-earnings-based valuation support keep the overall score constrained.
Positive Factors
Commercial momentum / revenue growth
Sustained multi-channel top-line growth (Q1 +13% YoY) driven by Commercial (+12%), OEM (+14%) and international OA strength indicates expanding product adoption and geographic penetration. Diversified revenue streams and management reaffirming guidance suggest durable commercial traction that can support incremental scale and margin improvement over several quarters.
Negative Factors
Recurring operating and net losses
Persistent operating and net losses despite healthy gross margins indicate insufficient operating leverage or elevated opex relative to revenue. Continued negative returns (TTM ROE ~-7.4%) erode equity and limit the firm's ability to self-fund growth, increasing reliance on cash reserves or external capital unless sustained operating profitability is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial momentum / revenue growth
Sustained multi-channel top-line growth (Q1 +13% YoY) driven by Commercial (+12%), OEM (+14%) and international OA strength indicates expanding product adoption and geographic penetration. Diversified revenue streams and management reaffirming guidance suggest durable commercial traction that can support incremental scale and margin improvement over several quarters.
Read all positive factors
Anika Therapeutics (ANIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$198.39M
Dividend YieldN/A
Average Volume (3M)174.95K
Price to Earnings (P/E)―
Beta (1Y)0.92
Revenue Growth-15.41%
EPS Growth79.57%
CountryUS
Employees288
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.79
Shares Outstanding13,305,624
10 Day Avg. Volume181,118
30 Day Avg. Volume174,954
Financial Highlights & Ratios
PEG Ratio0.16
Price to Book (P/B)0.96
Price to Sales (P/S)1.22
P/FCF Ratio31.59
Enterprise Value/Market Cap0.92
Enterprise Value/Revenue1.57
Enterprise Value/Gross Profit2.69
Enterprise Value/Ebitda-27.62
Forecast
1Y Price Target
$17.50Price Target Upside79.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)>-0.01
Revenue Forecast (FY)$118.61M
Anika Therapeutics Business Overview & Revenue Model
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 jo...
How the Company Makes Money
Anika makes money mainly by selling orthopedic and osteoarthritis-related medical products, with revenue recognized from product sales to customers (such as distributors and healthcare channels) in the markets where it operates.
Key revenue strea...
Anika Therapeutics Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 30, 2026
Earnings Call Sentiment Positive
The call highlights meaningful commercial momentum (13% revenue growth), strong operational improvements (gross margin up ~8 percentage points and adjusted EBITDA lift), accelerating adoption of Integrity and international product strength, supported by a clean balance sheet and active share repurchase. Key near-term concerns include higher operating expenses (notably a onetime $4.9M severance), regulatory timelines for Hyalofast and CINGAL that remain uncertain, OEM channel timing and mix variability, and caution that Q1 margin levels may not be fully sustained quarter-to-quarter. Overall, the positives around revenue growth, margin improvement, pipeline progress and liquidity outweigh the manageable near-term risks and uncertainties.Positive Updates
Total Revenue Growth
Total revenue of $29.6 million in Q1 2026, up 13% year-over-year, demonstrating top-line momentum.
Negative Updates
Increase in Operating Expenses
Total operating expenses rose to $24.5 million from $19.0 million a year ago (+$5.5 million). SG&A increased to $17.8 million from $12.9 million, primarily due to $4.9 million of onetime severance-related costs.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth
Total revenue of $29.6 million in Q1 2026, up 13% year-over-year, demonstrating top-line momentum.
Read all positive updates
Company Guidance
Anika maintained its full‑year 2026 guidance, calling for total revenue of $114.0–$122.5 million (1%–9% YoY), with commercial channel revenue of $53–$58 million (10%–20% growth) and OEM revenue of $61–$64.5 million (flat to down ~5% YoY), and expects adjusted EBITDA of 5%–10% of revenue (midpoint driven by commercial momentum, G&A reductions and manufacturing productivity); these assumptions are supported by Q1 results of $29.6M total revenue (+13% YoY), $12.6M commercial (+12%), $17.0M OEM (+14%), $8.9M international OA pain management (+9%), GAAP gross margin of 64% (vs. 56% a year ago), Q1 adjusted EBITDA of $4.3M, and a cash balance of $41M with no debt, while management noted MONOVISC unit growth, completed a $15M buyback program (avg. $10.76), and cautioned that Hyalofast FDA timing could affect results (potential impact in Q4 of next year) without changing the current outlook.Anika Therapeutics Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
62
Positive
Cash Flow
45
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 116.26M | 112.82M | 119.91M | 120.79M | 113.83M | 147.79M |
| Gross Profit | 68.12M | 63.81M | 76.00M | 82.53M | 73.22M | 82.94M |
| EBITDA | -6.63M | -5.32M | 3.02M | 15.06M | 18.16M | -4.16M |
| Net Income | -11.06M | -10.88M | -56.38M | -82.67M | -14.86M | 4.13M |
Balance Sheet | ||||||
| Total Assets | 179.39M | 190.27M | 202.74M | 270.63M | 349.13M | 347.54M |
| Cash, Cash Equivalents and Short-Term Investments | 41.02M | 57.48M | 55.63M | 68.74M | 86.33M | 94.39M |
| Total Debt | 25.74M | 24.20M | 25.93M | 27.74M | 30.89M | 20.95M |
| Total Liabilities | 45.49M | 46.80M | 48.75M | 58.37M | 63.56M | 60.45M |
| Stockholders Equity | 133.90M | 143.47M | 153.99M | 212.26M | 285.56M | 287.08M |
Cash Flow | ||||||
| Free Cash Flow | 1.04M | 4.36M | -2.33M | -7.21M | -3.08M | 3.25M |
| Operating Cash Flow | 6.47M | 11.19M | 5.40M | -1.79M | 4.41M | 8.40M |
| Investing Cash Flow | -3.31M | -401.00K | -8.33M | -5.43M | -7.49M | -3.12M |
| Financing Cash Flow | -15.46M | -10.55M | -12.73M | -6.32M | -4.85M | -6.78M |
Anika Therapeutics Technical Analysis
Positive
9.75
Price Trends
13.42
Positive
11.49
Positive
10.52
Positive
Market Momentum
0.56
Negative
71.61
Negative
84.11
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIK, the sentiment is Positive. The current price of 9.75 is below the 20-day moving average (MA) of 14.81, below the 50-day MA of 13.42, and below the 200-day MA of 10.52, indicating a bullish trend. The MACD of 0.56 indicates Negative momentum. The RSI at 71.61 is Negative, neither overbought nor oversold. The STOCH value of 84.11 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ANIK.
Anika Therapeutics Risk Analysis
Anika Therapeutics disclosed 45 risk factors in its most recent earnings report. Anika Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Anika Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $118.43M | 17.44 | 4.34% | ― | 2.25% | -19.05% | |
56 Neutral | $63.95M | -6.31 | 10.27% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $198.39M | -9.70 | -7.74% | ― | -15.41% | 79.57% | |
46 Neutral | $140.34M | -26.62 | 476.59% | ― | 0.96% | 28.36% | |
41 Neutral | $49.18M | 103.59 | -81.52% | ― | 54.38% | 7.25% |
* Healthcare Sector Average
ANIK
Anika Therapeutics
14.91
2.75
22.62%
FONR
Fonar
18.86
5.35
39.60%
RCEL
Avita Medical
4.56
-2.18
-32.34%
NSPR
InspireMD
1.05
-1.21
-53.54%
XTNT
Xtant Medical Holdings
0.46
-0.26
-36.36%
MODD
Modular Medical
3.37
-26.03
-88.54%
Anika Therapeutics Corporate Events
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial Disclosures
Anika Therapeutics Posts Strong Q1 2026 Revenue Growth
Positive
Apr 29, 2026
Anika Therapeutics reported a strong start to 2026, with first-quarter revenue on April 29, 2026 rising 13% year over year to $29.6 million, driven by double-digit growth in both its Commercial and OEM channels and a gross margin improvement to 64...
Business Operations and StrategyExecutive/Board ChangesStock BuybackFinancial DisclosuresRegulatory Filings and Compliance
Anika Announces Executive Transition Amid Stable Quarterly Results
Positive
Feb 26, 2026
On February 26, 2026, Anika reported fourth-quarter 2025 revenue of $30.6 million, flat year on year, with gross margin expanding to 63% as Commercial Channel sales grew 22% and OEM revenue fell 12% amid anticipated U.S. pricing pressure. For full...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.