Anika Therapeutics (ANIK) AI Stock Analysis

• Market Cap: $137.58M
• Dividend Yield: N/A
• Average Volume (3M): 174.95K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.93
• Revenue Growth: -31.29%
• EPS Growth: 65.68%
• Country: US
• Employees: 288
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): 0.04
• Shares Outstanding: 14,421,219
• 10 Day Avg. Volume: 181,118
• 30 Day Avg. Volume: 174,954
• PEG Ratio: 0.13
• Price to Book (P/B): 1.57
• Price to Sales (P/S): 2.02
• P/FCF Ratio: -103.95
• Enterprise Value/Market Cap: 0.74
• Enterprise Value/Revenue: 1.26
• Enterprise Value/Gross Profit: 1.52
• Enterprise Value/Ebitda: 5.04
• 1Y Price Target: $16.00
• Price Target Upside: 64.10% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 50 Neutral
• Price Target: $10.00 ▲(2.56% Upside)

The score is held back primarily by weak financial performance (declining revenue, substantial losses, and deteriorating free cash flow). Technicals add modest support in the near term (improving momentum versus short/mid-term averages), while valuation remains pressured due to losses (negative P/E). Earnings call takeaways are mixed-to-slightly positive on cost control, maintained guidance, and commercial growth, but are tempered by segment revenue declines, margin pressure, and Hyalofast study challenges.

Positive Factors

Commercial Channel/Product Adoption

Sustained double-digit growth in the Commercial Channel and consecutive quarterly gains in Integrity procedures indicate durable product adoption among surgeons and payers. This expands recurring revenue, supports distribution scale, and creates a platform for cross-selling regenerative solutions over the medium term.

Regulatory Milestone

Filing the final PMA module is a material, structural progression in the U.S. regulatory pathway for Hyalofast. A completed submission can materially expand the addressable market for a scaffold product if approved, enhancing long-term revenue potential and strategic positioning in regenerative orthopedics.

Capital Structure

Low leverage and a high equity ratio provide financial flexibility to fund trials, commercial expansion, or absorb short-term losses without excessive refinancing risk. This balance sheet strength supports strategic optionality during clinical development and commercialization phases.

Negative Factors

Profitability Weakness

Ongoing revenue decline and deep negative margins are structural concerns that erode internal funding for R&D and commercialization. Persistent unprofitability pressures capital needs, limits reinvestment, and forces reliance on external financing or dilutive measures until operations sustainably return to profit.

Cash Flow Stress

Severely deteriorated free cash flow and weak operating cash conversion reduce the company's ability to self-fund clinical programs and commercialization. Prolonged cash flow weakness increases vulnerability to funding constraints and can limit strategic investments or necessitate external capital.

Clinical/Regulatory Risk

A Phase III that fails co-primary endpoints creates lasting regulatory and commercial uncertainty: it may delay approval, require additional analyses or trials, and complicate payer acceptance. This outcome materially raises execution risk for a core regenerative product strategy.

Anika Therapeutics Business Overview & Revenue Model

Company Description

Anika Therapeutics, Inc. (ANIK) is a biopharmaceutical company focused on developing and commercializing innovative products for the orthopedic market. The company specializes in the development of therapies for pain management and tissue regeneration, particularly in the areas of osteoarthritis and joint preservation. Anika's core products include viscosupplements, which are hyaluronic acid-based injections used to alleviate joint pain, as well as regenerative medicine solutions aimed at improving healing and function in musculoskeletal conditions.

How the Company Makes Money

Anika Therapeutics generates revenue primarily through the sale of its proprietary products, particularly its viscosupplement injections, which are sold to healthcare providers and distributors. The company also earns revenue from licensing agreements and collaborations with other pharmaceutical and biotechnology firms, which may involve upfront payments, milestone payments, and royalties on sales of partnered products. Additionally, Anika pursues research and development contracts that can provide funding and support for its product pipeline. Key partnerships can enhance its market reach and product offerings, contributing significantly to its earnings.

Anika Therapeutics Financial Statement Overview

Summary

Anika Therapeutics faces significant financial challenges, with declining revenues and persistent losses impacting profitability. While the company maintains a strong equity base, operational inefficiencies and cash flow constraints pose risks to financial stability. The focus should be on improving operational performance and cash flow management to enhance financial health.

Income Statement

Anika Therapeutics has experienced a decline in revenue over the TTM period, with a negative revenue growth rate of -8.84%. The company shows a negative net profit margin of -29.29%, indicating significant losses. The gross profit margin remains relatively healthy at 59.57%, but the negative EBIT and EBITDA margins suggest operational inefficiencies. Overall, the income statement reflects challenges in maintaining profitability and growth.

Balance Sheet

The balance sheet shows a moderate debt-to-equity ratio of 0.16, indicating manageable leverage. However, the return on equity is negative at -38.50%, reflecting ongoing losses. The equity ratio stands at 77.47%, suggesting a strong equity base relative to total assets. While the company maintains a solid equity position, the negative ROE highlights profitability concerns.

Cash Flow

The cash flow statement reveals a significant decline in free cash flow growth at -221.12%, and the operating cash flow to net income ratio is 0.43, indicating limited cash generation relative to net losses. The free cash flow to net income ratio is low at 0.08, further emphasizing cash flow challenges. Overall, the cash flow position is weak, with limited cash generation and growth.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	80.91M	119.91M	120.79M	113.83M	147.79M	130.46M
Gross Profit	67.19M	76.00M	82.53M	73.22M	82.94M	69.03M
EBITDA	20.24M	3.02M	15.06M	18.16M	-4.16M	-1.00M
Net Income	-33.04M	-56.38M	-82.67M	-14.86M	4.13M	-23.98M
Balance Sheet
Total Assets	189.44M	202.74M	270.63M	349.13M	347.54M	365.61M
Cash, Cash Equivalents and Short-Term Investments	57.99M	55.63M	68.74M	86.33M	94.39M	98.32M
Total Debt	24.51M	25.93M	27.74M	30.89M	20.95M	22.46M
Total Liabilities	42.63M	48.75M	58.37M	63.56M	60.45M	93.20M
Stockholders Equity	146.81M	153.99M	212.26M	285.56M	287.08M	272.40M
Cash Flow
Free Cash Flow	648.00K	-2.33M	-7.21M	-3.08M	3.25M	11.44M
Operating Cash Flow	8.13M	5.40M	-1.79M	4.41M	8.40M	13.06M
Investing Cash Flow	-1.91M	-8.33M	-5.43M	-7.49M	-3.12M	-71.26M
Financing Cash Flow	-10.63M	-12.73M	-6.32M	-4.85M	-6.78M	-3.77M

Anika Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.75
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Negative
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ANIK, the sentiment is Negative. The current price of 9.75 is above the 20-day moving average (MA) of 9.53, above the 50-day MA of 9.64, and below the 200-day MA of 10.51, indicating a neutral trend. The MACD of -0.01 indicates Negative momentum. The RSI at 49.11 is Neutral, neither overbought nor oversold. The STOCH value of 43.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANIK.

Anika Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
FONR	66 Neutral	$117.43M	16.85	4.34%	―	3.36%	-21.15%
XTNT	66 Neutral	$95.76M	63.82	3.64%	―	16.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANIK	50 Neutral	$137.58M	-4.18	-8.73%	―	-31.29%	65.68%
NSPR	47 Neutral	$67.37M	-1.90	-87.61%	―	14.04%	-0.65%
RCEL	44 Neutral	$107.34M	-1.91	-1746.27%	―	20.59%	18.61%

Anika Therapeutics Corporate Events

Anika Therapeutics Announces CEO Transition and Governance Changes

On January 8, 2026, Anika Therapeutics announced a planned leadership transition effective February 1, 2026, under which Stephen (Steve) Griffin, currently Executive Vice President, Chief Financial Officer and Chief Operating Officer, will become President and Chief Executive Officer and join the board, succeeding Cheryl R. Blanchard, who will move into the role of Executive Chair. Blanchard’s transition is governed by a multi-year services and separation framework that keeps her as Executive Chair for 12 months, then as Special Advisor for six months and an employee for an additional six months through January 31, 2028, with continued board service through the 2028 annual meeting, while Griffin’s new employment agreement sets his CEO compensation and a three-year vesting schedule for equity awards. The company reaffirmed its fiscal 2025 guidance and also reported governance changes including the appointment of director Jack Henneman as Lead Independent Director and the resignation of long-serving director Susan N. Vogt, whose departure allows Griffin to join the board in line with the company’s board-size limit; taken together, these moves underscore Anika’s effort to consolidate strategic, financial and operational leadership around Griffin as it pursues profitable growth in osteoarthritis pain management and regenerative solutions, while preserving continuity through Blanchard’s ongoing involvement and indemnification protections extended to all directors.

The most recent analyst rating on (ANIK) stock is a Hold with a $10.00 price target. To see the full list of analyst forecasts on Anika Therapeutics stock, see the ANIK Stock Forecast page.

Anika Therapeutics Files Final Module for Hyalofast

On November 5, 2025, Anika Therapeutics announced the filing of the third and final module of its Premarket Approval application for Hyalofast, a resorbable scaffold for treating knee cartilage defects, and released positive data from its U.S. Phase III clinical trial. The company reported a 6% decrease in third-quarter revenue compared to 2024, despite a 22% increase in Commercial Channel revenue and a significant milestone for Cingal, which surpassed one million injections globally. Anika also announced a $15 million share repurchase plan and reaffirmed its fiscal 2025 guidance, highlighting strong growth in its Integrity Implant System and international OA Pain Management.

The most recent analyst rating on (ANIK) stock is a Hold with a $9.00 price target. To see the full list of analyst forecasts on Anika Therapeutics stock, see the ANIK Stock Forecast page.