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Anika Therapeutics
(NASDAQ:ANIK)
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Rating:62Neutral
Price Target:
$22.00
▲(47.16% Upside)
Action:Reiterated
Date:08/04/26
ANIK scores as moderately attractive primarily due to improved operating momentum and raised guidance from the latest earnings call, supported by a conservative balance sheet and positive operating cash flow. The score is held back by ongoing GAAP losses/negative ROE, thin and volatile free cash flow, and a technically stretched setup (very high RSI/Stoch). Valuation also screens poorly due to negative earnings (negative P/E) and no dividend yield support.
Positive Factors
Conservative balance sheet
Low leverage (debt-to-equity ~0.19) and sizable equity provide durable financial flexibility. This cushion supports continued investment in manufacturing, R&D, and opportunistic capital allocation while reducing refinancing risk and preserving optionality through economic cycles.
Negative Factors
Ongoing GAAP losses / negative ROE
Persistent GAAP losses and negative returns on equity limit the company’s ability to compound shareholder value and constrain internal funding for growth. Until profitability and ROE sustainably turn positive, reliance on cash reserves or external funding could restrict strategic flexibility.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet
Low leverage (debt-to-equity ~0.19) and sizable equity provide durable financial flexibility. This cushion supports continued investment in manufacturing, R&D, and opportunistic capital allocation while reducing refinancing risk and preserving optionality through economic cycles.
Read all positive factors
Anika Therapeutics (ANIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$258.02M
Dividend YieldN/A
Average Volume (3M)174.95K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth-2.50%
EPS Growth93.57%
CountryUS
Employees235
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.27
Shares Outstanding13,382,966
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$21.00Price Target Upside40.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.12
Revenue Forecast (FY)$118.61M
Anika Therapeutics Business Overview & Revenue Model
Company Description
Anika Therapeutics, Inc. is a company dedicated to joint preservation, innovating and providing early intervention orthopedic care across the globe, including the United States and Europe. Their core focus areas include osteoarthritis (OA) pain ma...
How the Company Makes Money
Anika makes money primarily by selling orthopedic and HA-based medical products to healthcare providers and distributors, generating revenue from product sales across its targeted orthopedic indications. A core revenue stream has historically been...
Anika Therapeutics Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 29, 2026
Earnings Call Sentiment Positive
The call highlights clear commercial momentum (record international and commercial channel revenue), strong operational improvements (mid-60s gross margins, capacity expansions), and meaningful profitability gains (highest adjusted EBITDA since 2020) that supported upward guidance revisions. Key risks include FDA review uncertainty for Hyalofast, required CMC work for CINGAL, OEM revenue/order timing variability, modest U.S. pricing headwinds, and near-term cash conversion timing. Overall, positive execution and raised guidance outweigh the regulatory and timing headwinds.Positive Updates
Total Revenue Growth
Q2 total revenue of $32.6M, up 16% year-over-year; year-to-date revenue up 14% to $62M.
Negative Updates
Regulatory Uncertainty for Hyalofast (U.S. PMA)
Hyalofast PMA under FDA review with a deficiency letter; co-primary endpoints are focal to the review and could impact approval timing; company removed the previously implied $3M of U.S. Hyalofast sales from 2027 guidance, increasing near-term uncertainty.
Read all updates
Q2-2026 Updates
Positive
Negative
Total Revenue Growth
Q2 total revenue of $32.6M, up 16% year-over-year; year-to-date revenue up 14% to $62M.
Read all positive updates
Company Guidance
Management raised full-year 2026 guidance: OEM channel revenue is now expected to grow 0%–5% (up from prior -5%–0%), commercial channel revenue 12%–18% (narrowed from 10%–20%), driving total company revenue to 5%–10% growth (up from 1%–9%); adjusted EBITDA margin guidance was raised to 13%–17% (from 5%–10%). They expect second-half profitability to be modestly lower than the first half due to OEM order timing, assume a relatively even Q3/Q4 split (implying strong year‑over‑year Q3 and moderate Q4), and will exclude unapproved products from future guidance (removing an implied $3M of U.S. Hyalofast sales), resulting in 2027 revenue guidance of 0%–5% growth. These updates follow strong first-half performance (YTD revenue +14% to $62.0M, Q2 revenue $32.6M +16% y/y), record international YTD revenue $23M (+17%), expanded gross margin to 65%, Q2 adjusted EBITDA of $7.1M (22% margin), $38.4M cash/no debt, and completion of a $15M share repurchase (shares ~13.3M).Anika Therapeutics Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
72
Positive
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 120.65M | 112.82M | 119.91M | 120.79M | 113.83M | 147.79M |
| Gross Profit | 75.00M | 63.81M | 76.00M | 82.53M | 73.22M | 82.94M |
| EBITDA | 2.72M | -3.58M | 5.36M | 17.37M | 18.81M | -4.16M |
| Net Income | -3.78M | -10.88M | -56.38M | -82.67M | -14.86M | 4.13M |
Balance Sheet | ||||||
| Total Assets | 183.47M | 190.27M | 202.74M | 270.63M | 349.13M | 347.54M |
| Cash, Cash Equivalents and Short-Term Investments | 38.41M | 57.48M | 55.63M | 68.74M | 86.33M | 94.39M |
| Total Debt | 23.32M | 26.25M | 25.93M | 27.74M | 30.89M | 20.95M |
| Total Liabilities | 46.19M | 46.80M | 48.75M | 58.37M | 63.56M | 60.45M |
| Stockholders Equity | 137.28M | 143.47M | 153.99M | 212.26M | 285.56M | 287.08M |
Cash Flow | ||||||
| Free Cash Flow | 562.00K | 4.36M | -2.33M | -7.21M | -3.08M | 3.25M |
| Operating Cash Flow | 5.98M | 11.19M | 5.40M | -1.79M | 4.41M | 8.40M |
| Investing Cash Flow | -4.05M | -401.00K | -8.33M | -5.43M | -7.49M | -3.12M |
| Financing Cash Flow | -16.34M | -10.55M | -12.73M | -6.32M | -4.85M | -6.78M |
Anika Therapeutics Technical Analysis
Positive
14.95
Price Trends
15.69
Positive
15.25
Positive
12.80
Positive
Market Momentum
1.38
Negative
75.33
Negative
84.41
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 14.95 is below the 20-day moving average (MA) of 16.90, below the 50-day MA of 15.69, and above the 200-day MA of 12.80, indicating a bullish trend. The MACD of 1.38 indicates Negative momentum. The RSI at 75.33 is Negative, neither overbought nor oversold. The STOCH value of 84.41 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 |
|---|---|---|---|---|---|---|---|
62 Neutral | $258.02M | -71.54 | -2.70% | ― | -2.50% | 93.57% | |
62 Neutral | $60.29M | 32.56 | 3.68% | ― | -0.32% | ― | |
55 Neutral | $135.42M | -0.12 | 231.87% | ― | 0.96% | 28.36% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
44 Neutral | $30.45M | -1.15 | -81.52% | ― | 54.38% | 7.25% |
* Healthcare Sector Average
ANIK
Anika Therapeutics
21.42
13.21
160.90%
RCEL
Avita Medical
7.77
2.96
61.54%
NSPR
InspireMD
0.74
-1.84
-71.32%
XTNT
Xtant Medical Holdings
0.44
-0.14
-24.36%
MODD
Modular Medical
2.20
-19.49
-89.86%
Anika Therapeutics Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Anika Therapeutics Expands Revolving Credit Facility Agreement
Positive
Jul 15, 2026
On July 10, 2026, Anika Therapeutics entered into a Fifth Amendment to its revolving credit agreement with Bank of America, N.A., extending a senior revolving line of credit of $50 million with a new maturity date of July 10, 2031 and the option t...
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Anika Shareholders Approve Directors and Expanded Incentive Plans
Positive
Jun 23, 2026
At its June 18, 2026 annual meeting, Anika Therapeutics, Inc. shareholders elected Class III directors Gary P. Fischetti, John B. Henneman III, and Stephen D. Griffin to serve until the 2029 annual meeting and ratified Deloitte Touche LLP as the ...
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.