Anika Therapeutics (ANIK) AI Stock Analysis

• Market Cap: $134.52M
• Dividend Yield: N/A
• Average Volume (3M): 138.69K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -25.85%
• EPS Growth: 18.18%
• Country: US
• Employees: 288
• Sector: Healthcare
• Sector Strength: 47
• Industry: Medical - Devices
• EPS (TTM): -0.13
• Shares Outstanding: 14,418,090
• 10 Day Avg. Volume: 121,614
• 30 Day Avg. Volume: 138,688
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.92
• Enterprise Value/Revenue: 1.00
• Enterprise Value/Gross Profit: 2.33
• Enterprise Value/Ebitda: -4.25
• 1Y Price Target: $15.50
• Price Target Upside: 67.93% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 46 Neutral
• Price Target: $9.00 ▼(-2.49% Downside)

Anika Therapeutics' overall stock score is primarily impacted by its financial performance challenges, including declining revenues and cash flow difficulties. The technical analysis indicates a bearish trend, and the valuation is unattractive due to a negative P/E ratio. The earnings call provided some positive developments, but concerns about revenue decline and gross margin impact remain significant.

Positive Factors

Cost Management

The company's gross margin exceeded forecasts, suggesting efficient cost management.

Financial Performance

Anika's adjusted EBITDA was better than expected, indicating a stronger than anticipated financial performance.

Negative Factors

Clinical Trials

The Hyalofast trial did not meet its primary endpoints, which contributed to a lower price target for Anika's stock.

Revenue Performance

Anika generated $26.2 million in revenue, which fell short of the estimated $28.0 million.

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 joint technologies in the United States, Europe, and internationally. The company develops, manufactures, and commercializes products based on hyaluronic acid (HA) technology platform. Its OA pain management product family consists of Monovisc, Orthovisc, Cingal, and Hyvisc that are indicated to provide pain relief from osteoarthritis conditions; and joint preservation and restoration product family comprise a portfolio of approximately 150 bone preserving joint technology products, a line of sports medicine soft tissue repair solutions, and orthopedic regenerative solutions products. The company's non-orthopedic product family include HA-based products for non-orthopedic applications, including adhesion barrier products, advanced wound care products, ophthalmic products, and ear, nose, and throat products. Anika Therapeutics, Inc. was founded in 1983 and is headquartered in Bedford, Massachusetts.

How the Company Makes Money

Anika Therapeutics generates revenue through multiple streams, primarily from the sale of its therapeutic products. The company earns income from its flagship viscosupplement products, which are used to treat osteoarthritis in joints such as the knee and hip. Additionally, Anika has established partnerships and collaborations with other healthcare companies, allowing for shared development and distribution of its products. The company also explores licensing agreements that provide upfront payments and royalties based on product sales. Furthermore, Anika invests in research and development to expand its product portfolio, which can lead to new revenue opportunities as innovative therapies are brought to market.

Anika Therapeutics Financial Statement Overview

Summary

Anika Therapeutics faces significant financial challenges, with declining revenues and negative profitability. Despite a stable equity base and low leverage, negative EBIT and net income, along with ongoing cash flow issues, exert pressure on financial health.

Income Statement

Anika Therapeutics has experienced declining revenues in the TTM, a significant drop from $119.9M in 2024 to $105.6M in 2025. The gross profit margin remains moderate at 62.6% for TTM, but the company continues to face negative EBIT and net income, impacting overall profitability. The net profit margin is significantly negative, indicating ongoing financial challenges.

Balance Sheet

The company has maintained a stable equity base with a debt-to-equity ratio of 0.17 in TTM, suggesting low financial leverage. However, the return on equity remains negative due to persistent net losses. The equity ratio is strong at 77.9%, indicating a solid capital structure with more equity financing than debt.

Cash Flow

Anika's cash flow position is mixed, with a slight improvement in free cash flow from -$2.33M in 2024 to -$3.35M in TTM. The operating cash flow to net income ratio is positive, showing some operational cash generation capability despite negative net income. However, ongoing negative free cash flow indicates cash management challenges.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	123.74M	119.91M	166.66M	156.24M	147.79M	130.46M
Gross Profit	53.05M	76.00M	82.53M	93.58M	82.94M	69.03M
EBITDA	-29.11M	3.02M	-11.23M	18.16M	2.30M	3.73M
Net Income	-60.63M	-56.38M	-82.67M	-14.86M	4.13M	-23.98M
Balance Sheet
Total Assets	187.68M	202.74M	270.63M	349.13M	347.54M	365.61M
Cash, Cash Equivalents and Short-Term Investments	53.17M	55.63M	72.87M	86.33M	94.39M	98.32M
Total Debt	24.99M	25.93M	29.04M	30.89M	20.95M	22.46M
Total Liabilities	40.01M	48.75M	58.37M	63.56M	60.45M	93.20M
Stockholders Equity	147.67M	153.99M	212.26M	285.56M	287.08M	272.40M
Cash Flow
Free Cash Flow	-535.00K	-2.33M	-7.21M	-3.08M	3.25M	11.44M
Operating Cash Flow	6.28M	5.40M	-1.79M	4.41M	8.40M	13.06M
Investing Cash Flow	-1.99M	-8.33M	-5.43M	-7.49M	-3.12M	-71.26M
Financing Cash Flow	-14.60M	-12.73M	-6.32M	-4.85M	-6.78M	-3.77M

Anika Therapeutics Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 9.23
• 50DMA: Negative
• 100DMA: Negative
• 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 Neutral. The current price of 9.23 is above the 20-day moving average (MA) of 8.70, below the 50-day MA of 10.07, and below the 200-day MA of 14.08, indicating a neutral trend. The MACD of -0.26 indicates Negative momentum. The RSI at 48.36 is Neutral, neither overbought nor oversold. The STOCH value of 61.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ANIK.

Anika Therapeutics Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELMD	70 Outperform	$173.26M	29.22	17.18%	―	16.97%	48.56%
Sector *	51 Neutral	$7.81B	-0.22	-40.01%	2.29%	21.48%	-2.11%
OM	50 Neutral	$250.21M	―	-87.65%	―	2.47%	56.93%
TLSI	47 Neutral	$254.32M	―	271.41%	―	45.50%	53.07%
ANIK	46 Neutral	$134.52M	―	-22.91%	―	-25.85%	18.18%
LUNG	44 Neutral	$72.12M	―	-66.88%	―	18.24%	4.81%
RCEL	42 Neutral	$121.38M	―	-935.73%	―	38.32%	-1.31%

Anika Therapeutics Corporate Events

Anika Therapeutics Announces Phase III Study Results

On July 30, 2025, Anika Therapeutics announced the topline results from its U.S. pivotal FastTRACK Phase III study for Hyalofast, a cartilage repair scaffold. While the study showed consistent improvements in pain and function measures, it did not meet its pre-specified co-primary endpoints due to factors such as a higher dropout rate and missed visits during COVID. Despite this, Hyalofast demonstrated statistically significant improvements in secondary endpoints, supporting its favorable safety and effectiveness profile. Anika plans to file the final PMA module by the end of 2025, seeking FDA approval under the Breakthrough Device Designation.

Anika Therapeutics Approves Key Proposals at Annual Meeting

On June 20, 2025, Anika Therapeutics held its Annual Meeting of Stockholders where several key proposals were approved. The stockholders elected three directors to serve until 2028, ratified the appointment of Deloitte & Touche LLP as the independent registered public accounting firm for 2025, approved executive compensation, and endorsed an amendment to the 2017 Omnibus Incentive Plan. These decisions are expected to influence the company’s strategic direction and governance structure, potentially impacting its market positioning and stakeholder interests.