Anika Therapeutics (ANIK)
NASDAQ:ANIK
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Anika Therapeutics
(NASDAQ:ANIK)
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Rating:60Neutral
Price Target:
$15.00
▲(53.85% Upside)
Action:ReiteratedDate:02/28/26
ANIK scores 60 primarily due to improving revenue and cash-flow trends alongside a low-leverage balance sheet, supported by constructive 2026 guidance and profitability/cost-improvement actions. The score is held back by ongoing net losses and earnings volatility, stretched technical momentum (overbought signals), and regulatory/OEM-channel risks highlighted on the call.
Positive Factors
Conservative balance sheet, low leverage
Low debt and a conservative capital structure give Anika durable financial flexibility to fund regulatory work, manufacturing scale-ups, and commercial investments without forcing dilutive financing. This supports multi-quarter execution while absorbing near-term revenue volatility.
Negative Factors
Hyalofast regulatory setback and PMA uncertainty
A Phase III shortfall and an FDA deficiency letter create structural timeline and investment uncertainty for a key pipeline product. Additional CMC/clinical requirements could delay market entry and materially compress projected 2027 revenue contribution, raising long-term execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative balance sheet, low leverage
Low debt and a conservative capital structure give Anika durable financial flexibility to fund regulatory work, manufacturing scale-ups, and commercial investments without forcing dilutive financing. This supports multi-quarter execution while absorbing near-term revenue volatility.
Read all positive factors
Anika Therapeutics (ANIK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$200.74M
Dividend YieldN/A
Average Volume (3M)174.95K
Price to Earnings (P/E)―
Beta (1Y)0.81
Revenue Growth-31.29%
EPS Growth65.68%
CountryUS
Employees288
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)0.31
Shares Outstanding13,400,751
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 Cap0.90
Enterprise Value/Revenue1.60
Enterprise Value/Gross Profit2.82
Enterprise Value/Ebitda-44.06
Forecast
1Y Price Target
$17.50Price Target Upside79.49% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-0.49
Revenue Forecast (FY)$116.35M
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 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 agreem...
Anika Therapeutics Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call reported meaningful commercial momentum (commercial channel +22% in Q4, +15% full year), strong early traction for Integrity (revenue doubled to ~$6M; procedural growth), Q4 margin expansion (63% GAAP) and improved cash flow and adjusted EBITDA that exceeded expectations. Offsetting these positives were continued OEM pricing headwinds (OEM revenue down 12% in Q4 and 17% for the year), a Hyalofast Phase III shortfall and an FDA deficiency letter that introduce regulatory uncertainty, plus full-year revenue decline of 6% and margin pressure for the year. Management provided constructive 2026 guidance with modest overall growth and improved profitability, and emphasized operational improvements and cost actions. On balance, the call highlights operational and commercial progress and a path to improved profitability while noting material regulatory and OEM-channel challenges that require execution.Positive Updates
Commercial Channel Growth
Commercial channel revenue grew 22% in Q4 to $13.3M and increased 15% for the full year to $48.4M, driven by international OA pain products and Integrity adoption.
Negative Updates
Total Revenue Flat/Decline
Q4 total revenue was $30.6M (flat year-over-year) and full year 2025 revenue declined 6% to $112.8M versus prior year, consistent with revised guidance but reflecting top-line pressure.
Read all updates
Q4-2025 Updates
Positive
Negative
Commercial Channel Growth
Commercial channel revenue grew 22% in Q4 to $13.3M and increased 15% for the full year to $48.4M, driven by international OA pain products and Integrity adoption.
Read all positive updates
Company Guidance
Anika reiterated 2026 guidance for total company revenue of $114.0–$122.5 million (≈1%–9% YoY vs. $112.8M in 2025), with commercial-channel revenue expected to grow 10%–20% to $53.0–$58.0M and OEM revenue forecast flat to down 5% to $61.0–$64.5M; adjusted EBITDA is guided to 5%–10% of revenue (vs. adjusted EBITDA of ~$5.3M, ~5% of revenue, in 2025), driven by commercial momentum, manufacturing productivity and G&A cost actions (including ~ $2.5M annualized headcount savings and >$3M in stock‑based compensation savings). Management also said free‑cash‑flow for 2026 should be modestly in line with 2025 operating cash flow of $11.2M, highlighted year‑end liquidity of $57.5M cash and no debt, noted a $15M 10b5‑1 repurchase program ( ~$10.7M executed to date, program expected to complete in Q2 2026), and referenced a potential ~$3M U.S. revenue contribution from Hyalofast in 2027 contingent on approval.Anika Therapeutics Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
72
Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 112.82M | 119.91M | 120.79M | 113.83M | 147.79M |
| Gross Profit | 63.81M | 76.00M | 82.53M | 73.22M | 82.94M |
| EBITDA | -1.83M | 3.02M | 15.06M | 18.16M | -4.16M |
| Net Income | -10.88M | -56.38M | -82.67M | -14.86M | 4.13M |
Balance Sheet | |||||
| Total Assets | 190.27M | 202.74M | 270.63M | 349.13M | 347.54M |
| Cash, Cash Equivalents and Short-Term Investments | 57.48M | 55.63M | 68.74M | 86.33M | 94.39M |
| Total Debt | 24.20M | 25.93M | 27.74M | 30.89M | 20.95M |
| Total Liabilities | 46.80M | 48.75M | 58.37M | 63.56M | 60.45M |
| Stockholders Equity | 143.47M | 153.99M | 212.26M | 285.56M | 287.08M |
Cash Flow | |||||
| Free Cash Flow | 4.36M | -2.33M | -7.21M | -3.08M | 3.25M |
| Operating Cash Flow | 11.19M | 5.40M | -1.79M | 4.41M | 8.40M |
| Investing Cash Flow | -401.00K | -8.33M | -5.43M | -7.49M | -3.12M |
| Financing Cash Flow | -10.55M | -12.73M | -6.32M | -4.85M | -6.78M |
Anika Therapeutics Technical Analysis
Positive
9.75
Price Trends
12.18
Positive
10.90
Positive
10.28
Positive
Market Momentum
0.62
Positive
67.03
Neutral
60.07
Neutral
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 14.37, below the 50-day MA of 12.18, and below the 200-day MA of 10.28, indicating a bullish trend. The MACD of 0.62 indicates Positive momentum. The RSI at 67.03 is Neutral, neither overbought nor oversold. The STOCH value of 60.07 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
66 Neutral | $116.67M | 14.16 | 4.34% | ― | 3.36% | -21.15% | |
61 Neutral | $74.53M | ― | 18.54% | ― | 16.88% | ― | |
60 Neutral | $200.74M | -12.67 | -7.42% | ― | -31.29% | 65.68% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $115.48M | -1.98 | 476.59% | ― | 20.59% | 18.61% | |
49 Neutral | $73.48M | -2.68 | -116.22% | ― | 14.04% | -0.65% |
* Healthcare Sector Average
ANIK
Anika Therapeutics
14.98
0.29
1.97%
FONR
Fonar
18.58
4.78
34.64%
RCEL
Avita Medical
3.77
-3.74
-49.80%
NSPR
InspireMD
1.57
-1.12
-41.64%
XTNT
Xtant Medical Holdings
0.53
0.06
13.19%
MODD
Modular Medical
5.38
-23.81
-81.57%
Anika Therapeutics Corporate Events
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...
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Anika Therapeutics Announces CEO Transition and Governance Changes
Positive
Jan 8, 2026
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 ...
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.