Anika Therapeutics (ANIK) AI Stock Analysis

• Market Cap: $139.02M
• Dividend Yield: N/A
• Average Volume (3M): 159.15K
• 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: 147,493
• 30 Day Avg. Volume: 159,154
• 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: 0.73
• 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): -0.71
• Revenue Forecast (FY): $111.29M

• Rating: 49 Neutral
• Price Target: $10.00 ▲(2.56% Upside)

Anika Therapeutics' overall stock score reflects significant financial challenges, including declining revenues and persistent losses. While there is some positive momentum from the Commercial Channel growth and regulatory progress, these are overshadowed by operational inefficiencies and valuation concerns. The technical indicators suggest a neutral to bearish outlook, further impacting the overall score.

Positive Factors

Commercial Channel Growth

The 22% growth in the Commercial Channel indicates robust demand and market expansion, particularly through the Integrity product line, which can drive long-term revenue growth and strengthen market position.

Regulatory Milestone

The successful PMA submission for Hyalofast enhances Anika's product portfolio and regulatory standing, potentially leading to new market opportunities and revenue streams in the U.S. orthopedic market.

Cost Structure Improvements

The reduction in SG&A expenses and overall operating expenses indicates improved operational efficiency, which can enhance profitability and cash flow sustainability over the long term.

Negative Factors

Revenue Decline

The 6% decline in overall revenue reflects challenges in maintaining sales momentum, which could impact future profitability and market competitiveness if not addressed.

OEM Channel Revenue Decline

The 20% decline in OEM channel revenue highlights vulnerability to pricing pressures, which may affect long-term revenue stability and necessitate strategic adjustments.

Cash Flow Challenges

The sharp decline in free cash flow growth indicates cash generation issues, potentially limiting investment capacity and financial flexibility over time.

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: Positive
• 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 9.66, above the 50-day MA of 9.61, and below the 200-day MA of 11.23, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 47.65 is Neutral, neither overbought nor oversold. The STOCH value of 35.79 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	59 Neutral	$93.77M	13.33	4.34%	―	3.36%	-21.15%
XTNT	59 Neutral	$98.35M	68.04	3.64%	―	16.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANIK	49 Neutral	$139.02M	―	-8.73%	―	-31.29%	65.68%
NSPR	46 Neutral	$88.66M	-2.52	-87.61%	―	14.04%	-0.65%
RCEL	42 Neutral	$106.73M	―	-1746.27%	―	20.59%	18.61%

Anika Therapeutics Corporate Events

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.