Anika Therapeutics (ANIK) AI Stock Analysis

• Market Cap: $154.03M
• Dividend Yield: N/A
• Average Volume (3M): 65.33K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.85
• Revenue Growth: -18.80%
• EPS Growth: 26.16%
• Country: US
• Employees: 288
• Sector: Healthcare
• Sector Strength: 42
• Industry: Medical - Devices
• EPS (TTM): -0.06
• Shares Outstanding: 14,341,423
• 10 Day Avg. Volume: 80,264
• 30 Day Avg. Volume: 65,326
• PEG Ratio: 0.06
• Price to Book (P/B): 1.51
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -140.07
• Enterprise Value/Market Cap: 2.44
• Enterprise Value/Revenue: 0.67
• Enterprise Value/Gross Profit: 5.69
• Enterprise Value/Ebitda: -16.47
• 1Y Price Target: $21.33
• Price Target Upside: 98.60% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3

• Rating: 45 Neutral
• Price Target: $10.50 ▼(-2.23%Downside)

Anika Therapeutics is currently facing significant financial and operational challenges, as evidenced by declining revenues and negative profitability. The technical indicators also suggest bearish momentum. While there are positive developments in the commercial channel and pipeline initiatives, the overall outlook remains cautious due to valuation concerns and operational inefficiencies.

Positive Factors

Financial Stability

The company ended the quarter with $55.6 million in cash and equivalents and no debt.

Investment Opportunity

Recent share price weakness is considered a good entry point for new investors and a great opportunity for current investors to add to positions.

Product Pipeline

Anika's product pipeline is believed to hold material value that is expected to be unlocked significantly in the next two to three years.

Negative Factors

Guidance Reduction

The company's adjusted EBITDA guidance for FY/25 has been reduced for the second consecutive quarter.

Pricing Weakness

Manufacturing inefficiencies and ongoing pricing weakness in OA pain management were major factors for the reduced guidance.

Revenue Miss

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 primarily through the sale of its proprietary orthopedic therapeutic products, which are sold directly to healthcare providers, distributors, and strategic partners globally. The company earns from its joint preservation and restoration solutions, including viscosupplements for osteoarthritis and other regenerative products. Key factors contributing to its earnings include its product innovation, distribution network, and strategic partnerships, which help expand its market reach and enhance product adoption. Additionally, Anika leverages its research and development capabilities to create new products and maintain a competitive edge in the orthopedic medicine market.

Anika Therapeutics Financial Statement Overview

Summary

Anika Therapeutics faces revenue decline and negative profitability, with ongoing cash flow challenges. However, it maintains a strong equity position and low leverage, indicating resilience in its financial structure.

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	105.55M	119.91M	166.66M	156.24M	147.79M	130.46M
Gross Profit	66.05M	76.00M	103.09M	93.58M	82.94M	69.03M
EBITDA	633.00K	3.02M	-11.23M	-4.91M	2.62M	-12.83M
Net Income	-56.74M	-56.38M	-82.67M	-14.86M	4.13M	-23.98M
Balance Sheet
Total Assets	190.60M	202.74M	270.63M	349.13M	347.54M	365.61M
Cash, Cash Equivalents and Short-Term Investments	53.37M	55.63M	72.87M	86.33M	94.39M	98.32M
Total Debt	25.44M	25.93M	29.04M	30.89M	19.24M	20.88M
Total Liabilities	42.21M	48.75M	58.37M	63.56M	60.45M	93.20M
Stockholders Equity	148.40M	153.99M	212.26M	285.56M	287.08M	272.40M
Cash Flow
Free Cash Flow	-3.35M	-2.33M	-7.21M	-3.08M	3.25M	11.44M
Operating Cash Flow	5.40M	5.40M	-1.79M	4.41M	8.40M	13.06M
Investing Cash Flow	-4.85M	-8.33M	-5.43M	-7.49M	-3.12M	-71.26M
Financing Cash Flow	-15.89M	-12.73M	-6.32M	-4.85M	-6.78M	-3.77M

Anika Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 10.74
• 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 Negative. The current price of 10.74 is below the 20-day moving average (MA) of 11.18, below the 50-day MA of 12.34, and below the 200-day MA of 17.02, indicating a bearish trend. The MACD of -0.38 indicates Negative momentum. The RSI at 38.54 is Neutral, neither overbought nor oversold. The STOCH value of 44.44 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
ELMD	80 Outperform	$184.41M	27.56	16.56%	―	14.85%	64.96%
RCEL	55 Neutral	$144.07M	―	-407.50%	―	32.24%	-66.93%
OM	55 Neutral	$337.56M	―	-86.53%	―	-7.84%	42.34%
TLSI	52 Neutral	$202.03M	―	271.41%	―	85.03%	53.73%
Sector *	51 Neutral	$7.41B	0.36	-61.88%	2.33%	16.99%	1.69%
LUNG	46 Neutral	$104.67M	―	-60.68%	―	19.84%	5.77%
ANIK	45 Neutral	$154.03M	―	-20.42%	―	-18.80%	26.16%

Anika Therapeutics Corporate Events

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.

The most recent analyst rating on (ANIK) stock is a Buy with a $28.00 price target. To see the full list of analyst forecasts on Anika Therapeutics stock, see the ANIK Stock Forecast page.

Anika Therapeutics Announces COO Departure and Role Elimination

On April 4, 2025, Anika Therapeutics announced the departure of Anne Nunes, their Chief Operations Officer, effective April 25, 2025. Her responsibilities will be taken over by Stephen Griffin, who is currently the Executive Vice President, Chief Financial Officer, and Chief Operating Officer. The company has decided to eliminate the Chief Operations Officer position, indicating a strategic shift in its operational management structure.