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Anika Therapeutics, Inc. (ANIK)
:ANIK
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Anika Therapeutics (ANIK) AI Stock Analysis

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ANIK

Anika Therapeutics

(NASDAQ:ANIK)

Rating:44Neutral
Price Target:
$8.00
▼(-4.19% Downside)
Anika Therapeutics' overall stock score is primarily impacted by poor financial performance and bearish technical indicators. While there is some optimism from future growth projections in regenerative solutions, current financial and operational challenges present significant risks. The lack of positive valuation metrics further exacerbates the company's unattractive investment profile.
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.
Guidance Reduction
The company's adjusted EBITDA guidance for FY/25 has been reduced for the second consecutive quarter.
Revenue Shortfall
Anika generated $26.2 million in revenue, which fell short of the estimated $28.0 million.

Anika Therapeutics (ANIK) vs. SPDR S&P 500 ETF (SPY)

Anika Therapeutics Business Overview & Revenue Model

Company DescriptionAnika Therapeutics, Inc. is a global, integrated orthopedic medicine company focused on developing, manufacturing, and commercializing innovative therapeutic solutions for patients with degenerative orthopedic diseases and traumatic conditions. The company's core products include joint preservation and restoration solutions, such as hyaluronic acid-based viscosupplements for osteoarthritis pain relief and regenerative solutions for joint health.
How the Company Makes MoneyAnika 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 Earnings Call Summary

Earnings Call Date:Jul 30, 2025
(Q2-2025)
|
% Change Since: -25.18%|
Next Earnings Date:Oct 30, 2025
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture. There were significant achievements, particularly with the strong performance and growth in the Integrity product line and the commercial channel. However, these positives were tempered by challenges such as the disappointing results of the Hyalofast trial, manufacturing issues impacting gross margin, and overall revenue decline. While there is optimism around future growth and product development, immediate challenges place the sentiment in balance.
Q2-2025 Updates
Positive Updates
Integrity's Strong Performance
Integrity has already exceeded its full year 2024 performance and is on track to more than double in 2025, leading to 41% growth in Regenerative Solutions revenue this quarter.
Commercial Channel Growth
Regenerative solutions within the commercial channel delivered standout performance, growing 41% year-over-year driven by continued momentum in the Integrity Implant System.
Operating Expense Reduction
There was a 17% reduction in total operating expenses year-over-year, including a 22% decline in SG&A expenses.
Cingal Progress
Meaningful progress was made advancing the final steps toward NDA filing for Cingal, remaining on track to initiate the bioequivalence study by year-end.
Negative Updates
Hyalofast Trial Results
Hyalofast missed achieving statistical significance on its prespecified co-primary endpoints in the U.S. pivotal Phase III clinical trial.
Revenue Decline
Revenue in the quarter was down 8% overall, with the OEM channel declining 13% due to continued pressure on demand and pricing for Orthovisc.
Manufacturing Challenges
Lower production yields in April and May resulted in a $3 million onetime charge, impacting gross margin, which was down 16 percentage points from the same period last year.
Extended Commercial Timeline for Hyalofast
The commercial timeline for Hyalofast has been extended to 2027 to ensure adequate time for FDA review and dialogue.
Company Guidance
During Anika's second quarter 2025 conference call, the company reaffirmed its commitment to meeting its full-year guidance despite some challenges. The commercial channel is expected to grow between 12% and 18%, while the OEM channel is anticipated to decline by 16% to 20%. Adjusted EBITDA is projected to range from negative 3% to positive 3%. Anika reported a revenue decline of 8% for the quarter, primarily due to manufacturing challenges and reduced pricing from J&J. Despite these setbacks, regenerative solutions showed strong performance with a 41% growth, led by the Integrity Implant System. Gross margins are expected to improve in the second half to the 58%-59% range. Anika remains optimistic about its future, planning to submit its PMA for Hyalofast in the second half of the year and aiming for a commercial launch in 2027.

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
35
Negative
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
60
Neutral
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
45
Neutral
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.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue105.55M119.91M166.66M156.24M147.79M130.46M
Gross Profit66.05M76.00M103.09M93.58M82.94M69.03M
EBITDA633.00K3.02M-11.23M-4.91M2.62M-12.83M
Net Income-56.74M-56.38M-82.67M-14.86M4.13M-23.98M
Balance Sheet
Total Assets190.60M202.74M270.63M349.13M347.54M365.61M
Cash, Cash Equivalents and Short-Term Investments53.37M55.63M72.87M86.33M94.39M98.32M
Total Debt25.44M25.93M29.04M30.89M19.24M20.88M
Total Liabilities42.21M48.75M58.37M63.56M60.45M93.20M
Stockholders Equity148.40M153.99M212.26M285.56M287.08M272.40M
Cash Flow
Free Cash Flow-3.35M-2.33M-7.21M-3.08M3.25M11.44M
Operating Cash Flow5.40M5.40M-1.79M4.41M8.40M13.06M
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 Price8.35
Price Trends
50DMA
10.76
Negative
100DMA
12.35
Negative
200DMA
14.99
Negative
Market Momentum
MACD
-0.79
Positive
RSI
31.16
Neutral
STOCH
10.78
Positive
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 8.35 is below the 20-day moving average (MA) of 10.19, below the 50-day MA of 10.76, and below the 200-day MA of 14.99, indicating a bearish trend. The MACD of -0.79 indicates Positive momentum. The RSI at 31.16 is Neutral, neither overbought nor oversold. The STOCH value of 10.78 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ANIK.

Anika Therapeutics Risk Analysis

Anika Therapeutics disclosed 43 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

Overall Rating
UnderperformOutperform
Sector (51)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
70
Outperform
$156.07M23.1016.56%14.85%64.96%
55
Neutral
$141.69M-407.50%32.24%-66.93%
51
Neutral
$7.39B0.36-62.86%2.37%15.48%-2.68%
51
Neutral
$249.59M-87.65%2.47%56.93%
47
Neutral
$159.88M271.41%85.03%53.73%
45
Neutral
$66.82M-66.88%18.24%4.81%
44
Neutral
$120.39M-22.91%-25.85%18.18%
* Healthcare Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
ANIK
Anika Therapeutics
8.22
-17.46
-67.99%
ELMD
Electromed
18.65
4.02
27.48%
RCEL
Avita Medical
5.38
-4.19
-43.78%
OM
Outset Medical
14.18
0.36
2.60%
LUNG
Pulmonx
1.62
-3.97
-71.02%
TLSI
TriSalus Life Sciences
3.67
-1.99
-35.16%

Anika Therapeutics Corporate Events

Product-Related AnnouncementsBusiness Operations and Strategy
Anika Therapeutics Announces Phase III Study Results
Neutral
Jul 30, 2025

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.

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.

Executive/Board ChangesShareholder MeetingsBusiness Operations and Strategy
Anika Therapeutics Approves Key Proposals at Annual Meeting
Neutral
Jun 24, 2025

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.

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.Date of analysis: Jul 31, 2025