ANIK

MKT CAP:$221M

Anika Therapeutics, Inc.

Market Cap

$221M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$15.04+$5.69 (+60.86%)

Apr 21, 2026

Company Details

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 preser...

CEO

Stephen D. Griffin

IPO Date

May 3, 1993

Website

www.anikatherapeutics.com

Key Metrics TTM

Revenue

$113M

+1.5% YoY

Net Income

-$11M

EPS (Diluted)

-$0.76

Free Cash Flow

$4M

Revenue / Share

$7.69

Gross Margin

56.6%

Operating Margin

-9.8%

Net Margin

-9.6%

FCF Margin

3.9%

P/S

2.0x

P/E

—

Earnings Reports

Q1 2026

May 8, 2026

PENDING

FY 2025

Mar 2, 2026

$113M-5.9%EPS -$0.76

Q4 2025

Mar 2, 2026

$31M+2473.3%EPS $0.02

Q3 2025

Nov 5, 2025

$28M-28.2%EPS -$0.16

Q2 2025

Jul 30, 2025

$28M-8.2%EPS -$0.28

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$36M	$18M	-$9M
Q1 22	$37M	$22M	-$4M
Q2 22	$40M	$25M	-$3M
Q3 22	$40M	$23M	-$6M
Q4 22	$40M	$24M	-$7M
Q1 23	$38M	$23M	-$13M
Q2 23	$44M	$29M	-$4M
Q3 23	$41M	$25M	-$8M
Q4 23	$43M	$26M	-$64M
Q2 24	$31M	$20M	-$2M
Q3 24	$39M	$1M	-$28M
Q4 24	-$1M	$23M	$28M
Q1 25	$26M	$15M	-$4M
Q2 25	$28M	$14M	-$4M
Q3 25	$28M	$16M	-$3M
Q4 25	$31M	$19M	$646.0K

Valuation

Quarter	P/S	P/E
Q4 21	3.6x	127.9x
Q1 22	2.5x	—
Q2 22	2.2x	—
Q3 22	2.3x	—
Q4 22	2.8x	—
Q1 23	2.7x	—
Q2 23	2.4x	—
Q3 23	1.7x	—
Q4 23	2.0x	—
Q2 24	2.4x	—
Q3 24	2.4x	—
Q4 24	2.2x	—
Q1 25	2.3x	—
Q2 25	1.6x	—
Q3 25	1.6x	—
Q4 25	1.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	$4M	$3M
Q1 22	-$2M	-$3M
Q2 22	$3M	$1M
Q3 22	$3M	$1M
Q4 22	$481.0K	-$2M
Q1 23	-$4M	-$5M
Q2 23	-$8M	-$10M
Q3 23	$6M	$6M
Q4 23	$4M	$2M
Q2 24	-$1M	-$4M
Q3 24	$5M	$3M
Q4 24	$2M	$275.0K
Q1 25	-$130.0K	-$3M
Q2 25	-$189.0K	-$2M
Q3 25	$7M	$5M
Q4 25	$5M	$4M

Capital Expenditures

Quarter	CapEx
Q4 21	$1M
Q1 22	$1M
Q2 22	$2M
Q3 22	$2M
Q4 22	$3M
Q1 23	$1M
Q2 23	$1M
Q3 23	$741.0K
Q4 23	$2M
Q2 24	$3M
Q3 24	$2M
Q4 24	$1M
Q1 25	$3M
Q2 25	$1M
Q3 25	$2M
Q4 25	$648.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+9.6%	-11.2%
Q1 22	+7.0%	+21.8%
Q2 22	+4.0%	+48.6%
Q3 22	+1.8%	+20.5%
Q4 22	+10.6%	+3.0%
Q1 23	+3.4%	+25.4%
Q2 23	+11.7%	+11.4%
Q3 23	+3.0%	+6.7%
Q4 23	+8.5%	+130.6%
Q2 24	-19.0%	-35.5%
Q3 24	-12.5%	+39.3%
Q4 24	-103.1%	-159.2%
Q1 25	-39.1%	-71.5%
Q2 25	-8.2%	-0.4%
Q3 25	-28.2%	-53.5%
Q4 25	+2473.3%	+203.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$4M	10.3%
Q3 22	$4M	9.6%
Q4 22	$0	0.0%
Q1 23	$4M	9.8%
Q2 23	$0	0.0%
Q3 23	$4M	8.6%
Q4 23	$4M	8.9%
Q2 24	$4M	12.7%
Q3 24	$3M	8.8%
Q4 24	$2M	—
Q1 25	$3M	10.9%
Q2 25	$3M	9.0%
Q3 25	$2M	8.0%
Q4 25	$2M	8.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q4 21	$6M	$20M
Q1 22	$6M	$19M
Q2 22	$7M	$21M
Q3 22	$7M	$21M
Q4 22	$8M	$23M
Q1 23	$8M	$27M
Q2 23	$9M	$24M
Q3 23	$8M	$25M
Q4 23	$8M	$20M
Q2 24	$7M	$16M
Q3 24	$7M	$19M
Q4 24	$3M	—
Q1 25	$6M	$13M
Q2 25	$6M	$12M
Q3 25	$7M	$12M
Q4 25	$6M	$12M

Revenue Segments

Quarter	Joint Preservation and Restoration	Non-Orthopedic	OA Pain Management
Q2 22	$12M	$2M	$26M
Q3 22	$12M	$3M	$26M
Q4 22	$14M	$2M	$24M
Q1 23	$13M	$2M	$23M
Q2 23	$13M	$2M	$29M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$90M	$0	$90M
Q2 22	$91M	$0	$91M
Q3 22	$88M	$0	$88M
Q4 22	$86M	$0	$86M
Q1 23	$80M	$0	$80M
Q2 23	$65M	$0	$65M
Q3 23	$71M	$0	$71M
Q4 23	$69M	$0	$69M
Q1 24	$69M	$0	$69M
Q2 24	$63M	$0	$63M
Q3 24	$62M	$0	$62M
Q4 24	$56M	$0	$56M
Q1 25	$53M	$0	$53M
Q2 25	$53M	$0	$53M
Q3 25	$58M	$0	$58M
Q4 25	$57M	$0	$57M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	14M	-1.4%	+1.1%
Q1 22	14M	+0.2%	+0.2%
Q2 22	15M	+0.6%	-0.5%
Q3 22	15M	+0.3%	-0.3%
Q4 22	15M	+0.3%	+1.4%
Q1 23	15M	+0.1%	+1.3%
Q2 23	15M	+0.2%	+0.9%
Q3 23	15M	-0.4%	+0.2%
Q4 23	15M	+0.1%	+0.0%
Q2 24	15M	+1.3%	+1.3%
Q3 24	15M	-0.5%	+0.5%
Q4 24	15M	-0.3%	+0.6%
Q1 25	14M	-2.9%	-2.4%
Q2 25	14M	+0.2%	-3.4%
Q3 25	14M	+0.2%	-2.8%
Q4 25	15M	+2.1%	-0.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$120.6K	297
Q1 22	$123.5K	297
Q2 22	$133.5K	297
Q3 22	$135.6K	297
Q4 22	$114.8K	345
Q1 23	$109.9K	345
Q2 23	$128.4K	345
Q3 23	$120.2K	345
Q4 23	$120.4K	357
Q2 24	$86.1K	357
Q3 24	$108.6K	357
Q4 24	-$4.5K	288
Q1 25	$90.9K	288
Q2 25	$98.0K	288
Q3 25	$96.6K	288
Q4 25	$130.3K	235

Revenue / Employee