ANIK · Anika Therapeutics, Inc.

Anika Therapeutics, Inc., a joint preservation company, focuses on early intervention orthopedics in the United States, Europe, and internationally. The company offers osteoarthritis (OA) pain management products and services, such as Monovisc and Orthovisc, which are single- and multi-injection, HA viscosupplement products indicated for pain relief from OA conditions, as well as Cingal, a non-opioid, single-injection OA pain management product; regenerative solutions, including an HA-based scaffold with bone and tendon fixation components and arthroscopic delivery instruments; Hyalofast, a resorbable scaffold used for single stage cartilage regeneration; and Tactoset injectable bone substitute, an HA-enhanced injectable bone repair therapy designed to treat insufficiency fractures and augment hardware fixation. It also provides Integrity, an HA-based scaffold with bone and tendon fixation components and arthroscopic delivery instruments; non-orthopedic products, including Hyvisc, a high molecular weight injectable HA veterinary product for the treatment of joint dysfunction in horses due to non-infectious synovitis associated with equine OA; Hyalobarrier, an anti-adhesion barrier indicated for use after abdominal-pelvic surgeries; and ophthalmic products; and Anikavisc and Nuvisc high molecular weight HA products. The company was founded in 1983 and is headquartered in Bedford, Massachusetts.

Cap structure and valuation

Cap structure
SP	$14.56
SO	13.3M
Options	1.8M
Warrants	0.0M
FD SO	15.1M
MC	$219.4M

Cash	$41.0M
Total debt	$8.4M
EV	$186.8M

TTM Multiples
EV / Revenue	1.6x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	179.8x
MC / FCF	211.2x

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-04-21. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative.

Financial statements

	3/31/26	12/31/25	9/30/25	6/30/25
Total Revenue	29.61	30.61	27.82	28.22
Revenue YoY %	13.2%	0.0%	(5.9%)	(8.2%)
Cost of Revenue	10.62	11.44	12.23	13.86
Gross Profit	19.00	19.18	15.58	14.36
Gross Profit YoY %	29.4%	12.0%	(19.7%)	(29.9%)
Gross Margin %	64.2%	62.6%	56.0%	50.9%

SG&A	17.77	12.08	11.87	12.23
R&D	6.71	6.45	6.95	6.31
Operating Expense	24.48	18.53	18.82	18.54

Operating Income	(5.49)	0.65	(3.23)	(4.18)
Operating Income YoY %	(28.1%)	191.6%	(3891.4%)	(130.9%)
Operating Margin %	(18.5%)	2.1%	(11.6%)	(14.8%)
EBITDA	(4.08)	1.96	(1.84)	(2.90)
EBITDA Margin %	(13.8%)	6.4%	(6.6%)	(10.3%)

Pretax Income	(4.82)	(0.74)	(1.39)	(3.29)
Tax Provision	0.23	(1.04)	0.94	0.68
Net Income	(5.06)	0.29	(2.33)	(3.97)
Net Margin %	(17.1%)	1.0%	(8.4%)	(14.1%)

Diluted EPS	-$0.37	$0.02	-$0.16	-$0.28
Basic EPS	-$0.37	$0.02	-$0.16	-$0.28
Diluted Avg Shares	13.5	-0.0	14.4	14.5
Basic Avg Shares	13.5	-0.0	14.4	14.4

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Total Revenue	116.26	112.82	119.91	120.79	113.83
Revenue YoY %	3.1%	(5.9%)	(0.7%)	6.1%	—
Cost of Revenue	48.14	49.01	43.91	38.26	40.61
Gross Profit	68.12	63.81	76.00	82.53	73.22
Gross Profit YoY %	6.8%	(16.0%)	(7.9%)	12.7%	—
Gross Margin %	58.6%	56.6%	63.4%	68.3%	64.3%

SG&A	53.95	49.09	55.55	59.92	51.23
R&D	26.42	25.77	25.54	21.76	18.32
Operating Expense	80.38	74.86	81.10	81.69	69.55

Operating Income	(12.26)	(11.05)	(5.10)	0.84	3.67
Operating Income YoY %	(10.9%)	(116.6%)	(704.4%)	(77.0%)	—
Operating Margin %	(10.5%)	(9.8%)	(4.3%)	0.7%	3.2%
EBITDA	(6.86)	(5.68)	1.78	7.28	10.37
EBITDA Margin %	(5.9%)	(5.0%)	1.5%	6.0%	9.1%

Pretax Income	(10.24)	(10.21)	(50.32)	(76.07)	(12.73)
Tax Provision	0.82	0.67	6.06	6.59	2.12
Net Income	(11.06)	(10.88)	(56.38)	(82.67)	(14.86)
Net Margin %	(9.5%)	(9.6%)	(47.0%)	(68.4%)	(13.1%)

Diluted EPS	-$0.79	-$0.76	-$3.83	-$5.64	-$1.02
Basic EPS	-$0.79	-$0.76	-$3.83	-$5.64	-$1.02
Diluted Avg Shares	13.5	14.3	14.7	14.7	14.8
Basic Avg Shares	13.5	14.3	14.7	14.7	14.6

	3/31/26	12/31/25	9/30/25	6/30/25
Cash & Equivalents	41.02	57.48	57.99	53.17
Receivables	25.77	23.69	22.19	23.95
Inventory	22.84	18.79	16.28	16.92
Total Current Assets	93.56	103.36	101.59	99.32

Net PPE	39.72	40.32	40.68	40.68
Goodwill	7.89	8.05	8.05	8.06
Total Assets	179.39	190.27	189.44	187.68

Accounts Payable	6.34	6.04	4.73	4.77
Total Current Liabilities	20.97	21.91	19.09	16.08

Retained Earnings	55.73	60.79	60.49	62.82
Total Equity	133.90	143.47	146.81	147.67

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Cash & Equivalents	41.02	57.48	55.63	68.74	86.33
Receivables	25.77	23.69	23.59	26.36	34.63
Inventory	22.84	18.79	23.81	24.43	39.77
Total Current Assets	93.56	103.36	113.65	163.31	169.55

Net PPE	39.72	40.32	38.99	37.45	48.28
Goodwill	7.89	8.05	7.12	7.57	7.34
Total Assets	179.39	190.27	202.74	270.63	349.13

Accounts Payable	6.34	6.04	5.62	6.19	9.07
Total Current Liabilities	20.97	21.91	23.31	31.06	27.91

Retained Earnings	55.73	60.79	71.67	128.05	210.72
Total Equity	133.90	143.47	153.99	212.26	285.56

	3/31/26	12/31/25	9/30/25	6/30/25
Net Income	(5.06)	0.29	(2.33)	(3.97)
D&A	1.41	1.32	1.39	1.28
Stock-Based Comp	6.64	2.46	2.21	2.55
Operating Cash Flow	(4.85)	4.64	6.87	(0.19)

CapEx	(1.43)	(0.65)	(1.89)	(1.47)
Investing Cash Flow	(1.24)	0.20	(1.73)	(0.54)

Stock Buyback	(8.69)	(5.51)	0.00	0.00
Financing Cash Flow	(10.35)	(5.28)	(0.01)	0.18

Free Cash Flow	(6.28)	3.99	4.98	(1.66)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Net Income	(11.06)	(10.88)	(56.38)	(82.67)	(14.86)
D&A	5.40	5.37	6.88	6.43	6.70
Stock-Based Comp	13.86	10.08	13.13	15.24	14.31
Operating Cash Flow	6.47	11.19	5.40	(1.79)	4.41

CapEx	(5.43)	(6.83)	(7.73)	(5.43)	(7.49)
Investing Cash Flow	(3.31)	(0.40)	(8.33)	(5.43)	(7.49)

Debt Issuance	—	—	—	—	0.00
Debt Repayment	—	—	—	—	0.00
Stock Buyback	(14.20)	(9.48)	(10.91)	(5.00)	0.00
Financing Cash Flow	(15.46)	(10.55)	(12.73)	(6.32)	(4.85)

Free Cash Flow	1.04	4.36	(2.33)	(7.21)	(3.08)

	3/31/26	12/31/25	9/30/25	6/30/25
Current Ratio	4.46	4.72	5.32	6.18
Quick Ratio	3.37	3.86	4.47	5.12
Debt / Equity	—	—	—	—
EBITDA Margin %	(13.8%)	6.4%	(6.6%)	(10.3%)
Working Capital	72.59	81.45	82.50	83.24
Net Debt	—	—	—	—
ROE %	(3.8%)	0.2%	(1.6%)	(2.7%)
ROA %	(2.8%)	0.2%	(1.2%)	(2.1%)

	LTM	12/31/25	12/31/24	12/31/23	12/31/22
Current Ratio	4.46	4.72	4.88	5.26	6.07
Quick Ratio	3.37	3.86	3.85	4.47	4.65
Debt / Equity	—	—	—	—	—
EBITDA Margin %	(5.9%)	(5.0%)	1.5%	6.0%	9.1%
Working Capital	72.59	81.45	90.35	132.25	141.63
Net Debt	—	—	—	—	—
ROE %	(8.3%)	(7.6%)	(36.6%)	(38.9%)	(5.2%)
ROA %	(6.2%)	(5.7%)	(27.8%)	(30.5%)	(4.3%)

Insider activity (last 2 years)

Date Filed	Reporter	Relationship	Trans. Date	Code	Shares	Price	Total Value
2026-05-04	HENNEMAN JOHN B III	Director	2026-05-01	P	5,000	$14.66	$73,320
2026-04-30	Griffin Stephen D.	Director, Officer (President and CEO)	2026-04-30	P	12,200	$12.29	$149,881
2026-03-23	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-19	A	13,097	—	$0
2026-03-23	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-19	A	11,194	—	$0
2026-03-23	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-19	A	17,663	—	$0
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-15	M	6,449	—	$0
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-15	F	(1,893)	$14.20	-$26,881
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-15	M	(6,449)	—	$-0
2026-03-17	Blanchard Cheryl R	Director	2026-03-15	M	25,131	—	$0
2026-03-17	Blanchard Cheryl R	Director	2026-03-15	F	(12,104)	$14.20	-$171,877
2026-03-17	Blanchard Cheryl R	Director	2026-03-15	M	(25,131)	—	$-0
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-15	M	2,658	—	$0
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-15	F	(781)	$14.20	-$11,090
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-15	M	(2,658)	—	$-0
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-14	M	9,388	—	$0
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-14	A	4,694	—	$0
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-14	F	(4,168)	$14.20	-$59,186
2026-03-17	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-14	M	(9,388)	—	$-0
2026-03-17	Griffin Stephen D.	Director, Officer (President and CEO)	2026-03-14	M	12,824	—	$0
2026-03-17	Griffin Stephen D.	Director, Officer (President and CEO)	2026-03-14	A	6,412	—	$0
2026-03-17	Griffin Stephen D.	Director, Officer (President and CEO)	2026-03-14	F	(5,944)	$14.20	-$84,405
2026-03-17	Griffin Stephen D.	Director, Officer (President and CEO)	2026-03-14	M	(12,824)	—	$-0
2026-03-17	Blanchard Cheryl R	Director	2026-03-14	M	24,519	—	$0
2026-03-17	Blanchard Cheryl R	Director	2026-03-14	A	24,520	—	$0
2026-03-17	Blanchard Cheryl R	Director	2026-03-14	F	(14,728)	$14.20	-$209,138
2026-03-17	Blanchard Cheryl R	Director	2026-03-14	M	(24,519)	—	$-0
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-14	M	3,774	—	$0
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-14	A	1,161	—	$0
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-14	F	(1,449)	$14.20	-$20,576
2026-03-17	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-14	M	(3,774)	—	$-0
2026-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-09	M	5,465	—	$0
2026-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-09	F	(1,919)	$14.96	-$28,708
2026-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2026-03-09	M	(5,465)	—	$-0
2026-03-11	Blanchard Cheryl R	Director	2026-03-09	M	20,001	—	$0
2026-03-11	Blanchard Cheryl R	Director	2026-03-09	F	(5,871)	$14.96	-$87,830
2026-03-11	Blanchard Cheryl R	Director	2026-03-09	M	(20,001)	—	$-0
2026-03-11	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-09	M	2,197	—	$0
2026-03-11	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-09	F	(639)	$14.96	-$9,559
2026-03-11	McLeod Ian	Officer (SVP, CAO & Treasurer)	2026-03-09	M	(2,197)	—	$-0
2026-02-03	Griffin Stephen D.	Director, Officer (President and CEO)	2026-02-01	A	310,207	—	$0
2026-02-03	Griffin Stephen D.	Director, Officer (President and CEO)	2026-02-01	A	130,402	—	$0
2025-06-24	VOGT SUSAN L N	Director	2025-06-20	A	14,164	—	$0
2025-06-24	Richard Stephen	Director	2025-06-20	A	14,164	—	$0
2025-06-24	Larsen Glenn R.	Director	2025-06-20	A	14,164	—	$0
2025-06-24	Jellison William R	Director	2025-06-20	A	14,164	—	$0
2025-06-24	HENNEMAN JOHN B III	Director	2025-06-20	A	14,164	—	$0
2025-06-24	Fischetti Gary P	Director	2025-06-20	A	14,164	—	$0
2025-06-24	CONLEY SHERYL L	Director	2025-06-20	A	14,164	—	$0
2025-06-24	Capper Joseph H	Director	2025-06-20	A	14,164	—	$0
2025-06-05	Griffin Stephen D.	Officer (EVP, CFO & COO)	2025-06-03	M	12,840	—	$0
2025-06-05	Griffin Stephen D.	Officer (EVP, CFO & COO)	2025-06-03	F	(3,769)	$11.59	-$43,683
2025-06-05	Griffin Stephen D.	Officer (EVP, CFO & COO)	2025-06-03	M	12,840	—	$0
2025-03-18	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-17	M	3,637	—	$0
2025-03-18	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-17	F	(1,068)	$15.91	-$16,992
2025-03-18	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-17	M	(3,637)	—	$-0
2025-03-18	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-17	M	6,448	—	$0
2025-03-18	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-17	F	(1,893)	$15.91	-$30,118
2025-03-18	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-17	M	(6,448)	—	$-0
2025-03-18	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-17	M	25,132	—	$0
2025-03-18	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-17	F	(12,152)	$15.91	-$193,338
2025-03-18	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-17	M	(25,132)	—	$-0
2025-03-18	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-14	A	20,761	—	$0
2025-03-18	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-14	A	4,650	—	$0
2025-03-18	Griffin Stephen D.	Officer (EVP, CFO and Treasurer)	2025-03-14	A	38,473	—	$0
2025-03-18	Griffin Stephen D.	Officer (EVP, CFO and Treasurer)	2025-03-14	A	18,672	—	$0
2025-03-18	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-14	A	28,165	—	$0
2025-03-18	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-14	A	13,669	—	$0
2025-03-18	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-14	A	73,559	—	$0
2025-03-18	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-14	A	71,403	—	$0
2025-03-13	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-11	M	2,561	—	$0
2025-03-13	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-11	F	(752)	$16.79	-$12,626
2025-03-13	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-11	M	(2,561)	—	$-0
2025-03-13	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-11	M	7,663	—	$0
2025-03-13	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-11	F	(2,250)	$16.79	-$37,778
2025-03-13	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-11	M	(7,663)	—	$-0
2025-03-13	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-11	M	30,060	—	$0
2025-03-13	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-11	F	(12,675)	$16.79	-$212,813
2025-03-13	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-11	M	(30,060)	—	$-0
2025-03-11	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-10	M	3,296	—	$0
2025-03-11	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-10	F	(959)	$16.62	-$15,939
2025-03-11	Nunes Anne	Officer (SVP, Chief Operations Officer)	2025-03-10	M	(3,296)	—	$-0
2025-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-10	M	5,465	—	$0
2025-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-10	F	(1,604)	$16.62	-$26,658
2025-03-11	Colleran David	Officer (EVP, General Counsel, Corp Sec)	2025-03-10	M	(5,465)	—	$-0
2025-03-11	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-10	M	20,002	—	$0
2025-03-11	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-10	F	(5,871)	$16.62	-$97,576
2025-03-11	Blanchard Cheryl R	Director, Officer (President, CEO, Director)	2025-03-10	M	(20,002)	—	$-0
2024-10-04	Nunes Anne	Officer (SVP, Chief Operations Officer)	2024-10-01	M	2,491	—	$0
2024-10-04	Nunes Anne	Officer (SVP, Chief Operations Officer)	2024-10-01	F	(732)	$24.27	-$17,766
2024-10-04	Nunes Anne	Officer (SVP, Chief Operations Officer)	2024-10-01	M	(2,491)	—	$-0
2024-07-11	VOGT SUSAN L N	Director	2024-07-09	A	5,771	—	$0
2024-07-11	Richard Stephen	Director	2024-07-09	A	5,771	—	$0
2024-07-11	Larsen Glenn R.	Director	2024-07-09	A	5,771	—	$0
2024-07-11	Jellison William R	Director	2024-07-09	A	5,771	—	$0
2024-07-11	HENNEMAN JOHN B III	Director	2024-07-09	A	5,771	—	$0
2024-07-11	Fischetti Gary P	Director	2024-07-09	A	5,771	—	$0
2024-07-11	CONLEY SHERYL L	Director	2024-07-09	A	5,771	—	$0
2024-07-11	Capper Joseph H	Director	2024-07-09	A	5,771	—	$0
2024-06-05	Jellison William R	Director	2024-06-03	A	468	—	$0
2024-06-05	Griffin Stephen D.	Officer (EVP, CFO and Treasurer)	2024-06-03	A	38,520	—	$0
2024-06-05	Griffin Stephen D.	Officer (EVP, CFO and Treasurer)	2024-06-03	A	96,525	—	$0
2024-06-05	Capper Joseph H	Director	2024-06-03	A	468	—	$0