Anika Therapeutics (ANIK) AI Stock Analysis

• Market Cap: $130.77M
• Dividend Yield: N/A
• Average Volume (3M): 111.64K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.05
• Revenue Growth: -25.85%
• EPS Growth: 18.18%
• Country: US
• Employees: 288
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.13
• Shares Outstanding: 14,418,090
• 10 Day Avg. Volume: 116,501
• 30 Day Avg. Volume: 111,635
• PEG Ratio: N/A
• Price to Book (P/B): N/A
• Price to Sales (P/S): N/A
• P/FCF Ratio: N/A
• Enterprise Value/Market Cap: 0.95
• Enterprise Value/Revenue: 1.00
• Enterprise Value/Gross Profit: 2.33
• Enterprise Value/Ebitda: -4.25
• 1Y Price Target: $15.50
• Price Target Upside: 70.89% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 2

• Rating: 50 Neutral
• Price Target: $9.00 ▼(-0.77% Downside)

Anika Therapeutics' overall stock score is primarily impacted by its financial performance challenges, including declining revenues and profitability issues. The earnings call provided some positive guidance, particularly in the regenerative solutions segment, but the valuation remains unattractive due to ongoing losses. Technical indicators suggest a neutral market sentiment, contributing to a moderate overall score.

Positive Factors

Regenerative Solutions Growth

The strong growth in the Regenerative Solutions segment, driven by the Integrity product line, indicates a robust demand and successful market penetration, which could lead to sustained revenue growth in this segment.

Operating Expense Management

Effective cost management through reduced operating expenses enhances profitability potential and demonstrates management's commitment to financial discipline, which is crucial for long-term sustainability.

Strong Cash Position

A strong cash position with no debt provides financial flexibility to invest in growth opportunities and weather economic uncertainties, supporting long-term strategic initiatives.

Negative Factors

Declining Revenue

The decline in revenue highlights challenges in maintaining sales momentum, which could impact the company's ability to achieve growth targets and necessitates addressing operational inefficiencies.

Gross Margin Decline

A significant drop in gross margin suggests cost management issues and reduced profitability, which could strain financial performance if not addressed.

Hyalofast Clinical Trial Challenges

Challenges in clinical trials for Hyalofast could delay product commercialization and revenue generation, impacting the company's growth prospects in regenerative medicine.

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 through multiple streams, primarily from the sale of its therapeutic products. The company earns income from its flagship viscosupplement products, which are used to treat osteoarthritis in joints such as the knee and hip. Additionally, Anika has established partnerships and collaborations with other healthcare companies, allowing for shared development and distribution of its products. The company also explores licensing agreements that provide upfront payments and royalties based on product sales. Furthermore, Anika invests in research and development to expand its product portfolio, which can lead to new revenue opportunities as innovative therapies are brought to market.

Anika Therapeutics Financial Statement Overview

Summary

Anika Therapeutics faces significant financial challenges, with declining revenues, persistent losses, and cash flow difficulties. While the balance sheet shows low leverage, the negative return on equity and cash flow issues highlight the need for strategic improvements to enhance profitability and cash generation.

Income Statement

Anika Therapeutics has experienced declining revenue growth, with a negative growth rate in the TTM period. The gross profit margin has decreased from previous years, indicating reduced efficiency in cost management. The company has been operating at a net loss, with negative net profit margins and EBIT margins, reflecting ongoing profitability challenges.

Balance Sheet

The company's debt-to-equity ratio remains low, suggesting conservative leverage. However, the return on equity is negative, indicating that the company is not generating sufficient returns on shareholders' equity. The equity ratio is stable, showing a solid capital structure, but profitability remains a concern.

Cash Flow

Anika Therapeutics has shown a significant decline in free cash flow growth in the TTM period, and the free cash flow to net income ratio is negative, highlighting cash flow challenges. The operating cash flow to net income ratio is positive but low, indicating limited cash flow generation relative to net income.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	123.74M	119.91M	166.66M	156.24M	147.79M	130.46M
Gross Profit	53.05M	76.00M	82.53M	93.58M	82.94M	69.03M
EBITDA	-29.11M	3.02M	-11.23M	18.16M	2.30M	3.73M
Net Income	-60.63M	-56.38M	-82.67M	-14.86M	4.13M	-23.98M
Balance Sheet
Total Assets	187.68M	202.74M	270.63M	349.13M	347.54M	365.61M
Cash, Cash Equivalents and Short-Term Investments	53.17M	55.63M	72.87M	86.33M	94.39M	98.32M
Total Debt	24.99M	25.93M	29.04M	30.89M	20.95M	22.46M
Total Liabilities	40.01M	48.75M	58.37M	63.56M	60.45M	93.20M
Stockholders Equity	147.67M	153.99M	212.26M	285.56M	287.08M	272.40M
Cash Flow
Free Cash Flow	-535.00K	-2.33M	-7.21M	-3.08M	3.25M	11.44M
Operating Cash Flow	6.28M	5.40M	-1.79M	4.41M	8.40M	13.06M
Investing Cash Flow	-1.99M	-8.33M	-5.43M	-7.49M	-3.12M	-71.26M
Financing Cash Flow	-14.60M	-12.73M	-6.32M	-4.85M	-6.78M	-3.77M

Anika Therapeutics Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 9.07
• 50DMA: Positive
• 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 9.07 is above the 20-day moving average (MA) of 8.94, above the 50-day MA of 8.99, and below the 200-day MA of 13.00, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 50.02 is Neutral, neither overbought nor oversold. The STOCH value of 49.08 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	69 Neutral	$101.46M	13.11	4.92%	―	1.43%	-20.12%
XTNT	52 Neutral	$84.71M	―	-9.80%	―	15.16%	-39.18%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
ANIK	50 Neutral	$130.77M	―	-22.91%	―	-25.85%	18.18%
NSPR	45 Neutral	$99.71M	―	-123.51%	―	7.60%	-0.78%
RCEL	42 Neutral	$147.47M	―	-935.73%	―	38.32%	-1.31%

Anika Therapeutics Corporate Events

Anika Therapeutics Announces Phase III Study Results

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.

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.