Start here if you're new
what it is
Anika sells joint pain and cartilage repair products built from hyaluronic acid, the same slippery material your knees wish they still had.
how it gets paid
Last year Anika Therapeutics made $113M in revenue. orthobiologics was the main engine at $56M, or 50% of sales.
why growth slowed
Revenue fell 5.9% last year. ~$82M in one quarter vs ~$113M on the annual table: the ~73% share only holds if TTM still sums to ~$113M (other quarters small). If your feed’s TTM has already rolled past that FY anchor, TTM can be higher—match quarter labels in the filing.
what just happened
Revenue hit $82 million in the latest quarter, but EPS still came in at -$0.78, so sales strength did not fully fix profitability.
At a glance
B balance sheet — gets the job done, barely
20/100 earnings predictability — expect surprises
1.4% return on capital — nothing to write home about
-$0.60 fy2024 eps est
$120M fy2024 rev est
xvary composite: 41/100 — below average
What they do
Anika sells joint pain and cartilage repair products built from hyaluronic acid, the same slippery material your knees wish they still had.
Anika wins by selling the same core material into multiple orthopedic use cases. Hyaluronic acid platform → a repeatable biomaterial base → so what: one manufacturing and clinical know-how stack supports pain relief, cartilage repair, dermal, surgical, ophthalmic, and veterinary products. You are not betting on a single gadget here. You are betting that 288 employees can keep turning one proven material into more products doctors already understand.
How they make money
$113M
annual revenue · their business grew -5.9% last year
orthobiologics
$56M
−6%
pain management injections
$28M
−4%
cartilage repair scaffold
$14M
+8%
surgical and dermal
$9M
−5%
ophthalmic and veterinary
$6M
−3%
The products that matter
mature base product
orthovisc
legacy portfolio anchor
In a $190M company, mature products matter because they support the transition. This snapshot does not break out Orthovisc revenue, so you should treat it as part of the base business, not a separate growth case.
mature · stable
commercial growth product
monovisc
commercial mix matters more than labels
Commercial revenue rose 22%, and products like this are why the turnaround still has oxygen. If that pace fades, the rerating case fades with it.
growth engine
launch pipeline bet
hyalofast / cingal
u.s. launches planned through 2027
These launches are the diversification plan away from the legacy OEM mix. The timeline matters because 2027 is not tomorrow, and small-cap turnarounds rarely get infinite patience.
emerging
Key numbers
n/m
operating margin
With negative EPS in the latest print, headline operating margin % is easy to misread—focus on whether gross profit covers R&D and SG&A.
$23M
long-term debt
Long-term debt equals 11% of capital, which tells you the balance sheet is not the main problem. The business model is.
$120M
2024 sales est.
The 2024 revenue estimate was $120 million versus $113 million trailing sales in SEC data, so the basic setup is low growth, not hypergrowth.
1.4%
return on capital
Return on capital → profit earned on money invested → so what: every $100 tied up in the business produced about $1.40 in operating return.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 40 / 100
- long-term debt $23M (11% of capital)
B — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for ANIK right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $82 million in the latest quarter, but EPS still came in at -$0.78, so sales strength did not fully fix profitability.
The quarter was loud on revenue, up 196% vs. prior year from SEC data. The quiet part is louder: gross margin was 54.3%, yet the company still posted a loss.
$82M
revenue (Q)
-$0.78
eps (Q)
54.3%
gross margin (Q)
the number that mattered
~$82M in one quarter screams volatility vs the ~$113M year on the table—treat the ~73% split as TTM-dependent; do not assume TTM stays at ~$113M after a blowout print without reconciling four quarters in the 10-Q.
source: company earnings report, 2026
Get this snapshot in your inbox
This page, delivered free — plus weekly updates when the numbers change. plain english, no spam.
weekly updates
earnings alerts
plain english
no spam
What could go wrong
Anika's biggest threat is not competition. It is execution while still unprofitable.
high
still losing money
Fiscal 2024 EPS was estimated at -$0.60, and operating margin was -9.8%. That means the business still burns profit even before you argue about valuation.
another 10% sales miss would pressure roughly $12 million of revenue against a company worth about $190 million
med
revenue whiplash
Annual revenue was $113 million, down 5.9% vs. prior year, then the latest quarter jumped to $82 million, up 196%. When the pattern looks like that, forecasting gets weird fast.
if quarterly revenue falls back by 25%, that erases about $20.5 million from the latest run rate
med
thin capital cushion
Long-term debt is $23 million, or 11% of capital, so leverage is not extreme. The real issue is that a small company with a B balance-sheet grade has less room for mistakes.
a 5-point drop in gross margin from 54.3% would cut about $4.1 million from gross profit on an $82 million quarter
The stock is cheap because the business still has to prove that one strong quarter can become a durable profit stream.
source: institutional data · regulatory filings · risk analysis
Pay attention to
capital return
$40M buyback is real support, not the thesis
At roughly 21% of the current market cap, the authorization is large enough to matter. If business momentum fades, it becomes a cushion, not a cure.
next quarter
May 26–June 5, 2026 is the first hard test under Stephen Griffin
A new CEO can reset the message quickly. The income statement takes longer. You are waiting for that gap to close.
scorecard
10–20% commercial growth is the number management told you to watch
That range is now the public benchmark. Beat it and the turnaround gets more credible. Miss it and the low multiple stops looking cheap.
pipeline timing
Launches through 2027 have to diversify the business before patience runs out
Hyalofast and Cingal matter because ANIK needs more than one growth lever. The risk is simple: the clock on launches can move slower than the clock on investor patience.
Analyst rankings
earnings predictability
20 / 100
low visibility. in human-speak: expect surprises, and expect the stock to care.
risk rank
3
middle of the pack. safer than about half the market, riskier than the other half.
price stability
40 / 100
not a bunker stock. small-cap liquidity plus uneven earnings can make moves feel bigger than fundamentals.
street coverage
thin
this snapshot does not show the usual target stack. for a small cap, missing coverage is information too.
source: institutional data
Institutional activity
institutional ownership data for ANIK is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$10
current price
n/a
target midpoint · n/a from current
Want the deeper analysis?
The full deep dive: dcf model, scenario analysis, competitive moat breakdown, and quarterly tracking — everything on this page, taken further.
see plans from $5/moThe deep dive