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Anika Therapeutics (ANIK) investor relations material
Anika Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Q3 2025 revenue was $27.8 million, down 6% year-over-year, with Commercial Channel revenue up 22% and OEM Channel revenue down 20% due to pricing pressure and lower volumes.
Integrity Implant System and Regenerative Solutions drove strong growth, with Integrity procedures up for the sixth consecutive quarter and Regenerative Solutions up 25% year-over-year.
Hyalofast PMA was submitted to the FDA, supported by positive Phase III data, and Cingal surpassed one million injections globally.
Operating expenses decreased 3% year-over-year, with SG&A down 12% and adjusted EBITDA at $0.9 million; operating cash flow was $6.9 million.
Strategic review concluded, with a $15 million share repurchase program initiated and focus on OA Pain Management and Regenerative Solutions.
Financial highlights
Q3 2025 revenue was $27.8 million, down from $29.6 million in Q3 2024, mainly due to a 20% drop in OEM revenue.
Commercial Channel revenue reached $12 million, up 22% year-over-year, driven by Regenerative Solutions and international OA Pain sales.
Gross margin was 56%, down from 66% in Q3 2024 but up 5 points sequentially from Q2.
Adjusted EBITDA was $0.9 million, down from $4.5 million in Q3 2024 but improved $1 million sequentially.
Cash balance at quarter-end was $58 million, with operating cash flow of $6.9 million.
Outlook and guidance
Fiscal 2025 guidance reaffirmed: Commercial Channel revenue expected at $47–$49.5 million (up 12–18% YoY), OEM Channel at $62–$65 million (down 16–20% YoY).
Adjusted EBITDA guidance for 2025 is flat to modestly lower, at -3% to +3%.
Strategic focus on OA Pain Management, mid-term Hyalofast launch, and long-term Cingal launch.
No need to raise capital; focus remains on positive operating cash flow and reinvestment in the business.
J&J MedTech extended Monovisc U.S. marketing agreement through 2031; Orthovisc through 2028.
Hyalofast FastTRACK data: FDA's statistical view?
OEM channel pricing stability for 2026
Integrity growth: New vs. existing surgeon focus?
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Next Anika Therapeutics earnings date
Q4 20259 Mar, 2026
Next Anika Therapeutics earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
Anika Therapeutics Inc. is a medical technology company focused on developing, manufacturing, and commercializing products for joint health and orthopedic applications. The company's offerings include therapeutic solutions for pain management, joint preservation, and tissue repair, utilizing proprietary hyaluronic acid-based technology and other advanced biomaterials. Anika serves healthcare providers, including orthopedic surgeons and clinicians, with a portfolio that addresses conditions such as osteoarthritis and soft tissue injuries. The company is headquartered in Bedford, Massachusetts, and its shares are listed on the NASDAQ.
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