Anika Therapeutics (ANIK) investor relations material

Executive summary

• Q3 revenue rose 10% YoY to $30.6M; Commercial Channel revenue grew 17% to $14.0M, gross margin improved to 62%, and adjusted EBITDA was $5.1M.

• Nine-month revenue increased 13% to $92.8M; FY2026 revenue growth and adjusted EBITDA margin guidance increased at the lower end.

Financial highlights

• Q3 revenue was $30.6M versus $27.8M; gross profit was $18.8M, up 21% YoY, and gross margin was 62% versus 56%.

• GAAP loss from continuing operations was $0.3M, or $0.02 per diluted share, versus $3.2M; adjusted net income was $3.9M, or $0.29 per diluted share.

• Operating expenses rose 4% to $19.5M; R&D was $7.9M versus $6.9M, while SG&A was $11.7M versus $11.9M.

• Adjusted EBITDA was $5.1M versus $0.9M YoY and $7.1M in Q2; Q3 operating cash flow was $8.4M and free cash flow was $6.7M.

• Nine-month revenue was $92.8M versus $82.2M; adjusted EBITDA was $16.5M versus $0.8M, and net loss was $2.1M versus $11.2M.

Outlook and guidance

• FY2026 total revenue growth guidance increased to 6%–10% from 5%–10%; adjusted EBITDA margin guidance rose to 15%–17% from 13%–17%.

• FY2026 OEM growth guidance increased to 5%–9% from 0%–5%; Commercial growth guidance was lowered to 9%–13% from 12%–18%.

• FY2027 revenue growth outlook remains flat to 5%; Commercial growth is expected at 5%–15%, while OEM revenue is expected flat to modestly lower.

• FY2026 regenerative-solutions investment impact on adjusted EBITDA is expected near $8M versus the prior $10M estimate; guidance excludes U.S. Hyalofast revenue.

• Cingal NDA submission is targeted before year-end 2027, following completion of the bioequivalence study report and CMC work.