Anika Therapeutics (ANIK) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 2026 revenue of $32.6 million, up 16% year-over-year, with both Commercial and OEM channels contributing to growth.

• Gross margin expanded to 65%, up from 51% in the prior year, reflecting operational improvements, higher sales volume, and favorable sales mix.

• Net income reached $3.3 million, reversing a prior-year loss, with adjusted EBITDA at $7.1 million, the highest since 2020.

• Raised full-year 2026 revenue and adjusted EBITDA margin guidance, citing strong product and geographic performance and operational improvements.

• Strategic focus on OA Pain Management and Regenerative Solutions, with divestitures and leadership changes completed.

Financial highlights

• Q2 2026 revenue: $32.6 million, up 16% year-over-year; first half revenue: $62 million, up 14%.

• Commercial Channel revenue: $13.9 million, up 17% year-over-year; OEM Channel revenue: $18.7 million, up 14%.

• Gross profit: $21.2 million, up 48% year-over-year; adjusted EBITDA: $7.1 million (22% margin).

• Adjusted net income: $5.9 million; adjusted diluted EPS: $0.42.

• Ended Q2 with $38.4 million in cash and no debt.

Outlook and guidance

• Raised 2026 total revenue growth guidance to 5%-10% (prior: 1%-9%), with OEM Channel at 0%-5% and Commercial Channel at 12%-18%.

• Adjusted EBITDA margin guidance increased to 13%-17% (prior: 5%-10%).

• 2027 guidance: Commercial Channel revenue growth 5%-15%, OEM revenue flat to modestly lower, total company revenue flat to 5% growth; guidance now only includes approved products.

• Advancing regulatory submissions for Cingal and Hyalofast in the U.S.; timing of approvals remains uncertain.

• Management expects sufficient liquidity for ongoing operations and investments, supported by $38.4 million in cash and a $50 million credit facility.