Anika Therapeutics Inc. · NASDAQ:ANIK
Anika Therapeutics — Q4 2025 Earnings Presentation
17 slides from Anika Therapeutics's earnings presentation, Feb 26, 2026
Slide 1: Q4 and Full Year 2025 Earnings Call
Q4 AND FULL YEAR 2025 EARNINGS CALL FEBRUARY 26, 2026 Anika. Restore Active Living.
Slide 2: Safe Harbor Statements
SAFE HARBOR STATEMENTS Cautionary Note on Forward-looking Statements The statements made in, and during the course of, this presentation that are not statements of historical fact, including those related to the Company’s commercial capabilities, initiatives and production, its product pipeline and
Slide 3: Company Highlights
COMPANY HIGHLIGHTS STRATEGY DRIVING GROWTH, PIPELINE ADVANCEMENT AND OPERATIONAL DISCIPLINE Growth New Product Pipeline Operational Discipline • Commercial Channel momentum, • Hyalofast PMA under FDA review with a • Manufacturing productivity gains growing 22% in Q4 and 15% for FY25 deficiency lette
Slide 4: Integrity Unit Sales Update
INTEGRITY UNIT SALES UPDATE Integrity Unit Sales Since Launch ~600 • Growth continues to outpace the U.S. $230M soft tissue augmentation market1 • ~600 cases in Q4 bringing number of surgeon users to more than 300 • More than doubled procedures and revenue in 2025 Q423 Q124 Q224 Q324 Q424 Q125 Q225
Slide 5: Q4 2025 Financial Highlights
Q4 2025 FINANCIAL HIGHLIGHTS $M, except per share data CONTINUING OPERATIONS 4Q25 Continuing Operations Highlights Q4 Financial Results 2025 VPY • Revenue of $30.6M flat to prior year with Commercial Channel growth offsetting US OA Pain pricing Revenue $30.6 Flat headwinds Commercial $13.3 22% • Com
Slide 6: Full Year 2025 Financial Highlights
FULL YEAR 2025 FINANCIAL HIGHLIGHTS $M, except per share data CONTINUING OPERATIONS 2025 Continuing Operations Highlights Full Year Financial Results 2025 VPY • Revenue decreased by 6% to $112.8M driven by 17% decrease in OEM Revenue due to lower pricing both in Revenue $112.8 (6%) transfer units an
Slide 7: 2026 Guidance
2026 GUIDANCE $M 2021 2022 2023 2024 2025 2026 Est 1 2027 Est 1 $114 – Total Company Revenue $107 $114 $121 $120 $113 $122.5 +1%–9% Commercial Revenue +17% 4-Year CAGR • International OA Pain • Global Regenerative Solutions • US Hyalofast (2027) $53 - $58 +10-20% $36 $42 $48 +10-20% $26 $32 OEM Reve
Slide 8: Strategies to Deliver Shareholder Value
3 STRATEGIES TO DELIVER SHAREHOLDER VALUE • Accelerating growth driven by strong Commercial Channel momentum • Advancing a Robust New Product Pipeline with Hyalofast, Cingal, the Integrity platform, and next-generation HA technologies • Strengthening operational discipline with improved productivity
Slide 9: Non-GAAP Reconciliation and Supplemental Data
NON-GAAP RECONCILIATION AND SUPPLEMENTAL DATA 9
Slide 10: Statement of Operations
STATEMENT OF OPERATIONS QAnNika Revenue Cost of Revenue Gross Profit Operating expenses: Research and development Selling, general and administrate Total operating expenses Loss from operations Interest and other income (expense), net Income (loss) before income taxes Provision for income taxes Inco
Slide 11: Balance Sheet
BALANCE SHEET QAnNika Anika Therapeutics, Inc. and Subsidiaries Consolidated Balance Sheets {in thousands, except per share data) (unaudited) December 31, December 31, ASSETS 2025 2024 Current assets: Cash and cash equivalents STABL 55629 ‘Accounts receivable, net 23,690 23,594 Inventories, net 18,7
Slide 12: Cash Flow Statement
CASH FLOW STATEMENT QAnNika ‘Anika Therapeutics, Inc. and Subsidiaries Consolidated Statements of Cash Flows {in thousands) (unaudited) Cash flows from operating activities: Net loss ‘Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization of acqui
Slide 13: Reconciliation Tables – GAAP Net Income (Loss) to Adjusted EBITDA
RECONCILIATION TABLES – GAAP NET INCOME (LOSS) TO ADJUSTED EBITDA 13
Slide 14: Reconciliation Tables – GAAP Net Income to Adjusted Net Income
RECONCILIATION TABLES – GAAP NET INCOME TO ADJUSTED NET INCOME 14
Slide 15: Reconciliation Tables – GAAP EPS to Adjusted EPS
RECONCILIATION TABLES – GAAP EPS TO ADJUSTED EPS 15
Slide 16: Revenue by Channel
REVENUE BY CHANNEL Anika Therapeutics, Inc. and Subsidiaries Revenue by Product Family {in thousands, except percentages) (unaudited) For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 $ change % change 2025 2024 $ change % change OEM Channel $ 17313 $ 19,669 $ (2,356)
Slide 17: QAnNika
QAnNika