Anika Therapeutics, Inc. (ANIK) AI Stock Analysis

Established in 1983 and headquartered in Bedford, Massachusetts, Anika Therapeutics, Inc. develops, manufactures, and commercializes orthopedic care and joint preservation products. The company focuses on early intervention orthopedic care built on its hyaluronic acid (HA) technology platform. Its osteoarthritis pain management portfolio features Monovisc, Orthovisc, Cingal, and Hyvisc. Additionally, Anika offers more than 150 bone-preserving joint technology products, soft tissue repair sports medicine solutions, and orthopedic regenerative solutions. Beyond orthopedics, the company applies its HA technology to non-orthopedic areas including adhesion barriers, advanced wound care, ophthalmic treatments, and therapies for ear, nose, and throat conditions across the United States, Europe, and international markets.

Anika's revenue experienced a 5-year CAGR of -2.9% between FY2020 and FY2025. Annual revenue decreased from $147.8M in FY2021 to $120.8M in FY2023, $119.9M in FY2024, and $112.8M in FY2025. Gross margin contracted from 68.3% in FY2023 to 56.6% in FY2025, while operating margin was -9.8% in FY2025. The company posted net income of -$82.7M in FY2023, -$56.4M in FY2024, and -$10.9M in FY2025, alongside diluted EPS of -$0.23 in FY2025. Over the trailing twelve months, revenue reached $120.7M with an operating margin of 11.4%. In the latest quarter ended June 30, 2026, quarterly revenue grew 15.6% year-over-year, while quarterly earnings declined 50.5%.

As of June 30, 2026, Anika held $38.4M in cash and short-term investments against $23.3M in total debt, resulting in net cash of $15.1M. Total assets stood at $183.5M and shareholders' equity was $137.3M. The company maintains solid liquidity with a current ratio of 4.48 and a debt-to-equity ratio of 0.17. In FY2025, operating cash flow was $11.2M and free cash flow was $4.4M. Capital expenditures totaled $6.8M, while $9.5M was deployed toward share buybacks, reducing its share count by 7.0% over five years.

Anika trades at a forward P/E of 21.5x and a price-to-sales multiple of 2.2x, compared to a forward P/E of 17.3x and a price-to-sales ratio of 4.1x for the median of its US-listed Healthcare peers. Its enterprise value of $260.5M yields an EV-to-EBITDA of 508.8x, well above the peer median of 12.0x, and an EV-to-revenue multiple of 2.2x. Over the past year, ANIK gained 119.8%, substantially outperforming the S&P 500 (SPY) return of 16.8%. However, its five-year return of -52.0% trails the S&P 500 return of 83.0%.

Wall Street coverage consists of 1 Strong Buy and 1 Buy rating, with no Hold, Sell, or Strong Sell ratings. Analysts have set a mean price target of $23.00, representing 15.1% upside compared to the last close of $19.98. For the fiscal year ending December 31, 2026, analysts estimate revenue of $121.6M and EPS of $1.05. Anika has beaten EPS estimates in each of the last 4 quarters. The company's next earnings date is scheduled for November 4, 2026.

This page is an AI-written research summary of Anika Therapeutics, Inc. (ANIK). The text was generated on October 30, 2026 from Quotelinks data as of October 16, 2026 (company profile, annual results, latest balance sheet, valuation, price performance and analyst estimates). An automatic check rejects any draft that contains a figure not found in that data. It is not investment advice; verify figures on the linked tabs before making decisions.

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