BEDFORD, Mass. — November 5, 2025 — Leads & Copy — Anika Therapeutics, Inc. (Nasdaq: ANIK) announced its third-quarter financial results, reporting a 22% increase in Commercial Channel revenue driven by Integrity™ Implant System and Hyalofast® growth, and double-digit International OA Pain Management growth.
The third and final Hyalofast PMA module has been filed, and data released. Cingal® has achieved a commercial milestone of more than one million injections worldwide since 2016. The company is reaffirming its fiscal 2025 guidance and long-term outlook and commencing a $15 million 10b5-1 share repurchase.
Anika reported third quarter revenue from continuing operations of $27.8 million, a 6% decrease compared to the same period in 2024. Commercial Channel revenue increased 22% year over year, while OEM Channel revenue, which includes U.S. OA Pain Management, was down 20% in line with expectations. The OEM Channel decline was driven by lower U.S. pricing for Monovisc® and Orthovisc®, sold by Johnson & Johnson MedTech.
Integrity procedures grew for the sixth consecutive quarter and continues to outpace the overall growth of the U.S. soft tissue augmentation market. Anika’s International Sales organization continues to be a strong contributor to overall performance, delivering third-quarter revenue growth of 21% year over year.
On October 31, 2025, Anika submitted the third and final module of the Hyalofast Premarket Approval (“PMA”) application to the U.S. Food and Drug Administration (“FDA”). Data from the U.S. pivotal Phase III FastTRACK clinical trial has been released, demonstrating statistically significant improvements in key secondary endpoints such as KOOS Sports and Recreation Function, Quality of Life, and Total KOOS.
During the quarter, Anika advanced key activities toward filing the NDA for Cingal, its next-generation, non-opioid, single-injection OA Pain Management product, consisting of Anika’s proprietary cross-linked hyaluronic acid combined with a fast-acting steroid. Anika completed the first of two toxicity studies and initiated patient screening for the bioequivalence study, which remains on track to begin before year-end.
Anika maintains 2025 revenue ranges by channel as follows:
- Commercial Channel, unchanged, of $47 to $49.5 million, up 12% to 18% year over year
- OEM Channel, unchanged, of $62 to $65 million, down 16% to 20% year over year
Anika maintains Adjusted EBITDA as a percent of revenue of positive 3% to negative 3%.
In accordance with Anika’s commitment to return capital to shareholders while maintaining the flexibility to execute on strategic growth objectives, the Company is commencing a $15 million 10b5-1 share repurchase which it expects to complete by June 2026.
For Investor Inquiries:
Anika Therapeutics, Inc.
Matt Hall, 781-457-9554
Director, Corporate Development and Investor Relations
investorrelations@anika.com
Source: Anika Therapeutics, Inc.
