Anika Therapeutics, Inc. (ANIK) 10-Year Financial Performance & Capital Metrics

ANIK • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants

AboutAnika Therapeutics, Inc., a joint preservation company, creates and delivers advancements in early intervention orthopedic care in the areas of osteoarthritis (OA) pain management, regenerative solutions, soft tissue repair, and bone preserving joint technologies in the United States, Europe, and internationally. The company develops, manufactures, and commercializes products based on hyaluronic acid (HA) technology platform. Its OA pain management product family consists of Monovisc, Orthovisc, Cingal, and Hyvisc that are indicated to provide pain relief from osteoarthritis conditions; and joint preservation and restoration product family comprise a portfolio of approximately 150 bone preserving joint technology products, a line of sports medicine soft tissue repair solutions, and orthopedic regenerative solutions products. The company's non-orthopedic product family include HA-based products for non-orthopedic applications, including adhesion barrier products, advanced wound care products, ophthalmic products, and ear, nose, and throat products. Anika Therapeutics, Inc. was founded in 1983 and is headquartered in Bedford, Massachusetts.Show more

Revenue $120M -0.7%
EBITDA $3M -79.9%
Net Income -$56M +31.8%
EPS (Diluted) -3.83 +32.1%
Gross Margin 63.38% -7.2%
EBITDA Margin 2.52% -79.8%
Operating Margin -4.25% -708.9%
Net Margin -47.02% +31.3%
ROE -30.79% +7.3%
ROIC -2.59% -920.8%
Debt/Equity 0.17 +28.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.9x book value

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.28%

5Y0.91%

3Y-6.73%

TTM-47.11%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM66.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM65.69%

ROCE

10Y Avg7.53%

5Y Avg-1.8%

3Y Avg-0.33%

Latest-2.43%

Peer Comparison

Joint Reconstruction & Orthopedic Implants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SYKStryker Corporation	138.62B	362.49	46.71	10.23%	12.07%	13.51%	2.52%	0.68
SNNSmith & Nephew plc	13.96B	32.89	34.99	4.7%	6.88%	14.44%	4.34%	0.63
ZBHZimmer Biomet Holdings, Inc.	17.59B	88.75	20.03	3.85%	10.05%	6.31%	6.5%	0.50
CNMDCONMED Corporation	1.32B	42.55	9.99	5%	4.75%	6.35%	11.68%	0.94
DHAIDIH Holding US, Inc.	6.7K	0.00	-0.00	-2.5%	-13.8%
LFWDLifeward Ltd.	13.23M	0.72	-0.22	85.24%	-121.82%	-233.98%		0.05
ANIKAnika Therapeutics, Inc.	137.43M	9.53	-2.49	-0.73%	-40.83%	-22.5%		0.17
SNWVSANUWAVE Health, Inc.	237.99M	27.75	-3.95	59.99%	-17.06%		0.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	93M	103.38M	113.42M	105.56M	114.61M	130.46M	147.79M	113.83M	120.79M	119.91M
Revenue Growth %	-0.12%	0.11%	0.1%	-0.07%	0.09%	0.14%	0.13%	-0.23%	0.06%	-0.01%
Cost of Goods Sold+	21.05M	24.03M	27.36M	31.28M	28.75M	61.43M	64.85M	40.61M	38.26M	43.91M
COGS % of Revenue	0.23%	0.23%	0.24%	0.3%	0.25%	0.47%	0.44%	0.36%	0.32%	0.37%
Gross Profit+	71.95M	79.35M	86.06M	74.28M	85.86M	69.03M	82.94M	73.22M	82.53M	76M
Gross Margin %	0.77%	0.77%	0.76%	0.7%	0.75%	0.53%	0.56%	0.64%	0.68%	0.63%
Gross Profit Growth %	-0.15%	0.1%	0.08%	-0.14%	0.16%	-0.2%	0.2%	-0.12%	0.13%	-0.08%
Operating Expenses+	23.81M	28.75M	40.33M	52.53M	51.62M	97.35M	80.33M	69.55M	81.69M	81.1M
OpEx % of Revenue	0.26%	0.28%	0.36%	0.5%	0.45%	0.75%	0.54%	0.61%	0.68%	0.68%
Selling, General & Admin	14.82M	18.01M	21.54M	34.34M	34.95M	60.06M	74.1M	51.23M	59.92M	55.55M
SG&A % of Revenue	0.16%	0.17%	0.19%	0.33%	0.3%	0.46%	0.5%	0.45%	0.5%	0.46%
Research & Development	8.99M	10.73M	18.79M	18.19M	16.66M	23.43M	27.33M	18.32M	21.76M	25.54M
R&D % of Revenue	0.1%	0.1%	0.17%	0.17%	0.15%	0.18%	0.18%	0.16%	0.18%	0.21%
Other Operating Expenses	0	0	0	0	0	13.85M	-21.09M	0	0	0
Operating Income+	48.13M	50.61M	45.73M	21.75M	34.25M	-28.32M	2.62M	3.67M	844K	-5.1M
Operating Margin %	0.52%	0.49%	0.4%	0.21%	0.3%	-0.22%	0.02%	0.03%	0.01%	-0.04%
Operating Income Growth %	-0.22%	0.05%	-0.1%	-0.52%	0.57%	-1.83%	1.09%	0.4%	-0.77%	-7.04%
EBITDA+	51.91M	54.34M	50.02M	27.66M	40.24M	-14.86M	16.93M	18.16M	15.06M	3.02M
EBITDA Margin %	0.56%	0.53%	0.44%	0.26%	0.35%	-0.11%	0.11%	0.16%	0.12%	0.03%
EBITDA Growth %	-0.22%	0.05%	-0.08%	-0.45%	0.45%	-1.37%	2.14%	0.07%	-0.17%	-0.8%
D&A (Non-Cash Add-back)	3.77M	3.73M	4.29M	5.91M	5.99M	13.46M	14.32M	14.49M	14.22M	8.12M
EBIT	48.13M	50.61M	45.73M	21.75M	34.25M	-14.47M	-18.48M	3.67M	844K	-5.1M
Net Interest Income+	120K	263K	473K	1.46M	1.87M	-302K	0	654K	2.31M	0
Interest Income	120K	263K	473K	1.46M	1.87M	498K	-	654K	2.31M	-
Interest Expense	0	0	0	0	0	800K	-	0	0	-
Other Income/Expense	120K	263K	473K	1.46M	1.87M	-302K	-188K	654K	2.31M	2.34M
Pretax Income+	48.25M	50.87M	46.2M	23.21M	36.12M	-28.62M	2.43M	4.32M	3.16M	-2.76M
Pretax Margin %	0.52%	0.49%	0.41%	0.22%	0.32%	-0.22%	0.02%	0.04%	0.03%	-0.02%
Income Tax+	17.5M	18.32M	14.39M	4.49M	8.93M	-4.64M	-1.71M	2.12M	6.59M	6.06M
Effective Tax Rate %	0.64%	0.64%	0.69%	0.81%	0.75%	0.84%	1.7%	-3.44%	-26.19%	20.4%
Net Income+	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	-14.86M	-82.67M	-56.38M
Net Margin %	0.33%	0.31%	0.28%	0.18%	0.24%	-0.18%	0.03%	-0.13%	-0.68%	-0.47%
Net Income Growth %	-0.2%	0.06%	-0.02%	-0.41%	0.45%	-1.88%	1.17%	-4.59%	-4.56%	0.32%
Net Income (Continuing)	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	2.2M	-3.44M	-8.83M
Discontinued Operations	0	0	0	0	0	0	0	-17.06M	-79.23M	-47.56M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.01	2.15	2.11	1.27	1.89	-1.69	0.28	-1.02	-5.64	-3.83
EPS Growth %	-0.2%	0.07%	-0.02%	-0.4%	0.49%	-1.89%	1.17%	-4.64%	-4.53%	0.32%
EPS (Basic)	2.06	2.22	2.18	1.30	1.93	-1.69	0.29	-1.02	-5.64	-3.83
Diluted Shares Outstanding	15.32M	15.12M	15.07M	14.69M	14.37M	14.22M	14.63M	14.56M	14.66M	14.72M
Basic Shares Outstanding	14.93M	14.68M	14.57M	14.44M	14.12M	14.22M	14.4M	14.56M	14.66M	14.72M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	176.43M	170.44M	206.33M	202.94M	234.31M	177.38M	168.53M	169.55M	163.31M	113.65M
Cash & Short-Term Investments	138.46M	124.76M	157.26M	159.01M	184.94M	98.32M	94.39M	86.33M	68.74M	55.63M
Cash Only	110.71M	104.26M	133.26M	89.04M	157.46M	95.82M	94.39M	86.33M	68.74M	55.63M
Short-Term Investments	27.75M	20.5M	24M	69.97M	27.48M	2.5M	0	0	0	0
Accounts Receivable	21.65M	27.6M	23.82M	20.77M	23.08M	24.1M	29.84M	34.63M	26.36M	23.59M
Days Sales Outstanding	84.98	97.44	76.67	71.84	73.5	67.43	73.7	111.04	79.65	71.82
Inventory	14.94M	15.98M	22.04M	21.3M	22M	46.21M	36.01M	39.77M	24.43M	23.81M
Days Inventory Outstanding	258.98	242.8	293.92	248.55	279.27	274.56	202.67	357.43	233.04	197.92
Other Current Assets	0	0	0	0	0	0	0	0	43.78M	10.62M
Total Non-Current Assets+	59.31M	69.81M	76.29M	76.05M	96.4M	188.22M	179.01M	179.58M	107.32M	89.09M
Property, Plant & Equipment	40.11M	52.3M	56.18M	54.11M	73.65M	73.23M	68.56M	78.97M	65M	64.68M
Fixed Asset Turnover	2.32x	1.98x	2.02x	1.95x	1.56x	1.78x	2.16x	1.44x	1.86x	1.85x
Goodwill	7.48M	7.21M	8.22M	7.85M	7.69M	8.41M	7.78M	7.34M	7.57M	7.13M
Intangible Assets	11.66M	10.23M	10.63M	9.19M	7.58M	91.16M	82.38M	74.6M	2.58M	2.49M
Long-Term Investments	0	0	-4.77M	-7.21M	0	0	0	0	0	0
Other Non-Current Assets	69K	69K	1.25M	4.9M	7.48M	15.42M	20.29M	17.22M	30.69M	13.62M
Total Assets+	235.75M	240.25M	282.62M	278.99M	330.71M	365.61M	347.54M	349.13M	270.63M	202.74M
Asset Turnover	0.39x	0.43x	0.40x	0.38x	0.35x	0.36x	0.43x	0.33x	0.45x	0.59x
Asset Growth %	0.22%	0.02%	0.18%	-0.01%	0.19%	0.11%	-0.05%	0%	-0.22%	-0.25%
Total Current Liabilities+	17.28M	8.8M	13.07M	11.29M	16.28M	36.87M	29.8M	27.91M	31.06M	23.31M
Accounts Payable	8.3M	2.3M	6.75M	3.14M	3.83M	8.98M	7.63M	9.07M	6.19M	5.62M
Days Payables Outstanding	143.93	34.99	90	36.67	48.65	53.38	42.96	81.56	59.09	46.69
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	66K	48K	0	0	0	0	0	0	0	0
Other Current Liabilities	5.89M	3.41M	3.43M	3.7M	5.83M	20.43M	13.84M	11.3M	18.73M	12.16M
Current Ratio	10.21x	19.37x	15.78x	17.98x	14.39x	4.81x	5.66x	6.07x	5.26x	4.88x
Quick Ratio	9.35x	17.55x	14.10x	16.09x	13.04x	3.56x	4.45x	4.65x	4.47x	3.85x
Cash Conversion Cycle	200.03	305.26	280.59	283.71	304.12	288.61	233.42	386.9	253.6	223.04
Total Non-Current Liabilities+	7.62M	8.67M	6.05M	4.09M	26.05M	56.34M	30.66M	35.65M	27.31M	25.45M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	21.37M	20.88M	19.24M	28.82M	25.91M	24.01M
Deferred Tax Liabilities	6.78M	6.55M	5.39M	3.54M	4.33M	11.89M	10.16M	6.44M	0	0
Other Non-Current Liabilities	781K	2.08M	660K	550K	357K	23.56M	1.26M	398K	1.39M	1.43M
Total Liabilities	24.9M	17.47M	19.13M	15.38M	42.33M	93.2M	60.45M	63.56M	58.37M	48.75M
Total Debt+	0	0	0	0	22.51M	22.46M	20.95M	30.89M	27.74M	25.93M
Net Debt	-110.71M	-104.26M	-133.26M	-89.04M	-134.96M	-73.35M	-73.43M	-55.44M	-41M	-29.7M
Debt / Equity	-	-	-	-	0.08x	0.08x	0.07x	0.11x	0.13x	0.17x
Debt / EBITDA	-	-	-	-	0.56x	-	1.24x	1.70x	1.84x	8.59x
Net Debt / EBITDA	-2.13x	-1.92x	-2.66x	-3.22x	-3.35x	-	-4.34x	-3.05x	-2.72x	-9.83x
Interest Coverage	-	-	-	-	-	-35.40x	-	-	-	-
Total Equity+	210.85M	222.77M	263.49M	263.61M	288.38M	272.4M	287.08M	285.56M	212.26M	153.99M
Equity Growth %	0.18%	0.06%	0.18%	0%	0.09%	-0.06%	0.05%	-0.01%	-0.26%	-0.27%
Book Value per Share	13.76	14.74	17.49	17.95	20.06	19.15	19.62	19.61	14.48	10.46
Total Shareholders' Equity	210.85M	222.77M	263.49M	263.61M	288.38M	272.4M	287.08M	285.56M	212.26M	153.99M
Common Stock	150K	146K	147K	142K	143K	143K	144K	146K	147K	144K
Retained Earnings	135.66M	168.21M	199.51M	218.23M	245.43M	221.44M	225.58M	210.72M	128.05M	71.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.65M	-7.32M	-4.78M	-5.53M	-5.9M	-4.54M	-5.72M	-6.44M	-5.94M	-6.78M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	39.06M	23.8M	40.81M	34.92M	37.01M	13.06M	8.4M	4.41M	-1.79M	5.4M
Operating CF Margin %	0.42%	0.23%	0.36%	0.33%	0.32%	0.1%	0.06%	0.04%	-0.01%	0.05%
Operating CF Growth %	-0.02%	-0.39%	0.71%	-0.14%	0.06%	-0.65%	-0.36%	-0.47%	-1.41%	4.02%
Net Income	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	-14.86M	-82.67M	-56.38M
Depreciation & Amortization	3.77M	3.73M	4.29M	5.91M	5.99M	14.99M	14.32M	14.49M	14.22M	8.12M
Stock-Based Compensation	2.23M	3.39M	5.81M	11.05M	6.09M	0	11.09M	14.31M	15.24M	13.13M
Deferred Taxes	-1.59M	-712K	-1.2M	-1.82M	794K	-3.54M	-1.77M	-5.27M	-6.33M	260K
Other Non-Cash Items	945K	706K	2.45M	4.26M	3.58M	39.05M	-4.66M	7.56M	69.87M	53.37M
Working Capital Changes	2.96M	-15.87M	-2.36M	-3.2M	-6.64M	-13.46M	-14.72M	-11.82M	-12.12M	-13.09M
Change in Receivables	-5M	-6.2M	2.67M	2.91M	-1.84M	5.86M	-6.22M	-5.63M	-1.3M	3.37M
Change in Inventory	-2.94M	-1.74M	-6.52M	-7.58M	-5.58M	-14.18M	-6.62M	-6.87M	-11.4M	-9.42M
Change in Payables	5.63M	-5.06M	3.89M	-1.67M	767K	822K	-1.1M	1.97M	-11K	-2.51M
Cash from Investing+	-30.23M	-6.76M	-12.48M	-50.26M	39.69M	-71.26M	-3.12M	-7.49M	-5.43M	-8.33M
Capital Expenditures	-9.22M	-14.01M	-8.98M	-4.66M	-2.83M	-1.63M	-5.14M	-7.49M	-5.43M	-7.73M
CapEx % of Revenue	0.1%	0.14%	0.08%	0.04%	0.02%	0.01%	0.03%	0.07%	0.04%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-21M	7.25M	-3.5M	-45.6M	42.52M	0	0	0	0	-600K
Cash from Financing+	1.92M	-23.35M	314K	-28.9M	-8.14M	-3.77M	-6.78M	-4.85M	-6.32M	-12.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.92M	1.65M	314K	1.1M	22.15M	-4.74M	-6.58M	-4.57M	-1.32M	-1.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29.84M	9.79M	31.83M	30.26M	34.18M	11.44M	3.25M	-3.08M	-7.21M	-2.33M
FCF Margin %	0.32%	0.09%	0.28%	0.29%	0.3%	0.09%	0.02%	-0.03%	-0.06%	-0.02%
FCF Growth %	-0.22%	-0.67%	2.25%	-0.05%	0.13%	-0.67%	-0.72%	-1.95%	-1.34%	0.68%
FCF per Share	1.95	0.65	2.11	2.06	2.38	0.80	0.22	-0.21	-0.49	-0.16
FCF Conversion (FCF/Net Income)	1.27x	0.73x	1.28x	1.87x	1.36x	-0.54x	2.03x	-0.30x	0.02x	-0.10x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	12.72M	22.83M	15.09M	5.56M	9.26M	0	1.23M	106K	3.12M	3.99M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.82%	15.01%	13.09%	7.1%	9.85%	-8.55%	1.48%	-5.19%	-33.21%	-30.79%
Return on Invested Capital (ROIC)	40.54%	34.72%	27.58%	10.7%	15.66%	-12.05%	0.95%	1.24%	0.32%	-2.59%
Gross Margin	77.36%	76.76%	75.87%	70.37%	74.92%	52.91%	56.12%	64.33%	68.33%	63.38%
Net Margin	33.07%	31.48%	28.05%	17.74%	23.73%	-18.38%	2.8%	-13.05%	-68.44%	-47.02%
Debt / Equity	-	-	-	-	0.08x	0.08x	0.07x	0.11x	0.13x	0.17x
Interest Coverage	-	-	-	-	-	-35.40x	-	-	-	-
FCF Conversion	1.27x	0.73x	1.28x	1.87x	1.36x	-0.54x	2.03x	-0.30x	0.02x	-0.10x
Revenue Growth	-11.93%	11.16%	9.71%	-6.93%	8.58%	13.83%	13.29%	-22.98%	6.12%	-0.73%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Joint Preservation and Restoration	-	-	-	-	-	39.37M	48.59M	50.4M	54.88M	-
Joint Preservation and Restoration Growth	-	-	-	-	-	-	23.42%	3.73%	8.88%	-
Non-Orthopedic	-	-	-	-	-	-	9.7M	7.95M	9.86M	-
Non-Orthopedic Growth	-	-	-	-	-	-	-	-18.10%	24.02%	-
OA Pain Management	-	-	-	-	-	-	89.5M	97.89M	-	-
OA Pain Management Growth	-	-	-	-	-	-	-	9.37%	-	-
Product	-	-	-	105.53M	114.51M	130.46M	147.79M	-	-	-
Product Growth	-	-	-	-	8.51%	13.92%	13.29%	-	-	-
Licensing, Milestone and Contract Revenue	-	-	-	-	-	-	-	-	-	-
Licensing, Milestone and Contract Revenue Growth	-	-	-	-	-	-	-	-	-	-
Joint Pain Management Therapies	-	-	-	-	-	83.03M	-	-	-	-
Joint Pain Management Therapies Growth	-	-	-	-	-	-	-	-	-	-
Manufactured Product, Other	-	-	-	6.07M	6.08M	8.06M	-	-	-	-
Manufactured Product, Other Growth	-	-	-	-	0.30%	32.50%	-	-	-	-
Orthobiologics	-	89.69M	93.82M	93.56M	101M	-	-	-	-	-
Orthobiologics Growth	-	-	4.59%	-0.28%	7.96%	-	-	-	-	-
Surgical	-	5.43M	5.26M	5.51M	5.18M	-	-	-	-	-
Surgical Growth	-	-	-3.04%	4.79%	-6.00%	-	-	-	-	-
Dermal	-	2.76M	2.75M	396K	2.24M	-	-	-	-	-
Dermal Growth	-	-	-0.14%	-85.63%	466.67%	-	-	-	-	-
Service	-	-	-	24K	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Other	-	5.05M	5.95M	-	-	-	-	-	-	-
Other Growth	-	-	17.80%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	76.62M	83.97M	92.91M	85.35M	90.3M	103.18M	113.83M	119.15M	123.13M	82.45M
UNITED STATES Growth	-	9.59%	10.64%	-8.13%	5.80%	14.26%	10.32%	4.67%	3.34%	-33.04%
Europe	8.76M	10.95M	12.44M	11.73M	14.74M	14.18M	19.58M	20.64M	21.72M	19.4M
Europe Growth	-	25.09%	13.53%	-5.67%	25.69%	-3.83%	38.09%	5.41%	5.26%	-10.68%

Frequently Asked Questions

Growth & Financials

Anika Therapeutics, Inc. (ANIK) reported $80.9M in revenue for fiscal year 2024. This represents a 25% increase from $64.8M in 2011.

Anika Therapeutics, Inc. (ANIK) saw revenue decline by 0.7% over the past year.

Anika Therapeutics, Inc. (ANIK) reported a net loss of $33.0M for fiscal year 2024.

Dividend & Returns

Anika Therapeutics, Inc. (ANIK) has a return on equity (ROE) of -30.8%. Negative ROE indicates the company is unprofitable.

Anika Therapeutics, Inc. (ANIK) generated $0.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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Anika Therapeutics, Inc. (ANIK) 10-Year Financial Performance & Capital Metrics

ANIK • • Industrial / General

HealthcareMedical DevicesOrthopedic & Musculoskeletal DevicesJoint Reconstruction & Orthopedic Implants

Revenue $120M -0.7%
EBITDA $3M -79.9%
Net Income -$56M +31.8%
EPS (Diluted) -3.83 +32.1%
Gross Margin 63.38% -7.2%
EBITDA Margin 2.52% -79.8%
Operating Margin -4.25% -708.9%
Net Margin -47.02% +31.3%
ROE -30.79% +7.3%
ROIC -2.59% -920.8%
Debt/Equity 0.17 +28.9%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Trading at only 0.9x book value

✗Weaknesses

✗Negative free cash flow
✗Trading more than 30% below 52-week high

Price & Volume

Loading chart...

Growth Metrics

Revenue CAGR

10Y1.28%

5Y0.91%

3Y-6.73%

TTM-47.11%

Profit (Net Income) CAGR

10Y-

5Y-

3Y-

TTM66.12%

EPS CAGR

10Y-

5Y-

3Y-

TTM65.69%

ROCE

10Y Avg7.53%

5Y Avg-1.8%

3Y Avg-0.33%

Latest-2.43%

Peer Comparison

Joint Reconstruction & Orthopedic Implants

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SYKStryker Corporation	138.62B	362.49	46.71	10.23%	12.07%	13.51%	2.52%	0.68
SNNSmith & Nephew plc	13.96B	32.89	34.99	4.7%	6.88%	14.44%	4.34%	0.63
ZBHZimmer Biomet Holdings, Inc.	17.59B	88.75	20.03	3.85%	10.05%	6.31%	6.5%	0.50
CNMDCONMED Corporation	1.32B	42.55	9.99	5%	4.75%	6.35%	11.68%	0.94
DHAIDIH Holding US, Inc.	6.7K	0.00	-0.00	-2.5%	-13.8%
LFWDLifeward Ltd.	13.23M	0.72	-0.22	85.24%	-121.82%	-233.98%		0.05
ANIKAnika Therapeutics, Inc.	137.43M	9.53	-2.49	-0.73%	-40.83%	-22.5%		0.17
SNWVSANUWAVE Health, Inc.	237.99M	27.75	-3.95	59.99%	-17.06%		0.83%

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	93M	103.38M	113.42M	105.56M	114.61M	130.46M	147.79M	113.83M	120.79M	119.91M
Revenue Growth %	-0.12%	0.11%	0.1%	-0.07%	0.09%	0.14%	0.13%	-0.23%	0.06%	-0.01%
Cost of Goods Sold+	21.05M	24.03M	27.36M	31.28M	28.75M	61.43M	64.85M	40.61M	38.26M	43.91M
COGS % of Revenue	0.23%	0.23%	0.24%	0.3%	0.25%	0.47%	0.44%	0.36%	0.32%	0.37%
Gross Profit+	71.95M	79.35M	86.06M	74.28M	85.86M	69.03M	82.94M	73.22M	82.53M	76M
Gross Margin %	0.77%	0.77%	0.76%	0.7%	0.75%	0.53%	0.56%	0.64%	0.68%	0.63%
Gross Profit Growth %	-0.15%	0.1%	0.08%	-0.14%	0.16%	-0.2%	0.2%	-0.12%	0.13%	-0.08%
Operating Expenses+	23.81M	28.75M	40.33M	52.53M	51.62M	97.35M	80.33M	69.55M	81.69M	81.1M
OpEx % of Revenue	0.26%	0.28%	0.36%	0.5%	0.45%	0.75%	0.54%	0.61%	0.68%	0.68%
Selling, General & Admin	14.82M	18.01M	21.54M	34.34M	34.95M	60.06M	74.1M	51.23M	59.92M	55.55M
SG&A % of Revenue	0.16%	0.17%	0.19%	0.33%	0.3%	0.46%	0.5%	0.45%	0.5%	0.46%
Research & Development	8.99M	10.73M	18.79M	18.19M	16.66M	23.43M	27.33M	18.32M	21.76M	25.54M
R&D % of Revenue	0.1%	0.1%	0.17%	0.17%	0.15%	0.18%	0.18%	0.16%	0.18%	0.21%
Other Operating Expenses	0	0	0	0	0	13.85M	-21.09M	0	0	0
Operating Income+	48.13M	50.61M	45.73M	21.75M	34.25M	-28.32M	2.62M	3.67M	844K	-5.1M
Operating Margin %	0.52%	0.49%	0.4%	0.21%	0.3%	-0.22%	0.02%	0.03%	0.01%	-0.04%
Operating Income Growth %	-0.22%	0.05%	-0.1%	-0.52%	0.57%	-1.83%	1.09%	0.4%	-0.77%	-7.04%
EBITDA+	51.91M	54.34M	50.02M	27.66M	40.24M	-14.86M	16.93M	18.16M	15.06M	3.02M
EBITDA Margin %	0.56%	0.53%	0.44%	0.26%	0.35%	-0.11%	0.11%	0.16%	0.12%	0.03%
EBITDA Growth %	-0.22%	0.05%	-0.08%	-0.45%	0.45%	-1.37%	2.14%	0.07%	-0.17%	-0.8%
D&A (Non-Cash Add-back)	3.77M	3.73M	4.29M	5.91M	5.99M	13.46M	14.32M	14.49M	14.22M	8.12M
EBIT	48.13M	50.61M	45.73M	21.75M	34.25M	-14.47M	-18.48M	3.67M	844K	-5.1M
Net Interest Income+	120K	263K	473K	1.46M	1.87M	-302K	0	654K	2.31M	0
Interest Income	120K	263K	473K	1.46M	1.87M	498K	-	654K	2.31M	-
Interest Expense	0	0	0	0	0	800K	-	0	0	-
Other Income/Expense	120K	263K	473K	1.46M	1.87M	-302K	-188K	654K	2.31M	2.34M
Pretax Income+	48.25M	50.87M	46.2M	23.21M	36.12M	-28.62M	2.43M	4.32M	3.16M	-2.76M
Pretax Margin %	0.52%	0.49%	0.41%	0.22%	0.32%	-0.22%	0.02%	0.04%	0.03%	-0.02%
Income Tax+	17.5M	18.32M	14.39M	4.49M	8.93M	-4.64M	-1.71M	2.12M	6.59M	6.06M
Effective Tax Rate %	0.64%	0.64%	0.69%	0.81%	0.75%	0.84%	1.7%	-3.44%	-26.19%	20.4%
Net Income+	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	-14.86M	-82.67M	-56.38M
Net Margin %	0.33%	0.31%	0.28%	0.18%	0.24%	-0.18%	0.03%	-0.13%	-0.68%	-0.47%
Net Income Growth %	-0.2%	0.06%	-0.02%	-0.41%	0.45%	-1.88%	1.17%	-4.59%	-4.56%	0.32%
Net Income (Continuing)	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	2.2M	-3.44M	-8.83M
Discontinued Operations	0	0	0	0	0	0	0	-17.06M	-79.23M	-47.56M
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	2.01	2.15	2.11	1.27	1.89	-1.69	0.28	-1.02	-5.64	-3.83
EPS Growth %	-0.2%	0.07%	-0.02%	-0.4%	0.49%	-1.89%	1.17%	-4.64%	-4.53%	0.32%
EPS (Basic)	2.06	2.22	2.18	1.30	1.93	-1.69	0.29	-1.02	-5.64	-3.83
Diluted Shares Outstanding	15.32M	15.12M	15.07M	14.69M	14.37M	14.22M	14.63M	14.56M	14.66M	14.72M
Basic Shares Outstanding	14.93M	14.68M	14.57M	14.44M	14.12M	14.22M	14.4M	14.56M	14.66M	14.72M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	176.43M	170.44M	206.33M	202.94M	234.31M	177.38M	168.53M	169.55M	163.31M	113.65M
Cash & Short-Term Investments	138.46M	124.76M	157.26M	159.01M	184.94M	98.32M	94.39M	86.33M	68.74M	55.63M
Cash Only	110.71M	104.26M	133.26M	89.04M	157.46M	95.82M	94.39M	86.33M	68.74M	55.63M
Short-Term Investments	27.75M	20.5M	24M	69.97M	27.48M	2.5M	0	0	0	0
Accounts Receivable	21.65M	27.6M	23.82M	20.77M	23.08M	24.1M	29.84M	34.63M	26.36M	23.59M
Days Sales Outstanding	84.98	97.44	76.67	71.84	73.5	67.43	73.7	111.04	79.65	71.82
Inventory	14.94M	15.98M	22.04M	21.3M	22M	46.21M	36.01M	39.77M	24.43M	23.81M
Days Inventory Outstanding	258.98	242.8	293.92	248.55	279.27	274.56	202.67	357.43	233.04	197.92
Other Current Assets	0	0	0	0	0	0	0	0	43.78M	10.62M
Total Non-Current Assets+	59.31M	69.81M	76.29M	76.05M	96.4M	188.22M	179.01M	179.58M	107.32M	89.09M
Property, Plant & Equipment	40.11M	52.3M	56.18M	54.11M	73.65M	73.23M	68.56M	78.97M	65M	64.68M
Fixed Asset Turnover	2.32x	1.98x	2.02x	1.95x	1.56x	1.78x	2.16x	1.44x	1.86x	1.85x
Goodwill	7.48M	7.21M	8.22M	7.85M	7.69M	8.41M	7.78M	7.34M	7.57M	7.13M
Intangible Assets	11.66M	10.23M	10.63M	9.19M	7.58M	91.16M	82.38M	74.6M	2.58M	2.49M
Long-Term Investments	0	0	-4.77M	-7.21M	0	0	0	0	0	0
Other Non-Current Assets	69K	69K	1.25M	4.9M	7.48M	15.42M	20.29M	17.22M	30.69M	13.62M
Total Assets+	235.75M	240.25M	282.62M	278.99M	330.71M	365.61M	347.54M	349.13M	270.63M	202.74M
Asset Turnover	0.39x	0.43x	0.40x	0.38x	0.35x	0.36x	0.43x	0.33x	0.45x	0.59x
Asset Growth %	0.22%	0.02%	0.18%	-0.01%	0.19%	0.11%	-0.05%	0%	-0.22%	-0.25%
Total Current Liabilities+	17.28M	8.8M	13.07M	11.29M	16.28M	36.87M	29.8M	27.91M	31.06M	23.31M
Accounts Payable	8.3M	2.3M	6.75M	3.14M	3.83M	8.98M	7.63M	9.07M	6.19M	5.62M
Days Payables Outstanding	143.93	34.99	90	36.67	48.65	53.38	42.96	81.56	59.09	46.69
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	66K	48K	0	0	0	0	0	0	0	0
Other Current Liabilities	5.89M	3.41M	3.43M	3.7M	5.83M	20.43M	13.84M	11.3M	18.73M	12.16M
Current Ratio	10.21x	19.37x	15.78x	17.98x	14.39x	4.81x	5.66x	6.07x	5.26x	4.88x
Quick Ratio	9.35x	17.55x	14.10x	16.09x	13.04x	3.56x	4.45x	4.65x	4.47x	3.85x
Cash Conversion Cycle	200.03	305.26	280.59	283.71	304.12	288.61	233.42	386.9	253.6	223.04
Total Non-Current Liabilities+	7.62M	8.67M	6.05M	4.09M	26.05M	56.34M	30.66M	35.65M	27.31M	25.45M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	21.37M	20.88M	19.24M	28.82M	25.91M	24.01M
Deferred Tax Liabilities	6.78M	6.55M	5.39M	3.54M	4.33M	11.89M	10.16M	6.44M	0	0
Other Non-Current Liabilities	781K	2.08M	660K	550K	357K	23.56M	1.26M	398K	1.39M	1.43M
Total Liabilities	24.9M	17.47M	19.13M	15.38M	42.33M	93.2M	60.45M	63.56M	58.37M	48.75M
Total Debt+	0	0	0	0	22.51M	22.46M	20.95M	30.89M	27.74M	25.93M
Net Debt	-110.71M	-104.26M	-133.26M	-89.04M	-134.96M	-73.35M	-73.43M	-55.44M	-41M	-29.7M
Debt / Equity	-	-	-	-	0.08x	0.08x	0.07x	0.11x	0.13x	0.17x
Debt / EBITDA	-	-	-	-	0.56x	-	1.24x	1.70x	1.84x	8.59x
Net Debt / EBITDA	-2.13x	-1.92x	-2.66x	-3.22x	-3.35x	-	-4.34x	-3.05x	-2.72x	-9.83x
Interest Coverage	-	-	-	-	-	-35.40x	-	-	-	-
Total Equity+	210.85M	222.77M	263.49M	263.61M	288.38M	272.4M	287.08M	285.56M	212.26M	153.99M
Equity Growth %	0.18%	0.06%	0.18%	0%	0.09%	-0.06%	0.05%	-0.01%	-0.26%	-0.27%
Book Value per Share	13.76	14.74	17.49	17.95	20.06	19.15	19.62	19.61	14.48	10.46
Total Shareholders' Equity	210.85M	222.77M	263.49M	263.61M	288.38M	272.4M	287.08M	285.56M	212.26M	153.99M
Common Stock	150K	146K	147K	142K	143K	143K	144K	146K	147K	144K
Retained Earnings	135.66M	168.21M	199.51M	218.23M	245.43M	221.44M	225.58M	210.72M	128.05M	71.67M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-6.65M	-7.32M	-4.78M	-5.53M	-5.9M	-4.54M	-5.72M	-6.44M	-5.94M	-6.78M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	39.06M	23.8M	40.81M	34.92M	37.01M	13.06M	8.4M	4.41M	-1.79M	5.4M
Operating CF Margin %	0.42%	0.23%	0.36%	0.33%	0.32%	0.1%	0.06%	0.04%	-0.01%	0.05%
Operating CF Growth %	-0.02%	-0.39%	0.71%	-0.14%	0.06%	-0.65%	-0.36%	-0.47%	-1.41%	4.02%
Net Income	30.76M	32.55M	31.82M	18.72M	27.19M	-23.98M	4.13M	-14.86M	-82.67M	-56.38M
Depreciation & Amortization	3.77M	3.73M	4.29M	5.91M	5.99M	14.99M	14.32M	14.49M	14.22M	8.12M
Stock-Based Compensation	2.23M	3.39M	5.81M	11.05M	6.09M	0	11.09M	14.31M	15.24M	13.13M
Deferred Taxes	-1.59M	-712K	-1.2M	-1.82M	794K	-3.54M	-1.77M	-5.27M	-6.33M	260K
Other Non-Cash Items	945K	706K	2.45M	4.26M	3.58M	39.05M	-4.66M	7.56M	69.87M	53.37M
Working Capital Changes	2.96M	-15.87M	-2.36M	-3.2M	-6.64M	-13.46M	-14.72M	-11.82M	-12.12M	-13.09M
Change in Receivables	-5M	-6.2M	2.67M	2.91M	-1.84M	5.86M	-6.22M	-5.63M	-1.3M	3.37M
Change in Inventory	-2.94M	-1.74M	-6.52M	-7.58M	-5.58M	-14.18M	-6.62M	-6.87M	-11.4M	-9.42M
Change in Payables	5.63M	-5.06M	3.89M	-1.67M	767K	822K	-1.1M	1.97M	-11K	-2.51M
Cash from Investing+	-30.23M	-6.76M	-12.48M	-50.26M	39.69M	-71.26M	-3.12M	-7.49M	-5.43M	-8.33M
Capital Expenditures	-9.22M	-14.01M	-8.98M	-4.66M	-2.83M	-1.63M	-5.14M	-7.49M	-5.43M	-7.73M
CapEx % of Revenue	0.1%	0.14%	0.08%	0.04%	0.02%	0.01%	0.03%	0.07%	0.04%	0.06%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-21M	7.25M	-3.5M	-45.6M	42.52M	0	0	0	0	-600K
Cash from Financing+	1.92M	-23.35M	314K	-28.9M	-8.14M	-3.77M	-6.78M	-4.85M	-6.32M	-12.73M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	1.92M	1.65M	314K	1.1M	22.15M	-4.74M	-6.58M	-4.57M	-1.32M	-1.81M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	29.84M	9.79M	31.83M	30.26M	34.18M	11.44M	3.25M	-3.08M	-7.21M	-2.33M
FCF Margin %	0.32%	0.09%	0.28%	0.29%	0.3%	0.09%	0.02%	-0.03%	-0.06%	-0.02%
FCF Growth %	-0.22%	-0.67%	2.25%	-0.05%	0.13%	-0.67%	-0.72%	-1.95%	-1.34%	0.68%
FCF per Share	1.95	0.65	2.11	2.06	2.38	0.80	0.22	-0.21	-0.49	-0.16
FCF Conversion (FCF/Net Income)	1.27x	0.73x	1.28x	1.87x	1.36x	-0.54x	2.03x	-0.30x	0.02x	-0.10x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	12.72M	22.83M	15.09M	5.56M	9.26M	0	1.23M	106K	3.12M	3.99M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	15.82%	15.01%	13.09%	7.1%	9.85%	-8.55%	1.48%	-5.19%	-33.21%	-30.79%
Return on Invested Capital (ROIC)	40.54%	34.72%	27.58%	10.7%	15.66%	-12.05%	0.95%	1.24%	0.32%	-2.59%
Gross Margin	77.36%	76.76%	75.87%	70.37%	74.92%	52.91%	56.12%	64.33%	68.33%	63.38%
Net Margin	33.07%	31.48%	28.05%	17.74%	23.73%	-18.38%	2.8%	-13.05%	-68.44%	-47.02%
Debt / Equity	-	-	-	-	0.08x	0.08x	0.07x	0.11x	0.13x	0.17x
Interest Coverage	-	-	-	-	-	-35.40x	-	-	-	-
FCF Conversion	1.27x	0.73x	1.28x	1.87x	1.36x	-0.54x	2.03x	-0.30x	0.02x	-0.10x
Revenue Growth	-11.93%	11.16%	9.71%	-6.93%	8.58%	13.83%	13.29%	-22.98%	6.12%	-0.73%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Joint Preservation and Restoration	-	-	-	-	-	39.37M	48.59M	50.4M	54.88M	-
Joint Preservation and Restoration Growth	-	-	-	-	-	-	23.42%	3.73%	8.88%	-
Non-Orthopedic	-	-	-	-	-	-	9.7M	7.95M	9.86M	-
Non-Orthopedic Growth	-	-	-	-	-	-	-	-18.10%	24.02%	-
OA Pain Management	-	-	-	-	-	-	89.5M	97.89M	-	-
OA Pain Management Growth	-	-	-	-	-	-	-	9.37%	-	-
Product	-	-	-	105.53M	114.51M	130.46M	147.79M	-	-	-
Product Growth	-	-	-	-	8.51%	13.92%	13.29%	-	-	-
Licensing, Milestone and Contract Revenue	-	-	-	-	-	-	-	-	-	-
Licensing, Milestone and Contract Revenue Growth	-	-	-	-	-	-	-	-	-	-
Joint Pain Management Therapies	-	-	-	-	-	83.03M	-	-	-	-
Joint Pain Management Therapies Growth	-	-	-	-	-	-	-	-	-	-
Manufactured Product, Other	-	-	-	6.07M	6.08M	8.06M	-	-	-	-
Manufactured Product, Other Growth	-	-	-	-	0.30%	32.50%	-	-	-	-
Orthobiologics	-	89.69M	93.82M	93.56M	101M	-	-	-	-	-
Orthobiologics Growth	-	-	4.59%	-0.28%	7.96%	-	-	-	-	-
Surgical	-	5.43M	5.26M	5.51M	5.18M	-	-	-	-	-
Surgical Growth	-	-	-3.04%	4.79%	-6.00%	-	-	-	-	-
Dermal	-	2.76M	2.75M	396K	2.24M	-	-	-	-	-
Dermal Growth	-	-	-0.14%	-85.63%	466.67%	-	-	-	-	-
Service	-	-	-	24K	-	-	-	-	-	-
Service Growth	-	-	-	-	-	-	-	-	-	-
Other	-	5.05M	5.95M	-	-	-	-	-	-	-
Other Growth	-	-	17.80%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	76.62M	83.97M	92.91M	85.35M	90.3M	103.18M	113.83M	119.15M	123.13M	82.45M
UNITED STATES Growth	-	9.59%	10.64%	-8.13%	5.80%	14.26%	10.32%	4.67%	3.34%	-33.04%
Europe	8.76M	10.95M	12.44M	11.73M	14.74M	14.18M	19.58M	20.64M	21.72M	19.4M
Europe Growth	-	25.09%	13.53%	-5.67%	25.69%	-3.83%	38.09%	5.41%	5.26%	-10.68%

Frequently Asked Questions

Growth & Financials

Anika Therapeutics, Inc. (ANIK) reported $80.9M in revenue for fiscal year 2024. This represents a 25% increase from $64.8M in 2011.

Anika Therapeutics, Inc. (ANIK) saw revenue decline by 0.7% over the past year.

Anika Therapeutics, Inc. (ANIK) reported a net loss of $33.0M for fiscal year 2024.

Dividend & Returns

Anika Therapeutics, Inc. (ANIK) has a return on equity (ROE) of -30.8%. Negative ROE indicates the company is unprofitable.

Anika Therapeutics, Inc. (ANIK) generated $0.6M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.