Revenue has rebounded to $32.6M in 2026Q2 (+15.6% growth) with gross margin rebuilt to 65.1% and a 9.1% operating margin, though the 63% quarter-over-quarter swing in SG&A ($17.8M to $10.9M) suggests margin durability remains unproven.
Anika Therapeutics, Inc. (ANIK) annual income statement — 30-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 123.43M | 112.82M | 119.91M | 120.79M | 113.83M | 147.79M | 130.46M | 114.61M | 105.56M | 113.42M | 103.38M | 93M | 105.59M | 75.08M | 71.36M | 64.78M | 55.56M | 40.14M | 35.78M | 30.83M | 26.84M | 29.84M | 26.47M | 15.4M | 13.19M | 11.31M | 16.34M | 13.5M | 13.9M | 12M | 1.2M |
| Revenue Growth % | 52.55% | -5.91% | -0.73% | 6.12% | -22.98% | 13.29% | 13.83% | 8.58% | -6.93% | 9.71% | 11.16% | -11.93% | 40.64% | 5.22% | 10.16% | 16.6% | 38.42% | 12.17% | 16.06% | 14.86% | -10.04% | 12.73% | 71.81% | 16.81% | 16.57% | -30.75% | 21% | -2.88% | 15.83% | 900% | -64.71% |
| Cost of Goods Sold | 45.17M | 49.01M | 43.91M | 38.26M | 40.61M | 64.85M | 61.43M | 28.75M | 31.28M | 27.36M | 24.03M | 21.05M | 20.93M | 22.77M | 28.99M | 26.78M | 23.83M | 13.67M | 13.19M | 11.88M | 11.12M | 11.14M | 9.95M | 8.01M | 8.11M | 8.23M | 8.67M | 5.3M | 5.2M | 4.4M | 700K |
| COGS % of Revenue | - | 43.44% | 36.62% | 31.67% | 35.67% | 43.88% | 47.09% | 25.08% | 29.63% | 24.13% | 23.24% | 22.64% | 19.82% | 30.32% | 40.62% | 41.35% | 42.89% | 34.06% | 36.86% | 38.54% | 41.42% | 37.35% | 37.59% | 51.97% | 61.49% | 72.74% | 53.09% | 39.26% | 37.41% | 36.67% | 58.33% |
| Gross Profit | 78.26M | 63.81M | 76M | 82.53M | 73.22M | 82.94M | 69.03M | 85.86M | 74.28M | 86.06M | 79.35M | 71.95M | 84.66M | 52.32M | 42.37M | 37.99M | 31.73M | 26.47M | 22.59M | 18.95M | 15.72M | 18.69M | 16.52M | 7.4M | 5.08M | 3.08M | 7.66M | 8.2M | 8.7M | 7.6M | 500K |
| Gross Margin % | 63.4% | 56.56% | 63.38% | 68.33% | 64.33% | 56.12% | 52.91% | 74.92% | 70.37% | 75.87% | 76.76% | 77.36% | 80.18% | 69.68% | 59.38% | 58.65% | 57.11% | 65.94% | 63.14% | 61.46% | 58.58% | 62.65% | 62.41% | 48.03% | 38.51% | 27.26% | 46.91% | 60.74% | 62.59% | 63.33% | 41.67% |
| Gross Profit Growth % | - | -16.04% | -7.92% | 12.72% | -11.72% | 20.16% | -19.61% | 15.6% | -13.69% | 8.45% | 10.29% | -15.02% | 61.83% | 23.47% | 11.51% | 19.74% | 19.89% | 17.15% | 19.22% | 20.52% | -15.88% | 13.16% | 123.23% | 45.7% | 64.71% | -59.76% | -6.56% | -5.75% | 14.47% | 1420% | -16.67% |
| Operating Expenses | 80.86M | 74.86M | 81.1M | 81.69M | 69.55M | 80.33M | 97.35M | 51.62M | 52.53M | 40.33M | 28.75M | 23.81M | 23.22M | 20M | 20.12M | 24.03M | 24.19M | 18.73M | 18.36M | 12.36M | 10.3M | 10.14M | 10.13M | 6.8M | 8.35M | 10.49M | 8.65M | 8.3M | 5.5M | 4.4M | 3.2M |
| OpEx % of Revenue | - | 66.35% | 67.63% | 67.63% | 61.1% | 54.35% | 74.62% | 45.04% | 49.76% | 35.56% | 27.81% | 25.6% | 21.99% | 26.63% | 28.19% | 37.09% | 43.55% | 46.66% | 51.33% | 40.1% | 38.36% | 33.99% | 38.27% | 44.17% | 63.34% | 92.77% | 52.93% | 61.48% | 39.57% | 36.67% | 266.67% |
| Selling, General & Admin | 52.46M | 49.09M | 55.55M | 59.92M | 51.23M | 74.1M | 60.06M | 34.95M | 34.34M | 21.54M | 18.01M | 14.82M | 15.07M | 12.94M | 14.73M | 17.86M | 17.32M | 10.55M | 10.97M | 8M | 6.68M | 5.41M | 6.04M | 4.21M | 4.42M | 6.21M | 4.19M | 3M | 2.7M | 2.1M | 2.6M |
| SG&A % of Revenue | - | 43.51% | 46.33% | 49.61% | 45.01% | 50.13% | 46.04% | 30.49% | 32.53% | 18.99% | 17.42% | 15.94% | 14.27% | 17.23% | 20.64% | 27.57% | 31.17% | 26.27% | 30.65% | 25.94% | 24.88% | 18.13% | 22.83% | 27.32% | 33.56% | 54.93% | 25.64% | 22.22% | 19.42% | 17.5% | 216.67% |
| Research & Development | 28.4M | 25.77M | 25.54M | 21.76M | 18.32M | 27.33M | 23.43M | 16.66M | 18.19M | 18.79M | 10.73M | 8.99M | 8.14M | 7.06M | 5.39M | 6.17M | 6.87M | 8.18M | 7.4M | 4.36M | 3.62M | 4.73M | 4.09M | 2.6M | 3.93M | 4.28M | 3.26M | 4.2M | 2M | 2M | 0 |
| R&D % of Revenue | - | 22.84% | 21.3% | 18.02% | 16.1% | 18.49% | 17.96% | 14.54% | 17.23% | 16.56% | 10.38% | 9.66% | 7.71% | 9.4% | 7.55% | 9.52% | 12.37% | 20.38% | 20.68% | 14.16% | 13.47% | 15.86% | 15.44% | 16.85% | 29.79% | 37.84% | 19.96% | 31.11% | 14.39% | 16.67% | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | -21.09M | 13.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.2M | 1.1M | 800K | 300K | 600K |
| Operating Income | -2.6M | -11.05M | -5.1M | 844K | 3.67M | 2.62M | -28.32M | 34.25M | 21.75M | 45.73M | 50.61M | 48.13M | 61.45M | 32.61M | 19.72M | 13.97M | 7.54M | 5.59M | 4.23M | 6.59M | 5.43M | 8.55M | 6.39M | 595K | -3.27M | -7.41M | -983.37K | -100K | 3.2M | 3.2M | -2.7M |
| Operating Margin % | -2.11% | -9.8% | -4.25% | 0.7% | 3.22% | 1.77% | -21.71% | 29.88% | 20.6% | 40.32% | 48.95% | 51.76% | 58.19% | 43.43% | 27.63% | 21.56% | 13.57% | 13.92% | 11.81% | 21.37% | 20.22% | 28.66% | 24.14% | 3.86% | -24.83% | -65.51% | -6.02% | -0.74% | 23.02% | 26.67% | -225% |
| Operating Income Growth % | - | -116.64% | -704.38% | -77% | 40.34% | 109.23% | -182.7% | 57.47% | -52.44% | -9.64% | 5.14% | -21.67% | 88.45% | 65.39% | 41.15% | 85.3% | 34.92% | 32.18% | -35.84% | 21.37% | -36.53% | 33.86% | 973.61% | 118.17% | 55.81% | -653.61% | -883.37% | -103.13% | 0% | 218.52% | -42.11% |
| EBITDA | 1.63M | -5.32M | 3.02M | 15.06M | 18.16M | 16.93M | -14.86M | 40.24M | 27.66M | 50.02M | 54.34M | 51.91M | 66.15M | 37.38M | 24.24M | 17.97M | 10.86M | 6.88M | 5.66M | 7.41M | 5.81M | 9.01M | 7.1M | 1.6M | -2.18M | -6.18M | 214.38K | 1M | 4M | 3.5M | -2.1M |
| EBITDA Margin % | 1.32% | -4.72% | 2.52% | 12.47% | 15.95% | 11.46% | -11.39% | 35.11% | 26.2% | 44.1% | 52.56% | 55.82% | 62.65% | 49.79% | 33.97% | 27.74% | 19.54% | 17.14% | 15.82% | 24.02% | 21.65% | 30.2% | 26.82% | 10.39% | -16.53% | -54.61% | 1.31% | 7.41% | 28.78% | 29.17% | -175% |
| EBITDA Growth % | -92.7% | -276.23% | -79.95% | -17.05% | 7.23% | 213.96% | -136.92% | 45.48% | -44.7% | -7.95% | 4.69% | -21.53% | 76.98% | 54.2% | 34.9% | 65.5% | 57.82% | 21.56% | -23.58% | 27.44% | -35.5% | 26.94% | 343.35% | 173.47% | 64.72% | -2981.35% | -78.56% | -75% | 14.29% | 266.67% | -31.25% |
| D&A (Non-Cash Add-back) | 4.23M | 5.73M | 8.12M | 14.22M | 14.49M | 14.32M | 13.46M | 5.99M | 5.91M | 4.29M | 3.73M | 3.77M | 4.71M | 4.77M | 4.53M | 4M | 3.32M | 1.29M | 1.43M | 818.73K | 384.06K | 459K | 710K | 1.01M | 1.1M | 1.23M | 1.2M | 1.1M | 800K | 300K | 600K |
| EBIT | -677K | -9.31M | -2.76M | 3.16M | 4.32M | -18.48M | -14.47M | 34.25M | 21.75M | 45.73M | 50.61M | 48.13M | 61.51M | 32.61M | 22.25M | 13.97M | 7.54M | 5.59M | 4.23M | 6.59M | 5.43M | 9.79M | 13.82M | 595K | -3.27M | -7.41M | -983.37K | -22.39K | 2.57M | 3.2M | -2.7M |
| Net Interest Income | 426K | 0 | 0 | 2.31M | 654K | 0 | -302K | 1.87M | 1.46M | 473K | 263K | 120K | 58K | -127K | -187.78K | -182.39K | -194.62K | -74.48K | 498.51K | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 426K | 0 | - | 2.31M | 654K | - | 498K | 1.87M | 1.46M | 473K | 263K | 120K | 58K | 186 | 0 | 0 | 0 | 0 | 498.51K | 2.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 390K | 0 | - | 0 | 0 | - | 800K | 0 | 0 | 0 | 0 | 0 | 0 | 127.19K | 5.26M | 182.39K | 194.62K | 4.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 1.6M | 1.74M | 2.34M | 2.31M | 654K | -188K | -302K | 1.87M | 1.46M | 473K | 263K | 120K | 58.14K | -127K | -187.78K | -182.39K | -194.62K | -2.23M | 498.51K | 2.1M | 2.1M | 1.24M | 388.71K | 144K | 239K | 662.19K | 1.17M | 1.38M | 700K | 200K | 100K |
| Pretax Income | -999K | -9.31M | -2.76M | 3.16M | 4.32M | 2.43M | -28.62M | 36.12M | 23.21M | 46.2M | 50.87M | 48.25M | 61.51M | 32.48M | 19.53M | 13.79M | 7.34M | 5.51M | 4.73M | 8.69M | 7.53M | 9.79M | 6.78M | 739K | -3.03M | -6.75M | 189.49K | -100K | 4.4M | 3.4M | -2.6M |
| Pretax Margin % | -0.81% | -8.25% | -2.31% | 2.61% | 3.8% | 1.64% | -21.94% | 31.52% | 21.99% | 40.74% | 49.21% | 51.89% | 58.25% | 43.26% | 27.37% | 21.28% | 13.22% | 13.73% | 13.21% | 28.18% | 28.05% | 32.82% | 25.61% | 4.8% | -23.02% | -59.66% | 1.16% | -0.74% | 31.65% | 28.33% | -216.67% |
| Income Tax | -742K | 672K | 6.06M | 6.59M | 2.12M | -1.71M | -4.64M | 8.93M | 4.49M | 14.39M | 18.32M | 17.5M | 23.19M | 11.91M | 7.77M | 5.32M | 3.03M | 1.82M | 1.1M | 2.65M | 2.92M | 3.9M | -4.41M | -88K | 5K | 9.08K | 15.94K | 2.2M | 100K | 100K | 100K |
| Effective Tax Rate % | 74.27% | -7.22% | -219.39% | 208.97% | 49.12% | -70.33% | 16.22% | 24.72% | 19.33% | 31.14% | 36.02% | 36.26% | 37.7% | 36.65% | 39.79% | 38.58% | 41.22% | 33.1% | 23.2% | 30.53% | 38.84% | 39.82% | -65.12% | -11.91% | -0.16% | -0.13% | 8.41% | -2200% | 2.27% | 2.94% | -3.85% |
| Net Income | -1.77M | -10.88M | -56.38M | -82.67M | -14.86M | 4.13M | -23.98M | 27.19M | 18.72M | 31.82M | 32.55M | 30.76M | 38.32M | 20.57M | 11.76M | 8.47M | 4.32M | 3.69M | 3.63M | 6.04M | 4.6M | 5.89M | 11.19M | 827K | -3.04M | -6.76M | 173.55K | -2.5M | 4.3M | 3.3M | -2.7M |
| Net Margin % | -1.43% | -9.64% | -47.02% | -68.44% | -13.05% | 2.8% | -18.38% | 23.73% | 17.74% | 28.05% | 31.48% | 33.07% | 36.29% | 27.4% | 16.48% | 13.07% | 7.77% | 9.19% | 10.14% | 19.58% | 17.15% | 19.75% | 42.28% | 5.37% | -23.05% | -59.74% | 1.06% | -18.52% | 30.94% | 27.5% | -225% |
| Net Income Growth % | 94.65% | 80.7% | 31.79% | -456.34% | -459.43% | 117.24% | -188.19% | 45.25% | -41.16% | -2.25% | 5.82% | -19.73% | 86.25% | 74.99% | 38.87% | 96.17% | 17.04% | 1.61% | -39.87% | 31.08% | -21.87% | -47.34% | 1253.08% | 127.2% | 55.01% | -3993.68% | 106.94% | -158.14% | 30.3% | 222.22% | -35% |
| Net Income (Continuing) | -257K | -9.98M | -8.83M | -3.44M | 2.2M | 4.13M | -23.98M | 27.19M | 18.72M | 31.82M | 32.55M | 30.76M | 38.32M | 20.57M | 11.76M | 8.47M | 4.32M | 3.69M | 3.63M | 6.04M | 4.6M | 5.89M | 11.19M | 827K | -3.04M | -6.76M | 173.55K | 1.25M | 3.8M | 3.3M | -2.7M |
| Discontinued Operations | -1000K | -901K | -47.56M | -79.23M | -17.06M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.13 | -0.76 | -3.83 | -5.64 | -1.02 | 0.28 | -1.69 | 1.89 | 1.27 | 2.11 | 2.15 | 2.01 | 2.51 | 1.39 | 0.82 | 0.62 | 0.32 | 0.32 | 0.32 | 0.53 | 0.41 | 0.52 | 0.98 | 0.08 | -0.31 | -0.68 | 0.02 | -0.24 | 0.34 | 0.44 | -0.56 |
| EPS Growth % | 94.15% | 80.16% | 32.09% | -452.94% | -464.29% | 116.57% | -189.42% | 48.82% | -39.81% | -1.86% | 6.97% | -19.92% | 80.58% | 69.51% | 32.26% | 93.75% | 0% | 0% | -39.62% | 29.27% | -21.15% | -46.94% | 1125% | 125.81% | 54.41% | -3985.71% | 107.29% | -170.59% | -22.73% | 178.57% | 8.2% |
| EPS (Basic) | - | -0.76 | -3.83 | -5.64 | -1.02 | 0.29 | -1.69 | 1.93 | 1.30 | 2.18 | 2.22 | 2.06 | 2.61 | 1.46 | 0.89 | 0.65 | 0.34 | 0.32 | 0.32 | 0.55 | 0.43 | 0.57 | 0.98 | 0.08 | -0.31 | -0.68 | 0.02 | -0.26 | 0.38 | 0.60 | -0.56 |
| Diluted Shares Outstanding | 13.39M | 14.34M | 14.72M | 14.66M | 14.56M | 14.63M | 14.22M | 14.37M | 14.69M | 15.07M | 15.12M | 15.32M | 15.27M | 14.83M | 14.34M | 13.75M | 13.65M | 11.56M | 11.46M | 11.45M | 11.16M | 11.43M | 11.42M | 10.85M | 9.93M | 9.93M | 10.04M | 10.22M | 11.01M | 7.5M | 4.82M |
| Basic Shares Outstanding | 13.39M | 14.34M | 14.72M | 14.66M | 14.56M | 14.4M | 14.22M | 14.12M | 14.44M | 14.57M | 14.68M | 14.93M | 14.68M | 14.09M | 13.26M | 13.06M | 12.62M | 11.39M | 11.31M | 11.06M | 10.64M | 10.41M | 11.42M | 9.95M | 9.93M | 9.93M | 9.87M | 9.74M | 9.89M | 5M | 4.82M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ANIK stock.
For fiscal year 2025, Anika Therapeutics, Inc. (ANIK) reported total revenue of $112.8M. This represents a 9301.6% increase compared to $1.2M in 1996.
Anika Therapeutics, Inc. (ANIK) reported a net loss of $10.9M for the fiscal year ending 2025.
Anika Therapeutics, Inc. (ANIK) reported an operating income of $-11.1M, resulting in an operating profit margin of -9.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Anika Therapeutics, Inc. (ANIK) generated $63.8M in gross profit for the year, representing a gross profit margin of 56.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
SG&A volatility eroding margin durability
Metrics are mathematically derived from official filings.
Revenue Growth Rebounds Above Trend
Revenue growth has swung from a 35.4% decline in early 2025 to 15.6% growth in 2026Q2, with three consecutive quarters of expansion, suggesting demand has stabilized after the 2024 disruption, according to Anika's reported quarterly statements.
The recovery spans a 24.7% jump in 2025Q4 before settling into the mid-teens, a pattern that appears more consistent with volume normalization than price-led growth, since gross margin expanded in tandem with rather than in place of top-line growth. However, the anomalous 2024Q3 and 2024Q4 revenue prints of $38.8M and -$1.3M suggest the comparison base is still unsettled, so investors should treat the apparent growth trajectory as provisional rather than proven.
Gross Margin Rebuilt to Mid-Sixties
Gross margin recovered from 3.7% in 2024Q3 to 65.1% in 2026Q2, approaching peer MiMedx's 82.6% but still trailing the device-biologics set, a trajectory that implies the 2024 charge-related distortion has cleared, as reflected in Anika's income statement disclosures.
The climb from 50.9% in 2025Q2 to 65.1% in 2026Q2 came alongside only modest COGS growth from $13.9M to $11.4M, which suggests mix or unit-cost improvement rather than a one-off benefit, a distinction that matters for durability. Even so, at 65.1% the company sits roughly 17 points below MiMedx and about 9 points below AtriCure's 74.4%, which may indicate a less differentiated portfolio or weaker pricing leverage within its peer group.
2026Q2 Marks Return to Profit
2026Q2 delivered a 9.1% operating margin and $3.3M of net income on $32.6M of revenue, the strongest profitable quarter in the ten-quarter window, indicating the cost structure can generate earnings when SG&A stays near $10.9M, per recent SEC filings.
The inflection appears anchored in SG&A normalization to $10.9M from $17.8M rather than a step-change in gross profit, which grew only about 12% sequentially, so durability hinges on expense discipline rather than structural revenue leverage. The 185.7% EPS growth off a deeply depressed base flatters the comparison; the more decision-relevant observation is that one quarter of sub-$11M SG&A produced 9.1% operating margin, and whether that cost level repeats is the key item to monitor.
Non-Operating Items Cloud Net Income
Stock-based compensation reached $6.6M in 2026Q1 against $17.8M of SG&A, and 2024Q4 posted $27.8M of operating income yet a $21.9M net loss, a divergence that suggests material non-operating charges depressed reported EPS, based on Anika's disclosed results.
The roughly $50M gap between 2024Q4 operating income and net loss warrants further investigation into impairment, tax, or restructuring items that may sit outside recurring operations, since without that bridge the reported EPS series is difficult to underwrite. On the recurring side, quarterly SBC ranging from $1.8M to $6.6M is a meaningful drag on diluted EPS, so cash-basis earnings may present a materially better picture than the reported figures imply.
Expense Whipsaw Undermines Margin Case
SG&A swung from $10.9M in 2026Q2 to $17.8M one quarter earlier, a 63% swing that alone flipped operating income from -$5.5M to +$3.0M, highlighting how thinly covered margins are, according to the company's quarterly income statements.
Because gross profit moved only from $19.0M to $21.2M across the same two quarters, essentially the entire operating swing traces to one expense line, implying the P&L reflects cost variability rather than operating leverage in the classical sense. The 2026Q1 charge coincided with peak SBC of $6.6M, which may reflect equity grants rather than cash outlays, but either interpretation suggests a short-seller would target the repeatability of 2026Q2's expense base as the weakest link in the profitability narrative.