Revenue growth remains erratic with a 13.2% increase in 2026Q1, yet the company continues to struggle with profitability, reporting a negative operating margin of -18.5% for the same period.
| 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 | 116.26M | 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 % | 23.22% | -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 | 48.14M | 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 | 68.12M | 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 % | 58.59% | 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 | 80.38M | 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 | 53.95M | 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 | 26.42M | 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 | -12.25M | -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 % | -10.54% | -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 | -6.63M | -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 % | -5.7% | -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 % | -588.58% | -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) | 5.63M | 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 | -12.25M | -11.05M | -5.1M | 844K | 3.67M | -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 | 0 | 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 | 0 | 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 | 0 | 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 | 2M | 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 | -10.26M | -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 % | -8.82% | -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 | 818K | 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 % | -7.97% | -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 | -11.06M | -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 % | -9.52% | -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 % | 80.5% | 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) | -11.08M | -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 | 523K | -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) | -0.82 | -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 % | 79.62% | 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 | 13.53M | 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 | 13.53M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Persistent negative operating margins
According to the provided quarterly financial data, Anika's revenue trajectory remains highly erratic, characterized by a 13.2% growth in 2026Q1 following a period of significant contraction, suggesting that the company's shift toward a direct sales model has yet to produce a stable or predictable top-line growth profile.
The inconsistency in quarterly revenue figures indicates that the company is struggling to balance its legacy royalty-based licensing business with the newer, more capital-intensive joint preservation segment. Investors should monitor whether these fluctuations are merely a byproduct of the transition to direct sales or if they reflect a fundamental loss of market share in the competitive viscosupplementation space.
As reported in recent financial statements, Anika's gross margin has experienced significant volatility, dipping as low as 3.7% in 2024Q3 before recovering to 64.2% in 2026Q1, which highlights the inherent instability of a business model currently shifting away from high-margin licensing toward lower-margin direct hardware sales.
The wide variance in gross margins suggests that the company's manufacturing capacity utilization is highly sensitive to product mix and potential inventory adjustments. This lack of structural margin consistency warrants further investigation into whether the current 64.2% level is sustainable or if it remains vulnerable to future shifts in the product portfolio.
Based on the income statement data, Anika's operating leverage appears severely constrained, with operating margins remaining negative at -18.5% in 2026Q1, indicating that the company has failed to scale its SG&A expenses efficiently relative to the revenue generated by its direct sales force expansion.
The persistent inability to achieve positive operating income suggests that the current cost structure is too heavy for the company's existing revenue base. Without a clear path to scaling the joint preservation segment, the company may continue to face significant pressure on its bottom line, regardless of improvements in gross margin.
Analysis of the income statement reveals that stock-based compensation, reaching $6.6M in 2026Q1, continues to represent a significant non-cash expense that exacerbates the company's net losses, raising concerns about the quality of earnings and the alignment of management incentives during this period of negative profitability.
The reliance on stock-based compensation in an environment of negative GAAP earnings suggests that the company is effectively diluting shareholders to fund its ongoing operational pivot. Investors should scrutinize whether these compensation levels are appropriate given the lack of progress in achieving sustainable profitability or top-line growth.
While management emphasizes the potential of the regenerative solutions portfolio, the financial data suggests a company struggling to compete with larger orthopedic incumbents, as evidenced by the negative operating margins and the high volatility in quarterly performance reported in recent SEC-compliant filings.
Short-term observers may argue that the company's current valuation ignores the potential for an M&A exit, but the fundamental data indicates that the core business is currently value-dilutive. The lack of consistent profitability suggests that the company may be forced to further deplete its cash reserves if it cannot achieve a meaningful inflection in sales productivity soon.
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.