# Anika Therapeutics, Inc. (ANIK)

> Source: Nexqual · https://nexqual.com/ANIK · data as of 2026-10-23 20:00 UTC · cite as "Nexqual, Anika Therapeutics, Inc. (ANIK), nexqual.com/ANIK" · informational, not investment advice.

**Price:** USD 21.42 (+1.56% on the day) · last close of Oct 23, 2026; US market closed, not a live price. Prev close 21.09 · day 20.6–21.45 · 52w 9.01–22.88 · market cap $287M · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $121M, net income -$3.8M (-3.1% margin), free cash flow $562K (SEC filings).
- Insider open-market purchases, last ~7 months: 3 Form 4 filings, $264K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 1.50 on a 1–5 scale) (2 analysts), mean target USD 23 (range 23–23).
- Total return with dividends: 1Y +114.0% vs S&P 500 +13.4%; 5Y -48.6% vs S&P 500 +76.9%.
- Next earnings: 2026-11-06, EPS estimate USD 0.42, revenue estimate $29.4M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $148M | $114M | $121M | $120M | $113M | $121M |
| Gross profit | $82.9M | $73.2M | $82.5M | $76.0M | $63.8M | — |
| Operating income | $2.6M | $3.7M | $844K | -$5.1M | -$11.1M | -$5.1M |
| Net income | $4.1M | -$14.9M | -$82.7M | -$56.4M | -$10.9M | -$3.8M |
| EPS (diluted) | $0.28 | -$1.02 | -$5.64 | -$3.83 | -$0.76 | — |
| Free cash flow | $3.3M | -$3.1M | -$7.2M | -$2.3M | $4.4M | $562K |
| Gross margin | 56.1% | 64.3% | 68.3% | 63.4% | 56.6% | — |
| Operating margin | 1.8% | 3.2% | 0.7% | -4.3% | -9.8% | -4.2% |
| Net margin | 2.8% | -13.1% | -68.4% | -47.0% | -9.6% | -3.1% |
| Revenue growth | +13.3% | -23.0% | +6.1% | -0.7% | -5.9% | — |
| Cash + short-term investments | $124M | $121M | $95.1M | $79.2M | $81.2M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.4x · P/FCF 510.1x · P/B 2.1x · FCF yield 0.20% · Earnings yield -1.32% · Buyback yield (TTM) 5.25%

## Insider purchases (SEC Form 4, open-market, last ~7 months)
3 purchases, $264K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-08-03…2026-08-04 | Fischetti Gary P | Director | 2,000 | $41K | 20.53 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-01 | Henneman John B Iii | Director | 5,000 | $73K | 14.66 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-30 | Griffin Stephen D. | President and CEO | 12,200 | $150K | 12.29 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.50 on a 1–5 scale), 2 analysts; mean target USD 23 (low 23, high 23).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-07-30 | B. Riley Securities | Target raised | Buy | $18 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-24) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +114.0% | -48.6% |
| S&P 500 (SPY) | +13.4% | +76.9% |
| Per year | +114.5% | -12.5% |
| Volatility (annualized) | 49.0% | 43.6% |
| Max drawdown | -22.6% (Apr 2026→Apr 2026) | -82.0% (Nov 2021→Aug 2025) |

## Peers (Drug Manufacturers - Specialty & Generic)
SUPN (Supernus Pharmaceuticals, Inc.) USD 40.7 -3.26% · BHC (Bausch Health Companies Inc.) USD 6.44 -0.77% · HCM (HUTCHMED (China) Limited) USD 14.36 +0.56% · AMLX (Amylyx Pharmaceuticals, Inc.) USD 27.2 -4.80% · RGC (Regencell Bioscience Holdings L) USD 7.67 -21.81% · LQDA (Liquidia Corporation) USD 42.65 +7.46%

## More
Full page: https://nexqual.com/ANIK · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ANIK's own 10-K filed 2026-03-03 (https://www.sec.gov/Archives/edgar/data/898437/000117184326001275/anik20251231_10k.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Johnson & Johnson (JNJ) | "The Company's largest such customer, Johnson & Johnson MedTech ("J&J MedTech") (previously known as DePuy Synthes Mitek Sports Medicine), a division of DePuy Orthopedics, Inc., part of the Johnson & Johnson Medical Compa…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| OEM Channel | $18.7M | 57.4% | +14.5% |
| Commercial Channel | $13.9M | 42.6% | +17.1% |
| Total revenue | $32.6M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $19.8M | 60.7% | +10.5% |
| Europe | $6.8M | 21.0% | +43.9% |
| Other Location | $6.0M | 18.3% | +7.7% |
| Total revenue | $32.6M | 100% | — |

## Company outlook (8-K filed 2026-07-29)

- "Financial Guidance and Revising 2027 Revenue Forecast BEDFORD, Mass., July 29, 2026 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.42 | $0.03 | +1300.0% | $29.4M | 1 |
| Next quarter (ends 2026-12-31) | $0.19 | $0.08 | +137.5% | $30.0M | 1 |
| Current fiscal year (ends 2026-12-31) | $1.05 | $0.41 | +156.1% | $121.6M | 1 |
| Next fiscal year (ends 2027-12-31) | $0.95 | $0.46 | +106.5% | $128.3M | 1 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-12-18 (includes earnings 2026-11-06): ±16.8%; last 8 reports averaged ±16.1%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-12-18 | 56 | 48.8% | ±16.8% |
| 2027-03-19 | 147 | 43.3% | ±19.8% |