Anika Therapeutics, Inc. reported a revenue of $119.9 million for the fiscal year ended December 31, 2024, reflecting a slight decrease of 1% from the previous year's revenue of $120.8 million. The decline was primarily attributed to reduced sales activity within the Original Equipment Manufacturer (OEM) channel, particularly with J&J MedTech, which accounted for 57% of total revenue. In contrast, revenue from the Commercial Channel, which includes international sales and the recently launched Integrity Implant System, increased by 17%, indicating a positive trend in product adoption outside the U.S.
The company's gross profit for 2024 was $76.0 million, resulting in a gross margin of 63%, down from 68% in 2023. This decrease was driven by lower revenue, a shift in product channel mix, and higher inventory rationalization charges. Operating expenses totaled $81.1 million, with research and development costs rising by 17% to $25.5 million, reflecting increased investment in compliance with global regulatory requirements and product development initiatives. Selling, general, and administrative expenses decreased by 7% to $55.6 million, primarily due to lower headcount and reduced costs associated with shareholder activism.
Anika's strategic focus shifted in October 2024, leading to the divestiture of its Arthrosurface and Parcus Medical subsidiaries. The sale of Arthrosurface was completed on October 31, 2024, for a total consideration of $7 million in a non-interest-bearing promissory note, along with potential future revenue payments. The divestiture aimed to streamline operations and concentrate on the core osteoarthritis pain management and regenerative solutions markets. The company recorded significant impairment charges related to these divestitures, totaling $27.4 million for Arthrosurface and $20.1 million for Parcus Medical.
As of December 31, 2024, Anika employed 288 full-time employees, a slight decrease from the previous year. The company continues to invest in its research and development pipeline, with key products like Cingal and Hyalofast expected to enter the U.S. market upon regulatory approval. The company anticipates that these products will address significant market needs, with each representing an addressable market of at least $1 billion. Anika's management remains optimistic about future growth, driven by its proprietary hyaluronic acid technology and a commitment to innovation in orthopedic care.
About Anika Therapeutics, Inc.
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