Anika Therapeutics, Inc. reported a revenue of $27.8 million for the third quarter of 2025, a decrease of 6% from $29.6 million in the same period of 2024. For the nine months ending September 30, 2025, the company generated $82.2 million in revenue, down 8% from $89.3 million year-over-year. The decline in revenue was primarily attributed to lower pricing with Original Equipment Manufacturer (OEM) partners, particularly Johnson & Johnson MedTech, which accounted for 51% of total revenue in the latest quarter. Gross profit for the third quarter was $15.6 million, resulting in a gross margin of 56%, down from 66% in the prior year, largely due to increased production costs and higher inventory reserves.
In terms of operational performance, Anika's total operating expenses for the third quarter were $18.8 million, a slight decrease from $19.5 million in the same quarter of 2024. Research and development expenses rose by 17% to $6.9 million, reflecting increased spending on clinical studies for products like Cingal and Integrity. Selling, general, and administrative expenses decreased by 12% to $11.9 million, attributed to lower stock-based compensation and reduced headcount. The company reported a net loss of $2.3 million for the third quarter, a significant improvement compared to a net loss of $29.9 million in the same period last year, primarily due to the positive impact of discontinued operations.
Anika has undergone significant strategic changes, including the divestiture of its Arthrosurface and Parcus Medical businesses to focus on its core OA Pain Management and Regenerative Solutions segments. The sale of Parcus Medical in March 2025 and Arthrosurface in October 2024 were part of a broader strategy to streamline operations and enhance profitability. The company is now concentrating on expanding its product offerings, including the Integrity Implant System and the Cingal product line, which are expected to drive future growth.
The company’s cash and cash equivalents stood at $58.0 million as of September 30, 2025, compared to $55.6 million at the end of 2024. Anika generated $6.6 million in cash from operating activities during the nine months ended September 30, 2025, an increase from $3.8 million in the same period of 2024. The improvement in cash flow was primarily due to a reduction in net loss and favorable changes in working capital. Looking ahead, Anika aims to leverage its proprietary hyaluronic acid technology to introduce new products and expand its market presence, while also exploring potential partnerships and acquisitions to enhance its growth trajectory.
About Anika Therapeutics, Inc.
Anika Therapeutics, Inc. develops and manufactures hyaluronic acid (HA)-based medical products focused on osteoarthritis (OA) pain management and regenerative orthopedic solutions. Its key offerings include viscosupplements like Monovisc and Orthovisc, and regenerative products such as the Integrity Implant System and Hyalofast scaffold. Serving global markets through direct sales and distributor networks, Anika targets clinicians and surgeons with innovative, clinically supported therapies designed to improve patient outcomes in early intervention orthopedics.
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