Anika Therapeutics, Inc. reported a revenue of $26.2 million for the first quarter of 2025, a decrease of 10% from $29.0 million in the same period of 2024. The decline in revenue was primarily attributed to reduced sales activity with Original Equipment Manufacturer (OEM) partners, particularly Johnson & Johnson MedTech, and the discontinuation of certain non-orthopedic products. The company's gross profit also fell to $14.7 million, down from $19.0 million, resulting in a gross margin of 56%, compared to 65% in the prior year. This decrease was driven by lower revenue and increased manufacturing costs.
Operating expenses for the quarter decreased to $19.0 million from $21.5 million, reflecting a reduction in both research and development and selling, general, and administrative costs. Research and development expenses were $6.1 million, down from $6.4 million, while selling, general, and administrative expenses decreased to $12.9 million from $15.1 million. Despite these reductions, the company reported a loss from operations of $4.3 million, compared to a loss of $2.5 million in the same quarter last year. The net loss for the quarter was $4.9 million, slightly higher than the $4.5 million loss reported in the first quarter of 2024.
In terms of strategic developments, Anika Therapeutics completed the sale of its Parcus Medical subsidiary on March 7, 2025, for $4.5 million in cash, following the earlier sale of Arthrosurface in October 2024. These divestitures are part of the company's strategic shift to focus on its osteoarthritis pain management and regenerative solutions businesses. The company is also working on expanding its product offerings, including the Integrity Implant System, which was launched in 2024, and plans to introduce additional hyaluronic acid-based products into the U.S. market pending FDA approval.
As of March 31, 2025, Anika Therapeutics had cash and cash equivalents of $53.4 million, down from $55.6 million at the end of 2024. The company reported a working capital of $84.6 million, a decrease from $90.3 million. The total employee headcount was not disclosed, but the company noted a reduction in personnel as part of its cost-cutting measures. Looking ahead, Anika Therapeutics aims to leverage its proprietary technology and global commercial expertise to drive growth in its target markets, while also exploring potential partnerships and acquisitions to enhance its product pipeline.
About Anika Therapeutics, Inc.
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