Anika Therapeutics reported third‑quarter 2025 results on November 5, 2025, with total revenue of $27.8 million—a 6% year‑over‑year decline that matched consensus estimates but fell short of the $28.36 million forecasted by analysts. The decline was driven by a 20% drop in the OEM channel, largely due to lower pricing for Monovisc and Orthovisc, while the Commercial Channel grew 22% to $12 million, underscoring the company’s shift toward its core hyaluronic‑acid products.
The OEM channel’s revenue fell 20% as lower pricing for Monovisc and Orthovisc weighed on sales. Despite the decline, Johnson & Johnson MedTech exercised its option to extend the license and supply agreement for Monovisc through December 2031, providing a longer‑term revenue stream for Anika’s legacy business.
Commercial growth was led by the Integrity Implant System and Hyalofast. Integrity’s new larger‑size implants entered limited release during the quarter, while the company filed the third and final module of the Hyalofast Premarket Approval application on October 31, 2025. These milestones support the 22% increase in Commercial revenue and reinforce Anika’s strategy to focus on regenerative solutions.
Anika’s adjusted earnings per share were $0.04, a significant beat against the consensus estimate of a loss of $0.18 to $0.28. The positive EPS was driven by disciplined cost control and a favorable product mix that offset the revenue decline. The company’s operating cash flow rose to $6.9 million, up from $5 million a year earlier, reflecting improved working‑capital management and disciplined expense discipline.
The company reaffirmed its 2025 guidance, maintaining revenue ranges of $47 million to $49.5 million for the Commercial Channel and $62 million to $65 million for the OEM Channel, and an adjusted EBITDA margin target of +3% to –3%. The unchanged guidance signals management’s confidence in sustaining revenue growth and margin stability amid pricing pressures.
Anika also announced a $15 million 10b5‑1 share‑repurchase program, underscoring its confidence in its cash position and commitment to returning value to shareholders.
Management commentary highlighted optimism about the U.S. market. CEO Cheryl Blanchard noted that “we’re feeling very bullish in the U.S. market with our team coming from a position of strength,” while CFO Steve Griffin emphasized a focus on expense management to deliver positive operating cash flow.
The market reacted strongly to the earnings beat, with Anika’s stock rising over 10% in pre‑market trading. The sharp upside was driven by the unexpected EPS beat, which turned a projected loss into a profit and highlighted the company’s effective cost controls and product‑mix advantages.
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