10-Q · April 29, 2026
Anika Therapeutics reported a strong Q1 2026 with revenues of $29.6 million, surpassing expectations by 5.2%, and an EPS of $0.27, a notable earnings surprise of 7.75%. This reflects a 13% increase in revenue…
Earnings analysis · 10-Q
ANIK earnings analysis
Filed July 29, 2026 · Our reading of the company's report
The latest report
Anika delivered a strong Q2 turnaround, with revenue of $32.610 million growing 16% year over year, gross margin rising to 65%, and operating income improving to $2.954 million from a $4.180 million loss. Both OEM and…
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Anika delivered a strong Q2 turnaround, with revenue of $32.610 million growing 16% year over year, gross margin rising to 65%, and operating income improving to $2.954 million from a $4.180 million loss. Both OEM and Commercial channels grew at double-digit rates, supporting GAAP diluted EPS of $0.24 and adjusted EPS of $0.42. The principal offset is cash conversion: first-half operating cash flow was negative $5.530 million amid higher inventory and receivables, and regulatory timing for Cingal and Hyalofast remains unresolved. The filing reported no material changes to the risk factors disclosed in the 2025 Form 10-K.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.24
What stood out
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Revenue accelerated and exceeded consensus
Q2 revenue was $32.610 million, up $4.391 million, or 16%, from $28.219 million a year earlier. It also increased from $30 million in Q1 2026, while the $32.610 million result exceeded the $29.216 million consensus estimate.
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Gross margin expanded sharply
Gross margin expanded to 65% from 51% in Q2 2025 and 64.2% in Q1 2026. Gross profit increased $6.881 million to $21.244 million, driven by higher volume, manufacturing production, and improved mix from J&J MedTech revenue.
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Profitability turned positive
Operating income was $2.954 million, versus a $4.180 million operating loss in Q2 2025; operating margin was 9.1%, compared with negative 14.8% a year ago and negative 18.5% in Q1 2026. GAAP diluted EPS was $0.24 versus a $0.33 loss, while adjusted diluted EPS was $0.42.
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OEM and Commercial channels both grew
Both revenue channels delivered double-digit growth: OEM revenue increased $2.365 million to $18.705 million, and Commercial revenue increased $2.026 million to $13.905 million. International OA pain-management revenue added $1.6 million, while regenerative revenue added $0.4 million.
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Balance sheet retains credit capacity
Liquidity remains substantial despite cash use: cash and equivalents were $38.4 million and working capital was $77.0 million at June 30, with no borrowings under the $50.0 million revolver.
What to watch
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Cash balance and working capital declined
Cash and equivalents declined $19.069 million in the first six months of 2026 to $38.4 million, while working capital fell to $77.0 million from $80.2 million at December 31, 2025.
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Working-capital build pressured cash flow
Operating cash flow was negative $5.530 million for the first six months of 2026, versus negative $0.319 million a year earlier, as inventory purchases and accounts receivable increased. Capital expenditures were $2.9 million, or roughly 4.7% of $62.222 million six-month revenue.
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OEM price pressure offsets volume growth
J&J MedTech OEM sales volume added $6.1 million in Q2, but lower pricing reduced revenue by $2.9 million. This pricing offset leaves OEM growth exposed to further price pressure despite volume gains.
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Regulatory timing remains a key uncertainty
The regulatory path remains uncertain: Hyalofast is not approved for U.S. commercial use and is being reviewed following a January 2026 FDA deficiency letter; Cingal NDA timing remains subject to completion of development and regulatory requirements.
Management's outlook
The 10-Q contains no explicit quantitative revenue or EPS outlook. Management said it is working toward a Cingal NDA submission, but timing remains subject to development and regulatory requirements; Hyalofast remains under FDA PMA review following a January 2026 deficiency letter.
Earlier filings 4
10-Q · November 5, 2025
Anika reported Q3 revenue of $27.817M, down from $29.559M in the year-ago quarter, while gross margin compressed to 56.0% and operating loss widened to $(3.233)M. Cash increased to $57.990M and nine-month operating cash…
10-Q · July 30, 2025
Anika reported Q2 revenue of $28.22M (three months ended June 30, 2025) which rose sequentially from Q1 ($26.17M) but declined year-over-year from $30.72M. Gross margin compressed to 50.9% and operating loss widened…
10-Q · May 9, 2025
Anika reported Q1 2025 revenue of $26.168M, down from $29.022M in Q1 2024, with gross profit of $14.681M and an operating loss of $4.284M. The company completed strategic divestitures (Parcus sale for $4.5M cash and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.