ANIK earnings analysis
What we found in ANIK's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- 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.
- 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.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- 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.
- 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.
- 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.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.24
- Gross margin
- 65.0%
- Operating margin
- 9.1%
- Segment
- OEM Channel: $18.705 million, up $2.365 million (14%) year over year
- Segment
- Commercial Channel: $13.905 million, up $2.026 million (17%) year over year
What they said about what is next.
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.
The filing reads better than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing ANIK makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever