Anika Therapeutics posted Q1 revenue of $29.6 million, a GAAP loss of $5.1 million ( $0.37 per share), and adjusted earnings of $0.27 per share. Shares have climbed 59% year-to-date and 5% over the past 12 months, reflecting investor confidence in the company’s turnaround efforts.

Commercial channel sales increased 12%, driven by the Integrity platform and robust international osteoarthritis pain management shipments. U.S. Integrity procedures surged 35% year-over-year as surgeons accelerate to their fifth and tenth cases, while OEM channel revenue grew 14% on favorable order timing and animal health demand.

Gross margin expanded to 64% following a lean manufacturing transformation targeting productivity and throughput improvements. Management is pursuing the 92% of U.S. rotator cuff procedures that lack augmentation, leveraging easier-to-adopt instrumentation, larger patch sizes and guiding full-year revenue to $114–122.5 million.