Anika reported Q4 revenue of $30.6 million, flat compared to Q4 2024, with gross margin expanding to 63% driven by favorable product mix and operating leverage. Commercial Channel revenue rose 22% to $13.3 million, while OEM Channel revenue declined 12% to $17.3 million. GAAP income from continuing operations was $1.8 million ($0.13 per share), adjusted net income stood at $4.6 million ($0.31 per share), and adjusted EBITDA totaled $4.5 million.

For fiscal 2025, total revenue was $112.8 million, down 6% year over year, with Commercial Channel revenue up 15% to $48.4 million and OEM Channel revenue down 17% to $64.4 million. The company delivered a 57% gross margin, generated $11.2 million in operating cash flow and $4.4 million in free cash flow, recorded a GAAP loss of $10.0 million ($0.70 per share), and achieved $5.3 million in adjusted EBITDA.

Integrity™ Implant System procedures more than doubled in 2025, generating $6 million in revenue as surgeon adoption and international penetration expanded. In January 2026, FDA provided feedback on the Hyalofast® PMA, and Anika is preparing responses to the noted deficiencies. Cingal® NDA preparations advanced with toxicity studies completed and a bioequivalence study initiated in December 2025.

Anika forecasts 2026 total revenue of $114 million to $122.5 million, with Commercial Channel revenue of $53 million to $58 million and OEM Channel revenue of $61 million to $64.5 million, targeting an adjusted EBITDA margin of approximately 5%. The company has initiated cost-reduction measures expected to yield $2.5 million in annualized adjusted EBITDA savings and $3.0 million in annualized stock-based compensation savings.