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Purpose and Mission Founded in 1992, Anika Therapeutics, Inc. ( Anika or Company ) is a global leader in the OA Pain Management and regenerative solutions space, focusing on early intervention orthopedics. The Company leverages proprietary hyaluronic acid ( HA ) technology to develop highly differentiated products.
The business is unprofitable at the operating level (-9.80% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 5.9% YoY. Margins deteriorated 5.5pp alongside, both lines moving the wrong way.
ROIC dropped from -1.91% to -4.99%, capital efficiency is deteriorating. Operating margin contracted 5.5pp YoY, cost discipline may be slipping.
Profitability & Returns
Revenue (TTM)
$116M
▼ -5.9% YoY
Net Income (TTM)
-$11M
▲ +80.7% YoY
Op. Margin
-10.54%
▼ -5.5pp YoY
ROIC
-5.75%
▼ -3.1pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$1M
▲ +287.1% YoY
Op. Cash Flow (TTM)
$6M
▲ +107.1% YoY
Net Debt
-$41M
Net Cash Position
Cash & Equiv.
$67M
5Y CAGR: -2.9%
5Y CAGR: -17.5%
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