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Anika Q1 2025 Earnings Report
Anika reported a 10% decrease in revenue from continuing operations, with strong growth in the Commercial Channel offset by a decline in the OEM Channel.
Key Takeaways
Anika Therapeutics reported a 10% decrease in first quarter revenue from continuing operations compared to the same period in 2024, totaling $26.2 million. The Commercial Channel saw an 18% increase, driven by Integrity and international OA Pain Management, while the OEM Channel decreased by 23% due to lower pricing. The company achieved key regulatory and clinical milestones for Hyalofast and Cingal, and operating expenses declined by 12%.
First quarter revenue from continuing operations was $26.2 million, a 10% decrease compared to the same period in 2024.
Commercial Channel revenue increased by 18%, driven by continued growth of Integrity and international OA Pain Management.
OEM Channel revenue decreased by 23% due to lower pricing for Monovisc® and Orthovisc®.
Anika achieved significant milestones, including filing the second Hyalofast PMA module and receiving formal written feedback for Cingal, clearing the path to NDA filing.
Revenue by Segment
Forward Guidance
Anika updated its fiscal 2025 revenue guidance, with the Commercial Channel remaining unchanged, but the OEM Channel's forecast was lowered due to anticipated end-user pricing. Adjusted EBITDA guidance was also revised downwards.
Positive Outlook
- Commercial Channel revenue expected to be $47 million to $49.5 million, up 12% - 18% year-over-year, unchanged from previous guidance.
- Integrity Implant System is on pace to more than double procedures in 2025.
- Hyalofast remains on track for U.S. launch in 2026.
- Cingal NDA filing path cleared with confirmed alignment on bioequivalence bridging study design.
- Continued progress on cost-saving measures.
Challenges Ahead
- OEM Channel revenue expected to be $62 million to $65 million, down 16% - 20% year-over-year, a reduction from prior guidance.
- Lower forecasts on end-user pricing from J&J MedTech for Monovisc and Orthovisc.
- Adjusted EBITDA guidance updated to -3% to 3% (previously 8% to 10%).
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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