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Dec 31, 2025
Anika Q4 2025 Earnings Report
Anika reported flat fourth quarter 2025 revenue with gross margin expansion and positive income from continuing operations, driven by Commercial Channel growth offset by OEM Channel declines.
Key Takeaways
Q4 2025 revenue was 30615000, flat year-over-year, as Commercial Channel revenue increased 22% to 13302000 while OEM Channel revenue declined 12% to 17313000. Gross margin expanded to 63% and GAAP income from continuing operations was 1801000.
Revenue was 30615000, essentially flat versus 30602000 in Q4 2024.
Commercial Channel revenue increased 22% to 13302000, while OEM Channel revenue declined 12% to 17313000.
Gross margin expanded to 63% in the quarter.
Adjusted EBITDA was 4538000 and income from continuing operations was 1801000.
Revenue by Segment
Forward Guidance
For full year 2026, Anika guided total revenue of 114000000 to 122500000 and adjusted EBITDA margin of 5% to 10%, with Commercial Channel revenue of 53000000 to 58000000 and OEM Channel revenue of 61000000 to 64500000.
Positive Outlook
- 2026 total revenue guidance of 114000000 to 122500000.
- 2026 Commercial Channel revenue guidance of 53000000 to 58000000.
- Adjusted EBITDA margin targeted at 5% to 10% in 2026.
- Expense reduction actions expected to generate approximately 2500000 in annualized adjusted EBITDA savings.
- International OA Pain Management growth of 28% in Q4 2025.
Challenges Ahead
- 2026 OEM Channel revenue expected to be flat to modestly lower year-over-year.
- Adjusted EBITDA margin outlook reflects modestly lower U.S. pricing dynamics.
- OEM Channel revenue declined 12% year-over-year in Q4 2025.
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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