Financial Data and Key Metrics Changes - Total revenue for the first quarter was $26.2 million, down 10% compared to the same period in 2024, primarily due to pricing pressure in the OEM channel [9][20] - Gross margin for the first quarter was 56%, down nine percentage points year over year, driven by a $4 million drop in sales of MONOVISC and ORTHOVISC [22][23] - Operating expenses decreased by 12% year over year to $19 million, reflecting cost-saving measures [25] Business Line Data and Key Metrics Changes - Revenue in the commercial channel increased by 18% year over year to $11.3 million, with international OA pain products growing by 13% [20] - The regenerative solutions portfolio achieved 33% growth year over year, driven by the performance of the Integrity product [12][21] - OEM channel revenue decreased by 23% to $14.9 million, primarily due to lower pricing for MONOVISC and ORTHOVISC [20][22] Market Data and Key Metrics Changes - International OA pain management revenue grew by 13% year over year, indicating strong market demand [9][20] - The company is focused on expanding its global reach and strengthening distribution networks to mitigate pricing pressures in the U.S. market [10][11] Company Strategy and Development Direction - The company is advancing its strategic initiatives by focusing on proprietary hyaluronic acid technologies and optimizing its commercial channel [6][7] - Key products like the Integrity Implant System and anticipated U.S. approvals of HYALOFAST and CINGAL are seen as market drivers in tendon and cartilage repair [8][17] - The company is actively working on new product expansion programs to diversify revenue sources beyond J&J [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pricing challenges in the domestic OA pain market and short-term supply production yield issues [5][6] - The company expects a modest pricing rebound in the second quarter, with overall revenue guidance for the OEM channel updated to reflect a 16% to 20% decline [28][29] - Management remains optimistic about the long-term trajectory, driven by investments in regenerative solutions and upcoming product launches [32] Other Important Information - The company ended the quarter with $53 million in cash and no debt, indicating a strong liquidity position [26][70] - Adjusted EBITDA guidance for 2025 has been revised to a range of negative 3% to positive 3%, reflecting lower manufacturing yields and pricing pressures [30][32] Q&A Session Summary Question: Timeline and investment for the CINGAL bioequivalence study - Management expects to begin the study by the end of the year, with further updates to be provided as progress is made [38][39] Question: OEM revenue guidance and expected improvement - The sequential growth in OEM revenue is expected to be driven primarily by pricing, with indications of a pricing rebound in the second quarter [41] Question: Commercial revenue guidance maintenance - The decision to maintain commercial revenue guidance was based on strong Q1 performance, despite tougher comparisons in Q2 [43] Question: Timing for HYALOFAST final module filing - The final module filing for HYALOFAST is expected to be completed by the end of the year, with updates to be provided in future earnings calls [48][49] Question: Distribution plans for CINGAL - Management is exploring distribution opportunities for CINGAL, with more details to come as the regulatory process progresses [67][68] Question: Cash position and sufficiency for regulatory processes - The company has sufficient cash to navigate the regulatory filings for both HYALOFAST and CINGAL, with expectations of improvements in cash flow in the second half of the year [70][71]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $26.2 million, down 10% compared to the same period in 2024, primarily due to pricing pressure in the OEM channel [9][20] - Gross margin for the first quarter was 56%, down nine percentage points year over year, driven by a $4 million drop in MONOVISC and ORTHOVISC sales [22][23] - Operating expenses decreased by 12% year over year to $19 million, reflecting cost-saving measures [26] Business Line Data and Key Metrics Changes - Revenue in the commercial channel increased by 18% year over year to $11.3 million, with international OA pain products growing by 13% [20] - The regenerative solutions portfolio achieved 33% growth year over year, driven by the performance of the Integrity product [12][20] - OEM channel revenue decreased by 23% to $14.9 million, primarily due to lower pricing for MONOVISC and ORTHOVISC [21] Market Data and Key Metrics Changes - The company experienced ongoing pricing challenges in the domestic OA pain market, impacting overall revenue [6][9] - International OA pain management growth was reported at 13% year over year, indicating strong performance in global markets [9][20] Company Strategy and Development Direction - The company is focusing on leveraging proprietary hyaluronic acid technologies and has made progress in strategic initiatives [7][8] - Plans to diversify revenue sources and grow the OEM channel outside of existing partnerships are underway, particularly through new product expansion programs [11] - The anticipated U.S. approvals of HYALOFAST and CINGAL are seen as key drivers for future growth in tendon and cartilage repair markets [8][18] Management's Comments on Operating Environment and Future Outlook - Management acknowledged ongoing pricing pressures but expressed confidence in the company's ability to return to historic production levels in the second half of the year [35] - The company expects modest pricing rebounds in the second quarter and anticipates accelerated growth in the second half of the year [29][30] - Management remains optimistic about the long-term trajectory, driven by investments in regenerative solutions and upcoming product launches [33] Other Important Information - The company ended the first quarter with $53 million in cash and no debt, indicating a strong liquidity position [27][71] - Adjusted EBITDA guidance for 2025 has been updated to a range of negative 3% to positive 3%, reflecting lower pricing and manufacturing challenges [30][31] Q&A Session Summary Question: Timeline and investment for the CINGAL bioequivalence study - Management expects to begin the study by the end of the year and will provide further updates as progress is made [38][39] Question: OEM guidance and expected improvement in revenue - Sequential growth in OEM revenue is anticipated to be driven primarily by pricing adjustments [41] Question: Commercial revenue guidance maintenance - The decision to maintain guidance was based on strong Q1 performance and expected challenges in Q2 [43] Question: Timing for HYALOFAST final module filing - The final module is expected to be filed by the end of the year, with updates to be provided in future earnings calls [48][49] Question: Distribution plans for CINGAL - Management is exploring distribution opportunities and will provide more details as they develop [68] Question: Cash flow expectations and regulatory process funding - The company has sufficient cash to navigate the regulatory processes for both HYALOFAST and CINGAL [71][72]

Financial Data and Key Metrics Changes - Total revenue for the first quarter was $26.2 million, down 10% compared to the same period in 2024, primarily due to pricing pressure in the OEM channel [8][19] - Gross margin decreased to 56%, down nine percentage points year over year, driven by a $4 million drop in MONOVISC and ORTHOVISC sales [21][22] - Operating expenses were $19 million, down 12% year over year, reflecting cost-saving measures [24] Business Line Data and Key Metrics Changes - Revenue in the commercial channel increased by 18% year over year to $11.3 million, with international OA pain products growing by 13% [19] - Regenerative solutions revenue grew by 33% year over year, driven by the performance of the Integrity product [20][11] - OEM channel revenue decreased by 23% to $14.9 million, primarily due to lower pricing for MONOVISC and ORTHOVISC [20][21] Market Data and Key Metrics Changes - The U.S. market for MONOVISC and ORTHOVISC continues to face pricing volatility, which has not been fully offset by measures implemented by J and J MedTech [9][10] - The company anticipates a modest pricing rebound in the second quarter, but overall OEM revenue is expected to decline by 16% to 20% for the full year [28][29] Company Strategy and Development Direction - The company is focusing on leveraging proprietary hyaluronic acid technologies and expanding its commercial channel, which has shown strong growth [6][11] - Strategic initiatives include diversifying revenue sources and enhancing product offerings, particularly in regenerative solutions [10][12] - The company is advancing its pipeline programs, including HYALOFAST and CINGAL, with expected U.S. launches in 2026 [15][17] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in overcoming short-term manufacturing challenges and returning to historic production levels in the second half of the year [34] - The company remains well-positioned to fund its product pipeline and expects to see improvements in gross margins in the second half of the year [32][70] Other Important Information - The company ended the quarter with $53 million in cash and no debt, indicating strong liquidity to support ongoing operations and regulatory processes [27][69] - Adjusted EBITDA guidance for 2025 has been revised to a range of negative 3% to positive 3%, reflecting lower manufacturing yields and pricing pressures [30][32] Q&A Session Summary Question: Could you elaborate on the timeline and investment needed for the CINGAL bioequivalence study? - Management expects to begin the study by the end of the year and will provide further updates as progress is made [38][39] Question: What drives the expected improvement in OEM revenue through the year? - The improvement is primarily driven by anticipated price stabilization in the second quarter [41] Question: What factors influenced the decision to maintain commercial revenue guidance? - The decision was based on strong Q1 performance and expectations of continued growth despite tougher comparisons in Q2 [42] Question: Can you provide insight into the distribution plans for CINGAL once approved? - The company is exploring various distribution opportunities and will provide more details in the future [65][66] Question: Is there sufficient cash to get through the regulatory process? - Management confirmed that the company has adequate cash to support regulatory filings for both HYALOFAST and CINGAL [69][70]

Financial Performance - Revenue decreased by 10% to $26.2 million, primarily due to a 23% decrease in OEM revenue[9, 10] - Commercial channel revenue grew by 18%, driven by International OA Pain Management which increased 13% year-over-year[9, 10] - Gross profit decreased due to lower OEM channel revenue and higher manufacturing costs[10] - Adjusted EBITDA was $0.1 million[9] - Adjusted EPS was $(0.06)[9] Guidance Update - OEM revenue guidance updated to $62 million - $65 million due to lower Monovisc and Orthovisc pricing[13] - Adjusted EBITDA guidance updated to -3% to 3% due to lower Monovisc and Orthovisc pricing, production yields, tariffs, and bioequivalence study costs[13] Strategic Initiatives - Integrity Implant System procedures are tracking to more than double in 2025[8] - Regenerative Solutions portfolio grew 33% year-over-year[8] - Completed $15 million 10b5-1 share repurchase plan ahead of schedule[8]

EXHIBIT 99.1 Key regulatory and clinical milestones achieved for Hyalofast®, Cingal®, and Integrity Updating Fiscal 2025 OEM Channel revenue guidance and Adjusted EBITDA guidance BEDFORD, Mass., May 09, 2025 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (Nasdaq: ANIK), a global leader in the osteoarthritis ("OA") pain management and regenerative solutions spaces focused on early intervention orthopedics, today announced financial results for the first quarter ended March 31, 2025. First Quarter 2025 Results ...

Core Insights - Anika Therapeutics reported a first quarter revenue of $26.2 million, a 10% decrease compared to the same period in 2024, with Commercial Channel revenue increasing by 18% driven by Integrity and international OA Pain Management growth [2][3][17] - The company achieved significant regulatory and clinical milestones for its products Hyalofast and Cingal, positioning them for future market success [4][7][8] - Anika updated its fiscal 2025 guidance, expecting OEM Channel revenue to decline due to lower pricing, while maintaining a strong cash position of $53 million with no debt [10][13] Financial Performance - Revenue from continuing operations was $26.2 million, down 10% from $29.0 million in Q1 2024 [2][17] - OEM Channel revenue decreased by 23% to $14.9 million, while Commercial Channel revenue increased by 18% to $11.3 million [2][37] - Operating expenses declined by 12% to $19.0 million, contributing to a loss from continuing operations of $4.0 million, or $0.28 per share [3][17][26] Product and Market Developments - The Integrity Implant System is on track to more than double procedures in 2025, with a 33% year-over-year growth in the Regenerative Solutions portfolio [4][5] - International OA Pain Management revenue grew by 13%, driven by geographic expansion and market share gains for Cingal and Orthovisc [6] - Anika is advancing its clinical study for Integrity, with patient enrollment underway and full site activation expected in the second half of 2025 [5] Regulatory Milestones - Anika submitted the second PMA module for Hyalofast and received MDR approval, with plans to submit the third PMA module in the second half of 2025 [7] - The company received FDA feedback confirming the path to NDA filing for Cingal, with necessary materials secured for the bioequivalence study [8][9] Shareholder Actions - The company completed a $15 million share repurchase plan in March 2025, while maintaining a strong financial position [10]

Core Insights - Anika Therapeutics, Inc. will participate in the Sidoti Virtual Investor Conference on May 21, 2025, with a presentation and Q&A session scheduled to start at 1:00pm ET [1]. Company Overview - Anika Therapeutics, Inc. is a global leader in the design, development, manufacturing, and commercialization of hyaluronic acid innovations, focusing on osteoarthritis pain management and orthopedic regenerative solutions [3]. - The company is dedicated to improving patient outcomes worldwide through a differentiated portfolio of products [3]. - Anika's global operations are headquartered outside of Boston, Massachusetts [3]. Investor Relations - A webcast of the presentation and Q&A will be available in the Investor Relations section of Anika's website, along with an archive of the presentation [2]. - For investor inquiries, contact information for the Director of Corporate Development and Investor Relations is provided [5].

Company Overview - Anika Therapeutics, Inc. (ANIK) is currently experiencing significant activity in the options market, particularly with the Jun 20, 2025 $10 Call option showing high implied volatility, indicating potential for a major price movement [1] Implied Volatility Insights - Implied volatility reflects market expectations for future stock movement, with high levels suggesting anticipation of a significant price change or an upcoming event that could trigger a rally or sell-off [2] Analyst Sentiment - Anika Therapeutics holds a Zacks Rank 3 (Hold) in the Medical - Biomedical and Genetics industry, which is in the top 33% of the Zacks Industry Rank. Over the past 60 days, no analysts have raised earnings estimates for the current quarter, while one has lowered the estimate, resulting in a decrease in the Zacks Consensus Estimate from 10 cents to 9 cents per share [3] Trading Strategy Implications - The high implied volatility surrounding Anika Therapeutics may indicate a developing trading opportunity. Options traders often seek to sell premium on options with high implied volatility, aiming to benefit from the decay of the option's value if the underlying stock does not move as much as anticipated [4]

Core Insights - Anika Therapeutics, Inc. will release its first quarter 2025 financial results on May 9, 2025, before market opening, followed by a conference call at 8:30 a.m. ET to discuss the results and business highlights [1] - The conference call will be accessible via a toll-free number for domestic calls and an international number, with a conference ID provided for participants [2] - Anika Therapeutics specializes in joint preservation and early intervention orthopedic care, focusing on areas such as Osteoarthritis Pain Management and Regenerative Solutions [3] Company Overview - Anika Therapeutics is a global company headquartered outside of Boston, Massachusetts, that leverages expertise in hyaluronic acid and implant solutions to provide minimally invasive products [3] - The company aims to restore active living for patients through its innovative orthopedic products, which are delivered efficiently in key care sites like ambulatory surgery centers [3]

Financial Performance - Revenue for the year ended December 31, 2024 was $119.9 million, a decrease of $0.9 million, or 1%, compared to the prior year[244]. - Gross profit for the year ended December 31, 2024 was $76.0 million, with a gross margin of 63%, down from $82.5 million and 68% in 2023[248]. - The loss from operations for the year ended December 31, 2024 was $5.1 million, compared to income from operations of $0.8 million in the prior year[252]. - Net loss for the year ended December 31, 2024 was $56.4 million, a decrease of $26.3 million, or 32%, compared to a net loss of $82.7 million in 2023[242]. - Adjusted gross profit for the year ended December 31, 2024 was $76.6 million, representing 64% of revenue, down from $83.3 million or 69% in 2023[258]. - Adjusted EBITDA for the year ended December 31, 2024 was $15.5 million, a decrease of $8.2 million compared to 2023, primarily due to lower adjusted gross profit and higher R&D spending[261]. - Adjusted net income from continuing operations for 2024 was $2.4 million, a decrease of $10.9 million compared to 2023, driven by higher manufacturing expenses and R&D costs[264]. Revenue Breakdown - Revenue from the OEM Channel decreased by 8% to $77.8 million for the year ended December 31, 2024, primarily due to lower sales from J&J MedTech[244]. - Revenue from the Commercial Channel increased by 17% to $42.1 million for the year ended December 31, 2024, driven by international sales growth of OA Pain Management products[246]. - Revenue for the year ended December 31, 2023 was $120.8 million, an increase of $7.0 million, or 6%, compared to the prior year, attributed to global adoption of OA Pain Management products and new product introductions[266]. - J&J MedTech accounted for 57% of revenue in 2024, down from 62% in the prior year, indicating a slight diversification in the customer base[275]. - Approximately $24.8 million of revenue was denominated in foreign currencies, primarily the Euro and UK pound sterling, for the year ended December 31, 2024[313]. Expenses - Research and development expenses increased by $3.7 million, or 17%, to $25.5 million for the year ended December 31, 2024, primarily due to compliance with regulatory requirements[249]. - Selling, general and administrative expenses decreased by $4.4 million, or 7%, to $55.6 million for the year ended December 31, 2024, attributed to lower headcount and reduced costs[251]. - Research and development expenses for the year ended December 31, 2023 were $21.8 million, an increase of $3.5 million, or 19%, primarily due to compliance with regulatory requirements and new product development[270]. - Selling, general and administrative expenses for the year ended December 31, 2023 were $59.9 million, an increase of $8.7 million, or 17%, mainly due to shareholder activism costs[271]. Cash Flow and Liquidity - Cash, cash equivalents, and investments totaled $55.6 million as of December 31, 2024, down from $68.7 million in 2023, with working capital decreasing from $132.3 million to $90.3 million[278]. - The company has a credit facility of up to $150.0 million, with no outstanding borrowings as of December 31, 2024 and 2023, indicating strong liquidity management[279]. - Cash provided by operating activities increased to $5.4 million in 2024 from a cash used of $(1.8) million in 2023, primarily due to a lower net loss[282]. - Cash used in investing activities rose to $8.3 million in 2024, up from $5.4 million in 2023, mainly due to increased capital expenditures for manufacturing capacity expansion[284]. - Cash used in financing activities increased significantly to $12.7 million in 2024 from $6.3 million in 2023, largely due to $10.9 million allocated for a stock repurchase program initiated in May 2024[285]. - The net decrease in cash and cash equivalents was $15.7 million in 2024, compared to a decrease of $13.5 million in 2023[280]. Future Plans and Investments - The company plans to launch the Integrity Implant System for rotator cuff repair in 2024 and is targeting FDA approval for key HA-based products like Cingal and Hyalofast[237]. - The company plans to continue investing in research and development for new products and clinical trials related to HA-based technology, funded by cash on hand and future operational cash generation[283]. - The company expects to fund future growth strategies through a combination of cash reserves and cash generated from operations[283]. Impairment and Leases - Impairment charges of $1.5 million were recorded for intangible assets related to the Arthrosurface reporting unit in 2024, following a $62.2 million impairment in 2023[309]. - The company has non-cancelable operating leases totaling $32.8 million, with $2.8 million due within one year[287]. Currency and Investment Management - The company does not engage in foreign currency hedging arrangements, exposing it to potential adverse effects from foreign currency fluctuations[313]. - The impact of currency exchange rate fluctuations related to international subsidiaries on financial statements was insignificant in 2024[313]. - The investment portfolio is managed to preserve principal, maintain liquidity, and obtain competitive returns without significantly increasing risk[312]. - The portfolio includes cash equivalents and investments in high-quality securities, such as money market funds and U.S. treasury bills[312]. - Unrealized gains or losses from the investment portfolio are reported as a separate component of accumulated other comprehensive income (loss)[312].