Anika Therapeutics(ANIK) - 2025 Q3 - Quarterly Results

Revenue Performance - Anika reported third quarter revenue from continuing operations of $27.8 million, a 6% decrease compared to the same period in 2024[3]. - Commercial Channel revenue increased 22% year over year to $12.0 million, while OEM Channel revenue decreased 20% to $15.8 million[3][17]. - Regenerative Solutions revenue in the Commercial Channel grew 25% in the quarter, driven by strong performance of the Integrity Implant System and international Hyalofast growth[4]. - International Sales revenue grew 21% year over year, contributing to a year-to-date revenue increase of 6%[6]. - Revenue for the three months ended September 30, 2025, was $27,817 million, a decrease of 6% from $29,559 million in the same period of 2024[25]. - The OEM Channel revenue decreased by 20% to $15,844 million for the three months ended September 30, 2025, compared to $19,764 million in 2024[36]. - The Commercial Channel revenue increased by 22% to $11,973 million for the three months ended September 30, 2025, compared to $9,795 million in 2024[36]. Financial Guidance - Anika maintains its fiscal 2025 revenue guidance, projecting Commercial Channel revenue of $47 to $49.5 million, up 12% to 18% year over year, and OEM Channel revenue of $62 to $65 million, down 16% to 20% year over year[12][17]. Operating Expenses - Operating expenses decreased by 3% year over year to $18.8 million, with Selling, General and Administrative expenses down 12%[4][17]. - Operating expenses totaled $18,817 million for the three months ended September 30, 2025, compared to $19,489 million in 2024, a decrease of 3%[25]. Profitability - Anika reported a loss from continuing operations of $3.2 million, or $0.22 per share, with adjusted net income of $0.7 million, or $0.04 per share[17]. - Gross profit for the three months ended September 30, 2025, was $15,584 million, down from $19,408 million in 2024, reflecting a decline of 20%[25]. - The net loss for the three months ended September 30, 2025, was $2,329 million, significantly improved from a net loss of $29,918 million in the same period of 2024[25]. - Adjusted EBITDA for the three months ended September 30, 2025, was $865 million, down from $4,542 million in 2024[29]. Asset and Liability Management - Total current assets as of September 30, 2025, were $101,590 million, down from $113,652 million as of December 31, 2024[27]. - Total liabilities as of September 30, 2025, were $42,632 million, compared to $48,000 million as of December 31, 2024[27]. - Stockholders' equity decreased to $146,805 million as of September 30, 2025, from $153,989 million as of December 31, 2024[27]. Regulatory and Strategic Developments - Anika submitted the third and final module of the Hyalofast PMA application to the FDA, with positive clinical data released from the Phase III FastTRACK trial[7][8]. - The company is advancing towards filing the NDA for Cingal, with key activities including the completion of a toxicity study and initiation of a bioequivalence study[9]. - The company is commencing a $15 million 10b5-1 share repurchase program, expected to be completed by June 2026[13].