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]

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]