Anika Therapeutics (NASDAQ: ANIK) is a medical products company that develops and commercializes hyaluronic acid (HA)-based therapies, focused on osteoarthritis pain management and non-orthopedic applications. Revenue comes from direct product sales through a buy-and-bill model, where healthcare providers purchase products and seek reimbursement from third-party payers, supplemented by sales through commercial distribution partners internationally. The company's core product lines include OA Pain Management injectables and a Non-Orthopedic family covering veterinary, anti-adhesion, and ophthalmic applications. Anika manufactures at its Bedford facility and sells across office-based, hospital, and ambulatory surgery center settings. The company divested Arthrosurface in October 2024 and Parcus Medical in March 2025, narrowing its focus back to HA-based products. As of December 31, 2025, common stock traded on NASDAQ under the symbol ANIK. The company has never paid a cash dividend and intends to retain earnings for operations.

Revenue model

Transactional product sales through a buy-and-bill model in the United States, where clinicians purchase products and seek third-party payer reimbursement. International sales are conducted through commercial distribution partners under distributor agreements.

Products and services

OA Pain Management injectables (Cingal, Integrity); Non-Orthopedic HA-based products including Hyvisc (equine joint dysfunction), Hyalobarrier (anti-adhesion barrier for abdominal-pelvic surgery), and ophthalmic viscoelastic agents Anikavisc and Nuvisc (cataract extraction and intraocular lens implantation).

Customers and end markets

Clinicians and surgeons operating in office-based procedure settings, hospital operating rooms, and ambulatory surgery centers. End markets include orthopedic osteoarthritis treatment, veterinary joint care, abdominal-pelvic surgery, and ophthalmic surgery. Reimbursement is provided by government healthcare programs, commercial insurance, and managed care organizations.

Value-chain role

Manufacturer and commercializer of HA-based medical products. Manufactures at a Bedford facility and sells direct in the United States via a buy-and-bill channel. Sells internationally through third-party commercial and marketing partners.

Geographic exposure

United States primary market with international operations, including European presence subject to EU MDR and GDPR regulations. Filing references operations in the EU and United Kingdom among international geographies (FY2025 10-K, filed 2026-03-03).

Source: SEC 10-K, filed 2026-03-03

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