Anika Therapeutics

What Anika Therapeutics does

Anika Therapeutics, Inc. (NASDAQ: ANIK) is a Bedford, Massachusetts-based medical device company founded in 1992 that develops, manufactures, and commercializes therapeutic products for tissue protection, healing, and repair, built on a proprietary hyaluronic acid (HA) technology platform with 30+ years of domain expertise. The company operates two product franchises: Regenerative Solutions (Integrity HA-based rotator cuff and tendon repair implant, Hyalofast cartilage regeneration scaffold, Tactoset injectable bone substitute, NanoFx bone marrow stimulation, and the RevoMotion Reverse Shoulder Arthroplasty System) and Osteoarthritis Pain Management (Cingal combination HA+steroid single injection, Monovisc single-injection HA viscosupplement, Orthovisc multi-injection HA viscosupplement). Products are available in 45+ countries worldwide.

Anika serves orthopedic surgeons, sports medicine physicians, and osteoarthritis patients through a dual-channel commercial model. The Commercial Channel uses direct enterprise field sales and physician engagement, targeting healthcare providers and growing 22% in Q4 2025 with 10%-20% projected growth for 2026. The OEM Channel supplies HA-based products to large medical device manufacturers (notably J&J MedTech) for incorporation into their portfolios, though this channel is under pricing pressure and declined 12% in Q4 2025. The company also markets to patients via a Find a Doctor locator tool and medical education content.

Anika monetizes through one-time product sales across both channels. FY2025 revenue was $112.8M (down 6% YoY), with Q1 2026 at $29.6M (up 13% YoY) and FY2026 guidance of $114M-$122.5M. Strategic priorities include advancing the Hyalofast PMA toward FDA approval, scaling the Integrity and RevoMotion product lines, restructuring costs (~$2.5M annualized adjusted EBITDA savings), and completing a $15M share repurchase program. The Arthrosurface joint preservation business was divested in October 2024 to refocus on core HA-based regenerative and OA pain management offerings.

Name

Anika Therapeutics

Legal name

Anika Therapeutics, Inc.

Website

https://anikatherapeutics.com

Company type

Public

Founded year

1992

Operating status

Operating

Headcount range

251–500 employees

Short description

Anika Therapeutics (NASDAQ: ANIK) is a Bedford, MA-based medical device company that develops and commercializes hyaluronic acid-based regenerative and osteoarthritis pain management products for orthopedic surgeons, sports medicine physicians, and OA patients across 45+ countries, operating through direct sales and OEM channels.

Ownership category

akta.pro rank

Product category

Orthopedic Medical Devices

NAICS

Surgical Appliance and Supplies Manufacturing (339113), Surgical and Medical Instrument Manufacturing (339112), Medical Equipment and Supplies Manufacturing (3391), Pharmaceutical and Medicine Manufacturing (3254)

SIC

Orthopedic, Prosthetic & Surgical Appliances & Supplies (3842), Surgical & Medical Instruments & Apparatus (3841)

akta.pro primary industry

Orthopedic Trauma & Extremities Fixation (Plates/Screws/Nails/External Fixation) (HLAHAEAB)

akta.pro secondary industries

Cartilage, Bone & Musculoskeletal Regeneration (HLAAAGAH), Pain Management (Spine & Musculoskeletal) (HLAKALAM)

Keywords

• Hyaluronic acid orthopedic products
• Regenerative orthopedic solutions
• Osteoarthritis pain management
• Viscosupplementation injections
• Cartilage repair scaffolds

Headquarters

HQ city

Bedford

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Product Sales - Commercial Channel: Direct sales of orthopedic regenerative solutions and osteoarthritis pain management products to healthcare providers and through distribution networks. Commercial Channel revenue was $13.3 million in Q4 2025, growing 22% year-over-year. Expected to grow 10%-20% in 2026.
2. Product Sales - OEM Channel: Sales to original equipment manufacturer partners including J&J MedTech. OEM Channel faced 12% decline in Q4 2025 due to pricing pressures. The channel is expected to continue facing headwinds from J&J MedTech pricing pressures.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels5 records

Core offering

Anika Therapeutics develops, manufactures, and commercializes therapeutic products based on a proprietary hyaluronic acid (HA) technology platform for orthopedic tissue protection, healing, and repair. Its portfolio spans Regenerative Solutions (Integrity tendon repair implant, Hyalofast cartilage scaffold, Tactoset injectable bone substitute, NanoFx bone marrow stimulation) and Osteoarthritis Pain Management (Cingal, Monovisc, Orthovisc viscosupplements), supplemented by the RevoMotion Reverse Shoulder Arthroplasty System. Products are sold to orthopedic surgeons and healthcare providers via a Commercial direct sales channel and to large OEMs such as J&J MedTech via an OEM channel, distributed across 45+ countries.

Product overview

Anika Therapeutics offers a comprehensive portfolio of hyaluronic acid-based orthopedic products organized into two main categories: Regenerative Solutions and Osteoarthritis (OA) Pain Management. The Regenerative Solutions portfolio includes Integrity (hyaluronic acid implant for rotator cuff and tendon repair), Hyalofast (cartilage regeneration scaffold), Tactoset (injectable bone substitute), and NanoFx (advanced bone marrow stimulation). The OA Pain Management portfolio features Cingal (combination HA and steroid single injection), Monovisc (single-injection HA viscosupplement), and Orthovisc (multi-injection HA viscosupplement). The company also launched the RevoMotion Reverse Shoulder Arthroplasty System in February 2024. All products leverage the company's proprietary hyaluronic acid technology platform and are available in over 45 countries worldwide.

Differentiator

Problem solved

Functional benefit

Brands

• Integrity: Rotator cuff and tendon repair augmentation implant system
• Hyalofast
• Tactoset
• NanoFx
• Cingal
• Monovisc
• Orthovisc

Products and services

• Integrity Hyaluronic acid-based implant for rotator cuff and tendon repair augmentation. Enhances strength and biological support in rotator cuff repairs with demonstrated thickening of rotator cuff repair in postoperative imaging. For orthopedic surgeons performing rotator cuff and tendon repair procedures.
• Hyalofast Cartilage regeneration scaffold using hyaluronic acid technology for single-stage cartilage repair procedures. Completed Phase III FastTRACK clinical trial; PMA filing submitted to FDA in October 2025. For orthopedic surgeons treating patients with cartilage defects.
• Tactoset Injectable bone substitute product for orthopedic regenerative procedures. For orthopedic surgeons performing bone substitute / void filling procedures.
• NanoFx Advanced bone marrow stimulation product for orthopedic repair procedures. For orthopedic surgeons performing bone marrow stimulation techniques.
• Cingal Next generation combination hyaluronic acid and steroid single injection for osteoarthritis pain management, providing immediate pain relief lasting up to 6 months, reducing stiffness and improving function; helps postpone knee replacement surgery. For healthcare providers treating osteoarthritis pain.
• Monovisc Single-injection hyaluronic acid viscosupplement for osteoarthritis pain management. For healthcare providers treating osteoarthritis pain.
• Orthovisc Multi-injection hyaluronic acid viscosupplement for osteoarthritis pain management. For healthcare providers treating osteoarthritis pain.
• RevoMotion Reverse Shoulder Arthroplasty System Reverse shoulder arthroplasty system featuring the smallest diameter threaded baseplate on the market, targeting severe rotator cuff conditions. For orthopedic surgeons performing reverse shoulder arthroplasty.

Quantifiable outcome

• Integrity product line revenue more than doubled in 2025 after receiving 510(k) clearance in 2023
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Johnson & Johnson MedTechcoreChannel Partner/ Reseller/ Distributor · 1 July 2025J&J MedTech is a key OEM customer for Anika's viscosupplementation products through the OEM Channel. The relationship involves supply of HA-based products for J&J's osteoarthritis pain management offerings. However, J&J MedTech has been imposing pricing pressures on Anika, contributing to a 12% decline in the OEM Channel in Q4 2025 and ongoing headwinds in 2026.

Scale indicators7 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Seikagaku Corporation: Japanese specialty pharmaceutical company focused on hyaluronic acid-based products, including viscosupplements (Artz/SUPPARTZ) directly competing with Anika's Monovisc/Orthovisc/Cingal. Most direct comparable in HA technology platform and orthopedic pain management focus.
• Bioventus: Orthopedic regenerative medicine company offering viscosupplements (Durolane, Gelsyn-3) and bone graft substitutes, directly competing with Anika in OA pain management and cartilage/bone repair categories. Similar mid-cap, single-therapeutic-focus profile.

Broad incumbents

• Sanofi (CHC/Synvisc franchise): Markets the Synvisc/Synvisc-One line of hyaluronic acid viscosupplements, directly competing with Anika's Monovisc/Orthovisc/Cingal in the OA pain management category. Operates as part of Sanofi's broader specialty care/consumer health portfolio.
• Ferring Pharmaceuticals: Markets Euflexxa, a hyaluronic acid viscosupplement that directly competes with Anika's Monovisc and Orthovisc in the OA pain management space. Part of Ferring's broader specialty pharma portfolio.
• Stryker Corporation: Large diversified orthopedic medical device company with broad sports medicine and joint reconstruction portfolios. Competitor in shoulder/rotator cuff (where RevoMotion competes) and broader orthopedic surgical markets.
• Zimmer Biomet: Global orthopedic medical device leader across joint reconstruction, sports medicine, and biologics. Competes with Anika in shoulder arthroplasty and regenerative/orthobiologics adjacencies through its broader portfolio.
• Smith+Nephew: Global medical device company with significant sports medicine and orthobiologics portfolios. Competes with Anika in cartilage repair and joint preservation, particularly relevant as Anika scales Hyalofast and Integrity.
• Arthrex: Private orthopedic medical device leader in sports medicine and soft tissue repair. Direct competitor in rotator cuff repair augmentation (where Integrity competes) and cartilage restoration markets.

Others

• Johnson & Johnson MedTech (DePuy Synthes): Both Anika's largest OEM customer (for HA viscosupplements) and a competitor in shoulder reconstruction and sports medicine through DePuy Synthes/Mitek. Pricing pressure from this partner is a current headwind to Anika's OEM channel.

Emerging players

• CONMED Corporation: Mid-cap orthopedic and sports medicine company with a growing portfolio in rotator cuff repair, cartilage restoration, and biologics. Competes with Anika in similar surgical specialties with comparable commercial sales force scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/anikathera
• YouTubeyoutube.com/c/anikathera
• Facebookfacebook.com/AnikaThera
• LinkedInlinkedin.com/company/anika-therapeutics
• Instagraminstagram.com/anikathera

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Anika Therapeutics