Anika Raises 2026 Ebitda Margin Outlook After Record Quarter

The Tip Desk · July 29, 2026 · 3 min read

Adjusted EBITDA reached $7.1 million, a 22% margin, as the company lifted full-year 2026 adjusted EBITDA margin guidance to 13%–17% from 5%–10%.

Anika Therapeutics (ANIK), a global leader in osteoarthritis pain management and regenerative orthopedics, reported second-quarter revenue of $32.6 million, up 16% from a year earlier, after first-quarter revenue of $29.6 million, up 13%.

The company said performance was driven by record Commercial Channel revenue of $13.9 million, up 17% year over year, and OEM Channel revenue of $18.7 million, up 14%. Commercial Channel growth accelerated from 12% in the first quarter.

Gross profit was $21.2 million. Gross margin expanded to 65%, from 64.2% in the first quarter. The company attributed the expansion to higher sales volume, increased manufacturing production and improved sales mix.

Net income from continuing operations was $3.3 million, or $0.24 a share, compared with a $4.6 million loss, or $0.33 a share, a year earlier. Adjusted EBITDA was $7.1 million, a 22% margin, versus $4.3 million in the first quarter. The company said the adjusted EBITDA level was the highest since 2020.

Total operating expenses were $18.3 million. Excluding about $0.8 million of one-time severance-related expenses, adjusted operating expenses were $17.5 million, down 6% from the year-ago period. President and Chief Executive Officer Steve Griffin said the OEM business was supported by stronger transfer-unit volumes from J&J DePuy Synthes, order timing across Monovisc and Orthovisc, favorable U.S. Monovisc end-market sales and continued international growth, and that those drivers increased production, throughput and manufacturing yields. He also cited a 20% reduction in G&A expenses, or 30% excluding one-time severance charges, and lower stock-based compensation.

International revenue reached a record $12.6 million, up 22% year over year and 5% above the prior quarterly record. OEM Channel performance benefited from strong transfer units, favorable order timing and Monovisc volume growth, partially offset by lower Orthovisc sales. Integrity global units increased both sequentially and year over year; year-to-date Integrity sales grew 39% year over year.

Based on first-half results, Anika raised full-year 2026 guidance. Total company revenue growth is now 5% to 10%, compared with previous guidance of 1% to 9%. OEM Channel revenue growth is 0% to 5%, compared with down 5% to flat. Commercial Channel revenue growth is 12% to 18%, compared with 10% to 20%. Adjusted EBITDA margin is 13% to 17%, compared with 5% to 10%. The company said the raise is driven by improved operating leverage, favorable OEM sales trends, continued Commercial Channel growth, operational improvements and disciplined cost management.

The company said it expects some moderation in revenue and profitability in the second half relative to the strong first half, reflecting the timing of certain OEM orders.

Anika also adopted a new revenue-guidance practice: going forward, forecasts will include only products that have received regulatory approval or clearance. As a result, 2027 Commercial Channel revenue guidance no longer includes Hyalofast and was cut to 5% to 15% growth from 10% to 20%. 2027 OEM revenue guidance remained flat to modestly lower, and 2027 total company revenue is now flat to 5% growth. The company said it remains engaged with the FDA on Hyalofast, with discussions focused on co-primary clinical endpoints in the PMA submission. Cingal development remains on track, with bioequivalence enrollment progressing and CMC activities accelerating in preparation for an NDA.

Cash and cash equivalents were $38.4 million as of June 30, 2026.