Anika Lifts 2026 EBITDA Floor After OEM Mix Shift

The Tip Desk · November 6, 2026 · 3 min read

Third-quarter revenue was $30.6 million, up 10% year over year, as Commercial Channel sales reached $14.0 million.

Anika Therapeutics, Inc. (ANIK), a designer and commercializer of hyaluronic acid products, raised the lower end of its full-year 2026 total company revenue guidance to 6% to 10% from 5% to 10% and lifted 2026 adjusted EBITDA margin guidance to 15% to 17% from 13% to 17%.

The company said it is updating 2026 channel guidance to reflect a greater contribution from the OEM Channel and more measured Commercial Channel growth. OEM Channel revenue growth guidance rose to 5% to 9% from 0% to 5%. Commercial Channel revenue growth guidance was cut to 9% to 13% from 12% to 18%. Full-year 2027 total company revenue guidance was reaffirmed at flat to 5% growth.

Third-quarter revenue was $30.6 million, compared with $27.8 million a year earlier. Commercial Channel revenue was $14.0 million, up 17% year over year, after a record $13.9 million in the second quarter. OEM Channel revenue was $16.6 million, up 5% year over year.

Gross margin was 62%, compared with 56% in the prior-year period, after 65% in the second quarter. The company said the year-over-year improvement was driven by manufacturing productivity, offset partially by product mix from the reintroduction of Hyalomatrix, a Hyaff wound product. Operating expenses were $19.5 million.

GAAP loss from continuing operations was $0.3 million, or $0.02 a share, after net income of $3.3 million in the second quarter. Adjusted net income from continuing operations was $3.9 million, or $0.29 a share. Adjusted EBITDA was $5.1 million, after $7.1 million in the second quarter. Cash and cash equivalents were $45.0 million as of September 30, 2026.

International viscosupplement revenue increased 19% year over year. Total Regenerative Solutions revenue increased 12%. Integrity revenue grew sequentially and more than 30% year over year despite more market-wide seasonality than usual in the summer months, the company said. Integrity contributed $7.5 million in revenue for the trailing 12 months. Larger implant sizes introduced in the fourth quarter of 2025 and first quarter of 2026 expanded use into other tendon applications including foot and ankle and knee. Commercial Channel 2026 guidance was updated to reflect a slower elective surgery market, the company said.

In November, Anika entered a new 10-year Hyvisc distribution partnership with Boehringer Ingelheim. The agreement provides higher transfer pricing, a royalty on end-market sales, higher contractual purchases and upfront and milestone payments. The company said it expects to receive $8 million in payments, including a $4 million upfront payment in the first quarter of 2027 and remaining $4 million tied to commercial volumes.

Unit volumes on Anika’s cross-link line are now more than 50% above 2022 levels, the company said, and it is increasing production and building safety stock. Hyalomatrix was reintroduced in the United States through a new OEM distributor, with first commercial units shipped during the third quarter.

Enrollment in the Cingal bioequivalence study was completed in September. Anika expects the Cingal new drug application to be submitted before year-end 2027. In October, the FDA notified the company that the Hyalofast pre-market approval application is not approvable, primarily based on the clinical data included in the submission. Anika said it continues to assess regulatory pathways, including discussions with the FDA about additional evidence that may be required.