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Anika Therapeutics (ANIK) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 6, 2026 · Anika Therapeutics (ANIK) Q3 2026 earnings results →
Q3 2026 Revenue up 10% year over year to $30.6M · 1¢ of every $1 of revenue lost · operating margin -2.3%
Anika Therapeutics made $30.6M in Q3 2026 (+10% Y/Y): OEM Channel $16.6M, Commercial Channel $14.0M. Operating margin -2.3%, net loss $311K. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 6, 2026.
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What changed this quarter
Revenue was $30.6M in Q3 2026, up 10% year over year and down 6% from the previous quarter. OEM Channel was the largest line at 54% of revenue. Commercial Channel added $2.0M year over year (up 17%), 73% of the total change.
Gross margin was 61.6%, up 5.5 points from Q3 2025. Operating costs exceeded revenue by $712K, an operating margin of -2.3%. Operating expenses grew 4% against revenue growth of 10%. The fastest-growing cost line was Research & development (+14%). The quarter ended with a net loss of $311K, after a profit of $3.3M the previous quarter. Non-operating items added $390K, -121% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $8.4M (up 22% year over year). Non-cash charges added back $1.4M of depreciation and amortization and $4.2M of share-based compensation. Working capital and other items added $3.0M. Capital expenditures of $1.7M left free cash flow of $6.7M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 6, 2026 | $30.6M | +10% | -2.3% | −$311K | $8.4M |
| Q2 2026 | 10-Q | Jul 29, 2026 | $32.6M | +16% | 9.1% | $3.3M | −$684K |
| Q1 2026 | 10-Q | Apr 30, 2026 | $29.6M | +13% | -18.5% | −$5.1M | −$4.8M |
| Q4 2025 | 10-K | Mar 3, 2026 | $30.6M | 0% | 2.1% | $292K | $4.6M |
| Q3 2025 | 10-Q | Nov 5, 2025 | $27.8M | -6% | -11.6% | −$2.3M | $6.9M |
| Q2 2025 | 10-Q | Jul 30, 2025 | $28.2M | -8% | -14.8% | −$4.0M | −$189K |
| Q1 2025 | 10-Q | May 9, 2025 | $26.2M | -10% | -16.4% | −$4.9M | −$130K |
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Customers and suppliers named in filings
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About Anika Therapeutics
Founded in 1992, Anika Therapeutics, Inc. (“Anika” or “Company”) is a global leader in the OA Pain Management and regenerative solutions space, focusing on early intervention orthopedics. The Company leverages proprietary hyaluronic acid (“HA”) technology to develop highly differentiated products. Driven by strong partnerships with physicians, Anika is dedicated to pioneering HA-based innovations that redefine orthopedic care. Our mission is to restore active living, empower surgeon choice, and enhance patient outcomes worldwide. In October 2024, we announced a strategic shift to concentrate on our OA Pain Management and Regenerative Solutions portfolios. This strategic decision involved the sale of Arthrosurface Incorporated on October 31, 2024 and the sale of Parcus Medical, LLC on March 7, 2025, both of which were acquired in early 2020 under a previous management strategy.
In its own words, from its 10-K, filed Mar 3, 2026.
Anika Therapeutics against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +10% against the peers' median +5%. Operating margin: -2.3% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ANIK Anika Therapeutics | Q3 2026 | $30.6M | +10% | -2.3% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Anika Therapeutics 10-Q on SEC EDGAR · CIK 898437 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns ANIK and who is buying
More on ANIK
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- Anika Therapeutics guidance and outlook
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History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results