Anika Therapeutics (NASDAQ:ANIK), a leader in osteoarthritis pain management and regenerative solutions, announced its financial results for the first quarter of 2025, revealing a decrease in revenue and a loss for the period.
The Bedford, Massachusetts-based company reported first-quarter revenue from continuing operations of $26.2 million, marking a 10% decrease compared to the same period in 2024.
The decline in revenue was primarily attributed to a 23% drop in OEM Channel revenue, which includes U.S. OA Pain Management, driven by lower pricing for its products Monovisc® and Orthovisc®, sold by its commercial partner, J&J MedTech.
However, the company saw positive growth in its Commercial Channel, where revenue rose by 18%, fueled by strong demand for its Integrity product and continued expansion of its international OA Pain Management offerings.
Anika also posted a loss of $4.9 million for the quarter or 34 cents per share.
After adjusting for stock option expenses and discontinued operations, the company’s loss narrowed to 6 cents per share.
Despite the financial setbacks, Anika Therapeutics achieved significant progress in its pipeline.
The company successfully filed the second Hyalofast PMA module and received formal written feedback from the FDA following a Type C meeting regarding its Cingal product.
This feedback clears the path for the upcoming New Drug Application (NDA) filing.