Anika Therapeutics, Inc. Q1 FY2026 earnings call

Priorities - Driving sustainable commercial channel growth: Commercial channel revenue grew 12%, with Integrity's U.S. procedures up 35% year-over-year, generating nearly $2 million in revenue. International OA pain management portfolio had strong performance. OEM channel grew 14% due to order timing. - Advancing HA-based innovation pipeline: HylaFast PMA review ongoing, Syngal advanced with bioequivalent study on track for NDA submission and EU MDR certification. Early stage regenerative suture and tape program with encouraging preclinical data. - Strengthening execution: Gross margin improved due to higher manufacturing productivity and throughput. Adjusted EBITDA increased by more than $4 million. SG&A well managed excluding one-time severance charges. R&D expenses increased for key pipeline programs.

In the first quarter of 2026, total revenue was $29.6 million, up 13% year-over-year. Commercial channel revenue grew 12% to $12.6 million, driven by strong international execution and Integrity's momentum. International OA pain management portfolio delivered nearly $9 million in revenue, up 9% for the quarter. OEM channel revenue was $17 million, up 14% year-over-year. GAAP gross margin increased to 64% in the first quarter due to higher volumes and improved manufacturing execution.

Maintaining full-year 2026 guides. Total company revenue expected to be 114 to 122.5 million, 1% to 9% year-over-year growth. Commercial channel expected 10% to 20% growth, 53 to 58 million. OEM channel expected flat to down ~5%, 61 to 64.5 million. Adjusted EBITDA expected 5% to 10% of revenue, midpoint driven by commercial channel momentum, G&A cost reduction actions, and manufacturing improvements, partially offset by modestly lower J&J MedTech pricing.

Q: About gross margin, future outlook?

A: First quarter showed lean manufacturing improvements, but margin will vary quarter to quarter, focused on improving manufacturing productivity to reduce cost per unit as scale grows.

Q: Approach to training surgeons for Integrity?

A: Focus on new surgeon adoption, monitor time to fifth and tenth case as indication of learning curve, investment in commercial channel for training, R&D efforts to make it easier for surgeons to deploy.

Q: HylaFAST review timeline and impact?

A: Submitted third and final module in 2025 Q4, received deficiency letter in 2026 Q1, working on responses, expecting to submit full response in coming months, built buffer in financial framework for commercialization.

Q: Syngal bioequivalent study enrollment?

A: On track, but no specific numbers shared yet, working on NDA filing timeframe.

Q: Regenerative sutures and tapes program market opportunity?

A: Early stage, highlight opportunity for HIAF in new spaces, suture tape is opportunistic but early to share more details