Anika Therapeutics raises 2026 guidance after record Q2 revenue
Anika Therapeutics has reported second-quarter 2026 revenue of $32.6 million, a 16% increase on the prior-year period, and raised its full-year financial guidance on the back of what the company describes as its strongest commercial quarter to date.
Commercial channel revenue reached $13.9 million in the quarter, up 17% year on year and the highest figure in the company's history. International revenue also set a record at $12.6 million, climbing 22% over the same period a year ago. The OEM channel, which includes supply arrangements with J&J DePuy Synthes for the Monovisc and Orthovisc viscosupplementation products, contributed $18.7 million, a 14% increase.
Gross margin expanded markedly, reaching 65% compared with approximately 51% in Q2 2025. The company attributed the improvement to higher production volumes, a more favourable sales mix, and ongoing cost discipline. General and administrative expenses fell 20% year on year, or around 30% excluding one-time severance charges, reflecting the restructuring actions Anika initiated earlier in 2026. Adjusted EBITDA for the quarter came in at $7.1 million, the strongest result since 2020.
Steve Griffin, president and chief executive, said the quarter demonstrated that "disciplined execution against our mission is creating sustainable value," citing diversification across both channels and geographies as a key feature of the performance.
Guidance and regulatory update
Following the first-half results, Anika has raised its full-year 2026 total revenue growth forecast to a range of 5% to 10%, up from the prior guidance of 1% to 9%. More notably, the company upgraded its adjusted EBITDA margin outlook to 13% to 17%, a significant step up from the earlier 5% to 10% range. Management cautioned that revenue and profitability are expected to moderate in the second half relative to the first, partly due to the timing of certain OEM orders.
On the regulatory front, two pipeline programmes remain in focus. Anika said it is making progress on a bioequivalence study for Cingal, a hyaluronic acid and corticosteroid combination product, and is accelerating the chemistry, manufacturing and controls work required for a New Drug Application submission. For Hyalofast, a cartilage-repair product, the company is engaged with the FDA on co-primary clinical endpoints within the Premarket Approval submission, responding to a previously disclosed deficiency letter.
Reflecting the uncertainty around both regulatory timelines, Anika has revised its guidance methodology: from now on, its revenue forecasts will only include products that have already received regulatory approval or clearance. As a result, Hyalofast has been stripped from the 2027 commercial channel revenue guidance, which now projects growth of 5% to 15%, narrowed from a prior range of 10% to 20%.
Market context
Anika operates in the viscosupplementation and orthopaedic regenerative segments, a market shaped by an ageing global population and ongoing demand for non-surgical interventions ahead of joint replacement. The viscosupplementation space has historically faced pricing pressure in the United States as payers have scrutinised hyaluronic acid injections, though OEM channel arrangements with large device companies such as DePuy Synthes provide Anika with a degree of volume stability that pure commercial players lack.
The company's transformation programme, which includes the restructuring charges visible in its first-half results, positions it as a leaner operation at a time when mid-cap medtech companies face sustained investor scrutiny around cash efficiency. With $38.4 million of cash on the balance sheet at the end of June, Anika has near-term runway, though the pace of regulatory progress on Cingal and Hyalofast will be a key determinant of how the investment case develops into 2027.