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Anika Therapeutics reported 2Q25 orthopedic sales of $26.6 million, down 8.2% compared to the second quarter of 2024. For the first half of 2025, the company generated $51.2 million in orthopedic sales, down 8% compared to the prior period.
The company dealt with manufacturing yield challenges in the early portion of the second quarter, leading to reduced revenue. Despite those challenges, Anika’s regenerative offerings grew 41%. The Integrity system drove those gains and already eclipsed its 2024 full-year sales.
Anika also received FDA 510(k) clearance for two new Integrity shapes and sizes that are planned for a limited release by the end of the year. The new products will support repairs in insertional and mid-substance Achilles tendon, patellar tendon, quadriceps tendon and gluteus medius tendon among others.
The company’s years-long effort to bring Hyalofast to the U.S. faced another hurdle at the conclusion of its Phase III trial. The study, which started enrollment in 2015, compared Hyalofast against microfracture surgery, the standard of care at the time.
Hyalofast demonstrated consistent improvement in treated patients across all pain and function measures, but did not achieve statistical significance on its prespecified co-primary endpoints under the original statistical framework.
“The study was likely impacted by both a higher subject dropout rate in the microfracture arm and missed visits during COVID, both resulting in missing data,” said Anika CEO Cheryl Blanchard. “This missing data resulted in a reduced evaluable sample size and complicated the statistical analysis. In accordance with FDA guidelines, Anika’s statistically imputed missing data, which did not treat withdrawals from the microfracture arm as treatment failures.”
Anika believes the totality of the data on Hyalofast supports its clinical value and plans to submit the third and final PMA module on schedule in the second half of 2025.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 2Q25 | 2Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $3.1 | $2.2 | $0.9 | 41% |
| Orthobiologics | $23.6 | $26.8 | ($3.3) | (12.2%) |
| Total | $26.6 | $29.0 | ($2.4) | (8.2%) |
| Segment | 1H25 | 1H24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $5.8 | $4.2 | $1.6 | 37% |
| Orthobiologics | $45.5 | $51.5 | ($6.0) | (11.6%) |
| Total | $51.2 | $55.7 | ($4.4) | (8%) |
Orthopedic Sales by Geography
| Region | 2Q25 | 2Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $16.9 | $19.0 | ($2.1) | (10.8%) |
| OUS | $9.7 | $10.0 | ($0.3) | (3.2%) |
| EMEA | $4.5 | $5.4 | ($0.9) | (16.9%) |
| ROW | $5.2 | $4.6 | $0.6 | 12.6% |
| Total | $26.6 | $29.0 | ($2.4) | (8.2%) |
| Region | 1H25 | 1H24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $32.3 | $37.5 | ($5.2) | (13.8%) |
| OUS | $18.9 | $18.2 | $0.7 | 4.1% |
| EMEA | $9.9 | $10.0 | ($0.1) | (0.7%) |
| ROW | $9.0 | $8.2 | $0.8 | 10% |
| Total | $51.2 | $55.7 | ($4.4) | (8%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $28.2 | |
| Cost of Sales | $13.9 | 49.1% |
| R & D | $12.2 | 43.3% |
| Selling and Admin | $6.3 | 22.4% |
| Other | ($0.2) | (0.7%) |
| Net Earnings | ($4.0) | (14.1%) |
Anika Therapeutics reported 2Q25 orthopedic sales of $26.6 million, down 8.2% compared to the second quarter of 2024. For the first half of 2025, the company generated $51.2 million in orthopedic sales, down 8% compared to the prior period.
The company dealt with manufacturing yield challenges in the early portion of the second quarter,...
Anika Therapeutics reported 2Q25 orthopedic sales of $26.6 million, down 8.2% compared to the second quarter of 2024. For the first half of 2025, the company generated $51.2 million in orthopedic sales, down 8% compared to the prior period.
The company dealt with manufacturing yield challenges in the early portion of the second quarter, leading to reduced revenue. Despite those challenges, Anika’s regenerative offerings grew 41%. The Integrity system drove those gains and already eclipsed its 2024 full-year sales.
Anika also received FDA 510(k) clearance for two new Integrity shapes and sizes that are planned for a limited release by the end of the year. The new products will support repairs in insertional and mid-substance Achilles tendon, patellar tendon, quadriceps tendon and gluteus medius tendon among others.
The company’s years-long effort to bring Hyalofast to the U.S. faced another hurdle at the conclusion of its Phase III trial. The study, which started enrollment in 2015, compared Hyalofast against microfracture surgery, the standard of care at the time.
Hyalofast demonstrated consistent improvement in treated patients across all pain and function measures, but did not achieve statistical significance on its prespecified co-primary endpoints under the original statistical framework.
“The study was likely impacted by both a higher subject dropout rate in the microfracture arm and missed visits during COVID, both resulting in missing data,” said Anika CEO Cheryl Blanchard. “This missing data resulted in a reduced evaluable sample size and complicated the statistical analysis. In accordance with FDA guidelines, Anika’s statistically imputed missing data, which did not treat withdrawals from the microfracture arm as treatment failures.”
Anika believes the totality of the data on Hyalofast supports its clinical value and plans to submit the third and final PMA module on schedule in the second half of 2025.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 2Q25 | 2Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $3.1 | $2.2 | $0.9 | 41% |
| Orthobiologics | $23.6 | $26.8 | ($3.3) | (12.2%) |
| Total | $26.6 | $29.0 | ($2.4) | (8.2%) |
| Segment | 1H25 | 1H24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $5.8 | $4.2 | $1.6 | 37% |
| Orthobiologics | $45.5 | $51.5 | ($6.0) | (11.6%) |
| Total | $51.2 | $55.7 | ($4.4) | (8%) |
Orthopedic Sales by Geography
| Region | 2Q25 | 2Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $16.9 | $19.0 | ($2.1) | (10.8%) |
| OUS | $9.7 | $10.0 | ($0.3) | (3.2%) |
| EMEA | $4.5 | $5.4 | ($0.9) | (16.9%) |
| ROW | $5.2 | $4.6 | $0.6 | 12.6% |
| Total | $26.6 | $29.0 | ($2.4) | (8.2%) |
| Region | 1H25 | 1H24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $32.3 | $37.5 | ($5.2) | (13.8%) |
| OUS | $18.9 | $18.2 | $0.7 | 4.1% |
| EMEA | $9.9 | $10.0 | ($0.1) | (0.7%) |
| ROW | $9.0 | $8.2 | $0.8 | 10% |
| Total | $51.2 | $55.7 | ($4.4) | (8%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $28.2 | |
| Cost of Sales | $13.9 | 49.1% |
| R & D | $12.2 | 43.3% |
| Selling and Admin | $6.3 | 22.4% |
| Other | ($0.2) | (0.7%) |
| Net Earnings | ($4.0) | (14.1%) |
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
