Anika Therapeutics Q2 2025 revenue down 8%; Hyalofast trial misses co-primary endpoints

Anika Therapeutics, Inc.

2025-Q2 EPS reported -$0.62 revenue$54,387,000

Q2 2025 revenue $28.2M, down 8% YoY; Commercial Channel flat, OEM Channel down 13%
Regenerative Solutions revenue rose 41% driven by Integrity implant outperformance (full-year 2024 surpassed in H1 2025)
Hyalofast Phase III trial missed co-primary endpoints but showed statistically significant improvements in secondary endpoints; final PMA module on track for H2 2025
Company reaffirms 2025 revenue/EBITDA guidance but revises long-term outlook for Hyalofast launch potential delay to 2027
Operating expenses down 17% YoY; production yield issues resolved in June 2025 with no patient impact

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