Anika Therapeutics

ANIK

Medical - Devices · Healthcare

Exchange

NASDAQ

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Mixed

Growth

Mixed

Cash Flow

Weak

Stability

Good

Valuation

Data not available

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Winston Score History

The full picture

Anika Therapeutics is a medical device and therapeutics company that specializes in products using hyaluronic acid (HA), a naturally occurring substance in the body. Its main products treat joint pain — especially in the knee — by injecting a gel-like fluid to cushion and lubricate the joint. Doctors and orthopedic specialists are the primary customers, and patients with osteoarthritis are the main end users.

Anika earns revenue by selling these injectable joint treatments, as well as other HA-based products used in surgery and tissue protection. The company operates primarily in the United States, with some international sales, and generates a solid gross margin above 60%, though it is currently running at a small operating loss. Its deep expertise in hyaluronic acid technology gives it a degree of scientific differentiation, but the company faces real competition from other joint pain treatments, including corticosteroid injections and newer biologics, which could limit long-term market share growth.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+15.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+185.7% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

6.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Runway

~5 years

$38M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

$38M cash & investments at current burn rate

Growth context

Anika Therapeutics is growing revenue at 16% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

65.1%

Premium pricing power — 65.1% gross margin

Profit after running costs

Operating Margin

9.1%

Modest — 9.1% operating margin

Return on the money invested

ROCE

-3.2%

Weak — -3.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales growth

Sales YoY

+31.4%

Fast-growing sales (+31.4% YoY)

Profit growth

EPS YoY

N/A

—

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

0.5%

Thin free cash flow (0.5%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.17

Conservative — low debt load (0.17)

Covers its interest

Interest Cover

N/A

—

Data not available

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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