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Anika Therapeutics Inc. (ANIK-0.63%) has submitted its Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total revenue of $119.9 million, a slight decrease of 1% from $120.8 million in the previous year. This decline was primarily due to lower sales activity with OEM channel partners, including J&J MedTech, and the discontinuation of certain non-orthopedic products.
The company's gross profit for the year was $76.0 million, with a gross margin of 63%, down from 68% in the previous year. The decrease was attributed to lower revenue, product channel mix, and higher inventory product rationalization charges.
Research and development expenses increased by 17% to $25.5 million, driven by compliance costs related to global regulatory requirements and product development costs in the research and development pipeline.
Selling, general, and administrative expenses decreased by 7% to $55.6 million, primarily due to lower headcount and reduced shareholder activism costs.
Anika reported a loss from operations of $5.1 million, compared to an income from operations of $0.8 million in the prior year, due to lower gross profit and higher research and development costs.
The company recorded a provision for income taxes of $6.1 million, resulting in an effective tax rate of (219.4%), compared to $6.6 million and 209.0% in the previous year.
Anika's net loss from continuing operations was $8.8 million, and the net loss from discontinued operations, primarily related to the sale of Arthrosurface and Parcus Medical, was $47.6 million.
The company ended the year with cash, cash equivalents, and investments totaling $55.6 million and working capital of $90.3 million.
Anika's strategic shift to focus on OA Pain Management and Regenerative Solutions involved divesting Arthrosurface and Parcus Medical, with the aim to concentrate on its core HA technology and product lines.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Anika Therapeutics Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.