- Adjusted EBITDA was roughly flat at negative $200,000, impacted by manufacturing scrap costs and lower high-margin revenue.
- Anika generated $28.2 million in total revenue in Q2 2025, an 8% decline compared to Q2 2024.
- Capital expenditures were $1.4 million, down $2 million year-over-year, focused on expanding manufacturing capacity.
- Cash balance ended at $53 million with no debt.
- Commercial channel revenue was flat year-over-year at $11.9 million, with regenerative solutions growing 41%.
- Excluding the one-time charge, gross margin would have been above 60%.
- Gross margin was 51%, down 16 percentage points year-over-year, primarily due to a one-time $3 million charge from lower yields.
- OEM channel revenue declined 13% to $16.3 million, reflecting pricing pressure and lower demand for Orthovisc and Monovisc.
- Operating cash flow used $200,000, an improvement from $1.1 million used in the prior year period.
- Operating expenses decreased 17% year-over-year to $18.5 million, driven by reductions in SG&A and R&D.
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Dafinchi