Anika Therapeutics, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Anika Therapeutics, Inc. has filed its annual report for the fiscal year 2023.</b>

AI Summary

Anika Therapeutics, Inc. (ANIK) filed a Annual Report (10-K) with the SEC on March 15, 2024. Anika Therapeutics, Inc. filed its 2023 Form 10-K on March 15, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 32 Wiggins Avenue, Bedford, MA 01730. The company's phone number is (781) 457-9000. Anika Therapeutics, Inc. is classified under SIC code 3841 (Surgical & Medical Instruments & Apparatus).

Why It Matters

For investors and stakeholders tracking Anika Therapeutics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Anika Therapeutics' financial performance, business operations, and risk factors for the fiscal year 2023, crucial for investors to assess the company's health and future prospects. The detailed financial data and disclosures within the 10-K are essential for investors and analysts to make informed decisions regarding Anika Therapeutics' stock and its position within the medical instruments and apparatus industry.

Risk Assessment

Risk Level: medium — Anika Therapeutics, Inc. shows moderate risk based on this filing. The company's financial health and future prospects are subject to the inherent risks of the medical device industry, including regulatory hurdles, market competition, and product development challenges, as detailed in their 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Anika Therapeutics' performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Period of Report)
• 2024-03-15 — Filing Date (Date of Filing)
• 3841 — SIC Code (Industry Classification)
• 043145961 — IRS Number (Company Tax ID)

Key Players & Entities

• Anika Therapeutics, Inc. (company) — Filer name
• 32 Wiggins Avenue, Bedford, MA 01730 (company) — Business Address
• 0000898437 (company) — Central Index Key
• 3841 (company) — Standard Industrial Classification
• DE (company) — State of Incorporation
• 001-14027 (company) — SEC File Number
• 24753417 (company) — Film Number
• 2024-03-15 (date) — Filing Date

FAQ

Industry Context

Anika Therapeutics operates in the Surgical & Medical Instruments & Apparatus industry, a sector characterized by innovation, regulatory oversight, and competitive dynamics.

Regulatory Implications

Companies in the medical device sector are subject to stringent regulations from bodies like the FDA, impacting product development, manufacturing, and market access.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section for potential challenges and uncertainties.
3. Compare Anika Therapeutics' performance metrics with industry benchmarks.

Key Dates

• 2024-03-15: 10-K Filing — Annual report for fiscal year 2023

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023.

Key Financial Figures

• $0.01 — ch Registered Common Stock, par value $0.01 per share ANIK NASDAQ Global Select
• $1 billion — addressable global market from the over $1 billion global OA pain management market to the
• $8 billion — l OA pain management market to the over $8 billion global joint preservation market (which

Filing Documents

• anik20231231_10k.htm (10-K) — 2046KB
• ex_639681.htm (EX-10.8) — 17KB
• ex_639659.htm (EX-10.14) — 65KB
• ex_635993.htm (EX-21.1) — 4KB
• ex_636480.htm (EX-23.1) — 2KB
• ex_635994.htm (EX-31.1) — 12KB
• ex_635995.htm (EX-31.2) — 12KB
• ex_635996.htm (EX-32.1) — 5KB
• ex_638215.htm (EX-97) — 31KB
• perf.jpg (GRAPHIC) — 28KB
• product.jpg (GRAPHIC) — 38KB
• 0001171843-24-001380.txt (&nbsp;) — 9301KB
• anik-20231231.xsd (EX-101.SCH) — 67KB
• anik-20231231_cal.xml (EX-101.CAL) — 66KB
• anik-20231231_def.xml (EX-101.DEF) — 457KB
• anik-20231231_lab.xml (EX-101.LAB) — 429KB
• anik-20231231_pre.xml (EX-101.PRE) — 503KB
• anik20231231_10k_htm.xml (XML) — 1599KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 22 Item 1B. Unresolved Staff Comments 37 Item 1C. Cybersecurity 37 Item 2.

Properties

Properties 38 Item 3.

Legal Proceedings

Legal Proceedings 38 Item 4. Mine Safety Disclosures 38 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39 Item 6. [Reserved] 40 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 40 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 54 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 55 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 82 Item 9A.

Controls and Procedures

Controls and Procedures 82 Item 9B. Other information 85 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 Part III Item 10. Directors, Executive Officers and Corporate Governance 86 Item 11.

Executive Compensation

Executive Compensation 86 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 86 Item 13. Certain Relationships and Related Transactions, and Director Independence 86 Item 14. Principal Accountant Fees and Services 86 Part IV Item 15. Exhibits and Financial Statement Schedules 87 Item 16. Form 10-K Summary 89

Signatures

Signatures 90 References in this Annual Report on Form 10-K to "we," "us," "our," "our company," and other similar references refer to Anika Therapeutics, Inc. and its subsidiaries unless the context otherwise indicates. ACTIFLIP, ANIKA, ANIKA THERAPEUTICS, ANIKAVISC, ARTHROSURFACE, ATLAS, CINGAL, DRAW TIGHT, GLENOJET, HYAFF, HYVISC, INTEGRITY, MONOVISC, ORTHOVISC, OVO, OVOMOTION, PARCUS MEDICAL, PF WAVE, REVOMOTION, SPEEDSPIRAL, SYND-EZ, TACTOSET, WAVEKAHUNA, WRISTMOTION, and X-TWIST are our trademarks that appear in this Annual Report on Form 10-K. For convenience, these trademarks may appear in this Annual Report on Form 10-K without and symbols, but that practice does not mean that we will not assert, to the fullest extent under applicable law, our rights to the trademarks. This Annual Report on Form 10-K also contains trademarks and trade names that are the property of other companies and licensed to us. FORM 10-K ANIKA THERAPEUTICS, INC. For Fiscal Year Ended December 31, 2023 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 concerning our business, consolidated financial condition, and results of operations. The Securities and Exchange Commission, or SEC, encourages companies to disclose forward-looking statements so that investors can better understand a company's future prospects and make informed investment decisions. Forward-looking statements are subject to risks and uncertainties, many of which are outside our control, which could cause actual results to differ materially from these statements. Therefore, you should not rely on any of these forward-looking statements. Forward-looking statements can be identified by such words as "will," "likely," "may," "believe," "expect," "anticipate," "intend," "seek," "designed," "develop," "would," "future," "ca

BUSINESS

ITEM 1. BUSINESS Overview Founded in 1992, Anika Therapeutics, Inc. is a global joint preservation company that creates and delivers meaningful advancements in early intervention orthopedic care. Based on our collaborations with clinicians to understand what they need most to treat their patients, we develop minimally invasive products that restore active living for people around the world. We are committed to leading in high opportunity spaces within orthopedics, including osteoarthritis, or OA pain management, regenerative solutions, sports medicine and Arthrosurface joint solutions (previously Bone Preserving Joint Solutions). We have over thirty years of global expertise developing, manufacturing and commercializing products based on our hyaluronic acid, or HA, technology platform. HA is a naturally occurring polymer found throughout the body that is vital for proper joint health and tissue function. Our proprietary technologies for modifying the HA molecule allow product properties to be tailored specifically to multiple uses, including enabling longer residence time to support OA pain management and creating a solid form of HA called Hyaff, which is the platform for some of our regenerative solutions portfolio. In early 2020, we expanded our overall technology platform, product portfolio, and significantly increased our commercial infrastructure, especially in the United States, through our strategic acquisitions of Parcus Medical, LLC, or Parcus Medical, a sports medicine and instrumentation solutions provider, and Arthrosurface, Inc., or Arthrosurface, a company specializing in bone preserving partial and total joint replacement solutions. These acquisitions have ignited the transformation of our company by augmenting our HA-based OA pain management and regenerative products with a broad suite of products and capabilities focused on early intervention joint preservation primarily in upper and lower extremities such as shoulder, foot/ankle, knee and han

View Full Filing

View this 10-K filing on SEC EDGAR