EXHIBIT 99.1 Anika Reports First Quarter 2024 Financial Results Revenue up 7% on growing demand and favorable order timing; On-track for 2024 revenue guidance Cost reduction initiatives complete; On-track to achieve 2024 adjusted EBITDA guidance of $25-30 million, up over 75% at the midpoint BEDFORD, Mass., May 08, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ: ANIK), a global joint preservation company in early intervention orthopedics, today reported financial results for its first quarter end ...

BEDFORD, Mass., May 08, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that it has appointed Steve Griffin as the Company's Executive Vice President, Chief Financial Officer ("CFO") and Treasurer, effective June 3, 2024. He succeeds Michael Levitz, who has decided to step down as CFO after almost four years with the company. Mr. Levitz will remain with the Company through December 31, 2024, to ensure a s ...

BEDFORD, Mass., April 18, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that the Company plans to issue its first quarter 2024 financial results after the close of the market on Wednesday, May 8, 2024 and hold its investor conference call on the same day, at 5:30 p.m. ET to discuss its financial results and business highlights. The conference call can be accessed by dialing 1-888-886-7786 (toll-free dom ...

BEDFORD, Mass., April 02, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that management will participate in the 23rd Annual Needham Virtual Healthcare Conference on Monday, April 8, 2024. Anika will host a virtual presentation with Q&A starting at 2:15pm ET. Webcast of the presentation and Q&A will be available in the Investor Relations section of Anika's website, www.anika.com. An archive of the presen ...

Revenue Performance - Revenue for the year ended December 31, 2023, was $166.7 million, an increase of $10.5 million, or 7%, compared to the prior year[239]. - OA Pain Management revenue increased 11% to $101.9 million, driven by global sales growth of Monovisc and strong international growth of Cingal[240]. - Joint Preservation and Restoration revenue rose 9% to $54.9 million, attributed to the adoption of new products like X-Twist and higher international sales[240]. - Non-Orthopedic revenue decreased 29% to $9.9 million, primarily due to lower veterinary sales and reclassification of revenue reporting[242]. - Total revenue for the year ended December 31, 2022, was $156.2 million, an increase of $8.4 million, or 6%, compared to the prior year, driven by recovery from the COVID-19 pandemic[267]. - Revenue from the OA Pain Management product family increased by 8% for the year ended December 31, 2022, primarily due to higher international sales and growth in adoption of products globally[268]. - Revenue from the Joint Preservation and Restoration product family increased by 4% for the year ended December 31, 2022, driven by improving elective procedure volumes and commercial adoption of new products[268]. - Revenue from the Non-Orthopedic product family decreased by 2% for the year ended December 31, 2022, mainly due to timing of distributor sales and last-time purchases of legacy products[270]. Profitability and Loss - Gross profit for 2023 was $103.1 million, with a gross margin of 62%, up from 60% in 2022, due to higher revenue and improved manufacturing efficiency[243]. - Adjusted gross profit for the year ended December 31, 2023, increased by $7.1 million to $110.1 million, representing 66% of revenue, consistent with the previous year[253]. - Adjusted net loss for 2023 was $4.3 million, a decrease of $2.7 million compared to 2022, attributed to higher revenues and improved operating performance[263]. - The net loss for the year ended December 31, 2023, was $82.7 million, or $5.64 per share, compared to a net loss of $14.9 million, or $1.02 per share, for the prior year, reflecting a $67.8 million increase in net loss[248]. - The company recorded a $62.2 million pre-tax impairment charge on intangible assets in Q4 2023, contributing significantly to the net loss[248]. - Net loss for the year ended December 31, 2022, was $14.9 million, or $1.02 per diluted share, compared to net income of $4.1 million, or $0.28 per diluted share, for the prior year[277]. Expenses - Research and development expenses increased by 16% to $32.7 million, driven by compliance costs and new product development, including the Integrity Implant System[244]. - Selling, general and administrative expenses rose 13% to $95.9 million, influenced by non-recurring costs and increased marketing efforts[245]. - Research and development expenses for the year ended December 31, 2022, were $28.2 million, an increase of 3% compared to the prior year, due to compliance costs and new product development[272]. - Selling, general and administrative expenses for the year ended December 31, 2022, were $84.8 million, an increase of 14% compared to the prior year, primarily related to expansion of commercial capabilities[273]. - The company incurred $15.2 million in stock-based compensation in 2023, reflecting ongoing employee compensation strategies[258]. Tax and Impairment - The effective tax rate for 2023 was 3.1%, down from 20.7% in 2022, primarily due to a valuation allowance on U.S. deferred tax assets[247]. - A non-cash impairment of intangible assets charge of $62.2 million was recorded in Q4 2023 due to lower growth expectations for Parcus Medical and Arthrosurface[246]. - A $62.2 million charge was recorded to intangible assets related to the Arthrosurface and Parcus reporting units due to slower than expected revenue growth[307]. Cash Flow - Cash used in operating activities was $(1.8) million for the year ended December 31, 2023, compared to $4.4 million and $8.4 million for 2022 and 2021, respectively[285]. - Cash used in investing activities was $5.4 million for the year ended December 31, 2023, compared to $7.5 million for 2022[286]. - Cash used in financing activities was $6.3 million for the year ended December 31, 2023, primarily due to $5.0 million for an accelerated stock repurchase program[287]. Product Development and Market Release - The Integrity Implant System is on track for full market release in mid-2024 after completing over 100 cases in limited market release[231]. - The increase in adjusted EBITDA was also supported by a slower ramp-up of commercial spending and overall spending control in 2023[258]. Currency and Inventory - Approximately $12.8 million of revenue was denominated in foreign currencies for the year ended December 31, 2023, primarily in Euro and UK pound sterling[311]. - The company does not engage in foreign currency hedging arrangements, exposing it to potential adverse effects from currency fluctuations[311]. - Inventory write-downs are recorded when inventory is deemed in excess of anticipated demand or obsolete, with evaluations based on historical usage and market conditions[303]. - Goodwill is tested for impairment annually, with no impairment recorded for the legacy Anika reporting unit as of November 30, 2023[306]. Revenue Recognition - Mitek accounted for 45% of total revenues for the year ended December 31, 2023[295]. - Revenue from sales-based royalties is recognized based on estimated net sales reported by commercial partners, with adjustments typically made in the following quarter[295]. - Revenue from distributor sales is recognized upon shipment to the distributor, with no significant concentration of credit risk due to a diversified base of distributors[297]. - No deferred revenue was recorded as of December 31, 2023 and 2022, indicating all revenue was recognized in the period earned[300].

Financial Data and Key Metrics Changes - Total revenue for Q4 2023 grew to $43 million, exceeding expectations, driven by growth in U.S. and international OA pain management [19] - Revenue in OA pain management increased 12% in Q4 to $25.1 million, with international business showing strong growth [20] - Adjusted EBITDA for Q4 was $5.8 million, up from $1.4 million in the same quarter last year, with an adjusted EBITDA margin of 13% [23][24] - For the full year, Anika generated revenue of $166.7 million, a 7% increase compared to the previous year [26] - GAAP gross margin for the full year was 62%, up from 60% in the prior year, while adjusted gross margin remained at 66% [27] Business Line Data and Key Metrics Changes - OA pain management revenues for the full year increased 11% to $101.9 million, driven by strong international growth [26] - Joint preservation and restoration revenue grew 9% to $54.9 million, supported by new product momentum [27] - Non-orthopedic revenues decreased 29% to $9.9 million, primarily due to order timing and last-time buys [27] Market Data and Key Metrics Changes - Cingal experienced over 20% growth internationally, contributing to the overall success in OA pain management [26] - The U.S. market for OA pain management is expected to double from $1 billion to $2 billion with Cingal's expansion [8] Company Strategy and Development Direction - The company is focusing on optimizing performance and driving stronger results, particularly in OA pain management and regenerative solutions [6][15] - A strategic review was undertaken to evaluate options for increasing shareholder value, including potential sales [16] - The company plans to reduce spending and has initiated a workforce reduction of about 9% to drive annualized cost savings of approximately $10 million [17][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth potential of new products and the overall business strategy, aiming for accelerated profitability in 2024 [6][33] - The company anticipates adjusted EBITDA for 2024 to be between $25 million and $30 million, representing a significant increase [31] - Management highlighted the importance of ongoing dialogue with the FDA regarding Cingal and the positive feedback from surgeons on new products [43][64] Other Important Information - The company recorded a non-cash impairment charge of $62.2 million related to intangible assets from previous acquisitions due to lower-than-expected growth in mature products [21][22] - Anika ended Q4 with $72.9 million in cash and no outstanding debt, maintaining a healthy balance sheet [24][25] Q&A Session Summary Question: What areas of the company will be impacted by the workforce reduction? - The main areas impacted are R&D and SG&A, primarily in marketing [38] Question: Are you happy with the results from changes to distributors for the joint preservation business? - Top distributors are performing well, and there is a significant pull for new products like Integrity and X-Twist [41] Question: When do you expect the next meeting with the FDA regarding Cingal? - Ongoing dialogue with the FDA is productive, and clarity on nonclinical data requirements is being sought [43] Question: What contribution did RevoMotion make in the quarter? - Training for about 600 surgeons occurred last year, and focused training will continue for new products [46] Question: Can you provide additional color on the impairment charge related to the Sports Med business? - The impairment charge was due to a reassessment of growth trajectories, with mature products underperforming expectations [52]

Q4 AND YEAR-END 2023 EARNINGS CALL MARCH 13, 2023 ...

EXHIBIT 99.1 Anika Reports Fourth Quarter and Year-End 2023 Financial Results Revenue growth and adjusted EBITDA exceeded expectations in the fourth quarter and full year OA Pain Management achieved record annual revenues of $102 million, up 11% in 2023 Announces cost reduction initiatives providing annualized savings of approximately $10 million Anika positioned to generate adjusted EBITDA of $25 to $30 million in 2024, up over 75% at the midpoint, representing an adjusted EBITDA margin of at least 15% BED ...

BEDFORD, Mass., March 08, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that on March 1, 2024, Anika granted non-statutory stock options ("Options") covering an aggregate of 2,500 shares of common stock at a per share exercise price of $25.14, which equaled the closing price of common stock on the Nasdaq Global Select Market ("Closing Price") on the grant date, to one newly hired non-executive employee. ...

BEDFORD, Mass., Feb. 27, 2024 (GLOBE NEWSWIRE) -- Anika Therapeutics, Inc. (NASDAQ:ANIK), a global joint preservation company in early intervention orthopedics, today announced that the Company plans to issue its fourth quarter and year-end 2023 financial results after the close of the market on Wednesday, March 13, 2024 and hold its investor conference call on the same day, at 5:00 p.m. ET to discuss its financial results and business highlights. The conference call can be accessed by dialing 1-888-886-778 ...