Anika Therapeutics, Inc. Revenue Disclosure

13. Revenue and Geographic Information

 

The Company has two classifications of revenue: Original Equipment Manufacturer (“OEM”) Channel and the Commercial Channel. In the OEM Channel, the Company is responsible for development and manufacturing of products sold to the Company’s OEM partners governed by long-term agreements, but the Company does not control sales, marketing, or pricing with end users. Revenue from the Company’s U.S. OA Pain Management business and the Non-Orthopedic businesses is included in the OEM Channel. In the Commercial Channel, the Company has full responsibility for sales, marketing, and pricing of products through its commercial leaders, direct sales representatives, and independent distributors. Revenue from the Company’s Regenerative Solutions and international OA Pain Management businesses is included in the Commercial Channel.

 

 

 

Product revenue by product family is as follows:

 

		Years Ended December 31,
		2025								2024								2023
		Revenue				Percentage of Product Revenue				Revenue				Percentage of Product Revenue				Revenue				Percentage of Product Revenue
OEM Channel		$	64,406				57	%		$	77,770				65	%		$	84,645				70	%
Commercial Channel			48,413				43	%			42,137				35	%			36,147				30	%
Total		$	112,819				100	%		$	119,907				100	%		$	120,792				100	%

 

Product revenue from the Company’s sole significant customer, J&J MedTech, as a percentage of the Company’s total product revenue was 50%, 57%, and 62% for the years ended December 31, 2025, 2024, and 2023, respectively.

 

Total revenue by geographic location based on the location of the customer in total and as a percentage of total revenue are as follows:

 

		Years Ended December 31,
		2025								2024								2023
		Total				Percentage of				Total				Percentage of				Total				Percentage of
		Revenue				Revenue				Revenue				Revenue				Revenue				Revenue
Geographic Location:
United States		$	70,058				62	%		$	82,446				69	%		$	86,911				72	%
Europe			22,214				20	%			19,403				16	%			17,313				14	%
Other			20,547				18	%			18,058				15	%			16,568				14	%
Total		$	112,819				100	%		$	119,907				100	%		$	120,792				100	%

 

Net long-lived assets, consisting primarily of net property and equipment, are subject to geographic risks because they are generally difficult to move and to effectively utilize in another geographic area in a reasonable time period and because they are relatively illiquid. Net tangible long-lived assets by principal geographic areas are as follows:

 

		As of December 31,
		2025				2024
United States		$	39,469			$	37,964
Italy			853				1,001
United Kingdom			2				29
Total		$	40,324			$	38,994