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<SEC-DOCUMENT>0001275287-06-002178.txt : 20060426
<SEC-HEADER>0001275287-06-002178.hdr.sgml : 20060426
<ACCEPTANCE-DATETIME>20060425203658
ACCESSION NUMBER:		0001275287-06-002178
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060425
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20060426
DATE AS OF CHANGE:		20060425

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANIKA THERAPEUTICS INC
		CENTRAL INDEX KEY:			0000898437
		STANDARD INDUSTRIAL CLASSIFICATION:	SURGICAL & MEDICAL INSTRUMENTS & APPARATUS [3841]
		IRS NUMBER:				043145961
		STATE OF INCORPORATION:			MA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14027
		FILM NUMBER:		06779336

	BUSINESS ADDRESS:	
		STREET 1:		236 WEST CUMMINGS PARK
		CITY:			WOBURN
		STATE:			MA
		ZIP:			01801
		BUSINESS PHONE:		6179326616

	MAIL ADDRESS:	
		STREET 1:		236 WEST CUMMINGS PARK
		CITY:			WOBURN
		STATE:			MA
		ZIP:			01801

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA RESEARCH INC
		DATE OF NAME CHANGE:	19930309
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<TYPE>8-K
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<DESCRIPTION>FORM 8-K
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<p  align="center"><font size="5" face="Times New Roman"><b>UNITED STATES<br> SECURITIES AND EXCHANGE COMMISSION</b></font></p>
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<font size="3" face="Times New Roman"><b>Washington, D.C. 20549</b></font></p>
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<font size="5" face="Times New Roman"><b>FORM 8-K</b></font></p>
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<font size="3" face="Times New Roman"><b>CURRENT REPORT<br> PURSUANT TO SECTION 13 OR 15(d)<br> OF THE SECURITIES EXCHANGE ACT OF 1934</b></font></p>
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<font size="2" face="Times New Roman"><b>Date of Report (Date of earliest event reported):&#160; April 25, 2006</b></font></p>
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<font size="6" face="Times New Roman"><b>Anika   Therapeutics, Inc.</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Exact name of registrant as specified in its   charter)</i></font></p>  </td>
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  <p align="center"><font size="2" face="Times New Roman"><b>Massachusetts</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>000-21326</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>04-314-5961</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(State or other jurisdiction of<br>   incorporation or organization)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>Commission file number</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(I.R.S. Employer<br>   Identification No.)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><b>160 New Boston Street, Woburn, MA</b></font></p>  </td>
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<font size="2" face="Times New Roman"><b>01801</b></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Address of principal executive offices)</i></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Zip code)</i></font></p>  </td>
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  <p align="center"><font size="2" face="Times New Roman"><i><strong>Registrant&#146;s   telephone number, including area code: </strong></i><strong>781-932-6616</strong></font></p>  </td>
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<font size="2" face="Times New Roman"><i>(Former name or former address, if changed since last   report)</i></font></p>  </td>
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<font size="2" face="Times New Roman">Check the appropriate box   below if the Form 8-K filing is intended to simultaneously satisfy the filing   obligation of the registrant under any of the following provisions:</font></p>  </td>
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<font size="2" face="Wingdings">o</font></p>  </td>
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<font size="2" face="Times New Roman">Written communications   pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>  </td>
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<font size="2" face="Times New Roman">Pre-commencement   communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR   240.14d-2(b))</font></p>  </td>
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<font size="2" face="Times New Roman">Pre-commencement   communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR   240.13e-4(c))</font></p>  </td>
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<p  align="center">
<font size="2" face="Times New Roman"><b>Section 2--Financial Information</b></font></p>
<p>
<font size="2" face="Times New Roman">Item 2.02.&#160; Results of Operations and Financial Condition.</font></p>
<p>
<font size="2" face="Times New Roman">The following information, including the exhibit attached hereto, is intended to be furnished and shall not be deemed &#147;filed&#148; for purposes of Section 18 of the Securities Exchange Act of 1934 (the &#147;Exchange Act&#148;) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such filing.</font></p>
<p>
<font size="2" face="Times New Roman">On April 25, 2006, Anika Therapeutics, Inc. issued a press release announcing its financial results for the first quarter of 2006,.&#160; The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</font></p>

<p  align="center"><font size="2" face="Times New Roman"><b>Section 9--Financial Statements and Exhibits</b></font></p>
<p>
<font size="2" face="Times New Roman">Item 9.01.&#160; Financial Statements and Exhibits.</font></p>
<p>
<font size="2" face="Times New Roman">(d)&#160; Exhibits.</font></p>
<p>
<font size="2" face="Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Anika Therapeutics, Inc. dated April 25, 2006.</font></p>
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<font size="2" face="Times New Roman"><strong>SIGNATURE</strong></font></p>
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<font size="2" face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be filed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<font size="2" face="Times New Roman">Anika Therapeutics, Inc.</font></p>  </td>
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<font size="2" face="Times New Roman">Dated: April 25, 2006</font></p>  </td>
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<font size="2" face="Times New Roman">By:</font></p>  </td>
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<font size="2" face="Times New Roman">/s/ Kevin W. Quinlan</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Kevin W. Quinlan</font></p>  </td>
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  <p><font size="2" face="Times New Roman">Chief Financial Officer</font></p>  </td>
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<p  align="center"><font size="2" face="Times New Roman"><strong>Exhibit Index</strong></font></p>
<p><font size="2" face="Times New Roman">99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Press Release of Anika Therapeutics, Inc. dated April 25, 2006.</font></p>

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<DESCRIPTION>EXHIBIT 99.1
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<p  align=right><font size="2" face="Times New Roman"><b>Exhibit 99.1</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Anika Therapeutics Reports First Quarter 2006 Financial Results</b></font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; WOBURN, Mass., April 25 /PRNewswire-FirstCall/ -- Anika Therapeutics, Inc. (Nasdaq: ANIK) today reported financial results for the first quarter ended March 31, 2006. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product revenue was $6,266,000 for the first quarter of 2006, versus $5,677,000 in the same period last year.&#160; Licensing, milestone and contract revenue for the first quarter of 2006 was $687,000 compared with $1,614,000 in the first quarter of 2005.&#160; Licensing, milestone and contract revenue in the first quarter of 2005 included $918,000 of contract revenue in connection with the company&#146;s development and commercialization contract with OrthoNeutrogena for its hyaluronic acid-based cosmetic tissue augmentation product, which was terminated in the third quarter of 2005.&#160; Total revenue for the first quarter of 2006 was $6,953,000 compared with $7,291,000 in the first quarter of 2005. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product Gross Margins<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Product gross margin for the first quarter of 2006 increased to 51% from 47% for the corresponding period in 2005.&#160; The increase in product gross margin is due primarily to higher production volume and lower raw material prices during the first quarter of 2006 compared to the same period in 2005. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Income<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net income for the first quarter of 2006 was $881,000, or $0.08 per diluted share, compared with $1,202,000, or $0.11 per diluted share, for the same period last year.&#160; The impact from the adoption of SFAS 123R reduced first quarter 2006 earnings per diluted share by $0.02. </font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating Expenses<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total operating expenses were $5,914,000 for the first quarter of 2006, compared with $5,485,000 in the first quarter of 2005.&#160; The increase reflects $383,000 in stock-based compensation from adoption of SFAS 123R in the first quarter of 2006, as well as an increase in professional fees in selling, general &amp; administrative expenses. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance Sheet<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika&#146;s cash and cash equivalents at March 31, 2006 were $44,460,000 compared with $44,747,000 at December 31, 2005. The company has no short or long term debt.&#160; Capital expenditures for the first quarter of 2006 were $366,000, and primarily related to upgrading our manufacturing capabilities. </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First-Quarter Highlights and Outlook<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;During the first quarter, we grew product revenue 10 percent to a company-record $6.3 million,&#148; said Charles H. Sherwood, Ph.D., Anika&#146;s president and chief executive officer.&#160; &#147;This growth in product revenue reflected increased sales across all three of our product franchises.&#160; We also reported strong product margins of 51% as a result of our product sales growth, coupled with our manufacturing efficiency initiatives.&#148; </font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &#147;As we look forward to the remainder of 2006, we have three key goals. They include signing a worldwide marketing and distribution partner for our cosmetic tissue augmentation (CTA) product, obtaining approval for our PMA from the FDA to market our CTA product in the U.S., and driving domestic and international OrthoVisc sales,&#148; concluded Sherwood. </font></p>

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<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Conference Call Information<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The company will hold a conference call to review its financial results and business highlights on Wednesday, April 26, 2006, at 9:00 a.m. ET. In addition, the company may address during the conference call its business and financial developments and trends, including those involving product lines and business partners; and other business and financial matters affecting the company, which may contain information that has not been previously disclosed. To listen to the conference call, dial 888.396.2384 or 617.847.8711 and use the passcode 82755034 approximately 10 minutes before the starting time and reference Anika Therapeutics. In addition, the conference call will be available to interested parties through a live audio Internet broadcast at http://www.anikatherapeutics.com. The call will be archived and
accessible on the same Web site for six months shortly after the completion of the call. </font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; About Anika Therapeutics, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Headquartered in Woburn, Mass., Anika Therapeutics, Inc. (http://www.anikatherapeutics.com) develops, manufactures and commercializes therapeutic products for tissue protection and healing. These products are based on hyaluronic acid (HA), a naturally occurring, biocompatible polymer found throughout the body. Anika products include OrthoVisc(R), a treatment for osteoarthritis of the knee available internationally and marketed in the U.S. by DePuy Mitek, and Hyvisc(R), a treatment for equine osteoarthritis marketed in the U.S. by Boehringer Ingelheim Vetmedica, Inc. Anika manufactures Amvisc(TM) and Amvisc Plus(TM), HA viscoelastic products for ophthalmic surgery. It also produces STAARVISC(TM)-II, which is distributed by STAAR Surgical Company and Shellgel(TM) for Cytosol Ophthalmics, Inc.</font></p>
<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The statements made in this press release which are not statements of historical fact are 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, including, without limitation, statements that may be identified by words such as &#147;expectations,&#148; &#147;remains,&#148; &#147;focus,&#148; &#147;expected,&#148; &#147;prospective,&#148; &#147;expanding,&#148; &#147;building,&#148; &#147;continue,&#148; &#147;progress,&#148; &#147;efforts,&#148; &#147;hope,&#148; &#147;believe,&#148; &#147;objectives,&#148; &#147;opportunities,&#148; &#147;will,&#148; &#147;seek,&#148; and other expressions which are predictions of or indicate future events and trends and which do not constitute historical matters identify forward-looking statements. These statements also include statements regarding: (i) the company&#146;s
expectations regarding its cosmetic tissue augmentation product, (ii) its plans to seek a worldwide marketing and distribution partner for its cosmetic tissue augmentation product, (iii) its goal to obtain U.S. marketing approval for its cosmetic tissue augmentation product, and (iv) its goal to drive domestic and international OrthoVisc sales.&#160; These statements are based upon the current beliefs and expectations of the company&#146;s management and are subject to significant risks, uncertainties and other factors. The company&#146;s actual results could differ materially from any anticipated future results, performance or achievements described in the forward-looking statements as a result of a number of factors including: (i) the company&#146;s ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all, obtain clinical data to support a pre-market approval application and/or FDA approval, and/or receive FDA or other regulatory approvals of its
products, or that such approvals will not be obtained in a timely manner or without the need for additional clinical trials; (ii) the success of the company&#146;s efforts to improve the financial performance of its core business; (iii) the company&#146;s research and product development efforts and their relative success, including whether the company has any meaningful sales of any new products resulting from such efforts; (iv) the cost effectiveness and efficiency of our manufacturing operations and production planning; (v) the strength of the economies in which the company operates or will be operating, as well as the political stability of any of those geographic areas or (vi) future determinations by the company to allocate resources to products and in directions not presently contemplated. Any delay in receiving any regulatory approvals may adversely affect the company&#146;s competitive position. Even if regulatory approvals are obtained, there is a risk that meaningful sales of the products
may not be achieved. There is also a risk that (i) the company&#146;s existing distributors or customers will not continue to place orders at historical levels or that any of them will seek to modify or terminate existing arrangements, (ii) the company&#146;s efforts to enter into long-term marketing and distribution arrangements will not be successful, including the risk that the company will be unable to secure a marketing and distribution partner for its cosmetic tissue augmentation product or that any such marketing and distribution arrangement will be on terms unfavorable to the company, (iii) new distribution arrangements, including the agreement with DePuy Mitek pertaining to ORTHOVISC(R), will not result in meaningful sales of the company&#146;s products, (iv) the company will be unable to achieve performance and sales threshold milestones in its distribution agreements, (v) competitive products will adversely impact the company&#146;s product sales, (vi) the estimated size(s) of the markets
which the company has targeted its products will fail to be achieved, (vii) lack of adequate coverage and reimbursement provided by governments and other third party payers for our products and services, including continued classification by CMS of ORTHOVISC under a miscellaneous J-code for Medicare/Medicaid reimbursement, could have a material adverse effect on our results of operations, or (viii) increased sales of the company&#146;s products, including HYVISC(R), ORTHOVISC(R), or its ophthalmic products, will not continue or sales will decrease or not reach historical sales levels, or even if such increases occur that such increases will improve gross margins, any of which may have a material adverse effect on the company&#146;s business and operations. Certain other factors that might cause the company&#146;s actual results to differ materially from those in the forward- looking statements include those set forth under the headings &#147;Business,&#148; &#147;Risk Factors&#148; and
&#147;Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations&#148; in each of the company&#146;s Annual Report on Form 10-K for the year ended December 31, 2005, as well as those described in the company&#146;s other press releases and SEC filings. </font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Contacts:<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Anika Therapeutics, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Charles H. Sherwood, Ph.D., CEO<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kevin W. Quinlan, CFO<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (781) 932-6616&#160;&#160; </font></p>

<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>Anika Therapeutics, Inc. and Subsidiary<br> Consolidated Statements of Operations<br> (unaudited)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Quarter Ended<br>March 31,</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td width="72%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Product revenue</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="10%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">6,265,833</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="10%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">5,676,937</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Licensing, milestone and   contract revenue</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">687,127</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,614,350</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total   revenue</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">6,952,960</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">7,291,287</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Operating expenses:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Cost   of product revenue</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,047,818</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,993,964</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Research   &amp; development</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,076,792</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,199,209</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Selling,   general &amp; administrative</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,788,999</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,292,075</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total operating expenses</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">5,913,609</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">5,485,248</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Income from operations</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,039,351</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,806,039</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Interest   income</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">461,074</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">212,209</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Income before income taxes</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,500,425</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,018,248</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Income tax expense</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Provision   for income taxes</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  valign="bottom"><p  align=right> <font size="1" face="Times New Roman">619,676</font></p></td>
  <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
  <td  valign="bottom"><p  align=right> <font size="1" face="Times New Roman">816,008</font></p></td>
  <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Net income</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">880,749</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,202,240</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Basic net income per share:</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   income</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">0.08</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">0.12</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Basic   weighted average common shares outstanding</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">10,526,672</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">10,269,389</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Diluted net income per   share:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Net   income</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">0.08</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">0.11</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Diluted   weighted average common shares outstanding</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">11,218,360</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">11,264,595</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<br>
<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>Anika Therapeutics, Inc. and Subsidiary<br> Consolidated Balance Sheets<br> (unaudited)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>March 31,<br>   2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>December   31,<br>   2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td width="76%" valign="bottom" >
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">ASSETS</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Current assets:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Cash   and cash equivalents</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">44,459,721</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">44,746,656</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Accounts   receivable, net</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,240,377</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,066,240</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Inventories</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,500,983</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,270,678</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Current   portion deferred income taxes</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,301,085</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,301,085</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Prepaid   expenses</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">635,701</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,025,481</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><font size="1" face="Times New Roman">Total   current assets</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">52,137,867</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">52,410,140</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Property and equipment, at   cost</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">12,315,696</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">11,949,439</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Less:&#160; accumulated depreciation</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">(9,940,268</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">)</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">(9,853,177</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">)</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,375,428</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,096,262</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Long-term deposits</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">143,060</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">143,060</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Deferred income taxes</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">8,036,426</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">7,968,481</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Total Assets</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">62,692,781</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">62,617,943</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p align="center" style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">LIABILITIES   AND STOCKHOLDERS&#146; EQUITY</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Current liabilities:</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Accounts   payable</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">789,335</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">1,277,782</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Accrued   expenses</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,200,957</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">1,718,916</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Deferred   revenue</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,767,861</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,830,046</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><font size="1" face="Times New Roman">Total   current liabilities</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">4,758,153</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">5,826,744</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Long-term deferred revenue</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">18,225,000</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">18,900,000</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">Stockholders&#146; equity </font></p></td>
   <td  valign="bottom"><p style="margin-left:1em; text-indent:-1em"> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align=right> <font size="1" face="Times New Roman">&nbsp;&nbsp;</font></p></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
   <td  valign="bottom"><p  align=right> <font size="1" face="Times New Roman">&nbsp;&nbsp;</font></p></td>
   <td  valign="bottom"><p> <font size="1" face="Times New Roman">&nbsp;</font></p></td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Preferred stock</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Common   stock</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">105,724</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">105,004</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Additional   paid-in-capital</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">35,209,841</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">34,272,881</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em">
<font size="1" face="Times New Roman">Retained   earnings</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">4,394,063</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,513,314</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom">
  <p  style="margin-left:5em; text-indent:-1em"><font size="1" face="Times New Roman">Total   stockholders&#146; equity</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">39,709,628</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">37,891,199</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Total Liabilities and   Stockholders&#146; Equity</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">62,692,781</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">62,617,943</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<BR>

<hr size="1" width="100%" noshade color=black>
<div style="page-break-before:always"></div>
<PAGE>
<br>

<p  align="center">
<font size="2" face="Times New Roman"><b>Anika Therapeutics, Inc. and Subsidiary<br> Supplemental Financial Data --<br> (unaudited)</b></font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Product Gross Margin and Revenue by Product Line</b></font></p>

<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>Quarter   Ended<br>   March 31,</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>% Ttl</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>%Ttl</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td width="54%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Ophthalmic Products</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,937,170</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">47</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,768,655</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">49</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">ORTHOVISC</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,641,423</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">42</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,401,380</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">42</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">HYVISC</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">687,240</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">11</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">506,902</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">9</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total   product revenue</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">6,265,833</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">100</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">5,676,937</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">100</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Product gross profit</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,218,015</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">2,682,973</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Product gross margin</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">51</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">47</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p  align="center">
<font size="2" face="Times New Roman"><b>Product Revenue by Geography</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <p  align="center"><font size="1" face="Times New Roman"><b>Quarter   Ended<br>   March 31,</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="11"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>% Ttl</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>% Ttl</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <hr size="1" width="100%" noshade color=black></td>
  <td  valign="bottom">
<p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p>
  </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black></td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td width="54%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Domestic</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,900,824</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">62</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">3,574,832</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">63</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">International</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,365,009</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">38</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">2,102,105</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">37</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Total product revenue</font></p>  </td>
  <td  valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">6,265,833</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">100</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">5,676,937</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">100</font></p>  </td>
  <td  valign="bottom" >
  <p>
<font size="1" face="Times New Roman">%</font></p>  </td>
 </tr>
</table>

<p>
<font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We believe that it is useful to investors to review information concerning the company&#146;s results of operations on both a GAAP basis and a non-GAAP basis that excludes stock-based compensation expense under FAS 123(R).&#160; This measure should not be considered an alternative to measurements required by accounting principles generally accepted in the United States (&#147;GAAP&#148;) such as net income and earnings per share and should not be considered a measure of our liquidity.&#160; In addition, our non-GAAP financial measure may not be comparable to similar measures reported by other companies.</font></p>

<p><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The following table reconciles non-GAAP financial measures used in this release to the most comparable GAAP measure for the respective periods:</font></p>
<p  align="center">
<font size="2" face="Times New Roman"><b>Reconciliation of Non-GAAP Financial Measures to Comparable U.S. GAAP Measures<br> (unaudited)</b></font></p>
<table align="center"  border="0" style="border-collapse:collapse" cellspacing="0"  cellpadding="0"  width="100%">

 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="5"  valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>Quarter   Ended<br>   March 31,</b></font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  colspan="5"  valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2006</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <p  align="center">
<font size="1" face="Times New Roman"><b>2005</b></font></p>  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
  <td  colspan="2" valign="bottom">
  <hr size="1" width="100%" noshade color=black>

  </td>
  <td  valign="bottom">
  <p  align="center"><font size=1 face="Times New Roman">&nbsp;</font></p> </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td width="76%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em"><font size="1" face="Times New Roman">Diluted net income per   share</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">0.08</font></p>  </td>
  <td width="2%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">$</font></p>  </td>
  <td width="8%" valign="bottom" >
  <p  align=right>
<font size="1" face="Times New Roman">0.11</font></p>  </td>
  <td width="1%" valign="bottom" >
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">Stock-based compensation</font></p>  </td>
  <td  valign="bottom">
  <p style="margin-left:1em; text-indent:-1em">
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">0.02</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p  align=right>
<font size="1" face="Times New Roman">&#151;&nbsp;&nbsp;</font></p>  </td>
  <td  valign="bottom">
  <p>
<font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
 <tr bgcolor="#cceeff">
  <td  valign="bottom" >
  <p  style="margin-left:3em; text-indent:-1em"><font size="1" face="Times New Roman">Proforma   diluted net income per share</font></p>  </td>
  <td  valign="bottom" >
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p><font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size="1" face="Times New Roman">0.10</font></p>  </td>
  <td  valign="bottom" >
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
  <td  valign="bottom" >
  <p><font size="1" face="Times New Roman">$</font></p>  </td>
  <td  valign="bottom" >
  <p  align=right><font size="1" face="Times New Roman">0.11</font></p>  </td>
  <td  valign="bottom" >
  <p><font size="1" face="Times New Roman">&nbsp;</font></p>  </td>
 </tr>
</table>

<p><font size="2" face="Times New Roman">SOURCE&#160; Anika Therapeutics, Inc.<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-0-&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 04/25/2006<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /CONTACT:&#160; Charles H. Sherwood, Ph.D., CEO or Kevin W. Quinlan, CFO of Anika Therapeutics, Inc., +1-781-932-6616/<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; /Web site:&#160; http://www.anikatherapeutics.com /<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (ANIK)</font></p>

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