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<SEC-DOCUMENT>0001157523-10-006736.txt : 20101108
<SEC-HEADER>0001157523-10-006736.hdr.sgml : 20101108
<ACCEPTANCE-DATETIME>20101108170828
ACCESSION NUMBER:		0001157523-10-006736
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20101108
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20101108
DATE AS OF CHANGE:		20101108

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:		101173219

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a6502954.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
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    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">UNITED STATES</font><font style="font-size: 12pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 12pt"></font><font style="font-size: 12pt; font-family: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">Washington, D.C. 20549</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman">FORM 8-K</font><br>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">CURRENT REPORT</font><font style="font-size: 12pt"><br style="font-size: 12pt"></font><font style="font-size: 12pt">PURSUANT
      TO SECTION 13 OR 15(d)</font><br><font style="font-size: 12pt">OF THE
      SECURITIES EXCHANGE ACT OF 1934</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 11pt; font-family: Times New Roman">Date of
      Report (Date of earliest event reported): November 8, 2010</font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Anika Therapeutics, Inc.</font><br><i>(Exact
      name of registrant as specified in its charter)</i>
    </p>
    <hr style="height: 1.0 pt; text-align: center; color: #000000; width: 20%">


    <p style="text-align: center">

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Massachusetts
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; width: 34%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; width: 33%; text-align: center; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            04-3145961
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction of<br>incorporation or
            organization)</i>
          </p>
        </td>
        <td style="width: 34%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Commission file number</i>
          </p>
        </td>
        <td style="width: 33%; text-align: center; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center">
      32 Wiggins Avenue, Bedford, MA 01730<br><i>(Address of principal
      executive offices) (Zip code)</i>
    </p>
    <p style="text-align: center">
      <i>Registrant&#8217;s telephone number, including area code:&#160;&#160;&#160;</i>781-457-9000
    </p>
    <p style="text-align: center">
      <br>
      <i>(Former name or former address, if changed since last report)</i>
    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 20%; text-align: center">


    <p style="text-align: center">

    </p>
    <p>
      <font style="font-size: 10pt; font-family: 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>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font><br><font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font><br><br><br>
    </p>
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">
    <hr style="height: 1.0 pt; color: #000000; width: 100%; text-align: center">


    <p style="text-align: center">

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b>
    </p>
    <p>
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      The following information, including the exhibit attached hereto, is
      intended to be furnished and shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)
      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.
    </p>
    <p>
      On November 8, 2010, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the third quarter ended September
      30, 2010.&#160;&#160;The full text of the press release is furnished as Exhibit
      99.1 hereto and is incorporated herein by reference.
    </p>
    <p style="text-align: center">
      <b>Section 9--Financial Statements and Exhibits</b>
    </p>
    <p>
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>
      (d)&#160;&#160;Exhibits.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated November
      8, 2010.
    </p>
    <p style="white-space: nowrap; text-align: center; margin-left: 60.0px">
      <br>
      <br>
      <br>
      [Remainder of page left blank intentionally]
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">SIGNATURE</font><br>
    </p>
    <p>
      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.
    </p>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
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        <td style="width: 44%">

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Anika Therapeutics, Inc.
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
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        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3">

        </td>
        <td style="width: 13%">
          &#160;
        </td>
      </tr>
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        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td colspan="3" style="text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
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        <td style="width: 6%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated:
          </p>
        </td>
        <td style="width: 44%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            November 8, 2010
          </p>
        </td>
        <td style="width: 3%; text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          By:
        </td>
        <td style="width: 4%; border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="width: 30%; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Kevin W. Quinlan
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">
          &#160;
        </td>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Kevin W. Quinlan
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
      <tr>
        <td style="width: 6%">

        </td>
        <td style="width: 44%">

        </td>
        <td style="width: 3%">

        </td>
        <td style="width: 4%">

        </td>
        <td style="width: 30%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 13%">

        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

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          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      Exhibit Index
    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
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          99.1
        </td>
        <td style="width: 93%; text-align: left; padding-left: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Anika Therapeutics, Inc. dated November 8, 2010.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a6502954ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Anika
      Therapeutics Reports 29% Total Revenue Growth in Third Quarter 2010</b></font>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>FAB
      Integration and Manufacturing Consolidation Continue on Schedule;
      Company Files with FDA for 510(k) Approval of Three FAB Orthopedic
      Products</b></font></i>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--November 8, 2010--<u>Anika
      Therapeutics, Inc</u>. (Nasdaq: ANIK), a leader in products for tissue
      protection, healing, and repair, based on <u>hyaluronic acid</u> (&#8220;HA&#8221;)
      technology, today reported financial results for the quarter ended
      September 30, 2010.
    </p>
    <p>
      <b>Third-Quarter Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue and product revenue up 29% and 31%, respectively
      </li>
      <li style="margin-bottom: 10.0px">
        Orthobiologics revenue rises 25%, driven by strong U.S. sales of
        ORTHOVISC<sup><i><b>&#174;</b></i></sup>
      </li>
      <li style="margin-bottom: 10.0px">
        510(k) submissions completed for three FAB joint health products
      </li>
      <li style="margin-bottom: 10.0px">
        Continued progress on PMA application for MONOVISC
      </li>
      <li style="margin-bottom: 10.0px">
        Key milestones achieved in FAB information systems integration
      </li>
    </ul>
    <p>
      <b>Revenue</b>
    </p>
    <p>
      Anika&#8217;s consolidated product revenue increased 31% to $13.2 million for
      the third quarter of 2010, from $10.1 million in the third quarter of
      2009. Excluding revenue from Fidia Advanced Biopolymers, s.r.l. (&#8220;FAB&#8221;),
      which was acquired by Anika late in the fourth quarter of 2009, product
      revenue grew 14% from the third quarter last year. This growth was
      primarily due to continued strong U.S. sales of the Company&#8217;s <u>ORTHOVISC</u><sup><b>&#174;</b></sup>
      product line as well as increased contribution from international sales
      of MONOVISC<sup>TM</sup>.
    </p>
    <p>
      Total revenue for the third quarter of 2010 increased 29% to $13.9
      million, from $10.8 million in the year-earlier quarter.
    </p>
    <p>
      <b>Product Gross Margin</b>
    </p>
    <p>
      Product gross margin for the third quarter of 2010 was 54%, compared
      with 65% in the third quarter last year. The decrease in product gross
      margin largely reflected the addition of FAB products into Anika&#8217;s
      overall product mix, and duplicate manufacturing expenditures during the
      transition from Woburn to our Bedford, MA facility.
    </p>
    <div style="margin-bottom: 10pt; text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <b>Operating Expenses</b>
    </p>
    <p>
      Research and development expenses for the third quarter of 2010
      decreased to $1.8 million, from $2.4 million in the third quarter of
      2009. Spending declined subsequent to the completion of Anika&#8217;s U.S.
      MONOVISC clinical trial in the third quarter of 2009. This decline was
      partially offset by the inclusion of FAB&#8217;s R&amp;D expenses.
    </p>
    <p>
      Selling, general and administrative expenses for the third quarter of
      2010 increased to $3.9 million from $2.8 million in the same quarter of
      2009, primarily as a result of the addition of FAB&#8217;s SG&amp;A costs
      including integration costs.
    </p>
    <p>
      <b>Operating and Net Income</b>
    </p>
    <p>
      Operating income for the third quarter grew 3% to $2.1 million, compared
      with $2.0 million in the same period last year. However, this operating
      income increase was more than offset by higher taxes as the Company
      increased its estimated tax rate for 2010 to 39.6% from 38% estimated in
      the second quarter. The reasons for the tax rate increase in 2010 are
      lower investment tax credits and R&amp;D credits in 2010 versus 2009, and
      the impact of FAB&#8217;s losses on our blended tax rate. As a result, net
      income for the third quarter of 2010 decreased to $1.2 million, or $0.09
      per diluted share, compared with $1.5 million, or $0.13 per diluted
      share, for the same period last year. The comparison with the third
      quarter of 2009 was also negatively impacted by the dilutive effect of
      the FAB acquisition.
    </p>
    <p>
      <b>Cash and Cash Equivalents</b>
    </p>
    <p>
      Anika&#8217;s cash and cash equivalents at September 30, 2010 were $25.8
      million, compared with $24.4 million at December 31, 2009.
    </p>
    <p>
      <b>Management Commentary</b>
    </p>
    <p>
      &#8220;Anika continued to perform well in the third quarter,&#8221; said Charles H.
      Sherwood, Ph.D., president and chief executive officer. &#8220;Driven by
      strong domestic sales of ORTHOVISC, it was our 13<sup>th</sup>
      consecutive quarter of year-over-year product revenue growth, and we
      advanced in significant ways on our key goals. The first of these goals
      is to continue growing sales of ORTHOVISC. All the key indicators for
      ORTHOVISC are moving in the right direction, including growth in sales
      and market share.&#8221;
    </p>
    <p>
      &#8220;With FAB, our pipeline is broader and stronger than ever, and our
      second goal is to receive FDA approval and launch FAB orthobiologics
      products in the United States,&#8221; said Sherwood. &#8220;We submitted 510(k)
      applications for three FAB products in the third quarter, and expect to
      receive our first approval by year-end 2010 with two others to follow in
      the first quarter of 2011.&#8221;
    </p>
    <p>
      &#8220;Our third key goal focuses on the U.S. launch of MONOVISC &#8211; our
      single-injection osteoarthritis product,&#8221; Sherwood said. &#8220;We continued
      to make progress on our PMA application in the third quarter, submitting
      our responses to questions stemming from our meeting with the FDA in May
      2010. At the same time, we are continuing efforts to expand distribution
      of FAB&#8217;s tissue technology products outside of Italy, which is our
      fourth goal.&#8221;
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
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        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      &#8220;Our fifth goal is to reduce FAB&#8217;s operating loss,&#8221; Sherwood said. &#8220;A
      key focus in our efforts to improve FAB&#8217;s bottom line is to drive FAB
      product revenue growth, and launching the first FAB joint health and
      advanced wound care products into the U.S. market will be an important
      step in this direction. At the same time, our FAB integration process is
      moving forward on schedule and is beginning to deliver the anticipated
      cost savings.&#8221;
    </p>
    <p>
      &#8220;This was also another quarter of progress toward our sixth goal &#8211;
      consolidating Anika&#8217;s U.S. manufacturing operations in Bedford,
      Massachusetts,&#8221; said Sherwood. &#8220;We hit critical building system and
      validation milestones on schedule. As a result, we are now fully
      operational in Bedford for Anika&#8217;s entire cross-linked product line.&#8221;
    </p>
    <p>
      &#8220;In summary, Anika again delivered solid top-line growth in the third
      quarter, while we continued to execute successfully on our strategic
      goals,&#8221; Sherwood said.
    </p>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      Anika will hold a conference call to discuss its financial results,
      business highlights and outlook tomorrow, Tuesday, November 9, 2010 at
      9:00 a.m. ET. In addition, the Company will answer questions concerning
      business and financial developments and trends, and other business and
      financial matters affecting the Company, some of the responses to which
      may contain information that has not been previously disclosed.
    </p>
    <p>
      To listen to the conference call, dial 800-291-5365 (International
      callers dial 617-614-3922) and use the passcode 62761665. Please call
      approximately 10 minutes before the starting time and reference Anika
      Therapeutics. In addition, the conference call will be available through
      a live audio webcast in the <u>&#8220;Investor Relations&#8221;</u>
      section of the Anika Therapeutics website, <u>www.anikatherapeutics.com</u>.
      An accompanying slide presentation also can be accessed via the Anika
      Therapeutics website. The conference call will be archived and
      accessible on the same website shortly after the conclusion of the call.
    </p>
    <p>
      <b>About Anika Therapeutics, Inc.</b>
    </p>
    <p>
      Headquartered in Bedford, Mass., <u>Anika Therapeutics, Inc</u>.
      develops, manufactures and commercializes therapeutic products for
      tissue protection, healing, and repair. These products are based on <u>hyaluronic
      acid (HA)</u>, a naturally occurring, biocompatible polymer found
      throughout the body. Anika&#8217;s products range from orthopedic/joint health
      solutions led by <u>ORTHOVISC</u><sup>&#174;</sup>, a treatment for
      osteoarthritis of the knee; to surgical aids in the <u>ophthalmic</u>
      and <u>anti-adhesion</u> fields. The company also offers <u>aesthetic
      dermal fillers</u> for the correction of facial wrinkles. Anika&#8217;s
      Italian subsidiary, Fidia Advanced Biopolymers, S.r.l (FAB), provides
      complementary HA products in orthopedic/joint health and anti-adhesion,
      as well as therapeutics in new areas such as advanced wound treatment
      and ear, nose and throat care. FAB&#8217;s regenerative tissue technology
      advances Anika&#8217;s vision to offer therapeutic products that go beyond
      pain relief to protect and restore damaged tissue.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
    <p>
      <i>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 &quot;expectations,&quot;
      &quot;remains,&quot; &quot;focus,&quot; &quot;expected,&quot; &quot;prospective,&quot; &quot;expanding,&quot; &quot;building,&quot;
      &quot;continue,&quot; &quot;progress,&quot; &#8220;plan,&#8221; &quot;efforts,&quot; &quot;hope,&quot; &quot;believe,&quot;
      &quot;objectives,&quot; &quot;opportunities,&quot; &quot;will,&quot; &quot;seek,&quot; &#8220;expect&#8221; and other
      expressions which are predictions of or indicate future events and trends</i>
      <i>do not constitute historical matters and identify forward-looking
      statements.</i> <i>These statements also include those relating to: (i)
      the timing of FDA approval, if at all, and the launch of key FAB
      orthobiologics products in the United States, (ii) expectations relating
      to approval and launch of MONOVISC, (iii) the reduction of FAB&#8217;s
      operating loss, (iv) the consolidation of Anika&#8217;s manufacturing
      operations in Bedford, Massachusetts, and (v) growth in sales and market
      share for ORTHVISC, and</i> <i>(vi) Anika&#8217;s ability to deliver growth in
      margins and earnings over the next several quarters.</i> <i>These
      statements are based upon the current beliefs and expectations of the
      Company's management and are subject to significant risks, uncertainties
      and other factors.</i> <i>The Company'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'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 or timely file and 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
      Company'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; (iii) the cost effectiveness
      and efficiency of our manufacturing operations and production planning;
      (iv) 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; (v) future determinations by the Company to allocate
      resources to products and in directions not presently contemplated, or
      (vi) the Company&#8217;s ability to launch MONOVISC in the U.S., if at all.</i>
      <i>Any delay in receiving any regulatory approvals may adversely affect
      the Company's competitive position.</i> <i>Even if regulatory approvals
      are obtained, there is a risk that meaningful sales of the products may
      not be achieved.</i> <i>There is also a risk that (i) the Company'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's efforts to enter into
      long-term marketing and distribution arrangements, including with new
      international distributors for ORTHOVISC and MONOVISC, will not be
      successful, (iii) new distribution arrangements will not result in
      meaningful sales of the Company's products, (iv) the Company&#8217;s
      distributors will be unable to achieve performance and sales threshold
      milestones in its distribution agreements, (v) competitive products will
      adversely impact the Company'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 could have a material adverse effect on our results of
      operations, or (viii) increased sales of the Company's products,
      including HYVISC, ORTHOVISC , 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's business and operations.</i> <i>Certain other factors that
      might cause the Company's actual results to differ materially from those
      in the forward-looking statements include those set forth under the
      headings &quot;Business,&quot; &quot;Risk Factors&quot; and &quot;Management's Discussion and
      Analysis of Financial Condition and Results of Operations&quot; in the
      Company's Annual Report on Form 10-K for the year ended December 31,
      2009, as well as those described in the Company's other press releases
      and SEC filings.</i>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td colspan="17" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Three Months Ended September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="6" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,179,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,087,130
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          38,542,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          27,376,966
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Licensing, milestone and contract revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          689,815
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          705,634
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,292,723
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,139,798
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,869,214
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,792,764
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          40,835,101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          29,516,764
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,108,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,551,374
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,123,930
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          10,057,200
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Research &amp; development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,774,623
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,382,146
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          5,486,920
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,862,683
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Selling, general &amp; administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,908,452
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,842,991
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          13,164,775
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8,613,525
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          11,791,577
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8,776,511
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          35,775,625
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          25,533,408
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,077,637
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,016,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          5,059,476
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,983,356
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Interest income (expense), net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (39,888
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (44,096
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (149,095
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (44,038
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,037,749
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,972,157
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          4,910,381
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,939,318
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          853,485
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          460,232
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,945,086
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          948,899
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,184,264
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,511,925
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,965,295
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,990,419
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Basic net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.23
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,633,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,385,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,615,705
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,379,128
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Diluted net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.09
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.13
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.22
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0.26
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,622,603
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,575,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          13,598,886
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,535,721
        </td>
        <td>

        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="9" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>September 30,</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          25,765,924
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          24,426,990
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Short-term investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Accounts receivable, net of reserves of $272,723 at September 30,<br>2010
            and $29,261 at December 31, 2009
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          14,729,937
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,778,743
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9,395,081
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          8,547,339
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Current portion deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,215,930
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,228,291
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,039,871
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,892,858
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          54,146,743
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          49,874,221
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Property and equipment, at cost
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          48,791,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          47,172,403
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Less: accumulated depreciation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (12,371,651
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          (11,424,788
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          36,419,923
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          35,747,615
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term deposits and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          397,252
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          413,228
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Intangible assets, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          30,375,165
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          33,577,451
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,524,110
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,506,362
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px" valign="top">
          Goodwill
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          6,990,157
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          7,488,036
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          129,853,350
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          130,606,913
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: center; padding-left: 0.0px" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accounts payable
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9,164,823
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,354,761
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          4,864,825
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          5,816,170
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,700,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,751,467
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,600,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,600,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 30.0px" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          18,329,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          16,522,398
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,625,365
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,775,386
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,074,995
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          8,099,996
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Deferred tax liability
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,845,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9,265,631
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          11,600,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          12,800,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Commitments and contingencies (Note 9)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Stockholders&#8217; equity:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Preferred stock, $.01 par value; 1,250,000 shares authorized, no<br>shares
            issued and outstanding at September 30, 2010 and December<br>31,
            2009
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Common stock, $.01 par value; 30,000,000 shares authorized,<br>13,481,303
            shares issued and outstanding at September 30, 2010 and<br>13,418,772
            shares issued and outstanding at December 31, 2009
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          134,813
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          134,188
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Additional paid-in-capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          61,605,044
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          60,539,768
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 15.0px" valign="top">
          Accumulated currency translation adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          (1,796,614
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          -
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          24,434,841
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          21,469,546
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          84,378,084
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          82,143,502
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px" valign="top">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          129,853,350
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-bottom: 4.0px; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          130,606,913
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; text-indent: 0pt; margin-right: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

        </div>
      </div>
      <div style="page-break-after: always">
        <div style="text-align: center">

        </div>
        <div style="text-align: center">
          <hr style="height: 1.5pt; color: black">

        </div>
      </div>
      <div>
        <div style="text-align: right">

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; font-family: Times New Roman; margin-bottom: 10.0px; width: 100%" cellspacing="0">
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="2">

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td colspan="32" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="32" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Supplemental Financial Data -</b>
        </td>
      </tr>
      <tr>
        <td colspan="32" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="32" style="text-align: center; padding-left: 0.0px" valign="top">
          <b>Revenue by Product Line and Product Gross Margin</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="15" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <b>Quarter Ended September 30,</b>
        </td>
        <td>

        </td>
        <td colspan="15" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Orthobiologics
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,675,342
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          58
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,136,101
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          61
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          22,321,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          58
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          16,854,428
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          61
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Dermal
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            318,833
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            623,358
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2,402,852
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            761,532
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Ophthalmic surgery
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          3,332,883
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          25
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,705,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          27
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          8,768,851
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          23
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,832,072
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          29
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 10.0px" valign="top">
          Surgical
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1,187,378
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            37,065
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2,974,869
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          8
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            95,290
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          0
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 10.0px" valign="top">
          Veterinary
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            664,963
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          5
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            584,709
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          6
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            2,073,947
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          5
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            1,833,644
          </p>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          7
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          13,179,399
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          10,087,130
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          38,542,378
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          27,376,966
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product gross profit
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,070,897
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          6,535,756
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          21,418,448
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17,319,766
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          Product gross margin
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          54
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          65
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          56
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          63
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="15" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <b>Quarter Ended September 30,</b>
        </td>
        <td>

        </td>
        <td colspan="15" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="top">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="4" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          <b>2009</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 0.0px" valign="top">
          <b>Georgraphic Location:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          United States
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9,212,832
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          70
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          7,317,404
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          73
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          26,488,673
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          69
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          19,914,630
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          73
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-left: 5.0px" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          2,850,595
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          22
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          1,923,502
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          19
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          9,024,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          23
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          4,728,911
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: right; padding-left: 0.0px" valign="bottom">
          17
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 2.0px; padding-left: 5.0px" valign="top">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          1,115,972
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          846,224
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          3,029,684
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          8
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          2,733,425
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right; padding-left: 0.0px" valign="bottom">
          10
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
      <tr>
        <td style="text-align: left; padding-bottom: 4.0px; padding-left: 10.0px" valign="top">
          Total
        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          13,179,399
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          10,087,130
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          38,542,378
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          $
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          27,376,966
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right; padding-left: 0.0px" valign="bottom">
          100
        </td>
        <td style="padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: left; padding-left: 0.0px" valign="bottom">
          %
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Anika Therapeutics, Inc.<br>Charles H. Sherwood, Ph.D., CEO,
      781-457-9000<br>or<br>Kevin W. Quinlan, CFO, 781-457-9000
    </p>
    <p>

    </p>
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