<SEC-DOCUMENT>0001157523-11-006320.txt : 20111102
<SEC-HEADER>0001157523-11-006320.hdr.sgml : 20111102
<ACCEPTANCE-DATETIME>20111102161649
ACCESSION NUMBER:		0001157523-11-006320
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20111102
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20111102
DATE AS OF CHANGE:		20111102

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:		111174669

	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>a50054001.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 10pt; font-family: Times New Roman">
    <p>

    </p>
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">
    <hr style="height: 1.0 pt; width: 100%; text-align: center; color: #000000">


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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 11pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 11pt"><br style="font-size: 11pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 11pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">Washington,
      D.C. 20549</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt">FORM
      8-K</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">CURRENT
      REPORT</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">PURSUANT
      TO SECTION 13 OR 15(d)</font><br><font style="font-size: 11pt">OF THE
      SECURITIES EXCHANGE ACT OF 1934</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-family: Times New Roman; font-size: 11pt">Date
      of Report (Date of earliest event reported): November 2, 2011</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">Anika
      Therapeutics, Inc.</font><font style="font-size: 11pt"><br style="font-size: 11pt"></font><font style="font-size: 11pt">(</font><i><font style="font-size: 11pt">Exact
      name of registrant as specified in its charter</font></i><font style="font-size: 11pt">)</font>
    </p>
    <hr style="height: 1.0 pt; width: 20%; text-align: center; color: #000000">


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

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Massachusetts
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 34%; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            000-21326
          </p>
        </td>
        <td valign="bottom" style="text-align: center; white-space: nowrap; width: 33%; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            04-314-5961
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(State or other jurisdiction of</i><br><i>incorporation or
            organization)</i>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 34%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Commission file number</i>
          </p>
        </td>
        <td valign="top" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            32 Wiggins Avenue, Bedford, MA 01730
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Address of principal executive offices) (Zip code)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: center; white-space: nowrap">
      <br>
      <i><font style="font-family: Times New Roman; font-size: 10pt">Registrant&#8217;s
      telephone number, including area code:&#160;&#160;&#160;</font></i><font style="font-family: Times New Roman; font-size: 10pt">781-457-9000</font><br><br><br>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 10pt">(Former
      name or former address, if changed since last report)</font></i><br>
    </p>
    <p>

    </p>
    <hr style="text-align: center; color: #000000; width: 20%; height: 1.0 pt">


    <p>

    </p>
    <p>

    </p>
    <p>
      <font style="font-family: Times New Roman; font-size: 10pt">Check the
      appropriate box below if the Form 8-K filing is intended to
      simultaneously satisfy the filing obligations of the registrant under
      any of the following provisions:</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
      240.14d-2(b))</font>
    </p>
    <p>
      <font style="font-family: Arial Unicode MS; font-size: 10pt">&#8414;</font>
      <font style="font-family: Times New Roman; font-size: 10pt">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </p>
    <p>
      <br>
      <br>

    </p>
    <hr style="text-align: center; color: #000000; width: 100%; height: 1.0 pt">
    <hr style="text-align: center; color: #000000; width: 100%; height: 1.0 pt">


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

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b><br>
    </p>
    <p style="white-space: nowrap">
      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 2, 2011, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the third quarter and nine months
      ended September 30, 2011.&#160;&#160;The full text of the press release is
      furnished as Exhibit 99.1 hereto and is incorporated herein by reference.
    </p>
    <p>

    </p>
    <p style="text-align: center">
      <b>Section 9--Financial Statements and Exhibits</b><br>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.<br>
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits.<br>
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;Press Release of Anika Therapeutics, Inc. dated November 2, 2011.<br><br><br><br>
    </p>
    <p style="text-align: center">
      [Remainder of page left blank intentionally]
    </p>
    <p style="text-align: center">
      <br>
      <br>
      <br>
      <br>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">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 signed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p>

    </p>
    <div style="text-align:center">
    <table cellspacing="0" style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 30%">
          &#160;
        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Anika Therapeutics, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" colspan="3" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 30%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: November 2, 2011
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; width: 3%; padding-left: 0.0px">
          By:
        </td>
        <td style="border-bottom: solid black 1.0pt; width: 2%">
          &#160;
        </td>
        <td valign="top" style="border-bottom: solid black 1.0pt; text-align: left; width: 35%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Kevin W. Quinlan
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td valign="top" style="text-align: left; width: 35%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Kevin W. Quinlan
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 30%">

        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="text-align: left; width: 3%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="width: 2%">

        </td>
        <td valign="top" style="text-align: left; width: 35%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

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

    </p>
    <p style="text-align: center">
      Exhibit Index<br><br>
    </p>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 10pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; width: 12%; padding-left: 0.0px; padding-right: 0.0px">
          99.1
        </td>
        <td valign="top" style="text-align: left; width: 88%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Anika Therapeutics, Inc. dated November 2, 2011.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
  </body>
</html>
<!--<!DOCTYPE html
     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"
     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
<!--<!DOCTYPE html     PUBLIC "-//W3C//DTD XHTML 1.0 Strict//EN"     "http://www.w3.org/TR/xhtml1/DTD/xhtml1-strict.dtd">-->
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50054001ex991.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
<!--Copyright 2011 Business Wire, a Berkshire Hathaway company.-->
<!--All rights reserved www.businesswire.com-->
  </head>
  <body style="font-size: 8pt; font-family: Times New Roman">
    <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 33% Revenue Growth in Third Quarter 2011</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Earnings
      per share grow 144% to 22&#162;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Orthobiologics
      product revenue rises 35%, driven by growing Orthovisc</b></font><b><sup><font style="font-family: Times New Roman; font-size: 12pt">&#174;</font></sup><font style="font-family: Times New Roman; font-size: 12pt">
      sales</font></b></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--November 2, 2011--Anika Therapeutics,
      Inc. (Nasdaq: ANIK), a leader in products for tissue protection,
      healing, and repair, based on hyaluronic acid (&#8220;HA&#8221;) technology, today
      reported financial results for the third quarter ended September 30,
      2011.
    </p>
    <p>
      <b>Revenue</b>
    </p>
    <p>
      For the third quarter of 2011, Anika&#8217;s revenue increased 33% to $18.5
      million, from $13.9 million in the third quarter of 2010. This growth
      was driven by strong domestic and international sales of the company&#8217;s
      flagship product, Orthovisc<sup><i><b>&#174;</b></i></sup><i>, </i>as
      well as increased shipments of Anika&#8217;s ophthalmic and advanced wound
      care products.
    </p>
    <p>
      For the nine-month period ended September 30, 2011, total revenue
      increased 13% to $46.3 million, from $40.8 million in the same period
      last year.
    </p>
    <p>
      <b>Operating and Net Income</b>
    </p>
    <p>
      Operating income for the third quarter of 2011 increased to $4.8
      million, from $2.1 million in the same period in 2010. Net income rose
      to $3.0 million, or $0.22 per diluted share, from $1.2 million, or $0.09
      per diluted share, in the third quarter of 2010. Anika&#8217;s effective tax
      rate for the third quarter of 2011 declined to 37.6% from 41.9% for the
      third quarter last year, primarily due to lower effective taxes on our
      Italian operations<i>.</i>
    </p>
    <p>
      For the nine-month period ended September 30, 2011, net income rose 87%
      to $5.6 million, or $0.41 per diluted share, from $3.0 million, or $0.22
      per diluted share, in the first nine months of 2010. This increase was a
      result of higher revenue, lower clinical study spending, and cost
      savings initiatives implemented in the past 21 months.
    </p>
    <p>
      <b>Product Gross Margin</b>
    </p>
    <p>
      Product gross margin for the third quarter of 2011 improved to 58%, from
      54% in the third quarter last year. This improvement was driven by
      higher production volume.
    </p>
    <p>
      For the nine-month period ended September 30, 2011, product gross margin
      was flat with the prior-year period at 56%.
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

        </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 2011 declined
      to $1.5 million, from $1.8 million in the third quarter last year. The
      decrease in R&amp;D expense was primarily due to lower clinical study
      spending compared to last year&#8217;s third quarter. R&amp;D spending is expected
      to increase in future quarters. Selling, general and administrative
      expenses increased to $4.7 million, from $3.9 million in the third
      quarter a year ago. The increase in SG&amp;A expenses was primarily due to
      foreign exchange losses on euro denominated assets caused by the
      strengthening of the U.S. dollar in September 2011.
    </p>
    <p>
      <b>Cash and Cash Equivalents</b>
    </p>
    <p>
      Anika&#8217;s cash and cash equivalents at September 30, 2011 rose to $29.0
      million, from $28.2 million at December 31, 2010, mainly as a result of
      increased profits.
    </p>
    <p>
      <b>Management Commentary</b>
    </p>
    <p>
      &#8220;Fueled by 35% growth in product revenue and continued operational
      streamlining, this was an excellent quarter for Anika,&#8221; said Charles H.
      Sherwood, Ph.D., president and chief executive officer. &#8220;Our product
      revenue growth was driven by strong U.S. and international sales of
      Orthovisc, as well as increased shipments of our ophthalmic products and
      the advanced wound care products from Anika S.r.l. that we have added to
      our dermal franchise, highlighted by Hyalomatrix<sup><i>&#174;</i></sup>.
      In addition to contributing to our top-line growth, Anika S.r.l.
      continued to reduce its net loss in the third quarter.&#8221;
    </p>
    <p>
      &#8220;The FDA recently commenced its inspection of our manufacturing facility
      in Bedford, Mass.,&#8221; added Sherwood. &#8220;And we are scheduled to complete
      the migration of the majority of our manufacturing from Woburn, Mass.,
      to Bedford in the first quarter of 2012. Overall, we are well on our way
      toward making 2011 a successful year for Anika.&#8221;
    </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, Thursday, November 3, 2011 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 888-873-4896 (international
      callers dial 617-213-8850) and use the passcode 79317701. 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 &#8220;Investor Relations&#8221; 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>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>About Anika Therapeutics, Inc.</b>
    </p>
    <p>
      Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops,
      manufactures and commercializes therapeutic products for tissue
      protection, healing, and repair. These products are based on hyaluronic
      acid (HA), a naturally occurring, biocompatible polymer found throughout
      the body. Anika&#8217;s products range from orthopedic/joint health solutions
      led by Orthovisc, a treatment for osteoarthritis of the knee, to
      surgical aids in the ophthalmic and anti-adhesion fields. The company
      also offers aesthetic dermal fillers for the correction of facial
      wrinkles. Anika&#8217;s Italian subsidiary, Anika S.r.l, 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. Anika S.r.l.&#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>
    <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, as amended, and Section 21E
      of the Securities Exchange Act of 1934, as amended, including, without
      limitation, statements that may be identified by words such as
      &quot;remains,&quot; &quot;focus,&quot; &quot;expect,&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; and other expressions
      which are predictions of or indicate future events and trends and do not
      constitute historical matters.</i> <i>These statements also include
      those relating to: (i)</i> <i>prospects for FDA approval of Monovisc and
      other products under review, (ii) the timing of the completion of the
      transfer of manufacturing and shipping of Anika products to the Bedford
      facility, (iii) expectations regarding research and development spending
      in future quarters, and (iv) Anika&#8217;s success generally. 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 or
      clearances of its products and Bedford facility, or that such approvals
      will not be obtained in a timely manner or without the need for
      additional clinical trials, other testing or regulatory submissions, as
      applicable; (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, (vi) the Company&#8217;s ability to launch Monovisc in
      the U.S., if at all; (vii) our ability to obtain panel review of
      Monovisc through an Orthopedic Advisory Panel and the timing and results
      of such review; and (viii) the Company&#8217;s ability to provide an adequate
      and timely supply of its ophthalmic, Orthovisc and other products to its
      customers.</i>
    </p>
    <p>
      <i>Any delay in receiving any regulatory approvals or clearances 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 Orthovisc and Monovisc, 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, 2010, as well as those described in the
      Company's other press releases and SEC filings.</i>
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="text-align: center; padding-left: 0.0px">
          Condensed Consolidated Statements of Operations
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="13" style="text-align: center; padding-left: 0.0px">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td colspan="5">

        </td>
        <td>

        </td>
        <td colspan="5">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended September 30,</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="5" style="text-align: center; padding-left: 0.0px">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Product revenue
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          17,756,000
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          44,230,840
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          699,817
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,103,508
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,292,723
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Total revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          18,455,817
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          46,334,348
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          40,835,101
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7,394,922
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          19,655,288
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Research &amp; development
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,531,355
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,638,175
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Selling, general &amp; administrative
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,712,178
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          12,989,268
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,164,775
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 0.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,638,455
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          37,282,731
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,817,362
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,051,617
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Interest income (expense), net
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (46,269
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (132,471
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,771,093
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,919,146
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,794,575
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,335,576
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,945,086
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Net income
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,976,518
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,184,264
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,583,570
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,965,295
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Net income
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.23
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.44
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          12,817,910
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          12,744,471
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Net income
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.22
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          0.41
        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,765,533
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,729,835
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td colspan="8">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="text-align: center; padding-left: 0.0px">
          Condensed Consolidated Balance Sheets
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="8" style="text-align: center; padding-left: 0.0px">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          29,048,664
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          28,201,932
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Accounts receivable, net of reserves of $0 and $30,000.00 at<br>September
            30, 2011 and December 31, 2010, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          17,726,945
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          14,819,868
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7,874,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,949,745
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current portion deferred income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,990,626
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,990,609
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Prepaid expenses and other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,007,002
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,360,182
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          58,647,544
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          56,322,336
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          50,675,964
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          49,696,989
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (13,981,403
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (12,715,595
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          36,694,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          36,981,394
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            299,932
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          776,993
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          24,810,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          25,764,185
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,327,955
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,091,960
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          129,780,051
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          128,936,868
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,836,750
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9,694,355
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accrued expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,537,188
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,375,585
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Deferred revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,840,693
        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Current portion of long-term debt
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,600,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,600,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income taxes payable
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,324,042
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          -
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          15,138,673
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          19,369,940
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,554,054
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,560,205
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,374,995
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          5,399,995
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          6,859,293
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          6,216,582
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          10,000,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          11,200,000
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Preferred stock, $.01 par value; 1,250,000 shares authorized, no<br>shares
            issued and outstanding at June 30, 2011<br>and December 31, 2010
          </p>
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $.01 par value; 30,000,000 shares authorized,<br>13,622,327
            shares issued and outstanding at September 30, 2011<br>and
            13,482,384 shares issued and outstanding at December 31, 2010
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          136,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          134,823
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Additional paid-in-capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          63,126,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          61,817,558
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accumulated currency translation adjustment
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (1,779,045
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (2,547,776
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          31,369,111
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          25,785,541
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 20.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          92,853,036
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          85,190,146
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 0.0px">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          129,780,051
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          128,936,868
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; margin-left: 0pt; width: 100%; margin-bottom: 10pt">
      <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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          Supplemental Financial Data
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          Revenue by Product Line and Product Gross Margin
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (unaudited)
          </p>
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-size: 8pt; width: 100%; margin-bottom: 10.0px; font-family: Times New Roman">
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="11" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Three Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Orthobiologics
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          10,377,222
        </td>
        <td>

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

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

        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          35
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Dermal
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          947,122
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          318,833
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          197
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Ophthalmic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          4,562,574
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          37
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,068,522
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,187,378
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (10
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Veterinary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          800,560
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          664,963
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          20
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          17,756,000
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,179,399
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          35
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Product gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          10,361,078
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          54
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </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>
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="11" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="4" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2010</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Orthobiologics
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          28,177,115
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          26
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Dermal
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,335,881
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,402,852
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8,045,203
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (8
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,748,277
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,974,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          26
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Veterinary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,924,364
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,073,947
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          (7
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          )%
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 10.0px">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          44,230,840
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="padding-bottom: 4.0px; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          38,542,378
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          15
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Product gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          24,575,552
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>
          &#160;
        </td>
        <td colspan="11">

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td>
          &#160;
        </td>
        <td valign="bottom" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="text-align: center; padding-left: 0.0px">
          <b>Percentage of</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td valign="top" colspan="2" style="text-align: center; padding-left: 0.0px">
          <b>Percentage of</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Geographic 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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          United States
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          13,233,998
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          75
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          70
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          2,841,650
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          22
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          1,680,352
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          9
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px">
          Total
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          17,756,000
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>Nine Months Ended September 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2011</b>
        </td>
        <td>

        </td>
        <td valign="bottom" colspan="5" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          <b>2010</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="text-align: center; padding-left: 0.0px">
          <b>Percentage of</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
        <td>

        </td>
        <td valign="top" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Revenue</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          <b>Geographic 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>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          United States
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          33,172,102
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          75
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          69
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          7,478,869
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          23
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; text-align: left; padding-left: 10.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          3,579,869
        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          8
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; text-align: left; padding-left: 20.0px">
          Total
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          44,230,840
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-left: 0.0px; padding-right: 0.0px">
          %
        </td>
        <td>

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

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

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

    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
