<SEC-DOCUMENT>0001157523-12-002507.txt : 20120503
<SEC-HEADER>0001157523-12-002507.hdr.sgml : 20120503
<ACCEPTANCE-DATETIME>20120503172107
ACCESSION NUMBER:		0001157523-12-002507
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20120503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20120503
DATE AS OF CHANGE:		20120503

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:		12810919

	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>a50264817.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
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      <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): May 3, 2012</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>
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      <tr>
        <td valign="bottom" style="text-align: center; width: 33%; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Massachusetts
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        </td>
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          <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-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            04-314-5961
          </p>
        </td>
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          <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-right: 0.0px; padding-left: 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>
    <hr style="color: #000000; text-align: center; width: 20%; height: 1.0 pt">


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

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


    <p>
      <br>

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

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>

    </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>

    </p>
    <p>
      On May 3, 2012, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the first quarter ended March 31,
      2012.&#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>
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits.
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated May 3, 2012 .
    </p>
    <p style="white-space: nowrap; margin-left: 60.0px">

    </p>
    <p>

    </p>
    <p>

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

        </div>
      </div>
    </div>
    <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>
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        <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>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: May 3, 2012
          </p>
        </td>
        <td style="width: 30%">

        </td>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; 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>
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        <td style="width: 30%">

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

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

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

        </div>
      </div>
    </div>
    <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-right: 0.0px; padding-left: 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 May 3, 2012.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50264817ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Anika
      Therapeutics Reports Record First-Quarter Revenue and Earnings</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Total
      Revenue Grows 22% and Earnings Increase to $0.14 per Share</b></font></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--May 3, 2012--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 quarter ended March 31, 2012.
    </p>
    <p>
      <b>Revenue</b>
    </p>
    <p>
      For the first quarter of 2012, Anika&#8217;s product revenue increased 23% to
      $13.6 million, from $11.1 million in the first quarter of 2011. Total
      revenue for the first quarter of 2012 increased 22% to $14.4 million in
      the first quarter of 2012, from $11.7 million in the first quarter of
      2011. This growth was primarily driven by strong domestic sales of
      Anika&#8217;s flagship product, Orthovisc<sup><i><b>&#174;</b></i></sup><i>.
      </i>Higher international sales of Orthovisc, Monovisc<sup><i><b>&#174;</b></i></sup>
      and post operative adhesion prevention products from Anika S.r.l., as
      well as U.S. shipments of ophthalmic products, also contributed to the
      revenue increase.
    </p>
    <p>
      <b>Product Gross Margin</b>
    </p>
    <p>
      Driven by a more profitable product mix, product gross margin for the
      first quarter of 2012 improved to 53%, from 49% in the first quarter of
      last year.
    </p>
    <p>
      <b>Operating and Net Income</b>
    </p>
    <p>
      Operating income for the first quarter of 2012 increased to $3.1
      million, from $557,000 in the same period in 2011. Net income rose to
      $1.9 million, or $0.14 per diluted share, from $324,000, or $0.02 per
      diluted share, in the first quarter a year earlier. This growth was
      driven by a combination of increased revenue, higher gross margin, and
      lower selling, general and administrative expenses. The Company&#8217;s
      effective tax rate for the first quarter of 2012 was 36.5%, versus 37.1%
      for the first quarter of 2011.
    </p>
    <p>
      <b>Operating Expenses</b>
    </p>
    <p>
      Research and development expenses for the first quarter of 2012 at $1.5
      million was approximately the same compared to last year&#8217;s first
      quarter. Anika continues to expect R&amp;D expense to increase modestly in
      the second half of 2012 on a year-over-year basis due to the anticipated
      initiation of new preclinical and clinical studies.
    </p>
    <p>
      Selling, general and administrative expenses in the first quarter of
      2012 decreased to $3.4 million, from $4.0 million in the first quarter
      of 2011. The decrease in expense for the quarter was primarily due to<b> </b>placing
      in service the remainder of the Bedford manufacturing facility. Prior to
      this quarter, the previously unoccupied space was expensed to SG&amp;A.
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt; margin-bottom: 10pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Cash and Cash Equivalents</b>
    </p>
    <p>
      Anika&#8217;s cash and cash equivalents at March 31, 2012 were $34.0 million,
      compared with $35.8 million at December 31, 2011. The decrease was
      primarily the result of lower cash collections on accounts receivable
      due to a high proportion of the Q1 2012 sales occurring in March 2012,
      and inventory build during the quarter.
    </p>
    <p>
      <b>Management Commentary</b>
    </p>
    <p>
      &#8220;Anika began 2012 on a solid note with a record first-quarter with
      respect to earnings and 22% total revenue growth,&#8221; said Charles H.
      Sherwood, Ph.D., president and chief executive officer. &#8220;The growth on
      our top line continues to be driven primarily by sales of Orthovisc in
      our orthobiologics franchise, domestically and internationally. This
      also was a strong quarter for international sales of Monovisc and our
      post operative adhesion prevention products from Anika S.r.l., as well
      as U.S. sales of our ophthalmic products.&#8221;
    </p>
    <p>
      &#8220;This also was a good quarter for Anika from an operational
      perspective,&#8221; said Sherwood. &#8220;We received approval from the FDA to
      manufacture Orthovisc and Hyvisc<sup><i><b>&#174;</b></i></sup> as well
      as our proprietary ophthalmic products for manufacture at our Bedford,
      Mass. facility for sale in the United States. We are working with Bausch
      &amp; Lomb to obtain approval to manufacture their ophthalmic products in
      the Bedford facility. This is the final step toward significantly
      improving our operational efficiency by consolidating all of our
      manufacturing in Bedford &#8211; a process we expect to complete in June of
      this year.&#8221;
    </p>
    <p>
      &#8220;Anika performed well in the first quarter, and could have done even
      better but for some supply/demand imbalances in our Woburn facility that
      pushed some shipments into the second quarter, and some softness in
      Anika S.r.l.&#8217;s revenue due to a first-quarter distribution partner
      change in Italy. These issues have been addressed, and we believe that
      we are well-positioned for record results in the second quarter and
      year, and also to achieve our stated targets for growth in revenue and
      operating margin, as further operational improvements in 2012 unfold,&#8221;
      Sherwood concluded.
    </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, Friday, May 4, 2012 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 866-314-4865 (international
      callers dial 617-213-8050) and use the passcode 73814055. 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; width: 100%; margin-right: 0pt; margin-left: 0pt; 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.<b> </b>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<b> </b>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.</i> <i>These
      statements include, but are not limited to, those relating to: (i)</i> <i>the
      timing of the completion of the transfer of manufacturing and shipping
      of Anika products to the Bedford facility, and (ii) expectations
      regarding research and development spending in future quarters. 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 clinical studies,
      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) the company&#8217;s ability
      to obtain an appeal hearing regarding the FDA&#8217;s non-approvable letter
      for Monovisc, and the timing and results of such review; (viii) the
      company&#8217;s ability to provide an adequate and timely supply of its
      ophthalmic, Orthovisc and other products to its customers, and (ix) the
      company&#8217;s ability to achieve its stated growth targets.</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, 2011, as well as those described in the company's
      other press releases and SEC filings.</i>
    </p>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt; 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>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="8">

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          Condensed Consolidated Statements of Operations
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="7" style="text-align: center; padding-left: 0.0px">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,613,328
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,060,159
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          747,332
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          677,520
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          14,360,660
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,737,679
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          6,413,481
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          5,604,562
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,533,103
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,532,664
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,351,016
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,043,774
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,297,600
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,181,000
        </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>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,063,060
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          556,679
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (51,203
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (40,921
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,011,857
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          515,758
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,099,738
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          191,346
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,912,119
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          324,412
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.15
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.03
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,162,824
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          12,688,819
        </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 colspan="2">

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.14
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          0.02
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          14,089,946
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,744,710
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          Condensed Consolidated Balance Sheets
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="11" style="text-align: center; padding-left: 0.0px">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </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="text-align: center; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="2" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          34,003,178
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          35,777,222
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Accounts receivable, net of reserves of $344,520 and $334,473 at<br>March
            31, 2012 and December 31, 2011, respectively
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          17,002,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          17,307,786
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          9,080,323
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          7,302,483
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,918,926
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,918,926
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,947,394
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,831,127
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 30.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Total current assets
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          63,952,618
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          64,137,544
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          51,541,804
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          50,850,630
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (14,868,205
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (14,380,752
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          36,673,599
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          36,469,878
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          151,744
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          205,042
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23,300,273
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23,148,563
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          9,150,273
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          8,883,407
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          133,228,507
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          132,844,434
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          3,880,840
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,299,680
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,297,387
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          5,321,594
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,866,667
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,866,667
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Income taxes payable
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          235,326
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          450,482
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          12,880,220
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          14,538,423
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,556,399
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,548,652
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          4,302,773
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          5,019,440
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          7,028,515
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          7,375,141
        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          9,200,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          9,600,000
        </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>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 15.0px">
          <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 March 31, 2012<br>and December 31, 2011
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 15.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Common stock, $.01 par value; 30,000,000 shares authorized,<br>13,763,191
            and 13,630,607 shares issued and outstanding at<br>March 31, 2012
            and December 31, 2011, respectively.
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          137,631
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          136,305
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          64,269,349
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          63,441,433
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (2,310,720
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          (3,067,181
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          36,164,340
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          34,252,221
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 30.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          98,260,600
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          94,762,778
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 0.0px">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          133,228,507
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-bottom: 4.0px; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          132,844,434
        </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>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; width: 100%; margin-right: 0pt; margin-left: 0pt; 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>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3">

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

        </td>
      </tr>
      <tr>
        <td valign="top" colspan="16" style="text-align: center; padding-left: 0.0px">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="16" style="text-align: center; padding-left: 0.0px">
          Supplemental Financial Data
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="16" style="text-align: center; padding-left: 0.0px">
          Revenue by Product Segment and Product Gross Margin
        </td>
      </tr>
      <tr>
        <td valign="top" colspan="16" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            (unaudited)
          </p>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="8" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Quarter Ended March 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <b>Product Segment:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2011</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-right: 0.0px; padding-left: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Orthobiologics
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          10,116,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          8,036,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          26
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Dermal
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          501,315
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          589,153
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -15
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Ophthalmic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,323,994
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          897,808
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          47
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          983,628
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          1,113,728
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          -12
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Veterinary
        </td>
        <td>

        </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-right: 0.0px; padding-left: 0.0px">
          687,546
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </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-right: 0.0px; padding-left: 0.0px">
          423,172
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          62
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,613,328
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,060,159
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Product gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          7,199,847
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          5,455,597
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            53%
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            49%
          </p>
        </td>
        <td valign="bottom" style="text-align: left; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" colspan="8" style="border-bottom: solid black 1.0pt; text-align: center; padding-left: 0.0px">
          <b>Quarter Ended March 31,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Geographic Location:</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2012</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" colspan="3" style="border-bottom: solid black 1.0pt; text-align: center; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          <b>2011</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-right: 0.0px; padding-left: 0.0px">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          United States
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          10,390,045
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          8,343,114
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          25
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 15.0px">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,155,729
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          2,033,198
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          6
        </td>
        <td valign="bottom" style="text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 2.0px; padding-left: 15.0px">
          Other
        </td>
        <td>

        </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-right: 0.0px; padding-left: 0.0px">
          1,067,554
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </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-right: 0.0px; padding-left: 0.0px">
          683,847
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          56
        </td>
        <td valign="bottom" style="border-bottom: solid black 1.0pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-bottom: 4.0px; padding-left: 15.0px">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          13,613,328
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          11,060,159
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: right; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          23
        </td>
        <td valign="bottom" style="border-bottom: double black 2.25pt; text-align: left; white-space: nowrap; padding-right: 0.0px; padding-left: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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