<SEC-DOCUMENT>0001157523-14-001679.txt : 20140429
<SEC-HEADER>0001157523-14-001679.hdr.sgml : 20140429
<ACCEPTANCE-DATETIME>20140429160702
ACCESSION NUMBER:		0001157523-14-001679
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20140429
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140429
DATE AS OF CHANGE:		20140429

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:		14793911

	BUSINESS ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730
		BUSINESS PHONE:		(781) 457-9000

	MAIL ADDRESS:	
		STREET 1:		32 WIGGINS AVENUE
		CITY:			BEDFORD
		STATE:			MA
		ZIP:			01730

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA THERAPEUTICS INC
		DATE OF NAME CHANGE:	19970114

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANIKA RESEARCH INC
		DATE OF NAME CHANGE:	19930309
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a50853821.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): April 29, 2014</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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          <p style="margin-bottom: 0px; margin-top: 0px">
            Massachusetts
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        <td style="width: 34%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
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        <td style="width: 33%; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            04-314-5961
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction of</i><br><i>incorporation or
            organization)</i>
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        </td>
        <td style="width: 34%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>Commission file number</i>
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        <td style="width: 33%; padding-left: 0.0px; text-align: center" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
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        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            32 Wiggins Avenue, Bedford, MA 01730
          </p>
        </td>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Address of principal executive offices) (Zip code)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p style="white-space: nowrap; text-align: center">
      <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="width: 20%; height: 1.0 pt; color: #000000; text-align: center">


    <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 obligation 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>
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          &#160;
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      <br>

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    </div>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b>
    </p>
    <p>
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      The following information, including the exhibit attached hereto, is
      intended to be furnished and shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)
      or otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933 or the Exchange Act, except as expressly set forth by specific
      reference in such filing.
    </p>
    <p>
      On April 29, 2014, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the first quarter ended March 31,
      2014.&#160;&#160;The full text of the press release is furnished as Exhibit 99.1
      hereto and is incorporated herein by reference.
    </p>
    <p style="text-align: center">
      <b>Section 9--Financial Statements and Exhibits</b>
    </p>
    <p>
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>
      (d)&#160;&#160;Exhibits.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated April 29,
      2014.
    </p>
    <p style="margin-left: 60.0px">

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    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 10pt">SIGNATURE</font><br>
    </p>
    <p>
      Pursuant to the requirements of the Securities Exchange Act of 1934, the
      registrant has duly caused this report to be filed on its behalf by the
      undersigned hereunto duly authorized.
    </p>
    <p>

    </p>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Anika Therapeutics, Inc.
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          &#160;
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            &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Dated: April 29, 2014
          </p>
        </td>
        <td style="width: 3%; padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          By:
        </td>
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          &#160;
        </td>
        <td style="width: 23%; border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            /s/ Sylvia Cheung
          </p>
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        </td>
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            &#160;
          </p>
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          &#160;
        </td>
        <td style="width: 23%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Sylvia Cheung
          </p>
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            &#160;
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            Chief Financial Officer
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    <p>

    </p>
    <p style="text-align: center">
      Exhibit Index<br><br>
    </p>
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          99.1
        </td>
        <td style="width: 88%; padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Press Release of Anika Therapeutics, Inc. dated April 29, 2014.
          </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a50853821ex99_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-size: 12pt; font-family: Times New Roman"><b>Anika
      Therapeutics Reports First Quarter 2014 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Receives
      $17.5 Million in Monovisc</b></font><b><sup><font style="font-family: Times New Roman; font-size: 12pt">&#174;</font></sup><font style="font-family: Times New Roman; font-size: 12pt">
      Milestone Payment</font></b></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Total
      Revenue Grows 123% to $34 Million</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Earnings
      per Share Increase to $0.97 from $0.21 a Year Earlier</b></font></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--April 29, 2014--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, 2014.
    </p>
    <p style="text-align: left">
      <b>Management Commentary</b>
    </p>
    <p style="text-align: left">
      &#8220;Anika started 2014 with a strong first quarter,&#8221; said Charles H.
      Sherwood, Ph.D., President and Chief Executive Officer. &#8220;Our total
      revenue more than doubled from the first quarter last year, materially
      driven by milestone and contract revenue associated with our U.S.
      license agreement for Monovisc<sup>&#174;</sup>. This revenue growth
      together with the impact of our ongoing productivity improvements in
      operations resulted in a significant year-over-year increase in Anika&#8217;s
      earnings for the quarter.&#8221;
    </p>
    <p style="text-align: left">
      &#8220;Our first quarter was highlighted by the FDA approval of Monovisc<sup>&#174;</sup>
      and the product&#8217;s U.S. commercial launch,&#8221; Sherwood said. &#8220;The launch is
      proceeding as we expected and delivering encouraging early results,
      including a first commercial sale in the market in April. With both
      Monovisc<sup>&#174;</sup> and Orthovisc<sup>&#174;</sup> in our
      portfolio, we are more effectively leveraging our worldwide
      viscosupplementation brand recognition and strengthening our leadership
      in both domestic and international markets.&#8221;
    </p>
    <p style="text-align: left">
      &#8220;We also made progress on our product pipeline in the first quarter,&#8221;
      said Sherwood. &#8220;We are on schedule to complete our ongoing multinational
      Cingal&#8482; clinical trial. At the same time, we continued advancing forward
      on our mission to make Hyalofast<sup>TM</sup> available as a one-step
      cartilage repair solution in the United States. These efforts focused on
      preparations for a Hyalofast<sup>TM </sup>human clinical trial to
      commence later this year in support of a submission to the FDA.&#8221;
    </p>
    <p style="text-align: left">
      &#8220;Looking ahead, we remain positive and excited about our outlook for
      2014. Anika is on track to meet its business goals. These include U.S.
      commercial launch of Monovisc<sup>&#174;</sup>, clinical success and
      European regulatory advancement of Cingal&#8482;, as well as clinical progress
      on Hyalofast<sup>TM</sup> and our longer-term pipeline opportunities. In
      addition, we will continue to add the talent we need at both the
      leadership and operational levels to drive our expansion beyond
      viscosupplementation and deliver on Anika&#8217;s growth potential. We believe
      Anika is well-positioned for continued revenue growth and profitability
      in the quarters ahead,&#8221; Sherwood concluded.
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: left">
      <b>Revenue</b>
    </p>
    <p style="text-align: left">
      Total revenue for the first quarter of 2014 was $34.0 million, compared
      with $15.2 million in the first quarter of 2013. First-quarter 2014
      total revenue included $19.7 million in milestone and contract revenue
      associated with Anika&#8217;s U.S. license agreement for Monovisc<sup>&#174;</sup>,
      as the development obligations under the agreement were fully delivered
      prior to the end of the quarter. This primarily consisted of a milestone
      payment related to the product approval and successful resolution of
      patent litigation. Revenue for the first quarter of 2014 also included
      an initial U.S. stocking order for Monovisc<sup>&#174;</sup> in
      preparation for the product&#8217;s U.S. commercial launch. Anika&#8217;s product
      revenue for the first quarter of 2014 was $14.4 million, at a level
      similar to the first quarter last year and consistent with our
      expectation. Product revenue in the first quarter of 2014 reflected
      order timing by our major distributors and is not indicative of product
      revenue growth rates in subsequent quarters of 2014.
    </p>
    <p style="text-align: left">
      <b>Product Gross Margin and Operating Expenses</b>
    </p>
    <p style="text-align: left">
      Product gross margin for the first quarter of 2014 improved to 70%, from
      67% in the first quarter of 2013. This improvement was primarily driven
      by more favorable product mix as well as continued efficiency gains.
      Total operating expenses for the first quarter of 2014 were $10.1
      million, compared with $10.2 million a year earlier. Research and
      development expenses increased 45% from the first quarter of 2013,
      reflecting expenses for the company&#8217;s Cingal&#8482; clinical trial and other
      planned product pipeline initiatives. Selling, general and
      administrative expenses decreased 12% from the first quarter of 2013,
      primarily reflecting certain nonrecurring external professional and
      personnel expenses in the year-earlier quarter.
    </p>
    <p style="text-align: left">
      <b>Operating and Net Income</b>
    </p>
    <p style="text-align: left">
      Operating income for the first quarter of 2014 was $23.9 million,
      compared with $5.0 million in the same period in 2013. Net income for
      the first quarter of 2014 was $15.0 million, or $0.97 per diluted share,
      compared with $3.1 million, or $0.21 per diluted share, in the first
      quarter last year. Operating income, net income and earnings per share
      were higher year-over-year, primarily due to operating leverage on our
      sales volume and the milestone and contract revenue related to Monovisc<sup>&#174;</sup>
      in the U.S.
    </p>
    <p style="text-align: left">
      <b>Cash and Cash Equivalents</b>
    </p>
    <p style="text-align: left">
      Anika&#8217;s cash and cash equivalents at March 31, 2014 increased to $82.2
      million, from $63.3 million at December 31, 2013. The approximately $19
      million increase in cash and cash equivalents reflected a $17.5 million
      milestone payment from DePuy Synthes Mitek Sports Medicine for the
      irrevocable resolution of the Company and Snaofi/Gemzyme&#8217;s patent
      litigation and the related FDA approval of Monovisc<sup>&#174;</sup>.
      The cash balance increase was driven primarily by higher income from
      operations, cash collections on accounts receivable, and option
      exercises during the period.
    </p>
    <p style="text-align: left">
      <b>Conference Call Information</b>
    </p>
    <p style="text-align: left">
      Anika will hold a conference call to discuss its financial results,
      business highlights and outlook tomorrow, Wednesday, April 30, 2014 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>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p style="text-align: left">
      To listen to the conference call, dial 855-468-0611 (international
      callers dial 484-756-4332). 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 can also be accessed via the Anika
      Therapeutics website. The conference call will be archived and
      accessible on the same website shortly after its conclusion.
    </p>
    <p style="text-align: left">
      <b>About Anika Therapeutics, Inc.</b>
    </p>
    <p style="text-align: left">
      Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops,
      manufactures and commercializes therapeutic products for tissue
      protection, healing, and repair. These products are based on hyaluronic
      acid (HA), a naturally occurring, biocompatible polymer found throughout
      the body. Anika&#8217;s products range from orthopedic/joint health solutions
      led by Orthovisc<sup>&#174;</sup>, a treatment for osteoarthritis of the
      knee; to surgical aids in the anti-adhesion and ophthalmic fields. The
      company also offers<u><b> </b></u>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 areas such as advanced wound
      treatment and ear, nose and throat care. Its regenerative technology
      advances Anika&#8217;s vision to offer therapeutic products and medical
      solutions that go beyond pain relief to protect and restore damaged
      tissue.
    </p>
    <p style="text-align: left">
      <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. These statements
      include, but are not limited to, those relating to (i) the company and
      its partner&#8217;s ability to commercialize Monovisc</i><sup>&#174;</sup><i>
      in the U.S.; (ii) our ability to capitalize on the strengths of our
      viscosupplementation portfolio; (iii) our ongoing initiatives to improve
      performance across the business; (iv) our efforts and ability to
      strengthen and expand our international Orthobiologics distribution
      network; (v) the company&#8217;s plans to continue to drive efficiencies in
      operations and manufacturing; (vi) the prospects for the company&#8217;s
      product pipeline, including regenerative product development; (vii)
      bringing Cingal</i>&#8482;<i> to market; and (viii) expectations for
      future growth and profitability improvement in the quarters ahead.</i> <i>These
      statements are based upon the current beliefs and expectations of the
      company's management and are subject to significant risks, uncertainties
      and other factors.</i> <i>The company's actual results could differ
      materially from any anticipated future results, performance or
      achievements described in the forward-looking statements as a result of
      a number of factors including (i) the company's ability to successfully
      commence and/or complete clinical trials of its products on a timely
      basis or at all, obtain pre-clinical or clinical data to support
      domestic and international pre-market approval applications or 510(k)
      applications, or to timely file and receive FDA or other regulatory
      approvals or clearances of its products, 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
      successfully launch Monovisc</i><sup>&#174;</sup><i> in the U.S.; (vii)
      the company&#8217;s ability to provide an adequate and timely supply of its
      products to its customers; (viii) our ability to continue to
      successfully manage Anika Therapeutics S.r.l.&#8217;s business; 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, 2013, as well as those described in the company's
      other press releases and SEC filings.</i>
    </p>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="7" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="2" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,351,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,494,489
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          19,658,882
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          752,522
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          34,010,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          15,247,011
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Operating expenses:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,361,019
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,841,170
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,287,715
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,582,910
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,490,985
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,947,114
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (135,607
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          10,139,719
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          10,235,587
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          23,870,568
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5,011,424
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            Interest income (expense), net
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (39,558
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          23,871,035
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,971,866
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          8,840,782
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,903,864
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          15,030,253
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          3,068,002
        </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 colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic net income per share:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1.04
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,461,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          13,406,952
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.97
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          0.21
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          15,499,447
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          14,357,110
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="12" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="12" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td colspan="12" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>March 31,</b>
        </td>
        <td>
          &#160;
        </td>
        <td>
          &#160;
        </td>
        <td colspan="3" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3" style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          82,160,251
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          63,333,160
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Accounts receivable, net of reserves of $592,420 and $593,023 at
          March 31, 2014 and December 31, 2013, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          16,466,436
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,736,845
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          12,981,495
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          10,996,785
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          659,040
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          659,040
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,217,403
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          865,957
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          113,484,625
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          94,591,787
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          52,768,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          52,413,423
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (20,134,401
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (19,474,712
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,633,966
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          32,938,711
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          69,080
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          69,080
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,439,286
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          18,998,409
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,434,289
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,443,894
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          174,061,246
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          156,041,881
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="12" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current liabilities:
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,742,808
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,793,911
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          4,497,706
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          5,537,881
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          46,412
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          180,433
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          424,993
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          770,276
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          7,711,919
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          9,282,501
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,089,708
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,133,544
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          72,367
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          2,054,941
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          8,617,245
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          7,936,864
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Preferred stock, $.01 par value; 1,250,000 shares authorized, no
          shares issued and outstanding at March 31, 2014

          <p style="margin-bottom: 0px; margin-top: 0px">
            and December 31, 2013
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Common stock, $.01 par value; 30,000,000 shares authorized,
          14,620,032 and 14,289,308 shares issued and outstanding at March 31,
          2014 and December 31, 2013, respectively.
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          146,200
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          142,893
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          76,534,563
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          70,606,031
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,725,211
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          (1,699,095
        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: left; padding-right: 0.0px" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 15.0px; text-align: left" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          81,614,455
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          66,584,202
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 30.0px; text-align: left" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          156,570,007
        </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 style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          135,634,031
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left" valign="top">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          174,061,246
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $
        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          156,041,881
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; width: 100%; margin-right: 0pt; text-indent: 0pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; width: 100%; font-size: 8pt; font-family: Times New Roman" cellspacing="0">
      <tr>
        <td colspan="11" style="text-align: center" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center" valign="top">
          <b>Supplemental Financial Data</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center" valign="top">
          <b>Revenue by Product Segment and Product Gross Margin</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="text-align: center" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <b>Quarter Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Orthobiologics
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 11,572,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 11,283,547
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          188,651
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          241,584
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,752,020
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          988,864
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          77%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Ophthalmic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          208,584
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          928,458
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          (78%)
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Veterinary
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          630,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,052,036
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          (40%)
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left" valign="top">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 14,351,405
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 14,494,489
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          (1%)
        </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>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Product gross profit
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 9,990,386
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 9,653,319
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          67%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#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>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>Total Revenue by Geographic Region</b>
        </td>
      </tr>
      <tr>
        <td colspan="11" style="padding-left: 0.0px; text-align: center" valign="top">
          <b>(unaudited)</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="7" style="border-bottom: solid black 1.0pt; padding-left: 0.0px; text-align: center" valign="top">
          <b>Quarter Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          <b>2013</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 31,533,817
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 12,280,079
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          157%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,695,816
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,583,993
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          7%
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          780,654
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          1,382,939
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          (44%)
        </td>
      </tr>
      <tr>
        <td style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left" valign="top">
          Total Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 34,010,287
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: right; padding-right: 0.0px" valign="bottom">
          $ 15,247,011
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: double black 2.25pt; white-space: nowrap; padding-left: 0.0px; text-align: center; padding-right: 0.0px" valign="bottom">
          123%
        </td>
      </tr>
    </table>
    </div>
    <p style="text-align: left">

    </p>
    <p>
      CONTACT:<br>
    </p>
    <p style="text-align: left">
      Anika Therapeutics, Inc.<br>Charles H. Sherwood, Ph.D., President and
      CEO, 781-457-9000<br>or<br>Sylvia Cheung, CFO, 781-457-9000
    </p>
    <p style="text-align: left">

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