<SEC-DOCUMENT>0001157523-15-002605.txt : 20150729
<SEC-HEADER>0001157523-15-002605.hdr.sgml : 20150729
<ACCEPTANCE-DATETIME>20150729170126
ACCESSION NUMBER:		0001157523-15-002605
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150729
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20150729
DATE AS OF CHANGE:		20150729

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:		151013449

	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>a51152245.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 14pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 14pt"><br style="font-family: Times New Roman; font-size: 14pt"></font><font style="font-family: Times New Roman; font-size: 14pt">SECURITIES
      AND EXCHANGE COMMISSION</font><br><font style="font-size: 14pt"><br style="font-size: 14pt"></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: 12pt">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): July 29, 2015</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: 14pt">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-top: 0px; margin-bottom: 0px">
            Massachusetts
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          <p style="margin-top: 0px; margin-bottom: 0px">
            000-21326
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        <td style="padding-left: 0.0px; width: 33%; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            04-314-5961
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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>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 34%; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>Commission file number</i>
          </p>
        </td>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
          </p>
        </td>
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    </table>
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    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; margin-left:auto;margin-right:auto; font-size: 10pt" cellspacing="0">
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        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: center" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            32 Wiggins Avenue, Bedford, MA 01730
          </p>
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 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>
    </p>
    <hr style="width: 25%; height: 1.0 pt; text-align: center; color: #000000">


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

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

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    </div>
    <p>

    </p>
    <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 style="text-align: justify">
      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 style="text-align: justify">
      On July 29, 2015, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the second quarter ended June 30,
      2015.&#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">

    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated July 29,
      2015.
    </p>
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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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            Anika Therapeutics, Inc.
          </p>
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            &#160;
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Dated: July 29, 2015
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; width: 3%; text-align: left" valign="top">
          By:
        </td>
        <td style="padding-left: 15.0px; width: 37%; border-bottom: solid black 1.0pt; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            /s/ Sylvia Cheung
          </p>
        </td>
        <td style="width: 10%">

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        </td>
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            &#160;
          </p>
        </td>
        <td style="padding-left: 15.0px; width: 37%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Sylvia Cheung
          </p>
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        <td style="width: 10%">

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            &#160;
          </p>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
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        <td style="width: 10%">

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    <p>

    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt">Exhibit Index</font><font style="font-size: 14pt"><br style="font-size: 14pt"></font><br>
    </p>
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    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 10pt" cellspacing="0">
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          99.1
        </td>
        <td style="width: 2%">
          &#160;
        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Anika Therapeutics, Inc. dated July 29, 2015.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51152245ex99_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 Delivers Solid Second Quarter 2015 Financial Results and
      Continued Pipeline Progress</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Strength
      in Quarter Driven by Continued Adoption of Orthobiologics Products;</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Combined
      ORTHOVISC&#174; and MONOVISC&#174; U.S. Market Share Surpasses 25%</b></font></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--July 29, 2015--Anika Therapeutics, Inc.
      (NASDAQ: ANIK), a leader in products for tissue protection, healing, and
      repair based on hyaluronic acid (HA) technology, today reported
      financial results for the second quarter ended June 30, 2015, along with
      business progress in the period.
    </p>
    <p>
      &#8220;The solid results we delivered in the second quarter demonstrate
      accelerating demand, which combined with our tangible pipeline progress,
      positions Anika to deliver robust growth for many years,&#8221; stated Charles
      H. Sherwood, Ph.D., President and Chief Executive Officer. &#8220;As in recent
      quarters, physician and patient demand for our homegrown orthobiologics
      products continued to gain traction, and was the highlight of our
      commercial results. We expect that trend to continue with the launch of
      two important orthopedic products in the coming years, which will
      provide an important catalyst for additional value creation.&#8221;
    </p>
    <p>
      <b>Second Quarter Financial Results</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Product revenue was up 8 percent in 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        At the end of the quarter, ORTHOVISC and MONOVISC achieved a combined
        26 percent share of the U.S. viscosupplementation market. ORTHOVISC
        continues to grow and is maintaining its market-leading position in
        the multi-injection segment. MONOVISC experienced accelerated growth,
        and now holds the number two position in the single-injection segment.
      </li>
      <li style="margin-bottom: 10.0px">
        Total revenue for the second quarter of 2015 was $22.9 million. In
        last year&#8217;s second quarter, the Company reported $5 million in
        milestone revenue from the first commercial sale of MONOVISC in the
        U.S., resulting in total revenue of $26.3 million.
      </li>
      <li style="margin-bottom: 10.0px">
        Total operating expenses for the second quarter of 2015 were $10.5
        million compared with $11.1 million in the second quarter of 2014. The
        decrease was primarily driven by lower SG&amp;A expenses as a result of
        the full amortization of certain intangible assets at the end of 2014.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income for the second quarter was $7.8 million, or $0.51 per
        diluted share, compared with $9.3 million, or $0.60 per diluted share,
        for the second quarter of 2014. Last year&#8217;s results included $5
        million in milestone revenue as a result of the first commercial sale
        of MONOVISC in the U.S. Excluding the impact of this milestone
        revenue, net income and diluted EPS increased $1.6 million, and $0.11,
        respectively.
      </li>
    </ul>
    <div style="width: 100%; margin-bottom: 10pt; margin-left: 0pt; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Recent Business Highlights</b>
    </p>
    <p>
      The Company continues to make solid headway in expanding the commercial
      reach of existing products and advancing the progress of products in its
      development pipeline. Recent highlights of the business include:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Agreements with new partners in India and Australia for the
        commercialization of MONOVISC.
      </li>
      <li style="margin-bottom: 10.0px">
        Submission and approval of an investigational device exemption (IDE)
        to evaluate the utility of MONOVISC, the Company&#8217;s single-injection
        product, in treating hip pain associated with osteoarthritis. The
        study is sponsored by Anika's exclusive U.S. commercial partner for
        MONOVISC, and is expected to commence patient enrollment in the U.S.
        before the end of this year.
      </li>
      <li style="margin-bottom: 10.0px">
        Positive results from a 242-patient study evaluating the safety of a
        repeat injection of CINGAL, the first viscosupplement to combine the
        HA formulation found in MONOVISC with a steroid into a single
        injection to treat pain and reduce inflammation caused by
        osteoarthritis. The results of this follow-up study combined with the
        initial Phase 3 data suggest that CINGAL retains an excellent safety
        profile as an initial injection as well as a repeat injection. CINGAL
        is currently progressing through the regulatory process in the U.S.,
        Europe, and Canada.
      </li>
      <li style="margin-bottom: 10.0px">
        Approval of a HYALOFAST IDE by the U.S. FDA. HYALOFAST, a
        biodegradable 3D scaffold that enables cartilage regeneration, has
        been used in more than 6,000 patients outside of the U.S. via a
        non-invasive, single-step arthroscopic procedure. HYALOFAST is
        commercially available in 18 countries. With approval of this IDE, the
        Company is on track to commence patient enrollment at sites in the
        United States and Europe beginning in the fourth quarter of 2015.
      </li>
    </ul>
    <p>
      During the quarter, Anika further established its commitment to
      developing the next generation of orthopedic medicine, announcing a
      multiyear research collaboration with the University of Massachusetts
      (UMass) Amherst to develop a novel treatment for rheumatoid arthritis
      (RA). This partnership combines Anika&#8217;s proprietary HA technology with
      UMass Amherst&#8217;s preclinical research and scientific expertise with the
      goal to develop the first localized therapy for RA that is
      cost-effective and can have a systemic impact on a large patient
      population with currently limited treatment options.
    </p>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      Anika management will hold a conference call and webcast to discuss its
      financial results, business highlights and financial outlook tomorrow,
      Thursday, July 30<sup>th</sup> at 9:00 am ET. The conference call can be
      accessed by dialing 1-855-468-0611 (toll-free domestic) or
      1-484-756-4332 (international). A live audio webcast will be available
      in the &quot;Investor Relations&quot; section of Anika&#8217;s website, <u>www.anikatherapeutics.com</u>.
      An accompanying slide presentation may also be accessed via the Anika
      website. A replay of the webcast will be available on Anika&#8217;s website
      approximately two hours after the completion of the event.
    </p>
    <p>
      <b>About Anika Therapeutics, Inc.</b>
    </p>
    <p>
      Headquartered in Bedford, Mass., Anika Therapeutics, Inc. develops,
      manufactures, and commercializes therapeutic products for tissue
      protection, healing, and repair. These products are based on hyaluronic
      acid (HA), a naturally occurring, biocompatible polymer found throughout
      the body. Anika's products range from orthopedic/joint health solutions
      led by ORTHOVISC and MONOVISC, treatments for osteoarthritis, to
      surgical aids in the anti-adhesion and ophthalmic fields. The Company
      also offers aesthetic dermal fillers for the correction of facial
      wrinkles. Anika's Italian subsidiary, Anika Therapeutics 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's vision to offer therapeutic products and medical
      solutions that go beyond pain relief to protect and restore damaged
      tissue.
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 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>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      <i>The statements made in the second paragraph of this press release, as
      well as the second and fourth bullet points and final paragraph of the
      section captioned &#8220;Recent Business Highlights,&#8221; 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 the company&#8217;s product
      pipeline and growth opportunities, the enrollment of patients in the
      Company&#8217;s clinical studies, and the objective of the Company&#8217;s
      partnership with UMass Amherst. These statements are based upon the
      current beliefs and expectations of the Company&#8217;s management and are
      subject to significant risks, uncertainties, and other factors. The
      Company&#8217;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&#8217;s ability to successfully commence and/or complete
      clinical trials of its products, including for HYALOFAST or for expanded
      indications of the Company&#8217;s MONOVISC product, on a timely basis or at
      all; (ii) the Company&#8217;s ability to 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; (iii) 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; (iv) the Company&#8217;s research and product development
      efforts and their relative success, including whether we have any
      meaningful sales of any new products resulting from such efforts; (v)
      the cost effectiveness and efficiency of the Company&#8217;s clinical studies,
      manufacturing operations and production planning; (vi) the strength of
      the economies in which the Company operate or will be operating, as well
      as the political stability of any of those geographic areas; (vii)
      future determinations by the Company to allocate resources to products
      and in directions not presently contemplated; (viii) the Company&#8217;s
      ability to successfully commercialize its products, in the U.S. and
      abroad; (ix) the Company&#8217;s ability to provide an adequate and timely
      supply of its products to its customers; (x) the Company&#8217;s ability to
      continue to successfully manage Anika Therapeutics S.r.l.&#8217;s business;
      and (xi) the Company&#8217;s ability to achieve its growth targets.</i>
    </p>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 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="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="13" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Three Months Ended June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="5" valign="top">
          <b>Six Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Product revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,898,032
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,267,156
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          38,412,714
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,618,561
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Licensing, milestone and contract revenue
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          5,529
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          5,007,504
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          11,171
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          24,666,386
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,903,561
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          26,274,660
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          38,423,885
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          60,284,947
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,274,059
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,332,913
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,587,499
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,693,932
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Research &amp; development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,812,320
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,873,158
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,910,082
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,160,873
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Selling, general &amp; administrative
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          3,388,494
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          3,865,876
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6,993,155
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          7,356,861
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          10,474,873
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          11,071,947
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          20,490,736
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          21,211,666
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,428,688
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,202,713
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,933,149
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          39,073,281
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Interest income, net
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          23,907
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          5,935
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          47,630
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6,402
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,452,595
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,208,648
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,980,779
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          39,079,683
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          4,633,038
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          5,906,298
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6,645,665
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          14,747,080
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Net income
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          7,819,557
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          9,302,350
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          11,335,114
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          24,332,603
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic net income per share:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.52
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.63
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.76
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.67
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,961,436
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,687,747
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,933,534
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,559,917
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Diluted net income per share:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.51
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.60
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.74
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1.57
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,335,687
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,492,732
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,332,391
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,487,432
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="9">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="9" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>June 30,</b>
        </td>
        <td>
          &#160;
        </td>
        <td style="padding-left: 0.0px; text-align: center" colspan="3" valign="top">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: center" valign="top">
          <b>ASSETS</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

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

        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          103,920,222
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          100,155,864
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,513,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6,750,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Accounts receivable, net of reserves of $133,820 and $146,618 at
          June 30, 2015 and December 31,2014, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,166,116
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,152,028
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,718,243
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          12,406,776
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          412,301
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,459,867
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,188,768
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          947,939
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          959,305
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          155,725,537
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          139,025,042
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          54,671,505
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          53,619,589
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (23,148,636
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          (21,950,706
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,522,869
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,668,883
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          69,016
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          69,042
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          13,083,907
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,894,710
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          7,610,821
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          8,338,699
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total Assets
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          208,012,150
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          193,996,376
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,657,683
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,201,226
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,441,785
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,747,526
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          35,938
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,510
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,821,898
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          7,957,304
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          5,973,262
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          779,666
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          893,935
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          74,371
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          102,192
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,633,398
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,929,890
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

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

        </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 June 30, 2015 and December 31,
          2014, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" 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,
          15,003,694 and 14,851,703 shares issued and outstanding at June 30,
          2015 and December 31, 2014, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          150,037
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          148,517
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          80,505,021
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          77,539,699
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (6,326,442
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (4,494,800
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          116,238,795
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          104,903,681
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          190,567,411
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          178,097,097
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          208,012,150
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          193,996,376
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="width: 100%; margin-left: 0pt; margin-bottom: 10pt; margin-right: 0pt; text-indent: 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="width: 100%; margin-bottom: 10.0px; font-family: Times New Roman; font-size: 8pt" cellspacing="0">
      <tr>
        <td colspan="21">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>Supplemental Financial Data</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>Revenue by Product Line and Product Gross Margin</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="9" valign="top">
          <b>Quarter Ended June 30,</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="9" valign="top">
          <b>6 Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Orthobiologics
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,282,919
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          84%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,278,254
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          86%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,255,419
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          81%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,850,404
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          84%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Dermal
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          303,117
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          348,961
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          719,300
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          537,612
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,647,005
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,376,530
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,036,600
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,128,549
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Ophthalmic
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          414,991
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          363,411
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          919,463
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          571,996
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Veterinary
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,250,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          900,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          4%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          2,481,932
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          7%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,530,000
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          4%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total Product Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          22,898,032
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          21,267,156
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          38,412,714
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          35,618,561
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,623,973
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          15,934,243
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          28,825,215
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          25,924,629
        </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 style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          77%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          <b>Total Product Revenue by Geographic Region</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" colspan="21" valign="top">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="9" valign="top">
          <b>Quarter Ended June 30,</b>
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: center" colspan="9" valign="top">
          <b>6 Months Ended June 30,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2015</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; border-bottom: solid black 1.0pt; text-align: left" valign="bottom">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>2014</b>
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: center" valign="bottom">
          <b>%</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <b>Geographic Location:</b>
          </p>
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          19,217,696
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          84%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,946,738
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          85%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          31,808,886
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          83%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          29,827,778
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          84%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,330,890
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,789,766
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,317,214
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,482,903
        </td>
        <td>

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

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,349,446
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          1,530,652
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          7%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          2,286,614
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6%
        </td>
        <td>

        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          2,307,880
        </td>
        <td style="border-bottom: solid black 1.0pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: solid black 1.0pt; text-align: right" valign="bottom">
          6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total Revenue
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          22,898,032
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          21,267,156
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          38,412,714
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          35,618,561
        </td>
        <td style="border-bottom: double black 2.25pt">
          &#160;
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom: double black 2.25pt; text-align: right" valign="bottom">
          100%
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Anika Therapeutics, Inc.<br>Christopher Ranjitkar,
      781-457-9000<br>IR &amp; Corporate Communications Manager
    </p>
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</TEXT>
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</SEC-DOCUMENT>
