<SEC-DOCUMENT>0001157523-16-005265.txt : 20160427
<SEC-HEADER>0001157523-16-005265.hdr.sgml : 20160427
<ACCEPTANCE-DATETIME>20160427160621
ACCESSION NUMBER:		0001157523-16-005265
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20160427
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20160427
DATE AS OF CHANGE:		20160427

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:		161595388

	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>a51329845.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
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      <font style="font-family: Times New Roman; font-size: 10pt">UNITED STATES</font><font style="font-family: Times New Roman; font-size: 10pt"><br style="font-size: 10pt; font-family: Times New Roman"></font><font style="font-family: Times New Roman; font-size: 10pt">SECURITIES
      AND EXCHANGE COMMISSION</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font>
    </p>
    <p style="text-align: center">
      <font style="font-size: 10pt">Washington, D.C. 20549</font><br><br><font style="font-family: Times New Roman; font-size: 10pt">FORM
      8-K</font><br><br><br><font style="font-size: 10pt">CURRENT REPORT</font><font style="font-size: 10pt"><br style="font-size: 10pt"></font><font style="font-size: 10pt">PURSUANT
      TO SECTION 13 OR 15(d)</font><br><font style="font-size: 10pt">OF THE
      SECURITIES EXCHANGE ACT OF 1934</font><br><br><font style="font-family: Times New Roman; font-size: 10pt">Date
      of Report (Date of earliest event reported): April 27, 2016</font><br><br>
    </p>
    <div style="text-align:center">
    <table style="font-size: 10pt; margin-left:auto;margin-right:auto; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
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          <p style="margin-top: 0px; margin-bottom: 0px">
            Anika Therapeutics, Inc.
          </p>
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Exact name of registrant as specified in its charter)</i>
          </p>
        </td>
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    </table>
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    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
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        <td valign="bottom" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Massachusetts
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 34%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            000-21326
          </p>
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; width: 33%; white-space: nowrap">
          <p style="margin-top: 0px; margin-bottom: 0px">
            04-314-5961
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(State or other jurisdiction of<br>incorporation or
            organization)</i>
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 34%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Commission file number)</i>
          </p>
        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; width: 33%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
<div style="text-align:left">
    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            32 Wiggins Avenue, Bedford, MA 01730
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <i>(Address of principal executive offices) (Zip code)</i>
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p style="text-align: center">
      <i>Registrant's telephone number, including area code</i>: (781) 457-9000
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      <i>(Former name or former address, if changed since last report)</i>
    </p>
    <p style="text-align: left">

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

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

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

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

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

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

    </p>
    <p style="text-align: center">
      <b>Section 2--Financial Information</b>
    </p>
    <p>
      Item 2.02.&#160;&#160;Results of Operations and Financial Condition.
    </p>
    <p>
      The following information, including the exhibit attached hereto, is
      intended to be furnished and shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)
      or otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933 or the Exchange Act, except as expressly set forth by specific
      reference in such filing.
    </p>
    <p>
      On April 27, 2016, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the first quarter ended March 31,
      2016.&#160;&#160;The full text of the press release is furnished as Exhibit 99.1
      hereto and is incorporated herein by reference.
    </p>
    <p style="text-align: center">
      <b>Section 9--Financial Statements and Exhibits</b>
    </p>
    <p>
      Item 9.01.&#160;&#160;Financial Statements and Exhibits.
    </p>
    <p>
      (d)&#160;&#160;Exhibits.
    </p>
    <p>
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated April 27,
      2016.
    </p>
    <p style="margin-left: 60.0px">

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

    </p>
    <p style="text-align: center">
      [Remainder of page left blank intentionally]
    </p>
    <p>

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        <div style="text-align: left">

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

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

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

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

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

    </p>
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        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Anika Therapeutics, Inc.
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px" colspan="2">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
      </tr>
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          <p style="margin-top: 0px; margin-bottom: 0px">
            April 27, 2016
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          By:
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            <u>&#160;&#160;&#160;&#160;&#160; /s/ Sylvia Cheung</u>
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Sylvia Cheung
          </p>
        </td>
      </tr>
      <tr>
        <td style="width: 50%">

        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 5%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            &#160;
          </p>
        </td>
        <td valign="top" style="text-align: left; padding-left: 20.0px; width: 45%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Chief Financial Officer
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

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

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

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

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

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

    </p>
    <p style="text-align: center">
      Exhibit Index
    </p>
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    <table style="font-size: 10pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
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          99.1
        </td>
        <td valign="top" style="text-align: left; padding-left: 0.0px; width: 88%">
          <p style="margin-top: 0px; margin-bottom: 0px">
            Press Release of Anika Therapeutics, Inc. dated April 27, 2016.
          </p>
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51329845ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <title></title>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Anika
      Reports First Quarter 2016 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Total
      Revenue Increased 44% Year-over-Year</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Commenced
      $25 million Accelerated Share Repurchase Program</b></font></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--April 27, 2016--Anika Therapeutics,
      Inc. (NASDAQ: ANIK), a global, integrated orthopedic medicines company
      specializing in therapeutics based on its proprietary hyaluronic acid
      (&#8220;HA&#8221;) technology, today reported financial results for the first
      quarter ended March 31, 2016, along with business progress in the period.
    </p>
    <p>
      &#8220;We are off to a strong start in 2016, with total revenue growth of 44%
      year-over-year for the first quarter and advancement of our long-term
      growth strategy,&#8221; said Charles H. Sherwood, Ph.D., President and Chief
      Executive Officer. &#8220;We received CE Mark approval for CINGAL and
      continued to strengthen our infrastructure to support future growth. We
      also commenced our $25 million accelerated share repurchase program,
      reflecting our confidence in the business and deep commitment to
      creating shareholder value. We were pleased to continue our solid
      momentum in the first quarter, and we remain focused on positioning
      Anika for sustained growth.&#8221;
    </p>
    <p>
      <b>First Quarter Financial Results</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue for the first quarter of 2016 increased 44% to $22.3
        million, compared to $15.5 million for the first quarter of 2015. The
        increase was driven primarily by domestic ORTHOVISC and MONOVISC
        revenue.
      </li>
      <li style="margin-bottom: 10.0px">
        Orthobiologics revenue grew 64% year-over-year in the first quarter of
        2016. ORTHOVISC maintained its position as the leading
        multiple-injection product. MONOVISC continued to hold the number two
        position in the single-injection segment.
      </li>
      <li style="margin-bottom: 10.0px">
        ORTHOVISC and MONOVISC U.S. end user revenue increased 11%
        year-over-year in the first quarter of 2016. Product sales to the
        Company&#8217;s U.S. commercial partner increased by $5.8 million as
        compared to the first quarter of 2015, which was heavily impacted by
        our commercial partner&#8217;s inventory rebalancing activities.
      </li>
      <li style="margin-bottom: 10.0px">
        Total operating expenses for the first quarter of 2016 were $11.6
        million, compared to $10.0 million for the first quarter of 2015.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income for the first quarter of 2016 increased $3.4 million to
        $6.9 million, or $0.45 per diluted share, compared to $3.5 million, or
        $0.23 per diluted share, for the first quarter of 2015.
      </li>
    </ul>
    <p>
      <b>Recent Business Highlights</b>
    </p>
    <p>
      The Company made key commercial, operational, pipeline, and financial
      advancements, including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Achieving CE Mark approval for CINGAL to treat pain associated with
        osteoarthritis of human joints.
      </li>
      <li style="margin-bottom: 10.0px">
        Advancing its product pipeline with continued progress on the
        FastTRACK Phase III HYALOFAST study and on the Phase III MONOVISC
        study for the treatment of osteoarthritis pain in the hip.
      </li>
      <li style="margin-bottom: 10.0px">
        Entering into an accelerated share repurchase program to repurchase
        $25 million of its outstanding common stock. The Company initially
        received approximately 377,000 shares, which represents approximately
        70% of the total shares to be repurchased under the program through
        its expected conclusion in August 2016.
      </li>
      <li style="margin-bottom: 10.0px">
        Strengthening its executive leadership team and expanding its
        corporate capabilities with the appointments of Stephen R. Mascioli,
        M.D., MPH, as Chief Medical Officer and Dana M. Alexander as Chief
        Operations Officer.
      </li>
      <li style="margin-bottom: 10.0px">
        Continuing to progress with the full integration of the Company&#8217;s
        global manufacturing operations under one roof in Anika&#8217;s Bedford,
        Mass. global headquarters.
      </li>
    </ul>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call Information</b>
    </p>
    <p>
      Anika&#8217;s management will hold a conference call and webcast to discuss
      its financial results and business highlights tomorrow, Thursday, April
      28<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>
      Anika Therapeutics, Inc. (NASDAQ: ANIK) is a global, integrated
      orthopedic medicines company based in Bedford, Mass. Anika is committed
      to improving the lives of patients with degenerative orthopedic diseases
      and traumatic conditions by providing clinically meaningful therapeutic
      pain management solutions along the continuum of care, from palliative
      care to regenerative medicine. The Company has over two decades of
      expertise developing, manufacturing and commercializing more than 20
      products, in markets across the globe, based on its proprietary
      hyaluronic acid (HA) technology. Anika&#8217;s orthopedic medicine portfolio
      is comprised of marketed (ORTHOVISC<sup>&#174;</sup> and MONOVISC<sup>&#174;</sup>)
      and pipeline (CINGAL<sup>&#174;</sup> and HYALOFAST<sup>&#174;</sup> in
      the U.S.) products to alleviate pain and restore joint function by
      replenishing depleted HA and aiding cartilage repair and regeneration.
      For more information about Anika, please visit <u>http://www.anikatherapeutics.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      <i>The statements made in the first sentence of the second paragraph and
      the third bullet point in the section captioned &#8220;Recent Business
      Highlights&#8221; of this press release, which are not statements of
      historical fact, are forward-looking statements within the meaning of
      Section 27A of the Securities Act of 1933, as amended, and Section 21E
      of the Securities Exchange Act of 1934, as amended. These statements
      include, but are not limited to, those relating to the Company&#8217;s future
      growth prospects, the Company&#8217;s advancement of its long-term growth
      strategy, and the expected timeline for completion of the Company&#8217;s
      accelerated share repurchase program. 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,
      but not limited to, (i) the Company&#8217;s ability to successfully commence
      and/or complete clinical trials of its products, including for
      HYALOFAST, 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, 510(k) applications, or
      new drug 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 operates 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; and (x) the Company&#8217;s ability
      to achieve its growth targets. Additional factors and risks are
      described in the Company&#8217;s periodic reports filed with the Securities
      and Exchange Commission, and they are available on the SEC&#8217;s website at <u>www.sec.gov</u>.
      Forward-looking statements are made based on information available to
      the Company on the date of this press release, and the Company assumes
      no obligation to update the information contained in this press release.</i>
    </p>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Condensed Consolidated Statements of Operations</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>(in thousands, except per share data)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="5">
          <b>Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          22,278
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,515
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Licensing, milestone and contract revenue
        </td>
        <td>

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          5
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          22,283
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,520
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          5,425
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,313
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Research &amp; development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,098
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Selling, general &amp; administrative
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          3,990
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          3,605
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Total operating expenses
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          11,574
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          10,016
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,709
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          5,504
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Interest income, net
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          72
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          24
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Income before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          10,781
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          5,528
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          3,886
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          2,012
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Net income
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          6,895
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          3,516
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.46
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.24
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,875
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,905
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Diluted net income per share:
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.45
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          0.23
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,307
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,330
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="7">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>Condensed Consolidated Balance Sheets</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          <b>(in thousands, except share data and per share data)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="7">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          92,837
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          110,707
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          23,000
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          27,751
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accounts receivable, net of reserves of $174 and $167 at March 31,
          2016 and December 31, 2015, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,798
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          21,652
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Inventories
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          15,765
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          14,938
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Prepaid expenses and other current assets
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,500
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,385
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          147,900
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          176,433
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Property and equipment, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          46,839
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          40,108
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Long-term deposits and other
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,859
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,656
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 2.0px">
          Goodwill
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          7,790
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          7,482
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Total Assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          214,457
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          235,748
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px">
          <b>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</b>
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3,263
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          8,302
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accrued expenses and other current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          5,999
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          4,778
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Income taxes payable
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,603
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          4,198
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Total current liabilities
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          10,865
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          17,278
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          739
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          781
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Long-term deferred revenue
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          66
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Deferred tax liability
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          7,422
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          6,775
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Commitments and contingencies
        </td>
        <td>

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Preferred stock, $.01 par value; 1,250,000 shares authorized, no
          shares issued and outstanding at March 31, 2016 and December 31,
          2015, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          -
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Common stock, $.01 par value; 30,000,000 shares authorized,
          14,768,325 and 15,036,808 shares issued and outstanding at March 31,
          2016 and December 31, 2015, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          150
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Additional paid-in-capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          58,536
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          81,685
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (5,873)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          (6,649)
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Retained earnings
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          142,557
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          135,662
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 20.0px; padding-bottom: 2.0px">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          195,368
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          210,848
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px; padding-bottom: 4.0px">
          Total Liabilities and Stockholders&#8217; Equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          214,457
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          235,748
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="text-indent: 0pt; margin-right: 0pt; width: 100%; margin-bottom: 10pt; margin-left: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="font-size: 8pt; width: 100%; font-family: Times New Roman; margin-bottom: 10.0px" cellspacing="0">
      <tr>
        <td colspan="11">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <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>
      </tr>
      <tr>
        <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 valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>Revenue by Product Line and Product Gross Margin</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>(in thousands, except percentages)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          (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>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid" colspan="9">
          <b>Quarter Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>%</b>
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          19,587
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          88%
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,973
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,318
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,390
        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          416
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          3%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          992
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          4%
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,736
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          11%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 4.0px">
          Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          22,278
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          100%
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          15,515
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 0.0px">
          Product Gross Profit
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          16,853
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          11,202
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          72%
        </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>
          &#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>
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>Total Product Revenue by Geographic Region</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          <b>(in thousands, except percentages)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: center; padding-left: 0.0px" colspan="11">
          (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>
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td valign="top" style="text-align: center; padding-left: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid" colspan="9">
          <b>Quarter Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>2016</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: center; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          <b>%</b>
        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          18,011
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          80%
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          12,591
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          81%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          2,565
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          1,986
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap">
          13%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 2.0px">
          Other
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          1,702
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          8%
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          938
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid; white-space: nowrap">
          6%
        </td>
      </tr>
      <tr>
        <td valign="top" style="text-align: left; padding-left: 10.0px; padding-bottom: 4.0px">
          Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          22,278
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          100%
        </td>
        <td>

        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          $
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          15,515
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="text-align: right; padding-left: 0.0px; padding-right: 0.0px; border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double; white-space: nowrap">
          100%
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Anika Therapeutics, Inc.<br>Charles H. Sherwood, Ph.D.,
      President and CEO<br>or<br>Sylvia Cheung, CFO<br>781-457-9000
    </p>
  </body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
