<SEC-DOCUMENT>0001171843-17-002575.txt : 20170503
<SEC-HEADER>0001171843-17-002575.hdr.sgml : 20170503
<ACCEPTANCE-DATETIME>20170503160547
ACCESSION NUMBER:		0001171843-17-002575
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20170503
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20170503
DATE AS OF CHANGE:		20170503

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:		17809115

	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
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<FILENAME>f8k_050217.htm
<DESCRIPTION>FORM 8-K
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<html><head><title></title></head><body><div style="margin-top: 3pt; margin-bottom: 12pt;"><div style="font-size: 1pt; border-top: Black 2.5pt solid; border-bottom: Black 1.1pt solid; width: 100%;"><font style="font-size: 10pt;">&#160;</font></div></div><p style="text-align: center;"><font style="font-size: 14pt;"><strong>UNITED STATES</strong><br><strong>SECURITIES AND EXCHANGE COMMISSION</strong><br><strong>Washington, D.C. 20549</strong><br>_____________________</font></p><p style="text-transform: uppercase; text-align: center;"><font style="font-size: 14pt;"><strong>Form 8-K</strong><br>_____________________</font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>CURRENT REPORT</strong></font></p><p style="text-align: center;"><font style="font-size: 12pt;"><strong>Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934</strong></font></p><p align="center"><font style="font-size: 10pt;">Date of Report (Date of earliest event Reported): <!--May 3, 2017-->May 3, 2017 &#160;</font></p><p align="center"><font style="font-size: 12pt;"><strong>Anika Therapeutics</strong></font><br><font style="font-size: 10pt;">(Exact Name of Registrant as Specified in Charter)</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;"><strong>Massachusetts</strong></font></td><td align="center" width="34%"><font style="font-size: 10pt;"><strong>000-21326</strong></font></td><td align="center" width="33%"><font style="font-size: 10pt;"><strong>04-3145961</strong></font></td></tr><tr valign="top"><td align="center" width="33%"><font style="font-size: 10pt;">(State or Other Jurisdiction of Incorporation)</font></td><td align="center" width="34%"><font style="font-size: 10pt;">(Commission File Number)</font></td><td align="center" width="33%"><font style="font-size: 10pt;">(I.R.S. 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Results of Operations and Financial Condition.</strong></font></p><p><font style="font-size: 10pt;"><p>The following information, including the exhibit attached hereto, is intended to be furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act") 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 May 3, 2017, Anika Therapeutics, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2017. The full text of the press release is furnished as Exhibit 99.1 hereto and is incorporated herein by reference.</p></font></p><p><font style="font-size: 10pt;"><strong>Section 9 Financial Statements and Exhibits</strong></font></p><p><font style="font-size: 10pt;"><strong>Item 9.01. Financial Statements and Exhibits.</strong></font></p><p><font style="font-size: 10pt;"><p><font style="font-size: 10pt;"><font style="font-size: 10pt;">(d)&#160; Exhibits.&#160;</font></font></p><p>99.1&#160; Press Release of Anika Therapeutics, Inc. dated May 3, 2017.</p><p><br></p><p style="text-align: center;">[Remainder of page left blank intentionally]</p></font></p><p><font style="font-size: 10pt;"></font></p><p><font style="font-size: 10pt;"></font></p><hr style="page-break-after: always;" noshade="noshade"><p align="center"><font style="font-size: 10pt;"><strong>SIGNATURE</strong></font></p><p><font style="font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p><table style="width: 100%;" border="0" cellspacing="0" cellpadding="0"><tr valign="top"><td valign="top" width="49%"><font style="font-size: 10pt;">&#160;</font></td><td style="font-size: 12pt;" colspan="2" valign="top"><font style="font-size: 10pt;"><strong>Anika Therapeutics</strong></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">Date: May 3, 2017</font></td><td width="2%"><font style="font-size: 10pt;">By:&#160;</font></td><td style="text-decoration: underline;" width="49%"><font style="font-size: 10pt;">/s/ Sylvia Cheung&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Sylvia Cheung</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;">Chief Financial Officer</font></td></tr><tr valign="top"><td width="49%"><font style="font-size: 10pt;">&#160;</font></td><td width="2%"><font style="font-size: 10pt;">&#160;</font></td><td width="49%"><font style="font-size: 10pt;"></font></td></tr></table><p><hr style="page-break-after: always;" noshade="noshade"><p style="text-align: center;"><font style="font-size: 10pt;">Exhibit Index</font></p><p style="text-align: center;"><font style="font-size: 10pt;">&#160;</font></p><table style="font-size: 10pt;" border="0" cellspacing="0" cellpadding="0" class="mce-item-table"><tr><td><font style="font-size: 10pt;"><a href="exh_991.htm">99.1</a></font></td><td width="20"><font style="font-size: 10pt;">&#160;</font></td><td><font style="font-size: 10pt;">Press Release of Anika Therapeutics, Inc. dated May 3, 2017.&#160;</font></td></tr></table><div id="mceResizeHandlen" class="mce-resizehandle" style="cursor: n-resize; margin: 0px; padding: 0px; left: 241.333px; top: 83.8333px;"></div><div id="mceResizeHandlee" class="mce-resizehandle" style="cursor: e-resize; margin: 0px; padding: 0px; left: 478.667px; top: 93.1667px;"></div><div id="mceResizeHandles" class="mce-resizehandle" style="cursor: s-resize; margin: 0px; padding: 0px; left: 241.333px; top: 102.5px;"></div><div id="mceResizeHandlew" class="mce-resizehandle" style="cursor: w-resize; margin: 0px; padding: 0px; left: 4px; top: 93.1667px;"></div><div id="mceResizeHandlenw" class="mce-resizehandle" style="cursor: nw-resize; margin: 0px; padding: 0px; left: 4px; top: 83.8333px;"></div><div id="mceResizeHandlene" class="mce-resizehandle" style="cursor: ne-resize; margin: 0px; padding: 0px; left: 478.667px; top: 83.8333px;"></div><div id="mceResizeHandlese" class="mce-resizehandle" style="cursor: se-resize; margin: 0px; padding: 0px; left: 478.667px; top: 102.5px;"></div><div id="mceResizeHandlesw" class="mce-resizehandle" style="cursor: sw-resize; margin: 0px; padding: 0px; left: 4px; top: 102.5px;"></div></p></body></html>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exh_991.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>

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<p style="text-align: right;"><strong>Exhibit 99.1</strong></p>

<p style="text-align: center;"><strong>Anika Reports First Quarter 2017 Financial Results</strong></p>

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

<p>

<p align="center"><em>MONOVISC Revenue Increases 24% Year-over-Year<br></em><em>Total Revenue Grows 5% Year-over-Year<br></em><em>Commercially Launches ORTHOVISC-T in Europe</em></p>

<p>BEDFORD, Mass., May  03, 2017  (GLOBE NEWSWIRE) -- 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, 2017, along with business progress in the periods.</p>

<p>&#8220;We made important progress executing our long-term growth strategy in the first quarter of 2017,&#8221; said Charles H. Sherwood, Ph.D., President and Chief Executive Officer. &#8220;We finalized the clinical study design for an additional Phase III clinical trial of CINGAL, and we commenced planning and site initiation activities for the trial in the quarter. MONOVISC continued its strong momentum with revenue growth of 24% year-over-year for the quarter, and we achieved a significant milestone in our global expansion with the launch of ORTHOVISC-T in Europe.&#8221;</p>

<p><strong>First Quarter Financial Results </strong></p>  <ul type="disc">

<li>Total revenue for the first quarter of 2017 increased 5% to $23.4 million, compared to $22.3 million for the first quarter of 2016.</li>

<li>Worldwide Orthobiologics revenue grew 3% year-over-year in the first quarter of 2017. MONOVISC revenue increased 24% year-over-year in the first quarter of 2017, and it was the main revenue growth driver in the period.</li>

<li>International Orthobiologics revenue increased 12% for the first quarter of 2017, due primarily to the global expansion of MONOVISC, as well as the growth of CINGAL in Europe and Canada. Domestically, ORTHOVISC and MONOVISC continue to maintain a combined market leading position.</li>

<li>Total operating expenses for the first quarter of 2017 were $15.4 million, compared to $11.6 million for the first quarter of 2016. The increase in total operating expenses was due primarily to higher research and development spending required to advance the Company&#8217;s product pipeline, expanded operational efforts, and increased professional service fees.</li>

<li>Net income for the first quarter of 2017 was $5.5 million, or $0.37 per diluted share, compared to $6.9 million, or $0.45 per diluted share, for the first quarter of 2016. The decline in net income was due primarily to the planned increase in operating expenses previously discussed.</li></ul>

<p><strong>Recent Business Highlights</strong><br>The Company made key commercial, operational, pipeline, and financial advancements, including:</p>  <ul type="disc">

<li>Finalizing the clinical study design for an additional Phase III clinical trial of CINGAL, and commencing site initiation activities for the trial. The trial is a randomized, double-blind, active comparator controlled, multi-center study of CINGAL to demonstrate that CINGAL provides symptomatic relief of osteoarthritis of the knee in patients who have not responded to conservative treatment.</li>

<li>Launching ORTHOVISC-T in Europe to relieve pain and restore function in tendons affected by chronic lateral epicondylosis. &#160;&#160;</li>

<li>Advancing its product pipeline with continued progress on enrolling patients in the FastTRACK Phase III HYALOFAST Study for cartilage repair, as well as the Phase III MONOVISC study for the treatment of osteoarthritis pain in the hip.</li>

<li>Progressing the consolidation of the Company&#8217;s global manufacturing operations at Anika&#8217;s Bedford, Massachusetts corporate headquarters.</li>

<li>Completing the build-out of the Company&#8217;s new European headquarters and training center in Padova, Italy.</li></ul>

<p><strong>Conference Call Information </strong><br>Anika&#8217;s management will hold a conference call and webcast to discuss its financial results and business highlights tomorrow, Thursday, May 4<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 "Investor Relations" section of Anika&#8217;s website, www.anikatherapeutics.com. 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><strong>About Anika Therapeutics, Inc. </strong><br>Anika Therapeutics, Inc.&#160;(NASDAQ:ANIK) is a global, integrated orthopedic medicines company based in&#160;Bedford, Massachusetts.&#160;Anika is committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over two decades of global expertise developing, manufacturing, and commercializing more than 20 products based on its proprietary hyaluronic acid (HA) technology. Anika's orthopedic medicine portfolio includes ORTHOVISC<sup>&#174;</sup>, MONOVISC<sup>&#174;</sup>, and CINGAL<sup>&#174;</sup>, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST<sup>&#174;</sup>, a solid HA-based scaffold to aid cartilage repair and regeneration. For more information about Anika, please visit&#160;www.anikatherapeutics.com.</p>

<p><strong>Forward-Looking Statements </strong><br><em>The statements made in this press release, which are not statements of historical fact, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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 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.</em> <em>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 www.sec.gov. 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.</em></p>

<p>&#160;<br></p>

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    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,386</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,283</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Operating expenses:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Cost of product revenue</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,083</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,425</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Research&#160;&amp; development</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,230</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,159</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Selling, general&#160;&amp; administrative</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,067</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,990</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Total operating expenses</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,380</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">11,574</td>
    <td style="border-top: solid black 1pt ; border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Income from operations</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8,006</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,709</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Interest income, net</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">58</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">72</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Income before income taxes</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8,064</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,781</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Provision for income taxes</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,571</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">3,886</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Net income</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5,493</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,895</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Basic net income per share:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Net income</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.38</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.46</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Basic weighted average common shares outstanding</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">14,576</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">14,875</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Diluted net income per share:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Net income</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.37</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">0.45</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Diluted weighted average common shares outstanding</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,043</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,307</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td colspan="9" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Anika Therapeutics, Inc. and Subsidiaries</strong></td></tr>
<tr>
    <td colspan="9" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Condensed Consolidated Balance Sheets</strong></td></tr>
<tr>
    <td colspan="9" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>(in thousands, except per share data)</strong></td></tr>
<tr>
    <td colspan="9" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">(unaudited)</td></tr>
<tr>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>March 31,</strong><strong>&#160;</strong></td>
    <td style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>December 31,</strong><strong>&#160;</strong></td></tr>
<tr>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>ASSETS</strong></td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>2017</strong></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
    <td style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; "><strong>2016</strong></td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Current assets:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Cash and cash equivalents</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">119,368</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">104,261</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Investments</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">19,250</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">20,500</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Accounts receivable, net of reserves of $196 and $194 at March 31,<br>2017 and December 31, 2016, respectively</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">21,079</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">27,598</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Inventories</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16,180</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">15,983</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Prepaid expenses and other current assets</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,173</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,098</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Total current assets</td>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 15.0px; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">177,050</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">170,440</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Property and equipment, net</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">51,593</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">52,296</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Long-term deposits and other</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,234</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">69</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Intangible assets, net</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,162</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,227</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Goodwill</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7,328</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7,214</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Total assets</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">247,367</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">240,246</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-top: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="border-top: double black 3pt ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>LIABILITIES AND STOCKHOLDERS&#8217; EQUITY</strong></td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Current liabilities:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Accounts payable</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,050</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,303</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Accrued expenses and other current liabilities</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4,167</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,496</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 30.0px; vertical-align: bottom ; ">Total current liabilities</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">10,217</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8,799</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other long-term liabilities</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">400</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,126</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Deferred tax liability</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,722</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6,548</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Commitments and contingencies</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Stockholders&#8217; equity:</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Preferred stock, $.01 par value; 1,250 shares authorized, no shares<br>issued and outstanding at December 31, 2016 and December 31,<br>2015, respectively</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">-</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">-</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Common stock, $.01 par value; 60,000 and 30,000 shares<br>authorized, 14,655 and 14,627 shares issued and outstanding at<br>March 31, 2017 and December 31, 2016, respectively</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">146</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">146</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Additional paid-in-capital</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">63,719</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">61,735</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Accumulated other comprehensive loss</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(7,025</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">(7,317</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">)</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 20.0px; vertical-align: bottom ; ">Retained earnings</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">173,188</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">168,209</td>
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<tr>
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    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">230,028</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">222,773</td>
    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
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    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">247,367</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">240,246</td>
    <td style="border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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</table>

<p>&#160;</p>

<table style="border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; border-collapse: collapse; ">
<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Anika Therapeutics, Inc. and Subsidiaries</strong></td></tr>
<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Supplemental Financial Data</strong><strong>&#160;</strong></td></tr>
<tr>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
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<tr>
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<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>Revenue by Product Line and Product Gross Margin</strong></td></tr>
<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>(in thousands, except percentages)</strong></td></tr>
<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">(unaudited)</td></tr>
<tr>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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<tr>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
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<tr>
    <td style="vertical-align: bottom ; "><strong>Product Line:</strong><strong>&#160;</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
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<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Orthobiologics</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">20,227</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">87</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
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    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">19,587</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">88</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">5</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,318</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Dermal</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">425</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2</td>
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    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">381</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
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    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,433</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">6</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">992</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">4</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
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    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,381</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">100</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,278</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">100</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">Product Gross Profit</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">17,298</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">16,853</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">Product Gross Margin</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr>
<tr>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; "><strong>&#160;</strong></td>
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    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; "><strong>&#160;</strong></td>
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<tr>
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<tr>
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<tr>
    <td colspan="13" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">(unaudited)</td></tr>
<tr>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; "><strong>&#160;</strong></td>
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    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="3" style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="2" style="vertical-align: bottom ; "><strong>&#160;</strong></td></tr>
<tr>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
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<tr>
    <td style="vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
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    <td style="border-bottom: solid black 1pt ; padding-left: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
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    <td style="vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
    <td style="border-bottom: solid black 1pt ; padding-right: 0 ; vertical-align: bottom ; text-align: center ;  vertical-align: bottom; ">&#160;</td>
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<tr>
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    <td colspan="3" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; "><strong>&#160;</strong></td>
    <td colspan="2" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td colspan="2" style="text-align: center ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td></tr>
<tr>
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    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">81</td>
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    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">18,011</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">81</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
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    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">2,829</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">12</td>
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    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">11</td>
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<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Other</td>
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    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">7</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">1,702</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">8</td>
    <td style="padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
    <td style="vertical-align: bottom;   text-align: left;   padding-left: 10.0px; vertical-align: bottom ; ">Product Revenue</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">23,381</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">100</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">$</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">22,278</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-right: 0 ; text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">100</td>
    <td style="border-top: solid black 1pt ; border-bottom: double black 3pt ; padding-left: 0 ; text-align: left ;  vertical-align: bottom; vertical-align: bottom ; ">%</td></tr>
<tr>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td>
    <td style="text-align: right ;  vertical-align: bottom; vertical-align: bottom ; ">&#160;</td>
    <td colspan="3" style="vertical-align: bottom ; ">&#160;</td>
    <td colspan="2" style="vertical-align: bottom ; ">&#160;</td></tr>
</table>

<p><strong>CONTACT:</strong><br>Anika Therapeutics, Inc.<br>Charles H. Sherwood, Ph.D., President and CEO<br>Sylvia Cheung, CFO<br>Tel:&#160; 781-457-9000&#160;<br></p></p>

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