<SEC-DOCUMENT>0001157523-18-000944.txt : 20180502
<SEC-HEADER>0001157523-18-000944.hdr.sgml : 20180502
<ACCEPTANCE-DATETIME>20180502160559
ACCESSION NUMBER:		0001157523-18-000944
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180502
DATE AS OF CHANGE:		20180502

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:		18799599

	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>a51799996.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-family: Times New Roman; font-size: 10pt"></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>
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    <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): May 2, 2018</font><br><br>
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            Anika Therapeutics, Inc.
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            <i>(Exact name of registrant as specified in its charter)</i>
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            Massachusetts
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          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
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          <p style="margin-bottom: 0px; margin-top: 0px">
            04-3145961
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(State or other jurisdiction of<br>incorporation or
            organization)</i>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Commission file number)</i>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(I.R.S. Employer<br>Identification No.)</i>
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          <p style="margin-bottom: 0px; margin-top: 0px">
            32 Wiggins Avenue, Bedford, MA 01730
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          <p style="margin-bottom: 0px; margin-top: 0px">
            <i>(Address of principal executive offices) (Zip code)</i>
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    </p>
    <p style="text-align: center">
      (781)-457-9000<br><i>Registrant's telephone number, including area code</i>
    </p>
    <p style="text-align: center">

    </p>
    <p style="text-align: center">
      Not applicable<br><i>(Former name or former address, if changed since
      last report)</i>
    </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>
    <p>
      Indicate by check mark whether the registrant is an emerging growth
      company as defined in Rule 405 of the Securities Act of 1933 (17 CFR
      &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR
      &#167;240.12b-2).
    </p>
    <p>
      Emerging growth company <font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>

    </p>
    <p>
      If an emerging growth company, indicate by check mark if the registrant
      has elected not to use the extended transition period for complying with
      any new or revised financial accounting standards provided pursuant to
      Section 13(a) of the Exchange Act.&#160;&#160;&#160;<font style="font-family: Arial Unicode MS; font-size: 12pt">&#8414;</font>
    </p>
    <p>

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    <p style="white-space: nowrap">
      <b>Item 2.02.&#160;&#160;Results of Operations and Financial Condition.</b>
    </p>
    <p>
      The following information, including the exhibit attached hereto, is
      intended to be furnished and shall not be deemed &quot;filed&quot; for purposes of
      Section 18 of the Securities Exchange Act of 1934 (the &quot;Exchange Act&quot;)
      or otherwise subject to the liabilities of that section, nor shall it be
      deemed incorporated by reference in any filing under the Securities Act
      of 1933 or the Exchange Act, except as expressly set forth by specific
      reference in such filing.
    </p>
    <p>

    </p>
    <p>
      On May 2, 2018, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the first quarter and three months
      ended March 31, 2018.&#160;&#160;The full text of the press release is furnished
      as Exhibit 99.1 hereto and is incorporated herein by reference.
    </p>
    <p>

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

    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits.
    </p>
    <p>

    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Press Release of Anika Therapeutics, Inc. dated May 2, 2018.
    </p>
    <p style="margin-left: 60.0px">

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    <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>

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            Anika Therapeutics, Inc.
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            &#160;
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            Dated:&#160;&#160;May 2, 2018
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        <td valign="top" style="padding-left: 0.0px; width: 5%; text-align: left">
          By:
        </td>
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            <u>&#160;&#160;&#160;&#160;&#160; /s/ Sylvia Cheung</u>
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            &#160;
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            Sylvia Cheung
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            &#160;
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            Chief Financial Officer
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    <p style="text-align: center">
      Exhibit Index
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            <a href="a51799996ex99_1.htm">99.1</a>
          </p>
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        <td valign="top" style="padding-left: 0.0px; width: 90%; text-align: left">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51799996ex99_1.htm">Press Release of Anika Therapeutics,
            Inc. dated May 2, 2018.</a>
          </p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51799996ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-family: Times New Roman; font-size: 12pt"><b>Anika
      Reports First Quarter 2018 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-family: Times New Roman; font-size: 12pt"><b>Successful
      Leadership Transition in Evolution to a Global Commercial Organization;</b></font></i><b><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><i><font style="font-family: Times New Roman; font-size: 12pt">MONOVISC
      and CINGAL Global Revenue Increased 38% Year-over-Year;</font></i><font style="font-family: Times New Roman; font-size: 12pt"><br style="font-size: 12pt; font-family: Times New Roman"></font><i><font style="font-family: Times New Roman; font-size: 12pt">Initiated
      Voluntary Recall of HYALOFAST, HYALOGRAFT-C and HYALOMATRIX</font></i></b>
    </p>
    <p style="text-align: center">

    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--May 2, 2018--Anika Therapeutics, Inc.
      (NASDAQ: ANIK), a global, integrated orthopedic and regenerative
      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, 2018, along with business progress in
      the period.
    </p>
    <p>
      &#8220;In the first quarter, Anika saw strong growth in its most prominent
      product categories and continued to take the steps necessary to
      transform the Company into a fully integrated, global commercial
      organization,&#8221; said Joseph Darling, President and Chief Executive
      Officer of Anika Therapeutics. &#8220;Global MONOVISC revenue increased 29%
      year-over-year, and end-user demand for CINGAL in Europe and Canada
      remained strong in the first quarter. Together, MONOVISC and CINGAL
      global revenue grew 38% year-over-year. However, that growth was
      countered by soft ORTHOVISC revenue, non-recurring charges related to
      the planned CEO transition, and a voluntary recall of three HYAFF-based
      products.&#8221;
    </p>
    <p>
      Mr. Darling continued, &#8220;We are rapidly advancing the CINGAL Phase III
      trial, with the completion of the 6-month patient follow-up in April.
      Our entire leadership team is energized and focused on delivering our
      new and innovative solutions to the market, accelerating our revenue and
      earnings growth in the years ahead, and creating sustained value for our
      shareholders.&#8221;
    </p>
    <p>
      <b>First Quarter Financial Results</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue for the first quarter of 2018 was $21.3 million,
        compared to $23.4 million for the first quarter of 2017. The
        year-over-year decline was due in part to $1.1 million related to the
        voluntary, non-safety related recall of HYALOFAST, HYALOGRAFT-C, and
        HYALOMATRIX.
      </li>
      <li style="margin-bottom: 10.0px">
        Worldwide Orthobiologics revenue decreased $0.7 million year-over-year
        in the first quarter of 2018, due primarily to lower ORTHOVISC
        revenue. Global MONOVISC revenue increased 29% year-over-year in the
        first quarter of 2018, resulting from our international expansion
        efforts and the industry shift from multi- to single-injection
        therapies.
      </li>
      <li style="margin-bottom: 10.0px">
        International Viscosupplementation revenue increased 17% for the first
        quarter of 2018, due primarily to the global expansion of MONOVISC, as
        well as the growth of CINGAL in the international markets.
        Domestically, ORTHOVISC and MONOVISC achieved the number one position
        in the combined multi- and single-injection segments in the first
        quarter of 2018.
      </li>
      <li style="margin-bottom: 10.0px">
        Total operating expenses for the first quarter of 2018 were $29.1
        million, compared to $15.4 million for the first quarter of 2017. The
        increase in total operating expenses was due primarily to a one-time
        charge of $8.4 million, which consisted mainly of non-cash stock-based
        compensation expense associated with the retirement of our former CEO.
      </li>
      <li style="margin-bottom: 10.0px">
        Net loss for the first quarter of 2018 was $6.7 million, or ($0.46)
        per diluted share, compared to net income of $5.5 million, or $0.37
        per diluted share, for the first quarter of 2017. The decline in net
        income was due primarily to the increase in operating expenses
        previously discussed.
      </li>
    </ul>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 0pt">
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        <div style="text-align: left">

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

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        </div>
      </div>
    </div>
    <p>
      <b>Recent Business Highlights</b>
    </p>
    <p>
      The Company made key commercial, pipeline and operational advancements,
      including:
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Appointing Joseph Darling as Chief Executive Officer and as a Director
        to succeed Dr. Charles Sherwood, who retired as Chief Executive
        Officer and a Director in March 2018. Mr. Darling joined Anika as
        President in late July 2017, bringing more than 20 years of extensive
        experience in executive management and leadership skills from
        publicly-traded, commercial-stage companies, including Abbott
        Laboratories, Baxter Healthcare, Smith &amp; Nephew, CONMED, and
        Wyeth-Ayerst.
      </li>
      <li style="margin-bottom: 10.0px">
        Advancing its product pipeline with the completion of 6-month patient
        follow-up in the CINGAL Phase III study for the treatment of
        osteoarthritis pain in the knee, continued progress in the CINGAL
        3-month extension study and 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 style="margin-bottom: 10.0px">
        Continuing the development of a direct commercial capability in the
        United States to support the planned U.S. launch of CINGAL in 2019 and
        other new therapies in the years ahead.
      </li>
    </ul>
    <p>
      <b>Voluntary Recall of HYALOFAST, HYALOGRAFT-C and HYALOMATRIX</b>
    </p>
    <p>
      The Company is undertaking a voluntary recall of certain lots of its
      HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX products. While there is no
      indication of any safety or efficacy issue related to the affected
      products at this time, the Company remains committed to the highest
      standards of quality and is removing the products from the field as a
      precautionary measure. The recall is being initiated by the Company
      following internal quality testing which indicated that the products
      were at risk of not maintaining certain measures throughout their entire
      shelf life. All impacted distributors have been notified of the recall,
      and the Company is taking all appropriate actions with respect to
      applicable regulatory authorities. The Company is in the process of
      identifying and implementing the appropriate operational resolution of
      the underlying issue, and it expects to fully resolve the matter and
      resume production and shipping by the end of 2018. The HYALOFAST product
      being used to conduct the ongoing Phase III clinical trial was not
      impacted by the recall.
    </p>
    <p>
      The voluntary recall negatively impacted the Company&#8217;s financial results
      for the first quarter of 2018 by $1.1 million in product revenue, $0.6
      million in inventory reserves, and $0.4 million in administration costs
      related to the recall. HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX revenue
      totaled approximately 3% of total revenue for the full year of 2017.
    </p>
    <p>
      &#8220;This voluntary recall is based on the Company&#8217;s commitment to the
      highest standards of quality for which we are known around the globe,&#8221;
      continued Joseph Darling. &#8220;While there is no indication of any impact on
      the safety or efficacy of the product at this time, we cannot accept any
      deviation from our stringent quality measures. Our quality and
      engineering staff are working diligently to resolve the issue in order
      to bring these products back into the hands of surgeons who have used
      the products to treat patients in need.&#8221;
    </p>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
    <p>
      <b>Full Year 2018 Revised Corporate Outlook</b>
    </p>
    <p>
      Based on Anika&#8217;s first quarter 2018 results and currently available
      information, the Company revised its guidance for the full year of 2018.
      Anika now expects total revenue growth to be flat for the full year of
      2018. Total operating expenses are expected to be in the high $90
      million range for the full year of 2018, including the one-time charge
      associated with the retirement of our former CEO in the first quarter of
      2018 and the expenses associated with CINGAL pre-launch activities
      required to support a successful direct commercialization in the U.S.
    </p>
    <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, May 3
      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 and regenerative medicines company based in Bedford,
      Massachusetts. 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, a solid HA-based scaffold to
      aid cartilage repair and regeneration. For more information about Anika,
      please visit <u>www.anikatherapeutics.com</u>.
    </p>
    <p>
      <b>Forward-Looking Statements</b>
    </p>
    <p>
      <i>The statements made in the first sentence of the third paragraph, the
      second and third bullet points under the caption &#8220;Recent Business
      Highlights,&#8221; the fifth sentence of the first paragraph under the caption
      &#8220;Voluntary Recall of HYALOFAST, HYALOGRAFT-C, and HYALOMATRIX,&#8221; and the
      disclosure under the caption &#8220;Full Year 2018 Revised Corporate Outlook&#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 timing for completion of the Company&#8217;s
      CINGAL clinical trial and the product&#8217;s commercial launch, the Company&#8217;s
      expectations with respect to timeline for its HYALOFAST clinical trial,
      the timing associated with the resolution of the Company&#8217;s voluntary
      product recall, and the Company&#8217;s expectations regarding its 2018
      financial performance. 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. 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="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 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="color: black; height: 1.5pt">

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

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="6">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the Three Months Ended March 31,</b>
          </p>
        </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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>2017</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Product revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          23,381
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          6
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          5
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,264
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          23,386
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Cost of product revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          7,845
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6,083
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Research and development
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,161
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          4,230
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Selling, general and 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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          16,090
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          5,067
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          29,096
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          15,380
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income (loss) from operations
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (7,832
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8,006
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Interest and other 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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          95
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          58
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (7,737
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          8,064
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Provision for (benefit from) 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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          (1,051
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          2,571
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Net income (loss)
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          (6,686
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          5,493
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Net income (loss)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.38
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          14,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          14,576
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Diluted net income (loss) per share:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Net income (loss)
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          0.37
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          14,679
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          15,043
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

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

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

        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="3">
          <b>March 31,</b>
        </td>
        <td>

        </td>
        <td valign="top" style="padding-left: 0.0px; white-space: nowrap; text-align: center; padding-right: 0.0px" colspan="3">
          <b>December 31,</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: center">
          <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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Current assets:
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Cash and cash equivalents
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          141,797
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          133,256
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Investments
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          21,250
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          24,000
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accounts receivable, net of reserves of $2,436 and $1,914 at March
          31, 2018 and December 31, 2017, respectively
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          18,289
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          23,825
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Inventories, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          22,770
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          22,035
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          4,081
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          3,211
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 40.0px; text-align: left">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          208,187
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          206,327
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          55,772
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          56,183
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other long-term assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,247
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,254
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,678
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          10,635
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          8,452
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          8,218
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total assets
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          284,336
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          282,617
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accounts payable
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6,159
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          6,747
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          Accrued expenses and other 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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          7,963
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          6,326
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          14,122
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          13,073
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          Other long-term liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,150
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,298
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5,393
        </td>
        <td>

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

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

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Preferred stock, $0.01 par value; 1,250 shares authorized, no shares
          issued and outstanding at March 31, 2018 and December 31, 2017,
          respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Common stock, $0.01 par value; 60,000 shares authorized, 14,745 and
          14,688 shares issued and outstanding at March 31, 2018 and December
          31, 2017, respectively
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Additional paid-in-capital
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          74,958
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          68,617
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 20.0px; text-align: left">
          Accumulated other comprehensive loss
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (4,164
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          (4,784
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          )
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 20.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          192,825
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          199,511
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 40.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          263,766
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          263,491
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 0.0px; text-align: left">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          284,336
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          282,617
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-left: 0pt; text-indent: 0pt; margin-bottom: 10pt; width: 100%; margin-right: 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="color: black; height: 1.5pt">

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table cellspacing="0" style="font-family: Times New Roman; margin-bottom: 10.0px; width: 100%; font-size: 8pt">
      <tr>
        <td colspan="13">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Supplemental Financial Data</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Revenue by Product Line and Product Gross Margin</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>(in thousands, except percentages)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" colspan="11">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the Three Months Ended March 31,</b>
          </p>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 0.0px; text-align: left">
          <b>Product Line:</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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Orthobiologics
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          19,489
        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          20,227
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          87
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,245
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          1,296
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          5
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 10.0px; text-align: left">
          Dermal
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          1,063
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          5
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          1,433
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          6
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left">
          Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          21,258
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          23,381
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          13,413
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          17,298
        </td>
        <td>

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

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

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

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

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td colspan="2">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>Product Revenue by Geographic Region</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          <b>(in thousands, except percentages)</b>
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: center" colspan="13">
          (unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="top" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" colspan="11">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>For the Three Months Ended March 31,</b>
          </p>
        </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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          <b>2018</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          <b>2017</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: center; border-bottom-style: solid; padding-right: 0.0px">
          <b>%</b>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-left: 0.0px; text-align: left">
          <b>Geographic Region:</b>
        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

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

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

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          16,910
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          79
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          18,930
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,391
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          2,829
        </td>
        <td>

        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: right; padding-right: 0.0px">
          12
        </td>
        <td valign="bottom" style="padding-left: 0.0px; white-space: nowrap; text-align: left; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 2.0px; padding-left: 10.0px; text-align: left">
          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="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          1,957
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          10
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          1,622
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: right; border-bottom-style: solid; padding-right: 0.0px">
          7
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; white-space: nowrap; text-align: left; border-bottom-style: solid; padding-right: 0.0px">
          %
        </td>
      </tr>
      <tr>
        <td valign="top" style="padding-bottom: 4.0px; padding-left: 10.0px; text-align: left">
          Product Revenue
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          21,258
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px">
          %
        </td>
        <td>

        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          $
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          23,381
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: right; border-bottom-style: double; padding-right: 0.0px">
          100
        </td>
        <td valign="bottom" style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 2.25pt; white-space: nowrap; text-align: left; border-bottom-style: double; padding-right: 0.0px">
          %
        </td>
      </tr>
    </table>
    </div>
    <p>

    </p>
    <p>
      CONTACT:<br>Anika Therapeutics, Inc.<br>Joseph Darling, President &amp; CEO<br>Sylvia
      Cheung, CFO<br>Tel: 781-457-9000
    </p>
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</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
