<SEC-DOCUMENT>0001157523-19-001056.txt : 20190502
<SEC-HEADER>0001157523-19-001056.hdr.sgml : 20190502
<ACCEPTANCE-DATETIME>20190502160620
ACCESSION NUMBER:		0001157523-19-001056
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190502
ITEM INFORMATION:		Results of Operations and Financial Condition
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20190502
DATE AS OF CHANGE:		20190502

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:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14027
		FILM NUMBER:		19791898

	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>a51978746.htm
<DESCRIPTION>ANIKA THERAPEUTICS, INC. 8-K
<TEXT>
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      <font style="font-size: 10pt; font-family: Times New Roman">UNITED STATES</font><font style="font-size: 10pt; font-family: Times New Roman"><br style="font-family: Times New Roman; font-size: 10pt"></font><font style="font-size: 10pt; font-family: Times New Roman">SECURITIES
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    <p style="text-align: center">
      <font style="font-size: 10pt">Washington, D.C. 20549</font><br><br><font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Times New Roman">Date
      of Report (Date of earliest event reported): May 2, 2019</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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            Delaware
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          <p style="margin-bottom: 0px; margin-top: 0px">
            000-21326
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        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; width: 33%; text-align: center" valign="bottom">
          <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
          </p>
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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 style="text-align: center">
      <br>
      (781) 457-9000<br><i>Registrant's telephone number, including area code</i><br><br>
    </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-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Written
      communications pursuant to Rule 425 under the Securities Act (17 CFR
      230.425)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Soliciting
      material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
      240.14a-12)</font>
    </p>
    <p>
      <font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">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-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
      <font style="font-size: 10pt; font-family: Times New Roman">Pre-commencement
      communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
      240.13e-4(c))</font>
    </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).<br>Emerging growth company &#160;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>
    </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;<font style="font-size: 10pt; font-family: Arial Unicode MS">&#8414;</font>&#160;
    </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>
      On May 2, 2019, Anika Therapeutics, Inc. issued a press release
      announcing its financial results for the first quarter and three months
      ended March 31, 2019. The full text of the press release is furnished as
      Exhibit 99.1 hereto and is incorporated herein by reference.
    </p>
    <p style="white-space: nowrap">
      <b>Item 9.01.&#160;&#160;Financial Statements and Exhibits.</b>
    </p>
    <p style="white-space: nowrap">
      (d)&#160;&#160;Exhibits.
    </p>
    <p style="white-space: nowrap">
      99.1&#160;&#160;Press Release of Anika Therapeutics, Inc. dated May 2, 2019.
    </p>
    <p style="text-align: left">
      <br>
      <br>
      <br>
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    <p style="text-align: center">
      <font style="font-size: 10pt; font-family: Times New Roman">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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            May 2, 2019
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        <td style="padding-left: 0.0px; width: 5%; padding-bottom: 2.0px; text-align: left" valign="top">
          By:
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            /s/ Sylvia Cheung
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            &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Sylvia Cheung
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            &#160;
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          <p style="margin-bottom: 0px; margin-top: 0px">
            Chief Financial Officer
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    <p style="text-align: center">
      Exhibit Index
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            <a href="a51978746ex99_1.htm">99.1</a>
          </p>
        </td>
        <td style="padding-left: 0.0px; width: 88%; text-align: left" valign="top">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <a href="a51978746ex99_1.htm">Press Release of Anika Therapeutics,
            Inc. dated May 2, 2019.</a>
          </p>
        </td>
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    </table>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a51978746ex99_1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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    <p style="text-align: right">
      <b>Exhibit 99.1</b>
    </p>
    <p style="text-align: center">
      <font style="font-size: 12pt; font-family: Times New Roman"><b>Anika
      Reports First Quarter 2019 Financial Results</b></font>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Total
      Revenue Increased 16% Year-over-Year</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Solid
      Bottom Line Performance with $0.31 Diluted EPS</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>New
      Leadership Added to Accelerate Innovation and Expand Commercial Reach</b></font></i>
    </p>
    <p style="text-align: center">
      <i><font style="font-size: 12pt; font-family: Times New Roman"><b>Announces
      $50 Million Share Repurchase Program</b></font></i>
    </p>
    <p>
      BEDFORD, Mass.--(BUSINESS WIRE)--May 2, 2019--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, 2019, and provided an update on its
      business progress in the period.
    </p>
    <p>
      &#8220;Anika is off to a strong start in 2019, with double-digit revenue
      growth year-over-year in all product franchises and solid earnings in
      the first quarter,&#8221; said Joseph Darling, President and Chief Executive
      Officer of Anika Therapeutics. &#8220;We have made continued progress
      transforming Anika into a global commercial company positioned to
      deliver a continuum of orthopedic and regenerative medicine therapies.
      We strengthened our executive leadership team with the appointment of a
      Vice President of Research and Development and a Vice President of U.S.
      Sales, expanded our international commercial team and remain on track to
      launch our first surgically-delivered therapy for bone repair procedures
      in the U.S. under our hybrid commercial model in the second half of
      2019. Additionally, we are pleased to return capital to shareholders
      through our $50 million share repurchase program.&#8221;
    </p>
    <p>
      <b>First Quarter Financial Results</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Total revenue for the first quarter of 2019 increased 16%
        year-over-year to $24.7 million, compared to $21.3 million for the
        first quarter of 2018. The increase was due primarily to higher global
        revenue from the Company&#8217;s Viscosupplement franchise and HYAFF-based
        products.
      </li>
      <li style="margin-bottom: 10.0px">
        U.S. and international Viscosupplement revenue each increased by 11%
        in the quarter as compared to 2018. The increase in U.S.
        Viscosupplement revenue was due primarily to the timing and volume of
        orders placed in the quarter, while the increase in International
        Viscosupplement revenue was driven principally by an 18%
        year-over-year increase in international revenue from single injection
        products.
      </li>
      <li style="margin-bottom: 10.0px">
        Total operating expenses for the first quarter of 2019 were $19.2
        million, compared to $29.1 million for the first quarter of 2018. The
        decrease in total operating expenses was due primarily to a one-time
        charge of $8.4 million in the first quarter of 2018, which consisted
        mainly of non-cash stock-based compensation expense associated with
        the retirement of Anika&#8217;s former Chief Executive Officer.
      </li>
      <li style="margin-bottom: 10.0px">
        Net income for the first quarter of 2019 was $4.5 million, or $0.31
        per diluted share, compared to a net loss of $6.7 million, or ($0.46)
        per diluted share, for the first quarter of 2018. The increase in net
        income was due primarily to the increase in total revenue and decrease
        in operating expenses previously discussed.
      </li>
      <li style="margin-bottom: 10.0px">
        Adjusted EBITDA (see description below) for the first quarter of 2019
        was $8.3 million, compared to $1.2 million for the first quarter of
        2018. The improvement resulted from the same factors as previously set
        forth for the increase in net income.
      </li>
      <li style="margin-bottom: 10.0px">
        Cash, cash equivalents and investments were $166.7 million as of March
        31, 2019, compared to $159.0 million as of December 31, 2018. Cash
        provided by operating activities was $8.5 million for the first
        quarter of 2019.
      </li>
    </ul>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
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        </div>
      </div>
    </div>
    <p>
      <b>Recent Business Highlights</b>
    </p>
    <ul>
      <li style="margin-bottom: 10.0px">
        Strengthened the executive leadership team with the appointments of
        Robert Richard, Ph.D., as Vice President of Research and Development,
        and Stephen Goldy, as Vice President of U.S. Sales.
      </li>
      <li style="margin-bottom: 10.0px">
        Executed commercial expansion plans, including the enhancement of
        international business development and marketing capabilities and the
        acceleration of planning activities associated with the launch of its
        first surgically-delivered regenerative therapy for bone repair
        procedures in the U.S. utilizing the Company&#8217;s hybrid commercial model
        in the second half of 2019.
      </li>
      <li style="margin-bottom: 10.0px">
        Announced a $50 million share repurchase program, which will include a
        $30 million accelerated share repurchase program and up to an
        additional $20 million of common stock purchased on the open market.
      </li>
      <li style="margin-bottom: 10.0px">
        Continued to evaluate the clinical and regulatory path forward for
        CINGAL U.S. Food and Drug Administration approval, and refreshing
        primary market research ahead of Anika&#8217;s final decision on go forward
        path. The Company will provide an update on its complete assessment by
        the time it reports financial results for the second quarter of 2019.
      </li>
      <li style="margin-bottom: 10.0px">
        On schedule to complete a 5-year strategic plan in the third quarter
        of 2019, which Anika intends to unveil at its 2019 Analyst and
        Investor Day this fall.
      </li>
    </ul>
    <p>
      <b>Non-GAAP Information</b><br>To supplement the financial measures
      prepared in accordance with U.S. generally accepted accounting
      principles (GAAP), the Company is reporting Adjusted EBITDA, which is a
      non-GAAP financial measure and should not be considered an alternative
      to net income or other measurements under GAAP. The Company believes
      that Adjusted EBITDA provides additional useful information to investors
      as it is a metric routinely used by the Company to evaluate its
      operating performance and to establish goals for managing its business.
      Adjusted EBITDA is not calculated identically by all companies, and
      therefore the Company&#8217;s measurements of Adjusted EBITDA may not be
      comparable to similarly titled measures reported by other companies.
      Adjusted EBITDA is defined by the Company as GAAP net income excluding
      depreciation and amortization, interest and other income (expense),
      income taxes and stock-based compensation expense. A reconciliation of
      Adjusted EBITDA to net income, the most directly comparable financial
      measure calculated and presented in accordance with GAAP, is shown in
      the table below for the three months ended March 31, 2019 and 2018 (in
      thousands).
    </p>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="8">
          <b>For the Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="3">
          <b>2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,507
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (6,686
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Interest and other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (498
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (95
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Provision for income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (1,051
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; text-align: left" valign="top">
          Depreciation and amortization
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,477
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,473
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 10.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Stock-based compensation
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,386
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          7,565
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Adjusted EBITDA
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          8,345
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          1,206
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
    <p>
      <b>Conference Call Information</b><br>Anika&#8217;s management will hold a
      conference call and webcast to discuss its financial results and
      business highlights today, Thursday, May 2 at 5:00 pm 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><br>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
      tissue 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><br><i>The statements made in the third
      and fourth sentences of the second paragraph and the second, third,
      fourth, and fifth bullet points in the section captioned &#8220;Recent
      Business Highlights&#8221; of this press release, which are not statements of
      historical fact, are forward-looking statements within the meaning of
      Section 27A of the Securities Act of 1933, as amended, and Section 21E
      of the Securities Exchange Act of 1934, as amended. These statements
      include, but are not limited to, those relating to the Company&#8217;s plans
      for the launch of its surgically-delivered therapy for bone repair, the
      timing and mechanism of the Company&#8217;s share repurchase program, the
      status and plans related to the Company&#8217;s assessment of the regulatory
      pathway and market analysis for CINGAL, and the status and completion of
      the Company&#8217;s 5-year strategic plan. 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) quarterly sales volume variation
      experienced by the Company, which can make future results difficult to
      predict and period-to-period comparisons potentially less meaningful;
      (x) the Company&#8217;s ability to provide an adequate and timely supply of
      its products to its customers; and (xi) 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-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td>

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="10">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b><br><b>Consolidated
          Statements of Operations</b><br><b>(in thousands, except per share
          data)</b><br>(unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          <b>2019</b>
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,717
        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          6
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Total revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          24,723
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          7,311
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,258
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Selling, general and administrative
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          7,672
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          19,241
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,482
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,832
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Interest and other income, net
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          498
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          95
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Income (loss) before income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          5,980
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (7,737
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Provision for (benefit from) income taxes
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,473
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          (1,051
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: left; border-bottom-style: solid" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Net income (loss)
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          4,507
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td colspan="3">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Basic net income (loss) per share:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.32
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0.46
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Basic weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,185
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          0.31
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (0.46
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Diluted weighted average common shares outstanding
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          14,314
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
    </table>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="11">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b><br><b>Consolidated
          Balance Sheets</b><br><b>(in thousands, except per share data)</b><br>(unaudited)
        </td>
      </tr>
      <tr>
        <td>

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

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

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>March 31,</b><br><b>2019</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top" colspan="3">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>December 31,</b><br><b>2018</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Current assets:
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          166,736
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          159,014
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          18,265
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,775
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,617
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,300
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          2,077
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,854
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Total current assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          209,695
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          202,943
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          53,051
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          54,111
        </td>
        <td>

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: left" valign="top">
          Right-of-use assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          23,748
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,003
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          4,897
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          8,467
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          9,191
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          7,695
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          7,851
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total assets
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          306,659
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          278,993
        </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 colspan="3">

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,571
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,143
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          8,031
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          8,146
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; text-align: left" valign="top">
          Total current liabilities
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,602
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11,289
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          366
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          550
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,388
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          3,542
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          22,232
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Preferred stock, $0.01 par value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Common stock, $0.01 par value
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          52,030
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          50,763
        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (5,841
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          (5,526
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: left" valign="bottom">
          )
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Retained earnings
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          222,740
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          218,233
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 30.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Total stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          269,071
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          263,612
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Total liabilities and stockholders&#8217; equity
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          306,659
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          278,993
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
      </tr>
    </table>
    </div>
    <div style="margin-bottom: 10pt; margin-left: 0pt; width: 100%; margin-right: 0pt; text-indent: 0pt">
      <div>
        <div style="text-align: left">

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

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

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

        </div>
      </div>
    </div>
<div style="text-align:left">
    <table style="margin-bottom: 10.0px; font-family: Times New Roman; width: 100%; font-size: 8pt" cellspacing="0">
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          <b>Anika Therapeutics, Inc. and Subsidiaries</b><br><b>Supplemental
          Financial Data</b>
        </td>
      </tr>
      <tr>
        <td>

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

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

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

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

        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          <b>Revenue by Product Line and Product Gross Margin</b><br><b>(in
          thousands, except percentages)</b><br>(unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top" colspan="12">
          <b>For the Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Product Line:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2019</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Orthobiologics
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          21,748
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          92%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Surgical
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          1,392
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          6%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Dermal
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          129
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          -3%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,448
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          6%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,063
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          5%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Product Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          24,717
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          17,406
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>
          &#160;
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; text-align: center" valign="top" colspan="15">
          <b>Product Revenue by Geographic Region</b><br><b>(in thousands,
          except percentages)</b><br>(unaudited)
        </td>
      </tr>
      <tr>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="top" colspan="12">
          <b>For the Three Months Ended March 31,</b>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 0.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          <b>Geographic Region:</b>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2019</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom" colspan="2">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>2018</b>
          </p>
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: center; border-bottom-style: solid" valign="bottom">
          <p style="margin-bottom: 0px; margin-top: 0px">
            <b>%</b>
          </p>
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          United States
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          $
        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          20,089
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          79%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; text-align: left" valign="top">
          Europe
        </td>
        <td>

        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          2,526
        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td>

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

        </td>
        <td>

        </td>
        <td style="padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; text-align: right" valign="bottom">
          11%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 2.0px; text-align: left" valign="top">
          Other
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          2,102
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          9%
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          1,957
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 1.0pt; border-bottom-style: solid">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 1.0pt; text-align: right; border-bottom-style: solid" valign="bottom">
          10%
        </td>
      </tr>
      <tr>
        <td style="padding-left: 15.0px; padding-bottom: 4.0px; text-align: left" valign="top">
          Product Revenue
        </td>
        <td>

        </td>
        <td>

        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          $
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          24,717
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; border-bottom-width: 2.25pt; border-bottom-style: double">
          &#160;
        </td>
        <td style="border-bottom-color: black; padding-left: 0.0px; padding-right: 0.0px; white-space: nowrap; border-bottom-width: 2.25pt; text-align: right; border-bottom-style: double" valign="bottom">
          100%
        </td>
        <td>

        </td>
        <td>

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

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

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