Anika Therapeutics, specializing in hyaluronic acid-based orthopedic products, generated approximately half its revenue through an exclusive manufacturing agreement with Johnson & Johnson MedTech in 2025. Despite a 2.3% year-over-year revenue increase to $112.8 million, operating losses widened due to margin pressures and increased research and development expenses. However, operating cash flow more than doubled to $11.2 million, supporting positive free cash flow after capital expenditures. The company’s dependence on J&J MedTech presents both strategic exclusivity and significant customer concentration risk, heightened by announced divestiture plans at J&J MedTech. Future growth prospects remain linked to regulatory decisions for new products and efforts to diversify commercial channels.