Anika Therapeutics reported continued revenue concentration with J&J MedTech accounting for half of its 2025 sales, underscoring persistent customer dependency risks. The company operates primarily as an exclusive manufacturer of hyaluronic acid (HA)-based orthopedic products like Orthovisc and Monovisc, partnering with large OEMs who handle marketing and distribution. Recent quarterly disclosures reveal ongoing investment in manufacturing capacity expansion at its Bedford facility to meet rising demand for osteoarthritis treatments. While product royalties and direct product sales form the revenue base, Anika's strategic challenge remains diversifying its customer base and navigating competitive pricing pressures within a complex regulatory environment.