Your life. In motion. Annual Report 2019 salesforce in the U.S., providing us a direct line of sight to our customers to increase awareness and market penetration. We commenced the U.S. commercial launch of TACTOSET, which treats insufficiency fractures and was our first surgical orthopedic product approved for sale in United States, under our hybrid commercial model in the second half of 2019. We also continued to drive international expansion and advance our innovative product pipeline to fuel organic growth over the next several years. In the first quarter of 2020, we completed the strategic DEAR FELLOW SHAREHOLDERS, acquisitions of Parcus Medical and Arthrosurface. Parcus Medical brought to Anika sports medicine implant and instrumentation solutions focused on 2019 was a historic year for Anika, highlighted by our surgical repair and reconstruction of ligaments and successful transformation into a global commercial tendons. Arthrosurface brought joint preservation company and significant progress made towards technology, focused on less invasive partial and our goal of becoming the global leader in joint extremities joint replacement solutions. Both preservation and restoration. Following my recent companies are highly synergistic with Anika’s appointment as President and CEO, and having been regenerative medicine technology platform, and closely involved in our strategic planning as a member we view the integration of these companies, which of Anika’s Board since August 2018, it is an honor to address unmet needs across the continuum of care in lead Anika through its next phase of evolution and orthopedics, as a growth story. growth. I look forward to drawing on my experience in the medical and biotechnology industries and These acquisitions expanded our joint preservation successes leading joint preservation and restoration, and restoration product portfolio, strengthened regenerative medicine, and drug delivery companies our commercial capabilities and infrastructure with as we continue to execute on Anika’s strategic plan approximately 40 direct U.S. sales representatives and increase value for our stakeholders. and more than 200 distributors, and enhanced our innovative product portfolio and pipeline. Importantly, Last year, we began implementing our five-year the acquisitions also diversified our revenue base strategic plan, which focuses on talent and culture, from our successful legacy commercial partners and commercial acceleration, research and development distributors and created the potential for extensive innovation, and inorganic growth. Each strategic cross-selling opportunities. We are currently using initiative contributes to position Anika to achieve our stage-gate development process to evaluate a leadership position in the joint preservation our enhanced product pipeline following these and restoration markets, through acceleration of acquisitions and to prioritize resources on programs innovation and the global commercial footprint. For with the highest growth potential. This growth the full year of 2019, Anika delivered total revenue strategy strengthened Anika’s unique position in the growth of approximately 9% and generated strong $7 billion sports and regenerative medicine market, earnings and cash flow. We added world-class and we are committed to successfully integrating both talent to our leadership team to ensure we have the companies in the year ahead. right people to achieve our growth objectives. We successfully built our internal hybrid commercial Anika has a bright future and is well-positioned to global health crisis, and our hearts go out to everyone capitalize on its long-term growth opportunities who has suffered personal hardship or loss. in large part due to the leadership of our former President and Chief Executive Officer, Joseph Darling, As we move forward, we are focused on growing who passed away unexpectedly in January. Joe our business responsibly, ethically, and sustainably, was a visionary leader, a trusted colleague, and a while maintaining our strong culture of innovation, devoted and loving father and husband. He set Anika operational excellence and financial discipline. During on its current path, reinforcing its strong foundation, my time on Anika’s Board, I gained unique insight leveraging its strengths and embracing innovation. into the business, strategy and operations, and have Joe joined Anika as President in July 2017 and initiated seen firsthand the growth and development of the Anika’s transformation into a global commercial organization. I am confident in the strength of the company, an important step towards the company’s company’s market position, technology platforms and overall goal of becoming the global leader in joint growth prospects, and I am excited to work alongside preservation and restoration. He was instrumental in and lead the Anika team to capitalize on the many the acquisitions of Parcus Medical and Arthrosurface, opportunities ahead. which brought us closer to this goal. As much as Joe loved his Anika family, his greatest joy was his wife and On behalf of Anika’s employees, our management children. The thoughts and sympathies of all of us at team and our Board of Directors, I thank you for your Anika go out to them. Our Anika family is grateful to Joe continued trust and confidence in our company. for all that he achieved for the company, and we will continue to work to honor and build on his legacy. I have been proud to see the Anika team’s proactive Sincerely, and extraordinary response to the challenges posed by the COVID-19 pandemic. We have taken the necessary steps to safeguard the health and well-being of our employees worldwide. In addition, we have worked with industry partners to donate supplies to meet the urgent needs of healthcare providers on the front lines. We are extremely grateful for all of the healthcare Cheryl R. Blanchard, Ph.D. workers who are bravely leading the response to this President and Chief Executive Officer UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 000-21326 Anika Therapeutics, Inc. (Exact Name of Registrant as Specified in Its Charter) Delaware 04-3145961 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) 32 Wiggins Avenue, Bedford, Massachusetts 01730 (Address of Principal Executive Offices) (Zip Code) (781) 457-9000 (Registrant’s Telephone Number, Including Area Code) Securities registered pursuant to Section 12(b) of the Act: Title of Each Class Trading Symbol Name of Each Exchange on Which Registered Common Stock, par value $0.01 per share ANIK NASDAQ Global Select Market Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes No Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer Accelerated filer Non-accelerated filer Smaller reporting company Emerging growth company 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. Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No The aggregate market value of voting common stock held by non-affiliates of the registrant as of June 30, 2019, the last day of the registrant’s most recently completed second fiscal quarter, was $570,291,558 computed by reference to the closing price of common stock on such date. The registrant does not have any non-voting stock outstanding. At February 24, 2020, there were 14,168,080 shares of the registrant’s common stock outstanding. Documents Incorporated By Reference Portions of the registrant’s proxy statement for its 2020 annual meeting of stockholders are incorporated by reference in Part III of this Annual Report on Form 10-K. ANIKA THERAPEUTICS, INC. TABLE OF CONTENTS Page Cautionary Note Regarding Forward-Looking Statements ........................................................................ 4 Part I Item 1. Business