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Side-by-side financial comparison of Anika Therapeutics, Inc. (ANIK) and Apyx Medical Corp (APYX). Click either name above to swap in a different company.
Anika Therapeutics, Inc. is the larger business by last-quarter revenue ($30.6M vs $19.2M, roughly 1.6× Apyx Medical Corp). Anika Therapeutics, Inc. runs the higher net margin — 1.0% vs -6.8%, a 7.7% gap on every dollar of revenue. On growth, Apyx Medical Corp posted the faster year-over-year revenue change (34.7% vs 0.0%). Anika Therapeutics, Inc. produced more free cash flow last quarter ($4.0M vs $-2.8M). Over the past eight quarters, Apyx Medical Corp's revenue compounded faster (36.8% CAGR vs 2.7%).
Bovie Medical Corporation was an American medical device manufacturer of medical devices, electrosurgical products and energy technologies. It was based in Clearwater, Florida with a manufacturing facility in Bulgaria.
ANIK vs APYX — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $30.6M | $19.2M |
| Net Profit | $292.0K | $-1.3M |
| Gross Margin | 62.6% | 62.6% |
| Operating Margin | 2.1% | 0.1% |
| Net Margin | 1.0% | -6.8% |
| Revenue YoY | 0.0% | 34.7% |
| Net Profit YoY | 101.3% | 71.9% |
| EPS (diluted) | $0.02 | — |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $30.6M | $19.2M | ||
| Q3 25 | $27.8M | $12.9M | ||
| Q2 25 | $28.2M | $11.4M | ||
| Q1 25 | $26.2M | $9.4M | ||
| Q4 24 | $30.6M | $14.2M | ||
| Q3 24 | $29.6M | $11.5M | ||
| Q2 24 | $30.7M | $12.1M | ||
| Q1 24 | $29.0M | $10.2M |
| Q4 25 | $292.0K | $-1.3M | ||
| Q3 25 | $-2.3M | $-2.0M | ||
| Q2 25 | $-4.0M | $-3.8M | ||
| Q1 25 | $-4.9M | $-4.2M | ||
| Q4 24 | $-21.9M | $-4.6M | ||
| Q3 24 | $-29.9M | $-4.7M | ||
| Q2 24 | $-88.0K | $-6.6M | ||
| Q1 24 | $-4.5M | $-7.6M |
| Q4 25 | 62.6% | 62.6% | ||
| Q3 25 | 56.0% | 64.4% | ||
| Q2 25 | 50.9% | 62.3% | ||
| Q1 25 | 56.1% | 60.1% | ||
| Q4 24 | 56.0% | 63.0% | ||
| Q3 24 | 65.7% | 60.5% | ||
| Q2 24 | 66.7% | 61.7% | ||
| Q1 24 | 65.4% | 58.1% |
| Q4 25 | 2.1% | 0.1% | ||
| Q3 25 | -11.6% | -6.5% | ||
| Q2 25 | -14.8% | -22.6% | ||
| Q1 25 | -16.4% | -32.4% | ||
| Q4 24 | -2.3% | -21.4% | ||
| Q3 24 | -0.3% | -31.6% | ||
| Q2 24 | -5.9% | -45.7% | ||
| Q1 24 | -8.6% | -64.6% |
| Q4 25 | 1.0% | -6.8% | ||
| Q3 25 | -8.4% | -15.4% | ||
| Q2 25 | -14.1% | -33.2% | ||
| Q1 25 | -18.6% | -44.0% | ||
| Q4 24 | -71.4% | -32.5% | ||
| Q3 24 | -101.2% | -40.9% | ||
| Q2 24 | -0.3% | -54.0% | ||
| Q1 24 | -15.6% | -74.0% |
| Q4 25 | $0.02 | — | ||
| Q3 25 | $-0.16 | — | ||
| Q2 25 | $-0.28 | — | ||
| Q1 25 | $-0.34 | — | ||
| Q4 24 | $-1.49 | — | ||
| Q3 24 | $-2.03 | — | ||
| Q2 24 | $0.00 | $-0.19 | ||
| Q1 24 | $-0.31 | $-0.22 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $81.2M | $31.7M |
| Total DebtLower is stronger | — | $37.5M |
| Stockholders' EquityBook value | $143.5M | $14.5M |
| Total Assets | $190.3M | $66.8M |
| Debt / EquityLower = less leverage | — | 2.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.2M | $31.7M | ||
| Q3 25 | $80.2M | $25.1M | ||
| Q2 25 | $77.1M | $29.3M | ||
| Q1 25 | $75.4M | $31.0M | ||
| Q4 24 | $79.2M | $31.7M | ||
| Q3 24 | $90.7M | $28.0M | ||
| Q2 24 | $96.6M | $32.7M | ||
| Q1 24 | $100.7M | $37.3M |
| Q4 25 | — | $37.5M | ||
| Q3 25 | — | $37.5M | ||
| Q2 25 | — | $37.5M | ||
| Q1 25 | — | $37.5M | ||
| Q4 24 | — | $37.5M | ||
| Q3 24 | — | $37.5M | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
| Q4 25 | $143.5M | $14.5M | ||
| Q3 25 | $146.8M | $5.8M | ||
| Q2 25 | $147.7M | $7.3M | ||
| Q1 25 | $148.4M | $10.5M | ||
| Q4 24 | $154.0M | $14.2M | ||
| Q3 24 | $179.9M | $11.0M | ||
| Q2 24 | $210.3M | $14.7M | ||
| Q1 24 | $208.5M | $20.3M |
| Q4 25 | $190.3M | $66.8M | ||
| Q3 25 | $189.4M | $57.4M | ||
| Q2 25 | $187.7M | $58.2M | ||
| Q1 25 | $190.6M | $60.2M | ||
| Q4 24 | $202.7M | $64.8M | ||
| Q3 24 | $231.4M | $60.7M | ||
| Q2 24 | $262.7M | $65.4M | ||
| Q1 24 | $263.7M | $70.7M |
| Q4 25 | — | 2.58× | ||
| Q3 25 | — | 6.41× | ||
| Q2 25 | — | 5.17× | ||
| Q1 25 | — | 3.57× | ||
| Q4 24 | — | 2.64× | ||
| Q3 24 | — | 3.40× | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $4.6M | $-2.5M |
| Free Cash FlowOCF − Capex | $4.0M | $-2.8M |
| FCF MarginFCF / Revenue | 13.0% | -14.6% |
| Capex IntensityCapex / Revenue | 2.1% | 1.4% |
| Cash ConversionOCF / Net Profit | 15.88× | — |
| TTM Free Cash FlowTrailing 4 quarters | $4.4M | $-9.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $4.6M | $-2.5M | ||
| Q3 25 | $6.9M | $-3.5M | ||
| Q2 25 | $-189.0K | $-1.2M | ||
| Q1 25 | $-130.0K | $-702.0K | ||
| Q4 24 | $1.6M | $-2.9M | ||
| Q3 24 | $5.0M | $-4.4M | ||
| Q2 24 | $-1.1M | $-4.3M | ||
| Q1 24 | $-126.0K | $-6.3M |
| Q4 25 | $4.0M | $-2.8M | ||
| Q3 25 | $5.0M | $-4.1M | ||
| Q2 25 | $-1.7M | $-1.5M | ||
| Q1 25 | $-3.0M | $-757.0K | ||
| Q4 24 | $275.0K | $-3.2M | ||
| Q3 24 | $3.8M | $-4.6M | ||
| Q2 24 | $-4.5M | $-4.6M | ||
| Q1 24 | $-1.9M | $-6.4M |
| Q4 25 | 13.0% | -14.6% | ||
| Q3 25 | 17.9% | -31.5% | ||
| Q2 25 | -5.9% | -13.2% | ||
| Q1 25 | -11.3% | -8.0% | ||
| Q4 24 | 0.9% | -22.4% | ||
| Q3 24 | 12.9% | -40.0% | ||
| Q2 24 | -14.6% | -38.0% | ||
| Q1 24 | -6.7% | -62.2% |
| Q4 25 | 2.1% | 1.4% | ||
| Q3 25 | 6.8% | 4.0% | ||
| Q2 25 | 5.2% | 2.3% | ||
| Q1 25 | 10.8% | 0.6% | ||
| Q4 24 | 4.3% | 1.7% | ||
| Q3 24 | 4.1% | 1.3% | ||
| Q2 24 | 11.1% | 2.4% | ||
| Q1 24 | 6.2% | 0.3% |
| Q4 25 | 15.88× | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ANIK
| OEM Channel | $17.3M | 57% |
| Commercial Channel | $13.3M | 43% |
APYX
Segment breakdown not available.
