Anika Therapeutics : Piper Sandler Healthcare Conference Presentation

ANIKA THERAPEUTICS

PIPER SANDLER HEALTHCARE CONFERENCE

NOVEMBER 22, 2021

ANIKA. RESTORE ACTIVE LIVING.TM

SAFE HARBOR STATEMENTS

Cautionary Note on Forward-looking Statements

This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that reflect the current beliefs, expectations, and assumptions of Anika Therapeutics, Inc. (the "Company") regarding the future of its business, including its commercial capabilities, initiatives and production, its product pipeline and associated timelines, its upcoming corporate milestones, and its growth strategy, growth targets and projections. The words "may," "might," "will," "could," "would," "should," "expect," "plan," "anticipate," "intend," "believe," "expect," "estimate," "seek," "predict," "future," "project," "potential," "continue," "target" and similar words or expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Any forward-looking statements in this presentation are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and important factors that may cause actual events or results to differ materially from those expressed or implied by any forward-looking statements contained in this presentation, including, without limitation, risks associated with: (i) the Company's ability to successfully commence and/or complete clinical trials of its products on a timely basis or at all; (ii) the Company'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'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'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's ability to successfully commercialize its products, in the U.S. and abroad; (ix) the Company's ability to provide an adequate and timely supply of its products to its customers; and (x) the Company's ability to achieve its growth targets. Additional factors and risks are described in the Company's periodic reports filed with the Securities and Exchange Commission, and they are available on the SEC's website at www.sec.gov. 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.

Cautionary Note on Non-GAAP Financial Measures

This presentation includes financial measures which are not prepared in accordance with generally accepted accounting principles ("GAAP"). These non-GAAP financial measures, which included adjusted gross margin and adjusted EBITDA, should not be considered replacements for, and should be read together with, the most comparable GAAP financial measures. For a reconciliation of these non-GAAP financial measures to the most directly comparable financial measures prepared and presented in accordance with GAAP, please see the reconciliation tables as an appendix to this presentation and the Company's quarterly press releases and the reconciliation available under the "Quarterly Results" tab in the Investor Relations section of the Company's website at www.anika.com.

Note: this document contains proprietary information of Anika Therapeutics, Inc. Unauthorized use, duplication, dissemination or disclosure to third parties is strictly prohibited. © 2021 Anika Therapeutics, Inc.
All rights reserved. AcTiFlip, Anika, Arthrosurface, ATLAS CMC, Cingal, Draw Tight, HYAFF, Monovisc, NanoFx, Orthovisc, OVO, OVOMotion, Parcus Medical, PF Wave, Restore Active Living, SpeedSpiral,
Synd-EZ, Tactoset, ToeMotion, Wave Kahuna, WristMotion are trademarks or registered trademarks of Anika Therapeutics, Inc. or its subsidiaries. This document also contains trademarks and service marks that	2
are the property of other companies, including certain trademarks licensed to us. The use of third-party trademarks does not constitute an endorsement or imply a relationship or other affiliation.

ANIKA SNAPSHOT (NASDAQ: ANIK)

Company Background

• 30+ years of global expertise in HA-basedproducts; 20+ years in bone preserving joint technologies and sports medicine
• #1 Position in HA-based osteoarthritis (OA) pain management in U.S.
• Diversified and innovative joint preservation portfolio
• • Joint pain management
  • Regenerative solutions
  • Soft tissue repair
  • Bone preserving joint technologies
• Full new product development pipeline including Hyalofast ® and Cingal® clinical trials in the U.S.

Key Statistics

Founded	1992
Headquarters	Bedford, MA
	$650M
Market Cap1
Total Employees	~295
Countries Served	75+
2020	Adj. EBITDA2 Margin	18%
2020	Cash & Investments	$98M

Revenue Diversification

~14% YoY Growth

20192020

6%

2%8%

30%

$115M$131M

64%

90%

Joint Pain Management

Joint Preservation & Restoration

Other

RESTORING ACTIVE LIVING FOR PEOPLE AROUND THE WORLD

1 As of 11/5/2021. 2 Non-GAAP measure; see reconciliation schedule at the end of this presentation.

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ONE BUSINESS WITH TWO MODELS

JOINT PAIN MANAGEMENT

JOINT PRESERVATION & RESTORATION

STEADY, HIGHLY PROFITABLE CASH GENERATOR		ABOVE MARKET GROWTH WITH LARGE TAM
~1% CAGR Market Growth1		~5-7% CAGR Market Growth1
$1B Global Addressable Market2		$7B Global Addressable Market2
Strong Profitability		Strong Double-digitRevenue Growth
Significant Cash Generation to Fuel Growth		Significant Value Creation
Cingal Growth Opportunity in U.S. Post 2024		Hyalofast Growth Opportunity in U.S. Post 2024
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1 2019 to 2024; SmartTRAK and Anika internal estimates; 2 Combination of iData, SmarTRAK, and internal estimates.

NEW, SEASONED LEADERSHIP FUELING PROFIT, GROWTH, AND IMPACT

Mike Levitz	David Colleran	Anne Nunes	Jim Loerop	Tom Finnerty
EVP, CFO & Treasurer	EVP, General Counsel &	VP, Operations	EVP, Business Development &	EVP, Human Resources
2020	Corporate Secretary	2021	Strategic Planning	2017
	2020		2019

Cheryl R. Blanchard, Ph.D.

President & CEO

Joined: 2020

James Chase	Ben Joseph	Steve Ek	Kevin Stone	Mira Leiwant
SVP, International	VP, U.S. Commercial &	VP, Research & Development	VP & GM, Sports Medicine	VP, Regulatory, Quality &
Sales & Marketing	Global Brand Management	2020	2021	Clinical Affairs
2018	2020			2019

90% Appointed to New Position within Last 2 Years

DECADES OF EXPERIENCE LEADING ORTHOPEDIC, REGENERATIVE MEDICINE, & MEDICAL DEVICE COMPANIES

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