Valuing Anika's franchise seems to be giving the market a problem. Last quarter might be exceptional, but the underlying op margin was 51% after adding back the restructuring and excessive depreciation (capex minimal). The only product of real interest growing revs by 51%. Market is 10% or so penetrated globally, and Anika is no.2. Barriers to entry are now pretty high .
Despite losing the BL business, op earnings were up some 50% as well. If they can prove they have a pipeline, and make growth sustainable, a PEG ratio of 1 would give a stock price of 80.... (though a P/s ratio of near 14 might be discounting a lot of future).. Market must be thinking they will blow it on another acquisition!