Shares of Anika Therapeutics Inc (NASDAQ:ANIK), a small-cap biotech with a focus on tissue health, rose more than 13% during the month of July, according to data from S&P Capital IQ.

So what
Anika pleased investors during the month by reporting second-quarter earnings of $0.51 per-share, which was well ahead of the $0.34 that analysts were expecting. Total revenue came in at $22.9 million, which was lower than the $26.2 million the company recorded in the second quarter last year. However, the shortfall was caused by lower milestone payments; adjusting for that impact, product revenue grew a respectable 8%.

Image Source: Anika

The company reported solid pipeline updates as well, as it released good clinical results for Cingal, its investigational drug that combines the company's Monovisc with an FDA-approved steroid as a treatment for osteoarthritis. The study showed that patients who have received multiple injections of Cignal tolerated the treatment well, which indicates that it has a strong safety profile. Given that osteoarthritis is a chronic disease that requires constant management, it's vital for Anika to show that its treatment option can be safely administered with repeated injections.

In other business news, Anika announced that it signed a new distribution agreement for Monovisc, the company's single-injection treatment used to treat osteoarthritis pain, in India and Australia.

Now what
There's certainly a lot to like about Anika, as it isn't your typical small-cap biotech stock that's burning through capital. With several successful products already on the market, the company is solidly profitable. When you add in a rock-solid balance sheet that boasts more than $100 million in cash and no long-term debt, Anika is in a great financial position.

It also has a good-looking pipeline of products that are nearing commercialization.

Analysts appear to be very bullish on Anika's prospects, as they're predicting earnings growth of 30% during the next five years, which is a terrific growth rate for a company trading for only about 25 times 2016 earnings estimates. If the company can produce that kind of growth, then it will be easy for this Fool to see Anika's stock continuing its winning ways in the future.