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Anika Therapeutics reported 3Q20 orthopedic revenue of USD $30.2 million, +7.2% vs. 3Q19. The company’s joint replacement and sports medicine businesses rebounded with the return of elective procedures. Anika’s largely office-based orthobiologics business is running at 75% of historical levels and is also impacted by purchasing patterns from its Mitek sales partner. Leadership expects that Mitek will continue drawing down inventory levels in the fourth quarter, but return to normal buying patterns in 2021.
Anika enrolled the first patient in its CINGAL (single injection hyaluronic acid and steroid combination) pilot study while resuming enrollment in its Phase III HYALOFAST (hyaluronic acid scaffold) trial. The company suspended both trials in March as the COVID pandemic deepened.
“I’m encouraged as we continue to see elective surgeries come back in most markets, although we do expect continued lumpiness over the next several quarters due to COVID. While we note that in-office injection procedures appear to lag the rebound in elective surgery, we are also seeing some nice top line synergies with the combination of the three legacy businesses, and are leveraging new products across the new Anika.” –Dr. Cheryl Blanchard, Anika Therapeutics President & CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.1 | |||
| Knees | $1.4 | |||
| Extremities | $5.7 | |||
| Sports Medicine | $4.7 | $0.5 | $4.1 | 754.9% |
| Orthobiologics | $18.4 | $27.6 | ($9.1) | (33.1%) |
| Total | $30.2 | $28.1 | $2.0 | 7.2% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $15.8 | |||
| Knees | $3.2 | |||
| Extremities | $12.7 | |||
| Sports Medicine | $10.4 | $1.5 | $8.9 | 590.2% |
| Orthobiologics | $66.2 | $77.1 | ($10.9) | (14.1%) |
| Total | $92.4 | $78.6 | $13.8 | 17.6% |
Geographic Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.1 | $22.3 | $2.9 | 12.8% |
| OUS | $5.0 | $5.9 | ($0.8) | (14.2%) |
| EMEA | $2.8 | $3.7 | ($0.9) | (24.7%) |
| Rest of World | $2.2 | $2.1 | $0.1 | 4.4% |
| Total | $30.2 | $28.1 | $2.0 | 7.2% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $73.6 | $61.7 | $11.9 | 19.3% |
| OUS | $18.8 | $16.9 | $1.9 | 11.3% |
| EMEA | $10.5 | $10.5 | ($0.0) | (0.1%) |
| Rest of World | $8.3 | $6.4 | $1.9 | 30% |
| Total | $92.4 | $78.6 | $13.8 | 17.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $31.7 | |
| Cost of Sales | $14.4 | 45.3% |
| R & D | $15.9 | 50.2% |
| Selling and Admin | $5.2 | 16.5% |
| Other | $2.6 | 8.3% |
| Net Earnings | ($6.4) | (20.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 3Q20 orthopedic revenue of USD $30.2 million, +7.2% vs. 3Q19. The company’s joint replacement and sports medicine businesses rebounded with the return of elective procedures. Anika’s largely office-based orthobiologics business is running at 75% of historical levels and is also impacted by purchasing patterns from...
Anika Therapeutics reported 3Q20 orthopedic revenue of USD $30.2 million, +7.2% vs. 3Q19. The company’s joint replacement and sports medicine businesses rebounded with the return of elective procedures. Anika’s largely office-based orthobiologics business is running at 75% of historical levels and is also impacted by purchasing patterns from its Mitek sales partner. Leadership expects that Mitek will continue drawing down inventory levels in the fourth quarter, but return to normal buying patterns in 2021.
Anika enrolled the first patient in its CINGAL (single injection hyaluronic acid and steroid combination) pilot study while resuming enrollment in its Phase III HYALOFAST (hyaluronic acid scaffold) trial. The company suspended both trials in March as the COVID pandemic deepened.
“I’m encouraged as we continue to see elective surgeries come back in most markets, although we do expect continued lumpiness over the next several quarters due to COVID. While we note that in-office injection procedures appear to lag the rebound in elective surgery, we are also seeing some nice top line synergies with the combination of the three legacy businesses, and are leveraging new products across the new Anika.” –Dr. Cheryl Blanchard, Anika Therapeutics President & CEO
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.1 | |||
| Knees | $1.4 | |||
| Extremities | $5.7 | |||
| Sports Medicine | $4.7 | $0.5 | $4.1 | 754.9% |
| Orthobiologics | $18.4 | $27.6 | ($9.1) | (33.1%) |
| Total | $30.2 | $28.1 | $2.0 | 7.2% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $15.8 | |||
| Knees | $3.2 | |||
| Extremities | $12.7 | |||
| Sports Medicine | $10.4 | $1.5 | $8.9 | 590.2% |
| Orthobiologics | $66.2 | $77.1 | ($10.9) | (14.1%) |
| Total | $92.4 | $78.6 | $13.8 | 17.6% |
Geographic Sales
| 3Q20 | 3Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.1 | $22.3 | $2.9 | 12.8% |
| OUS | $5.0 | $5.9 | ($0.8) | (14.2%) |
| EMEA | $2.8 | $3.7 | ($0.9) | (24.7%) |
| Rest of World | $2.2 | $2.1 | $0.1 | 4.4% |
| Total | $30.2 | $28.1 | $2.0 | 7.2% |
| 9m20 | 9m19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $73.6 | $61.7 | $11.9 | 19.3% |
| OUS | $18.8 | $16.9 | $1.9 | 11.3% |
| EMEA | $10.5 | $10.5 | ($0.0) | (0.1%) |
| Rest of World | $8.3 | $6.4 | $1.9 | 30% |
| Total | $92.4 | $78.6 | $13.8 | 17.6% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $31.7 | |
| Cost of Sales | $14.4 | 45.3% |
| R & D | $15.9 | 50.2% |
| Selling and Admin | $5.2 | 16.5% |
| Other | $2.6 | 8.3% |
| Net Earnings | ($6.4) | (20.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
