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Anika Therapeutics reported 1Q25 orthopedic sales of $24.6 million, down 7.7% compared to the first quarter of 2025.
Within those results, the company’s commercial channel (international OA Pain, regenerative products and Hyalofast) grew nearly 18% and has a 3-year CAGR of 17%. During the first quarter, the Integrity Implant System grew 33% year-over-year and continued its streak of sequential growth.
However, Anika’s OEM channel (U.S. OA Pain sold through J&J and non-orthopedic products) declined 23% due to pricing pressures faced by J&J Mitek as well as short-term yield shortages for Monovisc.
“My impression on it is that there is some level of [pricing] floor based on the competitive dynamics in that market,” said Anika CFO Steve Griffin. “Monovisc and Orthovisc have always been seen as market leaders with great clinical differentiation and, as a result, have always commanded a pricing premium. Some of that obviously has gone away over this last few months and quarters.”
Anika plans to diversify its revenue base and grow its OEM channel outside of J&J.
The company’s 2025 guidance midpoints expect 14.5% growth in its commercial channel and an 18.3% decline in OEM revenue for a total of $111.8 million, down 6.8% compared to the prior year.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q25 | 1Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $2.7 | $2.0 | $0.7 | 32.7% |
| Orthobiologics | $21.9 | $24.6 | ($2.7) | (11.1%) |
| Total | $24.6 | $26.7 | ($2.1) | (7.7%) |
Orthopedic Sales by Geography
| Region | 1Q25 | 1Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $15.4 | $18.5 | ($3.1) | (16.9%) |
| OUS | $9.2 | $8.2 | $1.1 | 13.1% |
| EMEA | $5.5 | $4.6 | $0.8 | 18.1% |
| Rest of World | $3.8 | $3.5 | $0.2 | 6.5% |
| Total | $24.6 | $26.7 | ($2.1) | (7.7%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $26.2 | |
| Cost of Sales | $11.5 | 43.9% |
| R & D | $12.9 | 49.3% |
| Selling and Admin | $6.1 | 23.2% |
| Other | $0.6 | 2.3% |
| Net Earnings | ($4.9) | (18.6%) |
Anika Therapeutics reported 1Q25 orthopedic sales of $24.6 million, down 7.7% compared to the first quarter of 2025.
Within those results, the company's commercial channel (international OA Pain, regenerative products and Hyalofast) grew nearly 18% and has a 3-year CAGR of 17%. During the first quarter, the Integrity Implant System grew...
Anika Therapeutics reported 1Q25 orthopedic sales of $24.6 million, down 7.7% compared to the first quarter of 2025.
Within those results, the company’s commercial channel (international OA Pain, regenerative products and Hyalofast) grew nearly 18% and has a 3-year CAGR of 17%. During the first quarter, the Integrity Implant System grew 33% year-over-year and continued its streak of sequential growth.
However, Anika’s OEM channel (U.S. OA Pain sold through J&J and non-orthopedic products) declined 23% due to pricing pressures faced by J&J Mitek as well as short-term yield shortages for Monovisc.
“My impression on it is that there is some level of [pricing] floor based on the competitive dynamics in that market,” said Anika CFO Steve Griffin. “Monovisc and Orthovisc have always been seen as market leaders with great clinical differentiation and, as a result, have always commanded a pricing premium. Some of that obviously has gone away over this last few months and quarters.”
Anika plans to diversify its revenue base and grow its OEM channel outside of J&J.
The company’s 2025 guidance midpoints expect 14.5% growth in its commercial channel and an 18.3% decline in OEM revenue for a total of $111.8 million, down 6.8% compared to the prior year.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 1Q25 | 1Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| Sports Medicine | $2.7 | $2.0 | $0.7 | 32.7% |
| Orthobiologics | $21.9 | $24.6 | ($2.7) | (11.1%) |
| Total | $24.6 | $26.7 | ($2.1) | (7.7%) |
Orthopedic Sales by Geography
| Region | 1Q25 | 1Q24 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $15.4 | $18.5 | ($3.1) | (16.9%) |
| OUS | $9.2 | $8.2 | $1.1 | 13.1% |
| EMEA | $5.5 | $4.6 | $0.8 | 18.1% |
| Rest of World | $3.8 | $3.5 | $0.2 | 6.5% |
| Total | $24.6 | $26.7 | ($2.1) | (7.7%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $26.2 | |
| Cost of Sales | $11.5 | 43.9% |
| R & D | $12.9 | 49.3% |
| Selling and Admin | $6.1 | 23.2% |
| Other | $0.6 | 2.3% |
| Net Earnings | ($4.9) | (18.6%) |
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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.
