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Anika Therapeutics reported 2Q20 orthopedic revenue of USD $28.9 million, +5.2% vs. 2Q19. The company exceeded aggressive internal expectations in the face of the COVID pandemic. Sports medicine procedure volumes increased through the quarter with April at 25% of historical volume, May at 50% and June at 80%. July’s volume trend was at about 75% of 2019 levels. For the quarter, Anika’s organic revenue declined by $5.2 million but was offset by $6.2 million in revenue from the Parcus Medical and Arthrosurface acquisitions.
The second quarter also brought six new regulatory approvals for sports medicine devices and instruments for the company. The products cover procedures including rotator cuff repair and arthroscopic knee repair as well as treatment of hand and wrist arthritis damage. Additionally, Anika expanded its TACTOSET regenerative therapy line to treat insufficiency fractures with the launch of a small bone cannula set developed with input from foot and ankle surgeons.
The company fast tracked its Parcus and Arthrosurface integration efforts to better navigate the pandemic. Several executives from the acquired companies have joined Anika’s executive leadership team. Parcus co-founder and executive Bart Bracy is now Anika’s Senior Vice President of Sales and Marketing for the Americas. Former Arthrosurface President and CEO Steve Ek has been appointed Vice President of Research and Development. Finally, Parcus co-founder and President Mark Bunsvold will continue to lead legacy Parcus operations as President of Sports Medicine.
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
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $6.6 | $0.8 | $5.8 | 725.7% |
| Orthobiologics | $22.2 | $26.6 | ($4.4) | (16.5%) |
| Total | $28.9 | $27.4 | $1.4 | 5.2% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $14.5 | $1.0 | $13.6 | 1404.5% |
| Orthobiologics | $47.7 | $49.5 | ($1.8) | (3.5%) |
| Total | $62.2 | $50.4 | $11.8 | 23.4% |
Geographic Sales
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.7 | $20.7 | $3.0 | 14.3% |
| OUS | $5.2 | $6.7 | ($1.5) | (22.6%) |
| EMEA | $2.7 | $4.4 | ($1.7) | (38.4%) |
| Rest of World | $2.5 | $2.3 | $0.2 | 7.8% |
| Total | $28.9 | $27.4 | $1.4 | 5.2% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $48.5 | $39.4 | $9.1 | 23% |
| OUS | $13.8 | $11.1 | $2.7 | 24.8% |
| EMEA | $7.7 | $6.8 | $0.9 | 13.5% |
| Rest of World | $6.1 | $4.3 | $1.8 | 42.8% |
| Total | $62.2 | $50.4 | $11.8 | 23.4% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.4 | |
| Cost of Sales | $14.2 | 40.1% |
| R & D | $6.1 | 17.1% |
| Selling and Admin | $14.4 | 40.8% |
| Other | ($2.7) | 7.8% |
| Net Earnings | $3.5 | 9.8% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 2Q20 orthopedic revenue of USD $28.9 million, +5.2% vs. 2Q19. The company exceeded aggressive internal expectations in the face of the COVID pandemic. Sports medicine procedure volumes increased through the quarter with April at 25% of historical volume, May at 50% and June at 80%. July’s volume trend was at...
Anika Therapeutics reported 2Q20 orthopedic revenue of USD $28.9 million, +5.2% vs. 2Q19. The company exceeded aggressive internal expectations in the face of the COVID pandemic. Sports medicine procedure volumes increased through the quarter with April at 25% of historical volume, May at 50% and June at 80%. July’s volume trend was at about 75% of 2019 levels. For the quarter, Anika’s organic revenue declined by $5.2 million but was offset by $6.2 million in revenue from the Parcus Medical and Arthrosurface acquisitions.
The second quarter also brought six new regulatory approvals for sports medicine devices and instruments for the company. The products cover procedures including rotator cuff repair and arthroscopic knee repair as well as treatment of hand and wrist arthritis damage. Additionally, Anika expanded its TACTOSET regenerative therapy line to treat insufficiency fractures with the launch of a small bone cannula set developed with input from foot and ankle surgeons.
The company fast tracked its Parcus and Arthrosurface integration efforts to better navigate the pandemic. Several executives from the acquired companies have joined Anika’s executive leadership team. Parcus co-founder and executive Bart Bracy is now Anika’s Senior Vice President of Sales and Marketing for the Americas. Former Arthrosurface President and CEO Steve Ek has been appointed Vice President of Research and Development. Finally, Parcus co-founder and President Mark Bunsvold will continue to lead legacy Parcus operations as President of Sports Medicine.
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
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $6.6 | $0.8 | $5.8 | 725.7% |
| Orthobiologics | $22.2 | $26.6 | ($4.4) | (16.5%) |
| Total | $28.9 | $27.4 | $1.4 | 5.2% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Sports Medicine | $14.5 | $1.0 | $13.6 | 1404.5% |
| Orthobiologics | $47.7 | $49.5 | ($1.8) | (3.5%) |
| Total | $62.2 | $50.4 | $11.8 | 23.4% |
Geographic Sales
| 2Q20 | 2Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.7 | $20.7 | $3.0 | 14.3% |
| OUS | $5.2 | $6.7 | ($1.5) | (22.6%) |
| EMEA | $2.7 | $4.4 | ($1.7) | (38.4%) |
| Rest of World | $2.5 | $2.3 | $0.2 | 7.8% |
| Total | $28.9 | $27.4 | $1.4 | 5.2% |
| 1H20 | 1H19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $48.5 | $39.4 | $9.1 | 23% |
| OUS | $13.8 | $11.1 | $2.7 | 24.8% |
| EMEA | $7.7 | $6.8 | $0.9 | 13.5% |
| Rest of World | $6.1 | $4.3 | $1.8 | 42.8% |
| Total | $62.2 | $50.4 | $11.8 | 23.4% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.4 | |
| Cost of Sales | $14.2 | 40.1% |
| R & D | $6.1 | 17.1% |
| Selling and Admin | $14.4 | 40.8% |
| Other | ($2.7) | 7.8% |
| Net Earnings | $3.5 | 9.8% |
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.
