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Anika Therapeutics reported 4Q21 orthopedic sales of $33 million, +10% vs. 4Q20. For the full year, the company generated $138.1 million in orthopedic sales, +12.8% vs. 2020.
The company’s viscosupplement business drove fourth-quarter growth largely due to favorable ordering patterns. The rest of Anika’s implant portfolio struggled against COVID-related headwinds.
Anika had difficulty accessing new facilities and customers due to the COVID-related unpredictability of approval committees and contracting. Products launched in late 2020 are taking longer to ramp, according to company management, because of the hybrid nature and limited attendance of the largest orthopedic conferences.
Previously, Anika planned to double its orthopedic sales by 2024. The lingering effects of the pandemic changed those plans. Company CFO Michael Levitz said, “Given the now two years of COVID impacted the business and the near-term uncertainty associated with its impact in our markets, we no longer have a direct line of sight to reaching our multi-year growth targets by 2024.”
Still, Anika sees ample opportunity ahead. Its Tactoset tissue augmentation, WristMotion implant and upcoming shoulder products are all developed with an eye to the ASC environment. Ambulatory surgery centers are a key strategic focus for the company.
Mr. Levitz continued, “We now believe COVID may be a tailwind to our strategy, given the acceleration of the transition of procedures to the ambulatory surgery center, a core target market for our early intervention products.”
The company expects revenue to grow in the low- to mid-single digits for 2022 with the assumption that the market environment closely resembles 2021.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.0 | $7.9 | $0.1 | 1.2% |
| Knees | $1.5 | $1.6 | ($0.1) | (4.4%) |
| Extremities | $6.5 | $6.3 | $0.2 | 2.6% |
| Sports Medicine | $5.3 | $5.2 | $0.1 | 1.2% |
| Orthobiologics | $19.7 | $16.9 | $2.9 | 16.9% |
| Total | $33.0 | $30.0 | $3.0 | 10% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $29.3 | $23.7 | $5.6 | 23.4% |
| Knees | $5.5 | $4.7 | $0.8 | 16.6% |
| Extremities | $23.8 | $19.0 | $4.8 | 25.1% |
| Sports Medicine | $19.3 | $15.6 | $3.7 | 23.4% |
| Orthobiologics | $89.5 | $83.0 | $6.5 | 7.8% |
| Total | $138.1 | $122.4 | $15.7 | 12.8% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.4 | $23.2 | $2.2 | 9.3% |
| OUS | $7.6 | $6.7 | $0.8 | 12.5% |
| EMEA | $4.0 | $2.8 | $1.2 | 42% |
| Rest of World | $3.6 | $4.0 | ($0.3) | (8.3%) |
| Total | $33.0 | $30.0 | $3.0 | 10% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $106.1 | $96.8 | $9.3 | 9.6% |
| OUS | $31.9 | $25.6 | $6.4 | 24.9% |
| EMEA | $17.8 | $13.3 | $4.5 | 34% |
| Rest of World | $14.1 | $12.3 | $1.9 | 15.2% |
| Total | $138.1 | $122.4 | $15.7 | 12.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.8 | |
| Cost of Sales | $17.7 | 49.4% |
| R & D | $20.4 | 57% |
| Selling and Admin | $6.0 | 16.7% |
| Other | ($2.5) | (7%) |
| Net Earnings | ($5.8) | (16.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 4Q21 orthopedic sales of $33 million, +10% vs. 4Q20. For the full year, the company generated $138.1 million in orthopedic sales, +12.8% vs. 2020.
The company's viscosupplement business drove fourth-quarter growth largely due to favorable ordering patterns. The rest of Anika's implant portfolio struggled against...
Anika Therapeutics reported 4Q21 orthopedic sales of $33 million, +10% vs. 4Q20. For the full year, the company generated $138.1 million in orthopedic sales, +12.8% vs. 2020.
The company’s viscosupplement business drove fourth-quarter growth largely due to favorable ordering patterns. The rest of Anika’s implant portfolio struggled against COVID-related headwinds.
Anika had difficulty accessing new facilities and customers due to the COVID-related unpredictability of approval committees and contracting. Products launched in late 2020 are taking longer to ramp, according to company management, because of the hybrid nature and limited attendance of the largest orthopedic conferences.
Previously, Anika planned to double its orthopedic sales by 2024. The lingering effects of the pandemic changed those plans. Company CFO Michael Levitz said, “Given the now two years of COVID impacted the business and the near-term uncertainty associated with its impact in our markets, we no longer have a direct line of sight to reaching our multi-year growth targets by 2024.”
Still, Anika sees ample opportunity ahead. Its Tactoset tissue augmentation, WristMotion implant and upcoming shoulder products are all developed with an eye to the ASC environment. Ambulatory surgery centers are a key strategic focus for the company.
Mr. Levitz continued, “We now believe COVID may be a tailwind to our strategy, given the acceleration of the transition of procedures to the ambulatory surgery center, a core target market for our early intervention products.”
The company expects revenue to grow in the low- to mid-single digits for 2022 with the assumption that the market environment closely resembles 2021.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.0 | $7.9 | $0.1 | 1.2% |
| Knees | $1.5 | $1.6 | ($0.1) | (4.4%) |
| Extremities | $6.5 | $6.3 | $0.2 | 2.6% |
| Sports Medicine | $5.3 | $5.2 | $0.1 | 1.2% |
| Orthobiologics | $19.7 | $16.9 | $2.9 | 16.9% |
| Total | $33.0 | $30.0 | $3.0 | 10% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $29.3 | $23.7 | $5.6 | 23.4% |
| Knees | $5.5 | $4.7 | $0.8 | 16.6% |
| Extremities | $23.8 | $19.0 | $4.8 | 25.1% |
| Sports Medicine | $19.3 | $15.6 | $3.7 | 23.4% |
| Orthobiologics | $89.5 | $83.0 | $6.5 | 7.8% |
| Total | $138.1 | $122.4 | $15.7 | 12.8% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $25.4 | $23.2 | $2.2 | 9.3% |
| OUS | $7.6 | $6.7 | $0.8 | 12.5% |
| EMEA | $4.0 | $2.8 | $1.2 | 42% |
| Rest of World | $3.6 | $4.0 | ($0.3) | (8.3%) |
| Total | $33.0 | $30.0 | $3.0 | 10% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $106.1 | $96.8 | $9.3 | 9.6% |
| OUS | $31.9 | $25.6 | $6.4 | 24.9% |
| EMEA | $17.8 | $13.3 | $4.5 | 34% |
| Rest of World | $14.1 | $12.3 | $1.9 | 15.2% |
| Total | $138.1 | $122.4 | $15.7 | 12.8% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $35.8 | |
| Cost of Sales | $17.7 | 49.4% |
| R & D | $20.4 | 57% |
| Selling and Admin | $6.0 | 16.7% |
| Other | ($2.5) | (7%) |
| Net Earnings | ($5.8) | (16.2%) |
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.
