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Anika Therapeutics reported 4Q20 orthopedic revenue of USD $30 million, +11.2% vs. 4Q19 with full-year 2020 revenue of $122.4 million, +16% vs. 2019. The company emerged from 2020 still on track to achieve its previously stated goal of doubling revenue by 2024. By Anika’s estimates, its target addressable market grew by a factor of eight through its acquisitions and new products.
Anika’s well-timed acquisitions of Parcus Medical and Arthrosurface in early 2020 offset a nearly -20% full-year decline for the company’s legacy viscosupplement franchise. Pandemic-related restrictions compounded with the ordering patterns and agreement details between Anika and its commercial partner, Mitek, all drove orthobiologic revenues down. However, the company believes that business will stabilize in 2021. Anika pushed the U.S. launch timelines for CINGAL and HYALOFAST to 2024, but noted that those products are not necessary to achieve its 2024 revenue goal.
For 2021, Anika expects its legacy viscosupplement business to grow in the low single digits compared to 2020, with Joint Preservation and Restoration growing in the high 20% to low 30% range. Based on our estimates, Anika’s combined orthopedic revenue growth for 2021 will be slightly under 3%.
“We’re focusing a lot of 2021 on building capabilities, systems, processes, other things. If the right opportunity comes along, we’re considering those things. But it needs to make sense and it needs to be something we can execute on, not just in acquiring it, but integrating it and driving value from it. I think as we go forward into future years, you’re going to see more of that conversation. But we’re not ignoring opportunities as they arise this year.” – Michael Levitz, Anika Therapeutics CFO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.9 | |||
| Knees | $1.6 | |||
| Extremities | $6.3 | |||
| Sports Medicine | $5.2 | $0.6 | $4.7 | 831.2% |
| Orthobiologics | $16.9 | $26.4 | ($9.5) | (36.1%) |
| Total | $30.0 | $27.0 | $3.0 | 11.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $23.7 | |||
| Knees | $4.7 | |||
| Extremities | $19.0 | |||
| Sports Medicine | $15.6 | $2.1 | $13.6 | 655.4% |
| Orthobiologics | $83.0 | $103.5 | ($20.4) | (19.8%) |
| Total | $122.4 | $105.5 | $16.9 | 16% |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.2 | $21.5 | $1.7 | 8.1% |
| OUS | $6.7 | $5.4 | $1.3 | 23.8% |
| EMEA | $2.8 | $3.0 | ($0.2) | (8%) |
| Rest of World | $4.0 | $2.4 | $1.5 | 63.8% |
| Total | $30.0 | $27.0 | $3.0 | 11.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $96.8 | $83.2 | $13.7 | 16.4% |
| OUS | $25.6 | $22.4 | $3.2 | 14.3% |
| EMEA | $13.3 | $13.6 | ($0.2) | (1.8%) |
| Rest of World | $12.3 | $8.8 | $3.5 | 39.3% |
| Total | $122.4 | $105.5 | $16.9 | 16% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $130.5 | |
| Cost of Sales | $61.4 | 47.1% |
| R & D | $60.1 | 46% |
| Selling and Admin | $23.4 | 18% |
| Other | $11.8 | 9.1% |
| Net Earnings | ($26.3) | (20.2%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 4Q20 orthopedic revenue of USD $30 million, +11.2% vs. 4Q19 with full-year 2020 revenue of $122.4 million, +16% vs. 2019. The company emerged from 2020 still on track to achieve its previously stated goal of doubling revenue by 2024. By Anika’s estimates, its target addressable market grew by a factor of eight...
Anika Therapeutics reported 4Q20 orthopedic revenue of USD $30 million, +11.2% vs. 4Q19 with full-year 2020 revenue of $122.4 million, +16% vs. 2019. The company emerged from 2020 still on track to achieve its previously stated goal of doubling revenue by 2024. By Anika’s estimates, its target addressable market grew by a factor of eight through its acquisitions and new products.
Anika’s well-timed acquisitions of Parcus Medical and Arthrosurface in early 2020 offset a nearly -20% full-year decline for the company’s legacy viscosupplement franchise. Pandemic-related restrictions compounded with the ordering patterns and agreement details between Anika and its commercial partner, Mitek, all drove orthobiologic revenues down. However, the company believes that business will stabilize in 2021. Anika pushed the U.S. launch timelines for CINGAL and HYALOFAST to 2024, but noted that those products are not necessary to achieve its 2024 revenue goal.
For 2021, Anika expects its legacy viscosupplement business to grow in the low single digits compared to 2020, with Joint Preservation and Restoration growing in the high 20% to low 30% range. Based on our estimates, Anika’s combined orthopedic revenue growth for 2021 will be slightly under 3%.
“We’re focusing a lot of 2021 on building capabilities, systems, processes, other things. If the right opportunity comes along, we’re considering those things. But it needs to make sense and it needs to be something we can execute on, not just in acquiring it, but integrating it and driving value from it. I think as we go forward into future years, you’re going to see more of that conversation. But we’re not ignoring opportunities as they arise this year.” – Michael Levitz, Anika Therapeutics CFO
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
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.9 | |||
| Knees | $1.6 | |||
| Extremities | $6.3 | |||
| Sports Medicine | $5.2 | $0.6 | $4.7 | 831.2% |
| Orthobiologics | $16.9 | $26.4 | ($9.5) | (36.1%) |
| Total | $30.0 | $27.0 | $3.0 | 11.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $23.7 | |||
| Knees | $4.7 | |||
| Extremities | $19.0 | |||
| Sports Medicine | $15.6 | $2.1 | $13.6 | 655.4% |
| Orthobiologics | $83.0 | $103.5 | ($20.4) | (19.8%) |
| Total | $122.4 | $105.5 | $16.9 | 16% |
Geographic Sales
| 4Q20 | 4Q19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.2 | $21.5 | $1.7 | 8.1% |
| OUS | $6.7 | $5.4 | $1.3 | 23.8% |
| EMEA | $2.8 | $3.0 | ($0.2) | (8%) |
| Rest of World | $4.0 | $2.4 | $1.5 | 63.8% |
| Total | $30.0 | $27.0 | $3.0 | 11.2% |
| FY20 | FY19 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $96.8 | $83.2 | $13.7 | 16.4% |
| OUS | $25.6 | $22.4 | $3.2 | 14.3% |
| EMEA | $13.3 | $13.6 | ($0.2) | (1.8%) |
| Rest of World | $12.3 | $8.8 | $3.5 | 39.3% |
| Total | $122.4 | $105.5 | $16.9 | 16% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $130.5 | |
| Cost of Sales | $61.4 | 47.1% |
| R & D | $60.1 | 46% |
| Selling and Admin | $23.4 | 18% |
| Other | $11.8 | 9.1% |
| Net Earnings | ($26.3) | (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.
