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Anika Therapeutics reported 3Q22 orthopedic revenue of $37.5 million, +0.4% compared to the third quarter of 2021.
The company’s viscosupplement business declined slightly due to order timing from J&J Mitek in 2021 creating an elevated comparison. Anika and J&J Mitek renewed their agreement for another five years during the quarter.
Joint preservation and restoration procedures lag behind segments like knee replacement and spine in terms of case volume recovery. Shortages of raw materials and key components also impacted Anika’s sales in this business.
“I think we are frankly in the same boat that the broader market is in around supply chain. We see a broad impact around the supply chain with respect to things ranging from raw materials to key components. From a procedural basis, what we see are different parts of the market recovering faster than others, specifically in orthopedics. The hip and knee business is coming back at kind of high single-digit levels, but the sports extremity and trauma segments have not come back as quickly,” said Anika CEO Dr. Cheryl Blanchard.
The company made progress on several strategic initiatives during the quarter, however. It reported positive results from its third Phase III clinical trial for CINGAL, its next-generation osteoarthritis pain treatment. Enrollment for the Phase III clinical trial of HYALOFAST, a single-stage cartilage repair product, is nearly complete.
Anika expects to achieve the upper end of its 2022 guidance of low- to mid-single-digit growth compared to 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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.1 | $6.7 | $0.3 | 5.1% |
| Knees | $1.4 | $1.3 | $0.1 | 9.4% |
| Extremities | $5.7 | $5.5 | $0.2 | 4.1% |
| Sports Medicine | $4.7 | $4.4 | $0.3 | 6.4% |
| Orthobiologics | $25.7 | $26.2 | ($0.5) | (1.9%) |
| Total | $37.5 | $37.3 | $0.1 | 0.4% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $21.6 | $21.3 | $0.4 | 1.7% |
| Knees | $4.3 | $4.0 | $0.2 | 5.9% |
| Extremities | $17.4 | $17.3 | $0.1 | 0.7% |
| Sports Medicine | $14.4 | $14.0 | $0.4 | 2.9% |
| Orthobiologics | $74.1 | $69.8 | $4.3 | 6.2% |
| Total | $110.2 | $105.1 | $5.1 | 4.9% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.9 | $29.2 | ($0.3) | (0.9%) |
| OUS | $8.5 | $8.1 | $0.4 | 4.8% |
| EMEA | $4.5 | $4.0 | $0.5 | 13.6% |
| Rest of World | $4.0 | $4.1 | ($0.2) | (3.7%) |
| Total | $37.5 | $37.3 | $0.1 | 0.4% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $82.7 | $80.7 | $2.0 | 2.5% |
| OUS | $27.5 | $24.4 | $3.1 | 12.8% |
| EMEA | $15.1 | $13.9 | $1.2 | 8.9% |
| Rest of World | $12.4 | $10.5 | $1.9 | 18.1% |
| Total | $110.2 | $105.1 | $5.1 | 4.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.5 | |
| Cost of Sales | $17.5 | 46.6% |
| R & D | $21.3 | 56.8% |
| Selling and Admin | $7.3 | 19.5% |
| Other | ($4.4) | (11.7%) |
| Net Earnings | ($4.2) | (11.1%) |
Anika Therapeutics reported 3Q22 orthopedic revenue of $37.5 million, +0.4% compared to the third quarter of 2021.
The company's viscosupplement business declined slightly due to order timing from J&J Mitek in 2021 creating an elevated comparison. Anika and J&J Mitek renewed their agreement for another five years during the...
Anika Therapeutics reported 3Q22 orthopedic revenue of $37.5 million, +0.4% compared to the third quarter of 2021.
The company’s viscosupplement business declined slightly due to order timing from J&J Mitek in 2021 creating an elevated comparison. Anika and J&J Mitek renewed their agreement for another five years during the quarter.
Joint preservation and restoration procedures lag behind segments like knee replacement and spine in terms of case volume recovery. Shortages of raw materials and key components also impacted Anika’s sales in this business.
“I think we are frankly in the same boat that the broader market is in around supply chain. We see a broad impact around the supply chain with respect to things ranging from raw materials to key components. From a procedural basis, what we see are different parts of the market recovering faster than others, specifically in orthopedics. The hip and knee business is coming back at kind of high single-digit levels, but the sports extremity and trauma segments have not come back as quickly,” said Anika CEO Dr. Cheryl Blanchard.
The company made progress on several strategic initiatives during the quarter, however. It reported positive results from its third Phase III clinical trial for CINGAL, its next-generation osteoarthritis pain treatment. Enrollment for the Phase III clinical trial of HYALOFAST, a single-stage cartilage repair product, is nearly complete.
Anika expects to achieve the upper end of its 2022 guidance of low- to mid-single-digit growth compared to 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
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.1 | $6.7 | $0.3 | 5.1% |
| Knees | $1.4 | $1.3 | $0.1 | 9.4% |
| Extremities | $5.7 | $5.5 | $0.2 | 4.1% |
| Sports Medicine | $4.7 | $4.4 | $0.3 | 6.4% |
| Orthobiologics | $25.7 | $26.2 | ($0.5) | (1.9%) |
| Total | $37.5 | $37.3 | $0.1 | 0.4% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $21.6 | $21.3 | $0.4 | 1.7% |
| Knees | $4.3 | $4.0 | $0.2 | 5.9% |
| Extremities | $17.4 | $17.3 | $0.1 | 0.7% |
| Sports Medicine | $14.4 | $14.0 | $0.4 | 2.9% |
| Orthobiologics | $74.1 | $69.8 | $4.3 | 6.2% |
| Total | $110.2 | $105.1 | $5.1 | 4.9% |
Orthopedic Sales by Geography
| 3Q22 | 3Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.9 | $29.2 | ($0.3) | (0.9%) |
| OUS | $8.5 | $8.1 | $0.4 | 4.8% |
| EMEA | $4.5 | $4.0 | $0.5 | 13.6% |
| Rest of World | $4.0 | $4.1 | ($0.2) | (3.7%) |
| Total | $37.5 | $37.3 | $0.1 | 0.4% |
| 9m22 | 9m21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $82.7 | $80.7 | $2.0 | 2.5% |
| OUS | $27.5 | $24.4 | $3.1 | 12.8% |
| EMEA | $15.1 | $13.9 | $1.2 | 8.9% |
| Rest of World | $12.4 | $10.5 | $1.9 | 18.1% |
| Total | $110.2 | $105.1 | $5.1 | 4.9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $37.5 | |
| Cost of Sales | $17.5 | 46.6% |
| R & D | $21.3 | 56.8% |
| Selling and Admin | $7.3 | 19.5% |
| Other | ($4.4) | (11.7%) |
| Net Earnings | ($4.2) | (11.1%) |
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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.
