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Anika Therapeutics reported 3Q19 orthopedic revenue of USD $26.8MM, +11.1% vs. 3Q18.
- Anika provided updated 2019 full year revenue guidance in the range of $99.2MM to $100.2MM, representing growth of 6% to 7% over 2018
- The company has embarked on a five-year strategic plan to achieve leadership in joint preservation and restoration, as well as doubling total revenue
- As part of their strategic plan, Anika is moving beyond their existing partner-based model of selling osteoarthritis pain management products at office call points, which they estimate to be a $1BB market opportunity; a new hybrid commercial organization will sell joint preservation and restoration products in O.R. settings, estimated by leadership to be a $7BB market
- Within the third quarter, the company appointed James Loerop to the newly created position of Executive Vice President of Business Development and Strategic Planning, as well as appointing Mira Leiwant to the new position of Vice President of Regulatory Affairs, Quality, and Clinical Affairs; additionally, four regional sales directors were onboarded to manage domestic sales territories
- In September, the company soft launched the TACTOSET surgically-delivered bone repair product in the U.S. with a full commercial launch planed for December 2019
- Anika is targeting a rotator cuff therapy as the second launch under their new hybrid commercial model, with an estimated market opportunity of $150MM to $200MM and planned 510(k) submission in late 2020 or early 2021
- Revenue growth for 3Q19 was driven primarily by MONOVISC and CINGAL, both of which delivered double-digit year over year growth
- On a sequential quarter basis, domestic end user’s sales price decreased in the high single digits, while year-over-year end user volume increased 6% for ORTHOVISC and 26% for MONOVISC. Per Chief Financial Officer Sylvia Cheung, pricing has stabilized compared to 2018, with MONOVISC pricing increasing for three consecutive sequential quarters
ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $26.8 | $24.1 | $2.7 | 11.1% |
| 9mo 19 | 9mo 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $75.0 | $69.8 | $5.2 | 7.4% |
ORTHOWORLD estimates orthopaedic sales by geographic region as follows ($MM).
| Geographic Region | 3Q19 | 3Q18 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $21.1 | $19.5 | $1.6 | 8.3% |
| Ex-US | $5.6 | $4.6 | $1.0 | 22.8% |
| Europe | $3.5 | $2.9 | $0.6 | 20.3% |
| Other | $2.1 | $1.7 | $0.5 | 26.9% |
| Grand Total | $26.8 | $24.1 | $2.7 | 11.1% |
Net earnings for all Anika Therapeutics revenue are as follows.
| Amt | % of Sales | |
|---|---|---|
| Sales | $29.6 | |
| Cost of Sales | ($6.0) | 20.1% |
| R & D | ($4.2) | 14% |
| Selling and Admin | ($7.5) | 25.5% |
| Other | ($2.8) | 9.3% |
| Net Earnings | $9.2 | 31.1% |
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
Anika Therapeutics reported 3Q19 orthopedic revenue of USD $26.8MM, +11.1% vs. 3Q18.
Anika provided updated 2019 full year revenue guidance in the range of $99.2MM to $100.2MM, representing growth of 6% to 7% over 2018
The company has embarked on a five-year strategic plan to achieve leadership in joint preservation and restoration,...
Anika Therapeutics reported 3Q19 orthopedic revenue of USD $26.8MM, +11.1% vs. 3Q18.
- Anika provided updated 2019 full year revenue guidance in the range of $99.2MM to $100.2MM, representing growth of 6% to 7% over 2018
- The company has embarked on a five-year strategic plan to achieve leadership in joint preservation and restoration, as well as doubling total revenue
- As part of their strategic plan, Anika is moving beyond their existing partner-based model of selling osteoarthritis pain management products at office call points, which they estimate to be a $1BB market opportunity; a new hybrid commercial organization will sell joint preservation and restoration products in O.R. settings, estimated by leadership to be a $7BB market
- Within the third quarter, the company appointed James Loerop to the newly created position of Executive Vice President of Business Development and Strategic Planning, as well as appointing Mira Leiwant to the new position of Vice President of Regulatory Affairs, Quality, and Clinical Affairs; additionally, four regional sales directors were onboarded to manage domestic sales territories
- In September, the company soft launched the TACTOSET surgically-delivered bone repair product in the U.S. with a full commercial launch planed for December 2019
- Anika is targeting a rotator cuff therapy as the second launch under their new hybrid commercial model, with an estimated market opportunity of $150MM to $200MM and planned 510(k) submission in late 2020 or early 2021
- Revenue growth for 3Q19 was driven primarily by MONOVISC and CINGAL, both of which delivered double-digit year over year growth
- On a sequential quarter basis, domestic end user’s sales price decreased in the high single digits, while year-over-year end user volume increased 6% for ORTHOVISC and 26% for MONOVISC. Per Chief Financial Officer Sylvia Cheung, pricing has stabilized compared to 2018, with MONOVISC pricing increasing for three consecutive sequential quarters
ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).
| 3Q19 | 3Q18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $26.8 | $24.1 | $2.7 | 11.1% |
| 9mo 19 | 9mo 18 | $ Chg | % Chg | |
|---|---|---|---|---|
| Orthobiologics | $75.0 | $69.8 | $5.2 | 7.4% |
ORTHOWORLD estimates orthopaedic sales by geographic region as follows ($MM).
| Geographic Region | 3Q19 | 3Q18 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $21.1 | $19.5 | $1.6 | 8.3% |
| Ex-US | $5.6 | $4.6 | $1.0 | 22.8% |
| Europe | $3.5 | $2.9 | $0.6 | 20.3% |
| Other | $2.1 | $1.7 | $0.5 | 26.9% |
| Grand Total | $26.8 | $24.1 | $2.7 | 11.1% |
Net earnings for all Anika Therapeutics revenue are as follows.
| Amt | % of Sales | |
|---|---|---|
| Sales | $29.6 | |
| Cost of Sales | ($6.0) | 20.1% |
| R & D | ($4.2) | 14% |
| Selling and Admin | ($7.5) | 25.5% |
| Other | ($2.8) | 9.3% |
| Net Earnings | $9.2 | 31.1% |
Mike Evers is ORTHOWORLD’s Market Analyst. 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.
