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Anika Therapeutics reported 1Q21 orthopedic revenue of USD $31.5 million, -5.5% vs. 1Q20. COVID-related headwinds and inventory stocking declines in orthobiologics offset revenue increases from the acquisitions of Parcus and Arthrosurface.
Joint replacement and sports medicine sales growth meaningfully shifted Anika’s overall product mix. Those segments accounted for 36% of total revenue in 1Q21, a +16% increase compared to last year. The company plays in some of the highest growth areas of those segments, like joint preservation and soft tissue augmentation. For the full year, Anika expects this portion of its business to grow in the high 20% to low 30% range.
Anika believes that its orthobiologic business will stabilize over the course of the year to ultimately grow in the low single digits compared to 2020. Company CEO Dr. Cheryl Blanchard reaffirmed Anika’s commitment to the business, saying, “The $1 billion market opportunity in the osteoarthritis pain management that is addressed by the legacy Anikavisc products is the foundation of the business, as we continue to sell our market-leading OrthoVisc and MonoVisc HA injectables through J&J Mitek in the United States and through distributors internationally.”
Overall, Annika sees a more stable market developing in the second half of the year and expects total revenue growth in the high single digits to low double digits.
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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.4 | $4.8 | $2.6 | 54.7% |
| Knees | $1.4 | $1.0 | $0.4 | 46.2% |
| Extremities | $6.0 | $3.8 | $2.2 | 56.9% |
| Sports Medicine | $4.9 | $3.1 | $1.7 | 54.7% |
| Orthobiologics | $19.3 | $25.5 | ($6.2) | (24.2%) |
| Total | $31.5 | $33.4 | ($1.8) | (5.5%) |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.0 | $24.8 | ($1.8) | (7.3%) |
| OUS | $8.5 | $8.6 | ($0.0) | (0.4%) |
| EMEA | $5.0 | $5.0 | $0.1 | 1.3% |
| Rest of World | $3.5 | $3.6 | ($0.1) | (2.7%) |
| Total | $31.5 | $33.4 | ($1.8) | (5.5%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $34.3 | |
| Cost of Sales | $13.3 | 38.8% |
| R & D | $18.2 | 53% |
| Selling and Admin | $6.4 | 18.5% |
| Other | ($6.4) | (18.7%) |
| Net Earnings | $2.8 | 8.3% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 1Q21 orthopedic revenue of USD $31.5 million, -5.5% vs. 1Q20. COVID-related headwinds and inventory stocking declines in orthobiologics offset revenue increases from the acquisitions of Parcus and Arthrosurface.
Joint replacement and sports medicine sales growth meaningfully shifted Anika’s overall product mix....
Anika Therapeutics reported 1Q21 orthopedic revenue of USD $31.5 million, -5.5% vs. 1Q20. COVID-related headwinds and inventory stocking declines in orthobiologics offset revenue increases from the acquisitions of Parcus and Arthrosurface.
Joint replacement and sports medicine sales growth meaningfully shifted Anika’s overall product mix. Those segments accounted for 36% of total revenue in 1Q21, a +16% increase compared to last year. The company plays in some of the highest growth areas of those segments, like joint preservation and soft tissue augmentation. For the full year, Anika expects this portion of its business to grow in the high 20% to low 30% range.
Anika believes that its orthobiologic business will stabilize over the course of the year to ultimately grow in the low single digits compared to 2020. Company CEO Dr. Cheryl Blanchard reaffirmed Anika’s commitment to the business, saying, “The $1 billion market opportunity in the osteoarthritis pain management that is addressed by the legacy Anikavisc products is the foundation of the business, as we continue to sell our market-leading OrthoVisc and MonoVisc HA injectables through J&J Mitek in the United States and through distributors internationally.”
Overall, Annika sees a more stable market developing in the second half of the year and expects total revenue growth in the high single digits to low double digits.
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
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.4 | $4.8 | $2.6 | 54.7% |
| Knees | $1.4 | $1.0 | $0.4 | 46.2% |
| Extremities | $6.0 | $3.8 | $2.2 | 56.9% |
| Sports Medicine | $4.9 | $3.1 | $1.7 | 54.7% |
| Orthobiologics | $19.3 | $25.5 | ($6.2) | (24.2%) |
| Total | $31.5 | $33.4 | ($1.8) | (5.5%) |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $23.0 | $24.8 | ($1.8) | (7.3%) |
| OUS | $8.5 | $8.6 | ($0.0) | (0.4%) |
| EMEA | $5.0 | $5.0 | $0.1 | 1.3% |
| Rest of World | $3.5 | $3.6 | ($0.1) | (2.7%) |
| Total | $31.5 | $33.4 | ($1.8) | (5.5%) |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $34.3 | |
| Cost of Sales | $13.3 | 38.8% |
| R & D | $18.2 | 53% |
| Selling and Admin | $6.4 | 18.5% |
| Other | ($6.4) | (18.7%) |
| Net Earnings | $2.8 | 8.3% |
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.
