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Anika Therapeutics reported 3Q21 orthopedic sales of $37.3 million, +23.9% vs. 3Q20. The company revised its full-year 2021 guidance to overall growth in the range of +9% to +11% over 2020, down from a previous range of +11% to +14%. Anika expects mid single-digit growth in its orthobiologics franchise and high teen growth in its joint preservation products.
While most orthopedic companies endured the worst pandemic declines in the second quarter of 2020, Anika’s viscosupplement business was hit one quarter later due to order timing from its sales partners. Despite quarter-to-quarter lumpiness, Anika’s orthobiologics segment is performing as the company expected for the year.
COVID-related orthopedic surgery deferrals and staffing shortages impacted the company’s Joint Preservation products. However, Anika made significant progress against its strategic initiatives during the third quarter. Its Total Wrist Platform fully launched in September. The quarter also brought FDA 510(k) clearance for an additional indication for TACTOSET, a hyaluronic acid-based bone void filler. The additional indication expands TACTOSET beyond treating insufficiency fractures and into augmentation of hardware in support of bone fragments during surgical procedures.
The company also initiated a preclinical animal study for its rotator cuff system that is set to be a core part of Anika’s ASC sales strategy. Clinical study enrollment for HYALOFAST and CINGAL continues despite COVID-related enrollment challenges.
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $6.7 | $7.1 | ($0.3) | (4.5%) |
| Knees | $1.3 | $1.4 | ($0.1) | (9.8%) |
| Extremities | $5.5 | $5.7 | ($0.2) | (3.1%) |
| Sports Medicine | $4.4 | $4.7 | ($0.2) | (4.5%) |
| Orthobiologics | $26.2 | $18.4 | $7.7 | 41.8% |
| Total | $37.3 | $30.2 | $7.2 | 23.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $21.3 | $15.8 | $5.5 | 34.5% |
| Knees | $4.0 | $3.2 | $0.9 | 27.1% |
| Extremities | $17.3 | $12.7 | $4.6 | 36.4% |
| Sports Medicine | $14.0 | $10.4 | $3.6 | 34.5% |
| Orthobiologics | $69.8 | $66.2 | $3.6 | 5.5% |
| Total | $105.1 | $92.4 | $12.7 | 13.7% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.2 | $25.1 | $4.1 | 16.2% |
| OUS | $8.1 | $5.0 | $3.1 | 62% |
| EMEA | $4.0 | $2.8 | $1.2 | 42.4% |
| Rest of World | $4.1 | $2.2 | $1.9 | 86.9% |
| Total | $37.3 | $30.2 | $7.2 | 23.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $80.7 | $73.6 | $7.1 | 9.7% |
| OUS | $24.4 | $18.8 | $5.5 | 29.4% |
| EMEA | $13.9 | $10.5 | $3.3 | 31.8% |
| Rest of World | $10.5 | $8.3 | $2.2 | 26.4% |
| Total | $105.1 | $92.4 | $12.7 | 13.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.5 | |
| Cost of Sales | $16.5 | 41.8% |
| R & D | $17.5 | 44.3% |
| Selling and Admin | $7.7 | 19.4% |
| Other | ($2.7) | (6.8%) |
| Net Earnings | $0.6 | 1.4% |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Anika Therapeutics reported 3Q21 orthopedic sales of $37.3 million, +23.9% vs. 3Q20. The company revised its full-year 2021 guidance to overall growth in the range of +9% to +11% over 2020, down from a previous range of +11% to +14%. Anika expects mid single-digit growth in its orthobiologics franchise and high teen growth in its joint...
Anika Therapeutics reported 3Q21 orthopedic sales of $37.3 million, +23.9% vs. 3Q20. The company revised its full-year 2021 guidance to overall growth in the range of +9% to +11% over 2020, down from a previous range of +11% to +14%. Anika expects mid single-digit growth in its orthobiologics franchise and high teen growth in its joint preservation products.
While most orthopedic companies endured the worst pandemic declines in the second quarter of 2020, Anika’s viscosupplement business was hit one quarter later due to order timing from its sales partners. Despite quarter-to-quarter lumpiness, Anika’s orthobiologics segment is performing as the company expected for the year.
COVID-related orthopedic surgery deferrals and staffing shortages impacted the company’s Joint Preservation products. However, Anika made significant progress against its strategic initiatives during the third quarter. Its Total Wrist Platform fully launched in September. The quarter also brought FDA 510(k) clearance for an additional indication for TACTOSET, a hyaluronic acid-based bone void filler. The additional indication expands TACTOSET beyond treating insufficiency fractures and into augmentation of hardware in support of bone fragments during surgical procedures.
The company also initiated a preclinical animal study for its rotator cuff system that is set to be a core part of Anika’s ASC sales strategy. Clinical study enrollment for HYALOFAST and CINGAL continues despite COVID-related enrollment challenges.
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
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $6.7 | $7.1 | ($0.3) | (4.5%) |
| Knees | $1.3 | $1.4 | ($0.1) | (9.8%) |
| Extremities | $5.5 | $5.7 | ($0.2) | (3.1%) |
| Sports Medicine | $4.4 | $4.7 | ($0.2) | (4.5%) |
| Orthobiologics | $26.2 | $18.4 | $7.7 | 41.8% |
| Total | $37.3 | $30.2 | $7.2 | 23.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $21.3 | $15.8 | $5.5 | 34.5% |
| Knees | $4.0 | $3.2 | $0.9 | 27.1% |
| Extremities | $17.3 | $12.7 | $4.6 | 36.4% |
| Sports Medicine | $14.0 | $10.4 | $3.6 | 34.5% |
| Orthobiologics | $69.8 | $66.2 | $3.6 | 5.5% |
| Total | $105.1 | $92.4 | $12.7 | 13.7% |
Orthopedic Sales by Geography
| 3Q21 | 3Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $29.2 | $25.1 | $4.1 | 16.2% |
| OUS | $8.1 | $5.0 | $3.1 | 62% |
| EMEA | $4.0 | $2.8 | $1.2 | 42.4% |
| Rest of World | $4.1 | $2.2 | $1.9 | 86.9% |
| Total | $37.3 | $30.2 | $7.2 | 23.9% |
| 9m21 | 9m20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $80.7 | $73.6 | $7.1 | 9.7% |
| OUS | $24.4 | $18.8 | $5.5 | 29.4% |
| EMEA | $13.9 | $10.5 | $3.3 | 31.8% |
| Rest of World | $10.5 | $8.3 | $2.2 | 26.4% |
| Total | $105.1 | $92.4 | $12.7 | 13.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.5 | |
| Cost of Sales | $16.5 | 41.8% |
| R & D | $17.5 | 44.3% |
| Selling and Admin | $7.7 | 19.4% |
| Other | ($2.7) | (6.8%) |
| Net Earnings | $0.6 | 1.4% |
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.
