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Anika Therapeutics reported 3Q24 orthopedic sales of $36.4 million, down 5.2% compared to the third quarter of 2023. Year to date, the company generated $114.7 million in orthopedic sales, down 1.5% from the prior year.
More than a year after it initiated a comprehensive strategic review, Anika announced the divestitures of its languishing Arthrosurface and Parcus acquisitions. The concurrent “right sizing” of the organization saw the reduction of 100 employees, or a third of the organization’s total headcount.
“As part of our robust assessment of our products, pipeline and market opportunities and our experience operating these businesses in what has been a rapidly changing environment over the last few years,” said Anika Therapeutics CEO Cheryl Blanchard, “we concluded that the Arthrosurface and Parcus Medical portfolio of products would be better suited at another company. The expectations of these acquisitions have fallen short due to a number of factors, including unmet commercial synergies, higher costs and complexities due to the changing regulatory requirements and capital-intensive investments needed to compete. At the same time, over the last four years, we’ve taken significant steps forward in our Regenerative Solutions and OA pain portfolios.”
Going forward, the company will concentrate on products developed with its differentiated hyaluronic acid technology. The Integrity rotator cuff patch is an example of the type of success the company is targeting with its regenerative products.
Integrity surgeries increased 40% sequentially during the third quarter and now has over 500 completed cases. Of the surgeons using Integrity, 20% are new customers to Anika over the last 90 days. The company estimated Integrity’s U.S. market opportunity at $220 million annually, growing in the teens.
The company provided post-divestiture 2024 revenue guidance between $117 million and $121 million, reflecting growth between -3% and 0%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.9 | $6.7 | ($0.8) | (12.2%) |
| Sports Medicine | $6.1 | $6.8 | ($0.7) | (10.4%) |
| Orthobiologics | $24.4 | $24.9 | ($0.5) | (1.8%) |
| Total | $36.4 | $38.4 | ($2.0) | (5.2%) |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $19.6 | $19.8 | ($0.3) | (1.4%) |
| Sports Medicine | $19.8 | $19.8 | $0.0 | 0.2% |
| Orthobiologics | $75.4 | $76.9 | ($1.5) | (1.9%) |
| Total | $114.7 | $116.4 | ($1.7) | (1.5%) |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $26.0 | $28.5 | ($2.5) | (8.8%) |
| OUS | $10.4 | $9.8 | $0.5 | 5.5% |
| EMEA | $5.3 | $5.0 | $0.3 | 6.5% |
| Rest of World | $5.0 | $4.8 | $0.2 | 4.4% |
| Total | $36.4 | $38.4 | ($2.0) | (5.2%) |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $81.3 | $85.6 | ($4.3) | (5%) |
| OUS | $33.4 | $30.8 | $2.6 | 8.5% |
| EMEA | $17.3 | $15.8 | $1.5 | 9.6% |
| Rest of World | $16.1 | $15.0 | $1.1 | 7.3% |
| Total | $114.7 | $116.4 | ($1.7) | (1.5%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $38.8 | |
| Cost of Sales | $37.3 | 96.3% |
| R & D | $19.1 | 49.3% |
| Selling and Admin | $7.2 | 18.7% |
| Other | $5.0 | 12.9% |
| Net Earnings | ($29.9) | (77.2%) |
Anika Therapeutics reported 3Q24 orthopedic sales of $36.4 million, down 5.2% compared to the third quarter of 2023. Year to date, the company generated $114.7 million in orthopedic sales, down 1.5% from the prior year.
More than a year after it initiated a comprehensive strategic review, Anika announced the divestitures of its...
Anika Therapeutics reported 3Q24 orthopedic sales of $36.4 million, down 5.2% compared to the third quarter of 2023. Year to date, the company generated $114.7 million in orthopedic sales, down 1.5% from the prior year.
More than a year after it initiated a comprehensive strategic review, Anika announced the divestitures of its languishing Arthrosurface and Parcus acquisitions. The concurrent “right sizing” of the organization saw the reduction of 100 employees, or a third of the organization’s total headcount.
“As part of our robust assessment of our products, pipeline and market opportunities and our experience operating these businesses in what has been a rapidly changing environment over the last few years,” said Anika Therapeutics CEO Cheryl Blanchard, “we concluded that the Arthrosurface and Parcus Medical portfolio of products would be better suited at another company. The expectations of these acquisitions have fallen short due to a number of factors, including unmet commercial synergies, higher costs and complexities due to the changing regulatory requirements and capital-intensive investments needed to compete. At the same time, over the last four years, we’ve taken significant steps forward in our Regenerative Solutions and OA pain portfolios.”
Going forward, the company will concentrate on products developed with its differentiated hyaluronic acid technology. The Integrity rotator cuff patch is an example of the type of success the company is targeting with its regenerative products.
Integrity surgeries increased 40% sequentially during the third quarter and now has over 500 completed cases. Of the surgeons using Integrity, 20% are new customers to Anika over the last 90 days. The company estimated Integrity’s U.S. market opportunity at $220 million annually, growing in the teens.
The company provided post-divestiture 2024 revenue guidance between $117 million and $121 million, reflecting growth between -3% and 0%.
Orthopedic Sales Data
Unless otherwise noted, all orthopedic sales data is provided in USD millions. We estimate orthopedic sales and growth rates on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $5.9 | $6.7 | ($0.8) | (12.2%) |
| Sports Medicine | $6.1 | $6.8 | ($0.7) | (10.4%) |
| Orthobiologics | $24.4 | $24.9 | ($0.5) | (1.8%) |
| Total | $36.4 | $38.4 | ($2.0) | (5.2%) |
| Segment | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| Extremity Joint Replacement | $19.6 | $19.8 | ($0.3) | (1.4%) |
| Sports Medicine | $19.8 | $19.8 | $0.0 | 0.2% |
| Orthobiologics | $75.4 | $76.9 | ($1.5) | (1.9%) |
| Total | $114.7 | $116.4 | ($1.7) | (1.5%) |
Orthopedic Sales by Geography
| Region | 3Q24 | 3Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $26.0 | $28.5 | ($2.5) | (8.8%) |
| OUS | $10.4 | $9.8 | $0.5 | 5.5% |
| EMEA | $5.3 | $5.0 | $0.3 | 6.5% |
| Rest of World | $5.0 | $4.8 | $0.2 | 4.4% |
| Total | $36.4 | $38.4 | ($2.0) | (5.2%) |
| Region | 9m24 | 9m23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $81.3 | $85.6 | ($4.3) | (5%) |
| OUS | $33.4 | $30.8 | $2.6 | 8.5% |
| EMEA | $17.3 | $15.8 | $1.5 | 9.6% |
| Rest of World | $16.1 | $15.0 | $1.1 | 7.3% |
| Total | $114.7 | $116.4 | ($1.7) | (1.5%) |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $38.8 | |
| Cost of Sales | $37.3 | 96.3% |
| R & D | $19.1 | 49.3% |
| Selling and Admin | $7.2 | 18.7% |
| Other | $5.0 | 12.9% |
| Net Earnings | ($29.9) | (77.2%) |
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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.
