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Anika Therapeutics reported 3Q23 orthopedic sales of $38.4 million, +5.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $116.4 million in orthopedic sales, +10.3% compared to the prior year.
Accelerating sales in the company’s Joint Preservation and Restoration business grew in the mid-teens, driven by new products like RevoMotion and X-Twist. Likewise, Anika drove better-than-expected performance from its OA Pain line, led by global Monovisc sales and double-digit Cingal growth outside the U.S.
Anika also received 510(k) clearance from the FDA for the Integrity Implant System, slated for full launch in the first quarter of 2024. Integrity is Anika’s differentiated regenerative HA-based patch system for the augmentation of rotator cuff and other tendon repairs.
Integrity features the inherent structural integrity of the hyaluronic acid-based scaffolds and results in a patch that is over 50% stronger than the leading collagen patch in tensile strength, suture retention and tear resistance even when hydrated, according to the company.
After investing in expanding its addressable market, Anika is transitioning some of that spending to commercial execution to build a targeted direct sales force.
“These hires will be focused on regenerative solutions and sports medicine products to augment our hybrid sales channel and penetrate underperforming accounts and geographies,” said Anika CEO Cheryl Blanchard. “The hybrid channel is a cost-effective model and works very well where distributors are focused on our products. The direct reps will strengthen the areas where we can drive better focus and commercial execution to deliver on the significant growth opportunity in front of us. These investments to augment our hybrid sales force with targeted direct sales reps are thoughtfully timed with the launch of our newest products such as Integrity, X-Twist and Tactoset expansion.”
Given its performance so far in 2023, Anika raised its full-year guidance for orthopedic sales to the range of $154.5 million to $156.5 million, representing growth between 7.5% and 8.9%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated by ORTHOWORLD on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.2 | $7.1 | $1.1 | 15.8% |
| Knees | $1.5 | $1.4 | $0.2 | 11.1% |
| Extremities | $6.7 | $5.7 | $1.0 | 17% |
| Sports Medicine | $5.3 | $4.7 | $0.5 | 11.1% |
| Orthobiologics | $24.9 | $24.5 | $0.4 | 1.7% |
| Total | $38.4 | $36.3 | $2.1 | 5.7% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $24.4 | $22.1 | $2.2 | 10.1% |
| Knees | $4.6 | $4.2 | $0.3 | 7.3% |
| Extremities | $19.8 | $17.9 | $1.9 | 10.7% |
| Sports Medicine | $15.2 | $13.9 | $1.3 | 9.3% |
| Orthobiologics | $76.9 | $69.5 | $7.3 | 10.5% |
| Total | $116.4 | $105.6 | $10.9 | 10.3% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $28.5 | $28.0 | $0.5 | 1.8% |
| OUS | $9.8 | $8.3 | $1.6 | 19% |
| EMEA | $5.0 | $4.4 | $0.6 | 13.9% |
| Rest of World | $4.8 | $3.9 | $1.0 | 24.8% |
| Total | $38.4 | $36.3 | $2.1 | 5.7% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $85.6 | $79.3 | $6.4 | 8% |
| OUS | $30.8 | $26.3 | $4.5 | 17% |
| EMEA | $15.8 | $14.5 | $1.3 | 9.1% |
| Rest of World | $15.0 | $11.9 | $3.2 | 26.7% |
| Total | $116.4 | $105.6 | $10.9 | 10.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $41.5 | |
| Cost of Sales | $16.5 | 39.8% |
| R & D | $24.8 | 59.9% |
| Selling and Admin | $7.8 | 18.8% |
| Other | ($1.1) | (2.6%) |
| Net Earnings | ($6.6) | (15.9%) |
Anika Therapeutics reported 3Q23 orthopedic sales of $38.4 million, +5.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $116.4 million in orthopedic sales, +10.3% compared to the prior year.
Accelerating sales in the company's Joint Preservation and Restoration business grew in the...
Anika Therapeutics reported 3Q23 orthopedic sales of $38.4 million, +5.7% compared to the third quarter of 2022. For the first nine months of 2023, the company generated $116.4 million in orthopedic sales, +10.3% compared to the prior year.
Accelerating sales in the company’s Joint Preservation and Restoration business grew in the mid-teens, driven by new products like RevoMotion and X-Twist. Likewise, Anika drove better-than-expected performance from its OA Pain line, led by global Monovisc sales and double-digit Cingal growth outside the U.S.
Anika also received 510(k) clearance from the FDA for the Integrity Implant System, slated for full launch in the first quarter of 2024. Integrity is Anika’s differentiated regenerative HA-based patch system for the augmentation of rotator cuff and other tendon repairs.
Integrity features the inherent structural integrity of the hyaluronic acid-based scaffolds and results in a patch that is over 50% stronger than the leading collagen patch in tensile strength, suture retention and tear resistance even when hydrated, according to the company.
After investing in expanding its addressable market, Anika is transitioning some of that spending to commercial execution to build a targeted direct sales force.
“These hires will be focused on regenerative solutions and sports medicine products to augment our hybrid sales channel and penetrate underperforming accounts and geographies,” said Anika CEO Cheryl Blanchard. “The hybrid channel is a cost-effective model and works very well where distributors are focused on our products. The direct reps will strengthen the areas where we can drive better focus and commercial execution to deliver on the significant growth opportunity in front of us. These investments to augment our hybrid sales force with targeted direct sales reps are thoughtfully timed with the launch of our newest products such as Integrity, X-Twist and Tactoset expansion.”
Given its performance so far in 2023, Anika raised its full-year guidance for orthopedic sales to the range of $154.5 million to $156.5 million, representing growth between 7.5% and 8.9%.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated by ORTHOWORLD on an as-reported basis.
Orthopedic Sales by Segment
| Segment | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.2 | $7.1 | $1.1 | 15.8% |
| Knees | $1.5 | $1.4 | $0.2 | 11.1% |
| Extremities | $6.7 | $5.7 | $1.0 | 17% |
| Sports Medicine | $5.3 | $4.7 | $0.5 | 11.1% |
| Orthobiologics | $24.9 | $24.5 | $0.4 | 1.7% |
| Total | $38.4 | $36.3 | $2.1 | 5.7% |
| Segment | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $24.4 | $22.1 | $2.2 | 10.1% |
| Knees | $4.6 | $4.2 | $0.3 | 7.3% |
| Extremities | $19.8 | $17.9 | $1.9 | 10.7% |
| Sports Medicine | $15.2 | $13.9 | $1.3 | 9.3% |
| Orthobiologics | $76.9 | $69.5 | $7.3 | 10.5% |
| Total | $116.4 | $105.6 | $10.9 | 10.3% |
Orthopedic Sales by Geography
| Region | 3Q23 | 3Q22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $28.5 | $28.0 | $0.5 | 1.8% |
| OUS | $9.8 | $8.3 | $1.6 | 19% |
| EMEA | $5.0 | $4.4 | $0.6 | 13.9% |
| Rest of World | $4.8 | $3.9 | $1.0 | 24.8% |
| Total | $38.4 | $36.3 | $2.1 | 5.7% |
| Region | 9m23 | 9m22 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $85.6 | $79.3 | $6.4 | 8% |
| OUS | $30.8 | $26.3 | $4.5 | 17% |
| EMEA | $15.8 | $14.5 | $1.3 | 9.1% |
| Rest of World | $15.0 | $11.9 | $3.2 | 26.7% |
| Total | $116.4 | $105.6 | $10.9 | 10.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $41.5 | |
| Cost of Sales | $16.5 | 39.8% |
| R & D | $24.8 | 59.9% |
| Selling and Admin | $7.8 | 18.8% |
| Other | ($1.1) | (2.6%) |
| Net Earnings | ($6.6) | (15.9%) |
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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.
