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Anika Therapeutics reported 1Q24 orthopedic sales of $38.2 million, up 5.7% compared to the first quarter of 2023.
The company drove strong results with its OA pain treatment products and newer sports medicine offerings, such as the Integrity Implant System patch and X-Twist anchors. Integrity reached the 200 case milestone, while X-Twist reached 10,000 implants.
However, sales of legacy products and the newer RevoMotion shoulder implant remain slow. Anika continues to work through RevoMotion’s more complex sales cycle and facility approval requirements. The company’s distribution and commercial execution remain focus points.
“We are facing headwinds with some of our more mature products,” said Anika Therapeutics CEO Cheryl Blanchard. “While we have a subset of distributors that are doing very well for us and growing strong double digits, we’ve talked about the fact that that is an area that we continue to focus on and that we are not happy with currently.”
At the end of the first quarter, the company completed a headcount reduction that will contribute to annualized savings of $10 million. A portion of that savings will fund the first PMA module for Hyalofast cartilage repair as well as additional clinical follow-up on regenerative products like Integrity.
Anika Therapeutics reiterated its 2024 guidance of total revenues between $168 million and $172 million, representing growth between 1% and 4%. OA pain sales are expected to grow between 0% and 2%, while Joint Preservation and Restoration grows between 6% and 10%.
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 | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.4 | $8.3 | $0.1 | 1.2% |
| Knees | $1.5 | $1.5 | ($0.0) | (1.6%) |
| Extremities | $6.9 | $6.8 | $0.1 | 1.9% |
| Sports Medicine | $5.4 | $5.1 | $0.3 | 5.6% |
| Orthobiologics | $24.3 | $22.6 | $1.7 | 7.4% |
| Total | $38.2 | $36.1 | $2.1 | 5.7% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $27.5 | $26.0 | $1.6 | 6% |
| OUS | $10.6 | $10.1 | $0.5 | 5% |
| EMEA | $5.6 | $5.4 | $0.2 | 4.3% |
| ROW | $5.0 | $4.7 | $0.3 | 5.8% |
| Total | $38.2 | $36.1 | $2.1 | 5.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.5 | |
| Cost of Sales | $15.9 | 39.2% |
| R & D | $21.5 | 53.1% |
| Selling and Admin | $8.2 | 20.1% |
| Other | ($0.5) | (1.4%) |
| Net Earnings | ($4.5) | (11.1%) |
Anika Therapeutics reported 1Q24 orthopedic sales of $38.2 million, up 5.7% compared to the first quarter of 2023.
The company drove strong results with its OA pain treatment products and newer sports medicine offerings, such as the Integrity Implant System patch and X-Twist anchors. Integrity reached the 200 case milestone, while X-Twist...
Anika Therapeutics reported 1Q24 orthopedic sales of $38.2 million, up 5.7% compared to the first quarter of 2023.
The company drove strong results with its OA pain treatment products and newer sports medicine offerings, such as the Integrity Implant System patch and X-Twist anchors. Integrity reached the 200 case milestone, while X-Twist reached 10,000 implants.
However, sales of legacy products and the newer RevoMotion shoulder implant remain slow. Anika continues to work through RevoMotion’s more complex sales cycle and facility approval requirements. The company’s distribution and commercial execution remain focus points.
“We are facing headwinds with some of our more mature products,” said Anika Therapeutics CEO Cheryl Blanchard. “While we have a subset of distributors that are doing very well for us and growing strong double digits, we’ve talked about the fact that that is an area that we continue to focus on and that we are not happy with currently.”
At the end of the first quarter, the company completed a headcount reduction that will contribute to annualized savings of $10 million. A portion of that savings will fund the first PMA module for Hyalofast cartilage repair as well as additional clinical follow-up on regenerative products like Integrity.
Anika Therapeutics reiterated its 2024 guidance of total revenues between $168 million and $172 million, representing growth between 1% and 4%. OA pain sales are expected to grow between 0% and 2%, while Joint Preservation and Restoration grows between 6% and 10%.
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 | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| Joint Replacement | $8.4 | $8.3 | $0.1 | 1.2% |
| Knees | $1.5 | $1.5 | ($0.0) | (1.6%) |
| Extremities | $6.9 | $6.8 | $0.1 | 1.9% |
| Sports Medicine | $5.4 | $5.1 | $0.3 | 5.6% |
| Orthobiologics | $24.3 | $22.6 | $1.7 | 7.4% |
| Total | $38.2 | $36.1 | $2.1 | 5.7% |
Orthopedic Sales by Geography
| Region | 1Q24 | 1Q23 | $ Chg | % Chg |
|---|---|---|---|---|
| US | $27.5 | $26.0 | $1.6 | 6% |
| OUS | $10.6 | $10.1 | $0.5 | 5% |
| EMEA | $5.6 | $5.4 | $0.2 | 4.3% |
| ROW | $5.0 | $4.7 | $0.3 | 5.8% |
| Total | $38.2 | $36.1 | $2.1 | 5.7% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $40.5 | |
| Cost of Sales | $15.9 | 39.2% |
| R & D | $21.5 | 53.1% |
| Selling and Admin | $8.2 | 20.1% |
| Other | ($0.5) | (1.4%) |
| Net Earnings | ($4.5) | (11.1%) |
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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.
