Anika Therapeutics reported 1Q19 orthobiologic revenue of USD $21.7MM, +11.6% vs. 1Q18.
- Growth driven by higher global revenue of viscosupplements and HYAFF-based products
- Ex-U.S. sales of single injection treatments up 18%
- Remain on track for 2H19 launch of bone repair therapy product with expected U.S. market opportunity of $250 to $300MM annually
- HYALOFAST Phase III trial enrolled at 55% with 37 sites initiated (estimated $500MM U.S. annual market opportunity)
- Continued implementation of hybrid commercial structure, pairing small in-house business development team with strategic partners who have an orthopedic sales force
Segment sales are as follows ($MM):
| 1Q19 | 1Q18 | $ Chg | % Chg |
| Orthobiologics | $21.7 | $19.5 | $2.3 | 11.6% |
Sales by geographic area are as follows ($MM):
| Geographic Region | 1Q19 | 1Q18 | $ Chg | % Chg |
| US | $17.6 | $15.40 | $2.2 | 14.4% |
| Ex-US | $4.1 | $4.1 | $0.0 | 1.0% |
| Europe | $2.17 | $2.14 | $0.0 | 1.5% |
| Other | $2.0 | $2.0 | $0.0 | 0.4% |
| Grand Total | $21.7 | $19.5 | $2.3 | 11.6% |
Net earnings, inclusive of all Anika revenue, are as follows:
| 1Q19 | Amount ($MM) | % of Sales |
| Sales | $24.7 | |
| Cost of Sales | -$7.3 | 29.6% |
| R & D | -$4.3 | 17.2% |
| Selling and Admin | -$7.7 | 31.0% |
| Other | -$1.0 | 3.9% |
| Net Earnings | $4.5 | 18.2% |
Sources: Anika Therapeutics
Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.
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