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Anika Therapeutics reported 1Q23 orthopedic sales of $36.1 million, +9% compared to the first quarter of 2022.
The company’s osteoarthritis (OA) pain management business finished stronger than expected due to favorable ordering patterns from J&J Mitek as well as international market share gains through Cingal, Anika’s next-generation non-opioid OA pain product.
Anika drove double-digit growth in its Joint Preservation and Restoration business, with early traction from recent launches like the X-Twist and RevoMotion shoulder. International growth through geographic expansion and favorable order timing also contributed to the growth.
The company is well-positioned for the near future in strategic markets. It expects to launch a hyaluronic acid (HA)-based rotator cuff patch system in 2024 and is actively advancing long-term opportunities from Hyalofast Cartilage Repair and Cingal.
“Our targeted investments have helped us build a uniquely focused joint preservation portfolio across the continuum of care and regenerative solutions, sports medicine and Arthrosurface joint solutions,” said company CEO Dr. Cheryl Blanchard. “Anika is well positioned to continue to execute on our growth strategy with multiple near-term value drivers, including the full market release of X-Twist now underway and of RevoMotion later this year, and the launch of our HA-based arthroscopic regenerative rotator cuff patch system in 2024. And finally, we have a healthy balance sheet with a solid cash position and no debt, positioning Anika to drive significant shareholder value.”
Anika reiterated its previous 2023 total company revenue outlook of $158 million to $163 million, representing growth between 1% and 4%. That outlook includes substantial declines from the company’s non-orthopedic business, which isn’t core to its long-term strategy. OA Pain revenue is expected to grow between 2% and 4%, while Joint Preservation and Restoration targeted growth between 10% and 15%.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.3 | $7.6 | $0.8 | 10.5% |
| Knees | $1.5 | $1.5 | $0.1 | 6.2% |
| Extremities | $6.8 | $6.1 | $0.7 | 11.5% |
| Sports Medicine | $5.1 | $4.6 | $0.5 | 11.4% |
| Orthobiologics | $22.6 | $21.0 | $1.7 | 8% |
| Total | $36.1 | $33.1 | $3.0 | 9% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $26.0 | $24.2 | $1.8 | 7.5% |
| OUS | $10.1 | $8.9 | $1.2 | 13.1% |
| EMEA | $5.4 | $5.2 | $0.2 | 3% |
| Rest of World | $4.7 | $3.7 | $1.0 | 27.2% |
| Total | $36.1 | $33.1 | $3.0 | 9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $36.1 | |
| Cost of Sales | $14.7 | 40.7% |
| R & D | $19.2 | 53.2% |
| Selling and Admin | $6.2 | 17.1% |
| Other | ($1.0) | (2.6%) |
| Net Earnings | ($3.0) | (8.4%) |
Anika Therapeutics reported 1Q23 orthopedic sales of $36.1 million, +9% compared to the first quarter of 2022.
The company’s osteoarthritis (OA) pain management business finished stronger than expected due to favorable ordering patterns from J&J Mitek as well as international market share gains through Cingal, Anika’s next-generation...
Anika Therapeutics reported 1Q23 orthopedic sales of $36.1 million, +9% compared to the first quarter of 2022.
The company’s osteoarthritis (OA) pain management business finished stronger than expected due to favorable ordering patterns from J&J Mitek as well as international market share gains through Cingal, Anika’s next-generation non-opioid OA pain product.
Anika drove double-digit growth in its Joint Preservation and Restoration business, with early traction from recent launches like the X-Twist and RevoMotion shoulder. International growth through geographic expansion and favorable order timing also contributed to the growth.
The company is well-positioned for the near future in strategic markets. It expects to launch a hyaluronic acid (HA)-based rotator cuff patch system in 2024 and is actively advancing long-term opportunities from Hyalofast Cartilage Repair and Cingal.
“Our targeted investments have helped us build a uniquely focused joint preservation portfolio across the continuum of care and regenerative solutions, sports medicine and Arthrosurface joint solutions,” said company CEO Dr. Cheryl Blanchard. “Anika is well positioned to continue to execute on our growth strategy with multiple near-term value drivers, including the full market release of X-Twist now underway and of RevoMotion later this year, and the launch of our HA-based arthroscopic regenerative rotator cuff patch system in 2024. And finally, we have a healthy balance sheet with a solid cash position and no debt, positioning Anika to drive significant shareholder value.”
Anika reiterated its previous 2023 total company revenue outlook of $158 million to $163 million, representing growth between 1% and 4%. That outlook includes substantial declines from the company’s non-orthopedic business, which isn’t core to its long-term strategy. OA Pain revenue is expected to grow between 2% and 4%, while Joint Preservation and Restoration targeted growth between 10% and 15%.
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
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.3 | $7.6 | $0.8 | 10.5% |
| Knees | $1.5 | $1.5 | $0.1 | 6.2% |
| Extremities | $6.8 | $6.1 | $0.7 | 11.5% |
| Sports Medicine | $5.1 | $4.6 | $0.5 | 11.4% |
| Orthobiologics | $22.6 | $21.0 | $1.7 | 8% |
| Total | $36.1 | $33.1 | $3.0 | 9% |
Orthopedic Sales by Geography
| 1Q23 | 1Q22 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $26.0 | $24.2 | $1.8 | 7.5% |
| OUS | $10.1 | $8.9 | $1.2 | 13.1% |
| EMEA | $5.4 | $5.2 | $0.2 | 3% |
| Rest of World | $4.7 | $3.7 | $1.0 | 27.2% |
| Total | $36.1 | $33.1 | $3.0 | 9% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $36.1 | |
| Cost of Sales | $14.7 | 40.7% |
| R & D | $19.2 | 53.2% |
| Selling and Admin | $6.2 | 17.1% |
| Other | ($1.0) | (2.6%) |
| Net Earnings | ($3.0) | (8.4%) |
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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.
