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Anika Therapeutics reported 2Q22 orthopedic sales of $37.8 million, +4.5% compared to 2Q21.
The company benefitted from favorable order timing both in the U.S. and internationally for its orthobiologics products. Anika expects lower revenues for this line in the second half of the year.
Joint preservation and restoration products faced headwinds in the second quarter. Staffing shortages impacted surgical procedure volume, while the company worked through distribution disruptions in its hybrid salesforce.
“There’s an advantage to that structure, because you’re not carrying significant fixed costs. The disadvantage is you can see a little disruption. We saw that from an acquisition by a major competitor of another competitor back in the 2020 timeframe. That started to flow through this quarter. The good news is that we anticipated it and signed on new distributors. We look to have them continuing to increase their productivity throughout the rest of this year,” said Anika CEO Cheryl Blanchard.
The company will also get a boost in the second half from its recently FDA-cleared X-Twist soft tissue anchors for sports medicine. Anika sees that product as a cornerstone of its ASC presence, opening opportunities in rotator cuff and Achilles tendon repair. X-Twist is slated for limited release in the second half.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.3 | $7.2 | $0.1 | 1.9% |
| Knees | $1.4 | $1.4 | $0.0 | 3.2% |
| Extremities | $5.9 | $5.8 | $0.1 | 1.6% |
| Sports Medicine | $4.8 | $4.7 | $0.1 | 1.5% |
| Orthobiologics | $25.7 | $24.3 | $1.4 | 5.8% |
| Total | $37.8 | $36.2 | $1.6 | 4.5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $14.5 | $14.5 | $0.0 | 0.1% |
| Knees | $2.9 | $2.7 | $0.1 | 4.2% |
| Extremities | $11.7 | $11.8 | ($0.1) | (0.9%) |
| Sports Medicine | $9.7 | $9.6 | $0.1 | 1.3% |
| Orthobiologics | $48.5 | $43.6 | $4.8 | 11.1% |
| Total | $72.7 | $67.7 | $5.0 | 7.3% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.3 | $28.5 | ($0.2) | (0.8%) |
| OUS | $9.5 | $7.7 | $1.8 | 24.1% |
| EMEA | $5.0 | $4.8 | $0.2 | 4.5% |
| ROW | $4.5 | $2.8 | $1.6 | 57.5% |
| Total | $37.8 | $36.2 | $1.6 | 4.5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $53.8 | $51.5 | $2.2 | 4.3% |
| OUS | $18.9 | $16.2 | $2.7 | 16.9% |
| EMEA | $10.6 | $9.9 | $0.7 | 7% |
| ROW | $8.4 | $6.3 | $2.0 | 32.3% |
| Total | $72.7 | $67.7 | $5.0 | 7.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.7 | |
| Cost of Sales | $14.8 | 37.3% |
| R & D | $21.3 | 53.6% |
| Selling and Admin | $7.0 | 17.6% |
| Other | ($0.5) | (1.4%) |
| Net Earnings | ($2.8) | (7.2%) |
Anika Therapeutics reported 2Q22 orthopedic sales of $37.8 million, +4.5% compared to 2Q21.
The company benefitted from favorable order timing both in the U.S. and internationally for its orthobiologics products. Anika expects lower revenues for this line in the second half of the year.
Joint preservation and restoration products faced...
Anika Therapeutics reported 2Q22 orthopedic sales of $37.8 million, +4.5% compared to 2Q21.
The company benefitted from favorable order timing both in the U.S. and internationally for its orthobiologics products. Anika expects lower revenues for this line in the second half of the year.
Joint preservation and restoration products faced headwinds in the second quarter. Staffing shortages impacted surgical procedure volume, while the company worked through distribution disruptions in its hybrid salesforce.
“There’s an advantage to that structure, because you’re not carrying significant fixed costs. The disadvantage is you can see a little disruption. We saw that from an acquisition by a major competitor of another competitor back in the 2020 timeframe. That started to flow through this quarter. The good news is that we anticipated it and signed on new distributors. We look to have them continuing to increase their productivity throughout the rest of this year,” said Anika CEO Cheryl Blanchard.
The company will also get a boost in the second half from its recently FDA-cleared X-Twist soft tissue anchors for sports medicine. Anika sees that product as a cornerstone of its ASC presence, opening opportunities in rotator cuff and Achilles tendon repair. X-Twist is slated for limited release in the second half.
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $7.3 | $7.2 | $0.1 | 1.9% |
| Knees | $1.4 | $1.4 | $0.0 | 3.2% |
| Extremities | $5.9 | $5.8 | $0.1 | 1.6% |
| Sports Medicine | $4.8 | $4.7 | $0.1 | 1.5% |
| Orthobiologics | $25.7 | $24.3 | $1.4 | 5.8% |
| Total | $37.8 | $36.2 | $1.6 | 4.5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $14.5 | $14.5 | $0.0 | 0.1% |
| Knees | $2.9 | $2.7 | $0.1 | 4.2% |
| Extremities | $11.7 | $11.8 | ($0.1) | (0.9%) |
| Sports Medicine | $9.7 | $9.6 | $0.1 | 1.3% |
| Orthobiologics | $48.5 | $43.6 | $4.8 | 11.1% |
| Total | $72.7 | $67.7 | $5.0 | 7.3% |
Orthopedic Sales by Geography
| 2Q22 | 2Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.3 | $28.5 | ($0.2) | (0.8%) |
| OUS | $9.5 | $7.7 | $1.8 | 24.1% |
| EMEA | $5.0 | $4.8 | $0.2 | 4.5% |
| ROW | $4.5 | $2.8 | $1.6 | 57.5% |
| Total | $37.8 | $36.2 | $1.6 | 4.5% |
| 1H22 | 1H21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $53.8 | $51.5 | $2.2 | 4.3% |
| OUS | $18.9 | $16.2 | $2.7 | 16.9% |
| EMEA | $10.6 | $9.9 | $0.7 | 7% |
| ROW | $8.4 | $6.3 | $2.0 | 32.3% |
| Total | $72.7 | $67.7 | $5.0 | 7.3% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $39.7 | |
| Cost of Sales | $14.8 | 37.3% |
| R & D | $21.3 | 53.6% |
| Selling and Admin | $7.0 | 17.6% |
| Other | ($0.5) | (1.4%) |
| Net Earnings | ($2.8) | (7.2%) |
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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.
