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Anika Therapeutics reported 4Q22 orthopedic sales of $38.1 million, +15.4% compared to 4Q21. For the full year 2022, the company’s orthopedic sales totaled $148.3 million, +7.4% compared to the prior year.
Higher elective procedure volumes and accelerating Tactoset sales drove growth in Anika’s joint preservation business. Tactoset, launched in 2019, continued taking market share with 28% growth in 2022. The company believes that it can greatly expand Tactoset’s current $100 million addressable market by creating a new market for hardware augmentation.
In the third quarter of 2022, Anika initiated the limited launch of X-Twist, the cornerstone of its sports medicine franchise with a $600 million addressable market. After working through initial supply chain challenges, the company sees the product as a platform technology with applications in shoulder, foot/ankle and other extremities.
Anika remains the leader in the U.S. viscosupplement market through its partnership with J&J Mitek. Management attributed the growth in the business to favorable year-end order timing and greater than normal international sales due to COVID recovery, as well as continued international adoption of the company’s viscosupplement product portfolio, which also includes Cingal, Anika’s non-opioid, single injection HA-based product combined with fast-acting steroid.
Moving into 2023, Anika is bullish on the prospects for its now fully-launched X-Twist and the RevoMotion Reverse Shoulder Arthroplasty system. RevoMotion offers the industry’s smallest diameter threaded glenoid baseplate for intraoperative flexibility. It also provides bone-preserving glenoid and humeral designs to match a patient’s native anatomy.
“RevoMotion is a highly differentiated and innovative reverse shoulder system, specifically designed for the ASC and enhanced OR efficiency,” said Anika Therapeutics CEO Dr. Cheryl Blanchard. “Some of the most exciting features of this system are on the instrument side with a streamlined two-instrument tray design. The consolidated instrumentation is both ASC and hospital-friendly, limiting sterile reprocessing volume and reducing relative cost for our customers. Most competitive systems require between four to six trays of instruments, which presents a major burden to hospital efficiency and makes those systems difficult to use in the ASC setting.”
Anika expects 2023 overall sales between $158 million and $163 million, representing growth between +1% and +4% compared to 2022.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.8 | $8.0 | $0.7 | 9.2% |
| Knees | $1.7 | $1.5 | $0.2 | 13.7% |
| Extremities | $7.0 | $6.5 | $0.5 | 8.1% |
| Sports Medicine | $5.6 | $5.3 | $0.3 | 6% |
| Orthobiologics | $23.7 | $19.7 | $4.0 | 20.5% |
| Total | $38.1 | $33.0 | $5.1 | 15.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $30.4 | $29.3 | $1.1 | 3.7% |
| Knees | $6.0 | $5.5 | $0.4 | 8% |
| Extremities | $24.4 | $23.8 | $0.6 | 2.7% |
| Sports Medicine | $20.0 | $19.3 | $0.7 | 3.8% |
| Orthobiologics | $97.9 | $89.5 | $8.4 | 9.4% |
| Total | $148.3 | $138.1 | $10.2 | 7.4% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.6 | $25.4 | $3.2 | 12.4% |
| OUS | $9.5 | $7.6 | $1.9 | 25.5% |
| EMEA | $5.3 | $4.0 | $1.3 | 32.7% |
| Rest of World | $4.3 | $3.6 | $0.6 | 17.5% |
| Total | $38.1 | $33.0 | $5.1 | 15.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $111.3 | $106.1 | $5.1 | 4.8% |
| OUS | $37.0 | $31.9 | $5.1 | 15.8% |
| EMEA | $20.4 | $17.8 | $2.5 | 14.2% |
| Rest of World | $16.6 | $14.1 | $2.5 | 17.9% |
| Total | $148.3 | $138.1 | $10.2 | 7.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $38.1 | |
| Cost of Sales | $15.5 | 40.7% |
| R & D | $23.0 | 60.5% |
| Selling and Admin | $7.7 | 20.3% |
| Other | ($3.3) | (8.6%) |
| Net Earnings | ($4.9) | (12.9%) |
Anika Therapeutics reported 4Q22 orthopedic sales of $38.1 million, +15.4% compared to 4Q21. For the full year 2022, the company's orthopedic sales totaled $148.3 million, +7.4% compared to the prior year.
Higher elective procedure volumes and accelerating Tactoset sales drove growth in Anika's joint preservation business. Tactoset,...
Anika Therapeutics reported 4Q22 orthopedic sales of $38.1 million, +15.4% compared to 4Q21. For the full year 2022, the company’s orthopedic sales totaled $148.3 million, +7.4% compared to the prior year.
Higher elective procedure volumes and accelerating Tactoset sales drove growth in Anika’s joint preservation business. Tactoset, launched in 2019, continued taking market share with 28% growth in 2022. The company believes that it can greatly expand Tactoset’s current $100 million addressable market by creating a new market for hardware augmentation.
In the third quarter of 2022, Anika initiated the limited launch of X-Twist, the cornerstone of its sports medicine franchise with a $600 million addressable market. After working through initial supply chain challenges, the company sees the product as a platform technology with applications in shoulder, foot/ankle and other extremities.
Anika remains the leader in the U.S. viscosupplement market through its partnership with J&J Mitek. Management attributed the growth in the business to favorable year-end order timing and greater than normal international sales due to COVID recovery, as well as continued international adoption of the company’s viscosupplement product portfolio, which also includes Cingal, Anika’s non-opioid, single injection HA-based product combined with fast-acting steroid.
Moving into 2023, Anika is bullish on the prospects for its now fully-launched X-Twist and the RevoMotion Reverse Shoulder Arthroplasty system. RevoMotion offers the industry’s smallest diameter threaded glenoid baseplate for intraoperative flexibility. It also provides bone-preserving glenoid and humeral designs to match a patient’s native anatomy.
“RevoMotion is a highly differentiated and innovative reverse shoulder system, specifically designed for the ASC and enhanced OR efficiency,” said Anika Therapeutics CEO Dr. Cheryl Blanchard. “Some of the most exciting features of this system are on the instrument side with a streamlined two-instrument tray design. The consolidated instrumentation is both ASC and hospital-friendly, limiting sterile reprocessing volume and reducing relative cost for our customers. Most competitive systems require between four to six trays of instruments, which presents a major burden to hospital efficiency and makes those systems difficult to use in the ASC setting.”
Anika expects 2023 overall sales between $158 million and $163 million, representing growth between +1% and +4% compared to 2022.
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
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $8.8 | $8.0 | $0.7 | 9.2% |
| Knees | $1.7 | $1.5 | $0.2 | 13.7% |
| Extremities | $7.0 | $6.5 | $0.5 | 8.1% |
| Sports Medicine | $5.6 | $5.3 | $0.3 | 6% |
| Orthobiologics | $23.7 | $19.7 | $4.0 | 20.5% |
| Total | $38.1 | $33.0 | $5.1 | 15.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| Joint Replacement | $30.4 | $29.3 | $1.1 | 3.7% |
| Knees | $6.0 | $5.5 | $0.4 | 8% |
| Extremities | $24.4 | $23.8 | $0.6 | 2.7% |
| Sports Medicine | $20.0 | $19.3 | $0.7 | 3.8% |
| Orthobiologics | $97.9 | $89.5 | $8.4 | 9.4% |
| Total | $148.3 | $138.1 | $10.2 | 7.4% |
Orthopedic Sales by Geography
| 4Q22 | 4Q21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $28.6 | $25.4 | $3.2 | 12.4% |
| OUS | $9.5 | $7.6 | $1.9 | 25.5% |
| EMEA | $5.3 | $4.0 | $1.3 | 32.7% |
| Rest of World | $4.3 | $3.6 | $0.6 | 17.5% |
| Total | $38.1 | $33.0 | $5.1 | 15.4% |
| FY22 | FY21 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $111.3 | $106.1 | $5.1 | 4.8% |
| OUS | $37.0 | $31.9 | $5.1 | 15.8% |
| EMEA | $20.4 | $17.8 | $2.5 | 14.2% |
| Rest of World | $16.6 | $14.1 | $2.5 | 17.9% |
| Total | $148.3 | $138.1 | $10.2 | 7.4% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $38.1 | |
| Cost of Sales | $15.5 | 40.7% |
| R & D | $23.0 | 60.5% |
| Selling and Admin | $7.7 | 20.3% |
| Other | ($3.3) | (8.6%) |
| Net Earnings | ($4.9) | (12.9%) |
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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.
