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Product / Company Performance

Anika Therapeutics 2Q18 Orthobiologics Revenue +7% YoY -

Anika Therapeutics (ANIK) posted 2Q18 orthobiologic revenue of US $26.2MM, +7.0% vs. 2Q17 and 1H18 revenue of $45.7MM, +2.2% vs. 1H17.
 

  2Q18  2Q17  $ Change  % Change 
 Orthobiologics $26.2  $24.5  $1.7  7.0% 

 

  1H18  1H17  $ Change  % Change 
 Orthobiologics $45.7  $44.7  $1.0  2.2% 


ORTHOWORLD’s estimated revenue by geographic region:

 

2Q18  1H18 
 U.S. $21.2  $37.0 
 Ex-U.S. $5.0  $8.7 


Leadership shared two opportunities for Anika: jumpstart international growth and drive operational efficiency in the U.S. In support of the former, the company has hired an industry veteran to yield greater growth from current products and improve distributor engagement. To lead the latter, a new VP of Operations has been brought in to focus on processes, systems and people throughout manufacturing, distribution and inventory management.

Further, the Chief Technology and Strategy Officer has been refocused on business development, with an eye to screening product and company candidates for acquisition. Overall, as well, the company is developing a detailed five-year strategic plan for growth in 2019 and beyond.

For 2Q18, quarterly growth was supported by U.S. MONOVISC revenue +42% year over year. Globally, the product’s revenue increased 26% vs. 2Q17. As ever, MONOVISC and ORTHOVISC maintained their domestic status as the #1 position in the combined multi- and single-injection viscosupplement segments for the quarter.

At the end of 2Q, the company announced results from the Phase III clinical trial of CINGAL to support U.S. registration. While CINGAL achieved greater pain reduction numerically at every time point in the study, the difference at 26 weeks did not reach statistical significance. However, the results did show durability of strong pain relief. Leadership believes that data from existing studies may be sufficient to support U.S. approval of CINGAL, and is preparing multiple strategies.

Other updates include receipt of the updated CE Mark for MONOVISC following its suspension late in 1Q18, and announcement of a planned 2019 commercial launch of the company’s bone repair product which received FDA 510(k) clearance at the close of 2017. 

Sources: Anika Therapeutics; ORTHOWORLD Inc. estimates

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