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Product / Company Performance

Anika Therapeutics Reports 2Q19 Orthobiologic Revenue of $26.5MM, +1% vs. 2Q18 -

By Mike Evers, ORTHOWORLD

 

Anika Therapeutics continued strong ex-U.S. viscosupplement performance while preparing to broaden its portfolio and U.S. market access.

  • International viscosupplement sales were up nearly 28% year over year.
  • Due to marketing efforts by Anika’s sales partner, Mitek, MONOVISC volume grew by 18% and ORTHOVISC volume by 9% compared to 2Q18. Some of this increased volume was offset by pricing volatility over the last several quarters.
  • CINGAL continued its strong performance in Europe and Canada, with 125% growth in the quarter.
  • Soft launch of bone repair therapy expected in Q3, while the company will focus on instrumentation design in 2H19 for upcoming rotator cuff repair treatments.
  • After extensive consideration, Anika will move forward with efforts to bring their CINGAL product to the U.S., where leadership estimates it to be a $1 billion annual opportunity.
    • Plans to initiate a pilot clinical study designed to increase success probability for a Phase III trial
    • Expected to enroll around 240 patients, mostly in the U.S., across 15 sites.
    • Study expected to begin in the first half of 2020 and take about a year to complete.
  • The Phase III clinical trial for HYALOFAST has been expanded from 40 to 60 sites, with new ex-U.S. sites to come in 2H19.

 

Segment sales are as follows ($MM):

  2Q19 2Q18 $ Chg % Chg
Orthobiologics $26.5 $26.2 $0.3 1.0%
  1H19 1H18 $ Chg % Chg
Orthobiologics $48.2 $45.7 $2.5 5.5%

 

Sales by geographic area are as follows ($MM):

Geographic Region 2Q19 2Q18 $ Chg % Chg
US $20.1 $21.2 -$1.1 -5.2%
Ex-US $6.4 $5.0 $1.4 27.6%
   Europe $4.2 $2.9 $1.4 47.0%
   Other $2.1 $2.1 $0.0 1.0%
Grand Total $26.5 $26.2 $0.3 1.0%

 

Net earnings, inclusive of all Anika revenue, are as follows ($MM):

2Q19 Amt % of Sales
Sales $30.4  
   Cost of Sales -$6.8 22.5%
   R & D -$4.2 13.7%
   Selling and Admin -$7.5 24.7%
   Other -$2.5 8.2%
Net Earnings $9.4 31.0%

 

Sources: Anika Therapeutics

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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