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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% |
| Â Â Europe | $4.2 | $2.9 | $1.4 | 47.0% |
| Â Â 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 | |
| Â Â Cost of Sales | -$6.8 | 22.5% |
| Â Â R & D | -$4.2 | 13.7% |
| Â Â Selling and Admin | -$7.5 | 24.7% |
| Â Â 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.
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%...
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% |
| Â Â Europe | $4.2 | $2.9 | $1.4 | 47.0% |
| Â Â 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 | |
| Â Â Cost of Sales | -$6.8 | 22.5% |
| Â Â R & D | -$4.2 | 13.7% |
| Â Â Selling and Admin | -$7.5 | 24.7% |
| Â Â 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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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.
