Charles Sternberg, Associate Editor11.06.23
Anika Therapeutics Inc., a global joint preservation company in early intervention orthopedics, has shared financial results for its third quarter ended September 30, 2023.
Revenue in the third quarter of 2023 was $41.5 million, up 3% compared to $40.3 million in the third quarter of 2022.
“We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO.
Blanchard continued, “We delivered 14% growth in Joint Preservation and Restoration and higher-than-expected growth in OA Pain Management, which has grown 11% year-to-date. In the third quarter, we also continued to advance our product pipeline across Joint Preservation and Restoration, successfully completed the full market launch of our RevoMotion Reverse Shoulder System, received FDA clearance for both our new HA-based regenerative rotator cuff patch, the Integrity Implant System, and the biocomposite version of our X-Twist Fixation System, with launches on track for the first quarter of 2024.
“Each of these milestones position Anika to accelerate Joint Preservation and Restoration growth in 2024, as we continue to focus on commercial execution and actively managing our costs to drive improved profitability.”
Revenue ranges by product family are:
Revenue in the third quarter of 2023 was $41.5 million, up 3% compared to $40.3 million in the third quarter of 2022.
- OA Pain Management revenue was $24.9 million, up 2%
- Joint Preservation and Restoration revenue was $13.5 million, up 14%
- Non-Orthopedic revenue was $3.1 million, down 22%
“We are very pleased with our strong third quarter results, which underscore the strength of our strategy and the power of the growth engine we have created,” said Cheryl R. Blanchard, Ph.D., Anika’s President and CEO.
Blanchard continued, “We delivered 14% growth in Joint Preservation and Restoration and higher-than-expected growth in OA Pain Management, which has grown 11% year-to-date. In the third quarter, we also continued to advance our product pipeline across Joint Preservation and Restoration, successfully completed the full market launch of our RevoMotion Reverse Shoulder System, received FDA clearance for both our new HA-based regenerative rotator cuff patch, the Integrity Implant System, and the biocomposite version of our X-Twist Fixation System, with launches on track for the first quarter of 2024.
“Each of these milestones position Anika to accelerate Joint Preservation and Restoration growth in 2024, as we continue to focus on commercial execution and actively managing our costs to drive improved profitability.”
Fiscal 2023 Revenue Outlook
The Company raised its overall revenue outlook for fiscal year 2023 to between $164 million and $166 million, representing growth of 5% to 6% compared to 2022, up from its previous range of $159.5 million to $163 million.Revenue ranges by product family are:
- OA Pain Management of $99.75-$101 million, up 8% to 10%
- Joint Preservation and Restoration of $54.75-$55.5 million, up 9% to 10%
- Non-Orthopedic of approximately $9.5 million, down ~30%