Anika Therapeutics Inc . ANIK recently obtained 510(k) approval from the U.S. Food and Drug Administration (FDA) for its latest hyaluronic acid (HA) technology-based Bone Repair treatment. This marks the commercial debut of the company's regenerative portfolio in the United States and is an important milestone for Anika.
This HA-based therapy is used for filling bone voids or defects of the skeletal system. These defects may not always be intrinsic to the bone but may also result from a surgery or traumatic injury.
The filter is composed of a synthetic, biocompatible and osteoconductive bone-graft substitute material. On injecting into a void, it hardens at body temperature. It is then resorbed and replaced by the growth of new bone during the healing process.
Traditionally, bone autograft was the gold standard, but it carried a risk of procedural complications. This prompted a shift toward such synthetic and resorbable modes of treatment.
Anika expects this latest development to be a significant driver in generating revenues in the full continuum of orthopedic care.
Anika Therapeutics Inc. Price and Consensus
Anika Therapeutics Inc. Price and Consensus | Anika Therapeutics Inc. Quote
The Global Orthopedic Devices Market
Per a research conducted by BIS Research, the global orthopedics devices market was valued at $40.20 billion in the year 2016 and is expected to reach $61.02 billion by 2023 at a CAGR of 6.1%. The growing incidents of orthopedic disorders and increasing geriatric population are likely to be the key catalysts. Accordingly, we believe that the latest FDA approval for Anika Therapeutics' HA-based Bone Repair treatment is perfectly strategic and well timed.
Anika's shares have rallied 9.6% over the last year compare with the industry 's rally of 2.1%.
Zacks Rank & Key Picks
Anika carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Akari Therapeutics PLC. AKTX and XOMA Corporation XOMA , each sporting a Zacks Rank #1 (Strong Buy), while Integer Holdings Corporation ITGR carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank Stocks Here .
Akari has a projected growth rate of 88.9% for the first quarter of 2018. The company delivered positive earnings surprise in the last three trailing quarters with an average of 88.6%.
XOMA is expected to score an impressive earnings growth rate of 99.2% in the 2017. The stock has rallied a whopping 407.4% in the last 6 months, despite a decline of 3% of its industry.
Integer Holdings has a long-term expected earnings growth rate of 15%. The stocks have rallied 50.6% over the broader industry's gain of 22.9% over the last year.
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Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Integer Holdings Corporation (ITGR): Free Stock Analysis Report XOMA Corporation (XOMA): Free Stock Analysis Report Anika Therapeutics Inc. (ANIK): Free Stock Analysis Report Akari Therapeutics PLC (AKTX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research