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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Exactech, Inc. (delisted) | NASDAQ:EXAC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 49.25 | 49.25 | 49.35 | 0 | 01:00:00 |
Q3 Net Income $2.9 Million; Diluted EPS $0.20
Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products and biologic solutions for extremities, knee and hip, announced today that revenue for the third quarter of 2017 increased 2% to $61.4 million from $59.9 million in the third quarter of 2016, and 2% on a constant currency basis. Domestic revenue increased 2% to $43.3 million, and international revenue increased 2% to $18.1 million in the third quarter of 2017. Diluted earnings per share for the third quarter was $0.20 based on net income of $2.9 million, compared to third quarter 2016 net income of $3.2 million and diluted earnings per share of $0.22.
Third Quarter Segment Performance
Nine Months Highlights and Segment Performance
For the first nine months of 2017, revenue was $198.2 million, an increase of 4% over $191.3 million for the comparable period last year. On a constant currency basis, revenue for the first nine months of 2017 was up 4%. Net income for the first nine months of 2017 was $12.3 million, or $0.84 per diluted share compared to $12.0 million, or $0.84 per diluted share, for the first nine months of 2016. First nine month product revenue was as follows:
Management Comment
Exactech CEO and President David Petty said, “For the first nine months of 2017, we reported a 4% increase in our revenue. During the third quarter, we continued to work on launch plans for the new Truliant® knee system, Vantage® ankle, ExactechGPS® shoulder application, and Alteon® H.A. hip stem and are very pleased with the early response we hear from surgeon users,” Petty said.
Chief Financial Officer Jody Phillips said, “Gross margins increased to 70.3% from 68.7% for the third quarter a year ago. Total operating expenses for the quarter increased 7% to $39.2 million. As a result, our net income decreased 10% to $2.9 million and $0.20 diluted EPS for the third quarter which was in the range of our expectations.”
On October 23, 2017, Exactech announced that it had entered into a definitive agreement with TPG Capital to go private. It is expected the transaction will be closed in early 2018.
The financial statements are below.
About Exactech
Based in Gainesville, Fla., Exactech develops and markets orthopaedic implant devices, related surgical instruments and biologic materials and services to hospitals and physicians. The company manufactures many of its orthopaedic devices at its Gainesville facility. Exactech’s orthopaedic products are used in the restoration of bones and joints that have deteriorated as a result of injury or diseases such as arthritis. Exactech markets its products in the United States, in addition to more than 30 markets in Europe, Latin America, Asia and the Pacific. Additional information about Exactech can be found at http://www.exac.com.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company’s expectations or beliefs concerning future events of the company’s financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, the company’s dependence on the ability of third party manufacturers to produce components on a basis which is cost-effective to the company, market acceptance of the company’s products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
EXACTECH, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (in thousands) (unaudited) (audited) September 30, December 31, 2017 2016ASSETS
CURRENT ASSETS: Cash and cash equivalents $ 11,718 $ 13,052 Trade receivables, net of allowances of $2,043 and $1,473 56,940 53,051 Prepaid expenses and other assets, net 3,585 3,075 Income taxes receivable 895 2,140 Inventories, current 69,885 65,264 Assets held for sale — 6,477 Total current assets 143,023 143,059 PROPERTY AND EQUIPMENT: Land 4,550 4,474 Machinery and equipment 45,622 42,034 Surgical instruments 146,827 132,134 Furniture and fixtures 4,715 4,700 Facilities 23,062 21,726 Projects in process 6,739 2,473 Total property and equipment 231,515 207,541 Accumulated depreciation (111,434 ) (100,234 ) Net property and equipment 120,081 107,307 OTHER ASSETS: Deferred financing, deposits and other 4,416 968 Equity investment 1,916 2,047 Deferred tax asset — 887 Non-current inventory 12,799 15,723 Product licenses and designs, net 8,994 9,102 Patents and trademarks, net 664 821 Customer relationships, net 452 476 Goodwill 14,860 13,819 Total other assets 44,101 43,843TOTAL ASSETS
$ 307,205 $ 294,209 LIABILITIES AND SHAREHOLDERS’ EQUITY CURRENT LIABILITIES: Accounts payable $ 18,338 $ 17,566 Income taxes payable 568 780 Accrued expenses 13,547 11,832 Other current liabilities 2,616 2,927 Total current liabilities 35,069 33,105 LONG-TERM LIABILITIES: Deferred tax liabilities 4,181 1,773 Long-term debt, net of current portion 14,000 20,000 Other long-term liabilities 3,653 5,089 Total long-term liabilities 21,834 26,862 Total liabilities 56,903 59,967 COMMITMENTS AND CONTINGENCIES SHAREHOLDERS’ EQUITY: Common stock 145 144 Additional paid-in capital 91,051 87,319 Treasury Stock (3,042 ) (3,042 ) Accumulated other comprehensive loss, net of tax (8,561 ) (8,611 ) Retained earnings 170,709 158,432 Total shareholders’ equity 250,302 234,242 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 307,205 $ 294,209EXACTECH, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME(in thousands, except per share amounts)
(Unaudited) Three Month Periods Nine Month Periods Ended September 30, Ended September 30, 2017 2016 2017 2016 NET SALES $ 61,404 $ 59,919 $ 198,213 $ 191,341 COST OF GOODS SOLD 18,232 18,772 59,927 59,408 Gross profit 43,172 41,147 138,286 131,933 OPERATING EXPENSES: Sales and marketing 22,713 21,684 71,335 68,838 General and administrative 5,908 5,186 18,065 16,740 Research and development 5,729 5,096 17,333 15,495 Depreciation and amortization 4,892 4,592 14,283 13,326 Total operating expenses 39,242 36,558 121,016 114,399 INCOME FROM OPERATIONS 3,930 4,589 17,270 17,534 OTHER INCOME (EXPENSE): Interest income 32 29 87 35 Other income (loss) (28 ) 43 300 115 Interest expense (229 ) (186 ) (693 ) (716 ) Foreign currency exchange gain 470 73 1,200 665 Total other income (expenses) 245 (41 ) 894 99 INCOME BEFORE INCOME TAXES 4,175 4,548 18,164 17,633 PROVISION FOR INCOME TAXES 1,277 1,383 5,756 5,680 INCOME BEFORE EQUITY IN LOSS OF INVESTEE 2,898 3,165 12,408 11,953 EQUITY IN LOSS OF INVESTEE, NET OF TAX (36 ) — (131 ) — NET INCOME $ 2,862 $ 3,165 $ 12,277 $ 11,953 BASIC EARNINGS PER SHARE $ 0.20 $ 0.22 $ 0.86 $ 0.85 DILUTED EARNINGS PER SHARE $ 0.20 $ 0.22 $ 0.84 $ 0.84 SHARES - BASIC 14,352 14,123 14,315 14,108 SHARES - DILUTED 14,613 14,370 14,578 14,303
View source version on businesswire.com: http://www.businesswire.com/news/home/20171030006141/en/
ExactechInvestor contacts:Jody Phillips, 352-377-1140Executive Vice President of Finance & Chief Financial OfficerorPriscilla Bennett, 352-377-1140Priscilla@exac.com
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