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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 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
|
For the quarterly period ended March 31, 2017
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
|
For the transition period from
to
|
FLORIDA
|
59-2603930
|
(State or other jurisdiction of
|
(I.R.S. Employer
|
incorporation or organization)
|
Identification No.)
|
Large Accelerated Filer
|
o
|
|
Accelerated Filer
|
x
|
Smaller reporting company
|
o
|
|
Non-Accelerated Filer
|
o
|
(Do not check if a smaller reporting company)
|
|
Emerging growth company
|
o
|
Class
|
|
Outstanding at April 28, 2017
|
Common Stock, $.01 par value
|
|
14,312,193
|
|
|
Page
Number
|
|
||
|
|
|
|
||
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|
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|
|
|
||
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|
|
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||
|
|
|
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||
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(audited)
|
||||
|
March 31,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
11,173
|
|
|
$
|
13,052
|
|
Accounts receivable, net of allowances of $1,641 and $1,473
|
56,550
|
|
|
53,051
|
|
||
Prepaid expenses and other assets, net
|
4,119
|
|
|
3,075
|
|
||
Income taxes receivable
|
2,487
|
|
|
2,140
|
|
||
Inventories – current
|
66,189
|
|
|
65,264
|
|
||
Assets held for sale
|
—
|
|
|
6,477
|
|
||
Total current assets
|
140,518
|
|
|
143,059
|
|
||
PROPERTY AND EQUIPMENT:
|
|
|
|
||||
Land
|
4,484
|
|
|
4,474
|
|
||
Machinery and equipment
|
42,447
|
|
|
42,034
|
|
||
Surgical instruments
|
139,739
|
|
|
132,134
|
|
||
Furniture and fixtures
|
4,864
|
|
|
4,700
|
|
||
Facilities
|
21,804
|
|
|
21,726
|
|
||
Projects in process
|
5,457
|
|
|
2,473
|
|
||
Total property and equipment
|
218,795
|
|
|
207,541
|
|
||
Accumulated depreciation
|
(104,473
|
)
|
|
(100,234
|
)
|
||
Net property and equipment
|
114,322
|
|
|
107,307
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Deferred financing and other non-current assets, net
|
2,846
|
|
|
968
|
|
||
Equity investment
|
2,004
|
|
|
2,047
|
|
||
Deferred tax assets
|
—
|
|
|
887
|
|
||
Non-current inventories
|
13,107
|
|
|
15,723
|
|
||
Product licenses and designs, net
|
8,860
|
|
|
9,102
|
|
||
Patents and trademarks, net
|
769
|
|
|
821
|
|
||
Customer relationships, net
|
488
|
|
|
476
|
|
||
Goodwill
|
14,181
|
|
|
13,819
|
|
||
Total other assets
|
42,255
|
|
|
43,843
|
|
||
TOTAL ASSETS
|
$
|
297,095
|
|
|
$
|
294,209
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
16,738
|
|
|
$
|
17,566
|
|
Income taxes payable
|
1,425
|
|
|
780
|
|
||
Accrued expenses and other liabilities
|
14,441
|
|
|
11,832
|
|
||
Other current liabilities
|
2,805
|
|
|
2,927
|
|
||
Total current liabilities
|
35,409
|
|
|
33,105
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
||||
Deferred tax liabilities
|
2,458
|
|
|
1,773
|
|
||
Line of credit
|
16,000
|
|
|
20,000
|
|
||
Other long-term liabilities
|
2,951
|
|
|
5,089
|
|
||
Total long-term liabilities
|
21,409
|
|
|
26,862
|
|
||
Total liabilities
|
56,818
|
|
|
59,967
|
|
||
SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock
|
145
|
|
|
144
|
|
||
Additional paid-in capital
|
88,998
|
|
|
87,319
|
|
||
Treasury stock
|
(3,042
|
)
|
|
(3,042
|
)
|
||
Accumulated other comprehensive loss
|
(8,840
|
)
|
|
(8,611
|
)
|
||
Retained earnings
|
163,016
|
|
|
158,432
|
|
||
Total shareholders’ equity
|
240,277
|
|
|
234,242
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
297,095
|
|
|
$
|
294,209
|
|
|
Three Month Periods Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
NET SALES
|
$
|
69,482
|
|
|
$
|
65,298
|
|
COST OF GOODS SOLD
|
20,641
|
|
|
20,368
|
|
||
Gross profit
|
48,841
|
|
|
44,930
|
|
||
OPERATING EXPENSES:
|
|
|
|
||||
Sales and marketing
|
25,053
|
|
|
23,319
|
|
||
General and administrative
|
6,536
|
|
|
5,914
|
|
||
Research and development
|
6,224
|
|
|
5,070
|
|
||
Depreciation and amortization
|
4,659
|
|
|
4,324
|
|
||
Total operating expenses
|
42,472
|
|
|
38,627
|
|
||
INCOME FROM OPERATIONS
|
6,369
|
|
|
6,303
|
|
||
OTHER INCOME (EXPENSE):
|
|
|
|
||||
Interest income
|
3
|
|
|
4
|
|
||
Other income
|
143
|
|
|
40
|
|
||
Interest expense
|
(226
|
)
|
|
(262
|
)
|
||
Foreign currency gain, net
|
562
|
|
|
494
|
|
||
Total other income (expense)
|
482
|
|
|
276
|
|
||
INCOME BEFORE INCOME TAXES AND EQUITY IN LOSS OF INVESTEE
|
6,851
|
|
|
6,579
|
|
||
PROVISION FOR INCOME TAXES
|
2,224
|
|
|
2,177
|
|
||
|
|
|
|
||||
INCOME BEFORE EQUITY IN LOSS OF INVESTEE
|
4,627
|
|
|
4,402
|
|
||
|
|
|
|
||||
EQUITY IN LOSS OF INVESTEE, NET OF TAX
|
(43
|
)
|
|
—
|
|
||
NET INCOME
|
$
|
4,584
|
|
|
$
|
4,402
|
|
BASIC EARNINGS PER SHARE
|
$
|
0.32
|
|
|
$
|
0.31
|
|
DILUTED EARNINGS PER SHARE
|
$
|
0.32
|
|
|
$
|
0.31
|
|
|
Three Month Periods Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Net Income
|
$
|
4,584
|
|
|
$
|
4,402
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
||||
Change in currency translation
|
(229
|
)
|
|
2,572
|
|
||
Other comprehensive income (loss), net of tax
|
(229
|
)
|
|
2,572
|
|
||
Comprehensive income
|
$
|
4,355
|
|
|
$
|
6,974
|
|
|
Three Month Periods Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
4,584
|
|
|
$
|
4,402
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Provision for allowance for doubtful accounts and sales returns
|
168
|
|
|
64
|
|
||
Inventory allowance
|
919
|
|
|
831
|
|
||
Depreciation and amortization
|
4,956
|
|
|
4,660
|
|
||
Restricted common stock issued for services
|
97
|
|
|
97
|
|
||
Compensation cost of stock awards
|
460
|
|
|
617
|
|
||
Loss on disposal of equipment
|
482
|
|
|
312
|
|
||
Foreign currency exchange gain
|
(532
|
)
|
|
(726
|
)
|
||
Equity in net loss of equity investee
|
43
|
|
|
—
|
|
||
Deferred income taxes
|
1,572
|
|
|
201
|
|
||
Changes in assets and liabilities, net of business combination effect, which provided (used) cash:
|
|
|
|
||||
Accounts receivable
|
(2,767
|
)
|
|
(2,432
|
)
|
||
Prepaids and other assets
|
(902
|
)
|
|
(1,518
|
)
|
||
Inventories
|
1,727
|
|
|
(4,084
|
)
|
||
Accounts payable
|
(1,688
|
)
|
|
3,157
|
|
||
Income taxes receivable/payable
|
298
|
|
|
1,808
|
|
||
Accrued expense & other liabilities
|
769
|
|
|
775
|
|
||
Net cash provided by operating activities
|
10,186
|
|
|
8,164
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(10,648
|
)
|
|
(9,292
|
)
|
||
Purchase of business, net of cash acquired
|
—
|
|
|
(833
|
)
|
||
Proceeds from sale of spine assets
|
4,000
|
|
|
—
|
|
||
Proceeds from sale of property and equipment
|
—
|
|
|
2
|
|
||
Net cash used in investing activities
|
(6,648
|
)
|
|
(10,123
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Net repayments on line of credit
|
(4,000
|
)
|
|
—
|
|
||
Payments of contingency consideration
|
(2,589
|
)
|
|
(339
|
)
|
||
Payments on capital leases
|
(4
|
)
|
|
(15
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(3,042
|
)
|
||
Proceeds from issuance of common stock
|
1,123
|
|
|
1,672
|
|
||
Net cash used in financing activities
|
(5,470
|
)
|
|
(1,724
|
)
|
||
Effect of foreign currency translation on cash and cash equivalents
|
53
|
|
|
84
|
|
||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(1,879
|
)
|
|
(3,599
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
13,052
|
|
|
12,713
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
11,173
|
|
|
$
|
9,114
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
220
|
|
|
$
|
88
|
|
Income taxes
|
496
|
|
|
1,270
|
|
||
Non-cash investing and financing activities:
|
|
|
|
||||
Capitalized lease additions
|
—
|
|
|
29
|
|
||
Purchase of equipment payable
|
673
|
|
|
—
|
|
||
Business combination, contingent consideration payable
|
2,296
|
|
|
1,626
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS
|
3.
|
FAIR VALUE MEASURES
|
|
|
|
|
|
|
|
|
|
||||||||
(In Thousands)
|
Total Fair Value at March 31, 2017
|
|
Quoted Prices in Active Markets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
March 31, 2017
|
|
|
|
|
|
|
|
|||||||||
Assets
|
|
|
|
|
|
|
|
|||||||||
|
Long-term earn-out receivable
|
$
|
2,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,463
|
|
|
Total:
|
$
|
2,463
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2,463
|
|
|
|
|
|
|
|
|
|
|
||||||||
Liabilities
|
|
|
|
|
|
|
|
|||||||||
|
Contingent consideration
|
$
|
5,616
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,616
|
|
|
Total:
|
$
|
5,616
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,616
|
|
|
|
|
|
|
|
|
|
|
||||||||
December 31, 2016
|
|
|
|
|
|
|
|
|||||||||
Liabilities
|
|
|
|
|
|
|
|
|||||||||
|
Contingent consideration
|
$
|
7,912
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,912
|
|
|
Total:
|
$
|
7,912
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7,912
|
|
|
|
|
|
|
|
|
|
|
4.
|
GOODWILL AND OTHER INTANGIBLE ASSETS
|
|
|
|
|
|
|
|
|
|
|
||||||||||
(in thousands)
|
Extremities
|
|
Knee
|
|
Hip
|
|
Other
|
|
Total
|
||||||||||
Balance as of December 31, 2016
|
$
|
5,154
|
|
|
$
|
6,449
|
|
|
$
|
1,301
|
|
|
$
|
915
|
|
|
$
|
13,819
|
|
Foreign currency translation effects
|
140
|
|
|
153
|
|
|
45
|
|
|
24
|
|
|
362
|
|
|||||
Balance as of March 31, 2017
|
$
|
5,294
|
|
|
$
|
6,602
|
|
|
$
|
1,346
|
|
|
$
|
939
|
|
|
$
|
14,181
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands)
|
Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Weighted Avg Amortization Period
|
||||||
Balance at March 31, 2017
|
|
|
|
|
|
|
|
||||||
Product licenses and designs
|
$
|
14,945
|
|
|
$
|
6,085
|
|
|
$
|
8,860
|
|
|
11.3
|
Patents and trademarks
|
4,182
|
|
|
3,413
|
|
|
769
|
|
|
12.9
|
|||
Customer relationships
|
1,493
|
|
|
1,005
|
|
|
488
|
|
|
6.9
|
|||
|
|
|
|
|
|
|
|
||||||
Balance at December 31, 2016
|
|
|
|
|
|
|
|
||||||
Product licenses and designs
|
$
|
14,842
|
|
|
$
|
5,740
|
|
|
$
|
9,102
|
|
|
11.5
|
Patents and trademarks
|
4,182
|
|
|
3,361
|
|
|
821
|
|
|
14.0
|
|||
Customer relationships
|
1,438
|
|
|
962
|
|
|
476
|
|
|
6.9
|
|||
|
|
|
|
|
|
|
|
5.
|
HEDGING ACTIVITIES AND FOREIGN CURRENCY TRANSLATION
|
|
|
|
|
||||
(in thousands)
|
Three Months Ended March 31,
|
||||||
|
2017
|
|
2016
|
||||
Foreign currency transactions gain
|
$
|
532
|
|
|
$
|
726
|
|
Foreign currency option gain (loss)
|
30
|
|
|
(232
|
)
|
||
Foreign currency gain, net
|
$
|
562
|
|
|
$
|
494
|
|
|
|
|
|
6.
|
INVENTORIES
|
|
|
|
|
||||
(in thousands)
|
March 31,
2017 |
|
December 31,
2016 |
||||
Raw materials
|
$
|
21,323
|
|
|
$
|
23,183
|
|
Work in process
|
1,675
|
|
|
1,634
|
|
||
Finished goods on hand
|
11,239
|
|
|
7,913
|
|
||
Finished goods on loan/consignment
|
45,059
|
|
|
48,257
|
|
||
Inventory total
|
79,296
|
|
|
80,987
|
|
||
Non-current inventories
|
13,107
|
|
|
15,723
|
|
||
Inventories, current
|
$
|
66,189
|
|
|
$
|
65,264
|
|
|
|
|
|
7.
|
INCOME TAX
|
8.
|
DEBT
|
|
|
|
|
||||
(in thousands)
|
March 31,
2017 |
|
December 31,
2016 |
||||
Business line of credit payable on a revolving basis, plus interest based on adjustable rate as determined by one month LIBOR based on our ratio of funded debt to EBITDA, 2.25% as of March 31, 2017.
|
16,000
|
|
|
20,000
|
|
||
Total debt
|
$
|
16,000
|
|
|
$
|
20,000
|
|
|
|
|
|
|
|
||
2017
|
$
|
—
|
|
2018
|
—
|
|
|
2019
|
—
|
|
|
2020
|
16,000
|
|
|
2021
|
—
|
|
|
Thereafter
|
—
|
|
|
|
$
|
16,000
|
|
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10.
|
SEGMENT INFORMATION
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended March 31,
|
Extremity
|
Knee
|
Hip
|
Other
|
Corporate
|
Total
|
||||||||||||
2017
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
29,965
|
|
$
|
20,041
|
|
$
|
12,128
|
|
$
|
7,348
|
|
$
|
—
|
|
$
|
69,482
|
|
Segment profit (loss)
|
4,273
|
|
1,211
|
|
1,091
|
|
(206
|
)
|
482
|
|
6,851
|
|
||||||
Total assets, net
|
43,364
|
|
65,868
|
|
40,436
|
|
5,472
|
|
141,955
|
|
297,095
|
|
||||||
Capital expenditures
|
2,248
|
|
1,152
|
|
990
|
|
3,392
|
|
3,539
|
|
11,321
|
|
||||||
Depreciation and Amortization
|
1,683
|
|
712
|
|
866
|
|
259
|
|
1,436
|
|
4,956
|
|
||||||
2016
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
24,820
|
|
$
|
19,812
|
|
$
|
11,435
|
|
$
|
9,231
|
|
$
|
—
|
|
$
|
65,298
|
|
Segment profit (loss)
|
3,937
|
|
1,217
|
|
1,023
|
|
126
|
|
276
|
|
6,579
|
|
||||||
Total assets, net
|
40,933
|
|
73,144
|
|
38,818
|
|
35,570
|
|
102,264
|
|
290,729
|
|
||||||
Capital expenditures
|
1,252
|
|
1,208
|
|
1,002
|
|
4,403
|
|
1,456
|
|
9,321
|
|
||||||
Depreciation and Amortization
|
712
|
|
1,988
|
|
669
|
|
434
|
|
857
|
|
4,660
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of:
|
March 31, 2017
|
|
December 31, 2016
|
||||||||||||
|
Domestic
|
|
International
|
|
Domestic
|
|
International
|
||||||||
Long lived assets, gross
|
$
|
172,233
|
|
|
$
|
67,183
|
|
|
$
|
167,326
|
|
|
$
|
63,805
|
|
Accumulated depreciation and amortization
|
(89,057
|
)
|
|
(25,920
|
)
|
|
(89,445
|
)
|
|
(23,980
|
)
|
||||
Long lived assets, net
|
83,176
|
|
|
41,263
|
|
|
77,881
|
|
|
39,825
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Inventory
|
$
|
46,430
|
|
|
$
|
32,866
|
|
|
$
|
47,538
|
|
|
$
|
33,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended March 31,
|
2017
|
|
2016
|
|
% Inc/Decr
|
||||
Domestic sales
|
$
|
47,673
|
|
|
$
|
44,573
|
|
|
7.0
|
International sales
|
21,809
|
|
|
20,725
|
|
|
5.2
|
||
Total sales
|
$
|
69,482
|
|
|
$
|
65,298
|
|
|
6.4
|
|
|
|
|
|
|
11.
|
SHAREHOLDERS’ EQUITY
|
|
|
|
|
|
|
|
|
||||||||||
|
Income (Numerator)
|
Shares (Denominator)
|
Per Share
|
|
Income (Numerator)
|
Shares (Denominator)
|
Per Share
|
||||||||||
|
Three Months Ended
|
|
Three Months Ended
|
||||||||||||||
(in thousands, except per share amounts)
|
March 31, 2017
|
|
March 31, 2016
|
||||||||||||||
Net income
|
$
|
4,584
|
|
|
|
|
$
|
4,402
|
|
|
|
||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
4,584
|
|
14,272
|
|
$
|
0.32
|
|
|
$
|
4,402
|
|
14,057
|
|
$
|
0.31
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
|
182
|
|
|
|
|
116
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders plus assumed conversions
|
$
|
4,584
|
|
14,454
|
|
$
|
0.32
|
|
|
$
|
4,402
|
|
14,173
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Common Stock
|
|
Additional Paid-In Capital
|
|
Retained Earnings
|
|
Common Stock Held in Treasury
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Total
|
|||||||||||||||
(in thousands)
|
Shares
|
|
Amount
|
|
||||||||||||||||||||||
Balance December 31, 2016
|
14,413
|
|
|
$
|
144
|
|
|
$
|
87,319
|
|
|
$
|
158,432
|
|
|
$
|
(3,042
|
)
|
|
$
|
(8,611
|
)
|
|
$
|
234,242
|
|
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
4,584
|
|
|
—
|
|
|
—
|
|
|
4,584
|
|
||||||
Other comprehensive income (loss), net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(229
|
)
|
|
(229
|
)
|
||||||
Exercise of stock options
|
48
|
|
|
1
|
|
|
909
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
910
|
|
||||||
Issuance of restricted common stock for services
|
4
|
|
|
—
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||||
Issuance of common stock under Employee Stock Purchase Plan
|
10
|
|
|
—
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213
|
|
||||||
Compensation cost of stock options
|
—
|
|
|
—
|
|
|
460
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
460
|
|
||||||
Balance March 31, 2017
|
14,475
|
|
|
$
|
145
|
|
|
$
|
88,998
|
|
|
$
|
163,016
|
|
|
$
|
(3,042
|
)
|
|
$
|
(8,840
|
)
|
|
$
|
240,277
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2017
|
|||||||||||
|
Options
|
|
Weighted Avg Exercise Price
|
|
Weighted Avg Remaining Contractual Term
|
|
Aggregate Intrinsic Value (In thousands)
|
|||||
Outstanding - January 1
|
902,775
|
|
|
$
|
19.43
|
|
|
|
|
|
||
Granted
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
(47,999
|
)
|
|
18.94
|
|
|
|
|
$
|
267
|
|
|
Forfeited or Expired
|
(1
|
)
|
|
18.95
|
|
|
|
|
|
|||
Outstanding - March 31
|
854,775
|
|
|
$
|
19.46
|
|
|
3.37
|
|
$
|
4,909
|
|
Exercisable - March 31
|
535,264
|
|
|
$
|
18.11
|
|
|
2.72
|
|
$
|
3,795
|
|
|
|
|
|
|
|
|
|
|
|
||
Grant date
|
February 28, 2017
|
|
|
Aggregate shares of restricted stock granted
|
3,985
|
|
|
Grant date fair value
|
$
|
97,000
|
|
Weighted average fair value per share
|
$
|
24.30
|
|
|
|
|
|
||
Grant date
|
February 29, 2016
|
|
|
Aggregate shares of restricted stock granted
|
5,190
|
|
|
Grant date fair value
|
$
|
97,000
|
|
Weighted average fair value per share
|
$
|
18.65
|
|
|
|
12.
|
BUSINESS ACQUISITION
|
|
|
|
|
|
||
|
Exactech Australia
|
Blue Ortho
|
Total
|
|||
Contingent liability balance, December 31, 2015
|
—
|
|
6,222
|
|
6,222
|
|
Initial fair value of contingent consideration
|
2,435
|
|
—
|
|
2,435
|
|
Period change in valuation
|
(125
|
)
|
187
|
|
62
|
|
Payments
|
—
|
|
(669
|
)
|
(669
|
)
|
Foreign currency translation effects
|
63
|
|
(201
|
)
|
(138
|
)
|
Contingent liability balance, December 31, 2016
|
2,373
|
|
5,539
|
|
7,912
|
|
Period change in valuation
|
13
|
|
25
|
|
38
|
|
Payments
|
(1,206
|
)
|
(1,383
|
)
|
(2,589
|
)
|
Foreign currency translation effects
|
165
|
|
90
|
|
255
|
|
Contingent liability balance, March 31, 2017
|
1,345
|
|
4,271
|
|
5,616
|
|
Current liability
|
1,345
|
|
1,460
|
|
2,805
|
|
Non-current liability
|
—
|
|
2,811
|
|
2,811
|
|
|
|
|
|
|
Sales by Product Line
($ in 000’s)
|
|||||||||||||||||||
|
Three Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
2017 - 2016
|
|
Constant Currency
|
||||||||||||
Extremity
|
29,965
|
|
|
43.1
|
%
|
|
24,820
|
|
|
38.0
|
%
|
|
20.7
|
%
|
|
21.2
|
%
|
||
Knee
|
20,041
|
|
|
28.8
|
%
|
|
19,812
|
|
|
30.4
|
%
|
|
1.2
|
%
|
|
1.4
|
%
|
||
Hip
|
12,128
|
|
|
17.5
|
%
|
|
11,435
|
|
|
17.5
|
%
|
|
6.1
|
%
|
|
6.4
|
%
|
||
Other
|
7,348
|
|
|
10.6
|
%
|
|
9,231
|
|
|
14.1
|
%
|
|
(20.4
|
)%
|
|
(19.2
|
)%
|
||
Total
|
$
|
69,482
|
|
|
100.0
|
%
|
|
$
|
65,298
|
|
|
100.0
|
%
|
|
6.4
|
%
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic Distribution
($ in 000’s)
|
|||||||||||||||||||
|
Three Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
2017- 2016
|
|
Constant Currency
|
||||||||||||
Domestic Sales
|
$
|
47,673
|
|
|
68.6
|
%
|
|
$
|
44,573
|
|
|
68.3
|
%
|
|
7.0
|
%
|
|
7.0
|
%
|
International Sales
|
21,809
|
|
|
31.4
|
%
|
|
20,725
|
|
|
31.7
|
%
|
|
5.2
|
%
|
|
6.7
|
%
|
||
Total
|
$
|
69,482
|
|
|
100.0
|
%
|
|
$
|
65,298
|
|
|
100.0
|
%
|
|
6.4
|
%
|
|
6.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Statement of Income Data
|
|||||||||||||||||||
|
Three Months Ended March 31,
|
|
2017 – 2016 Inc (decr)
|
|
% of Sales
|
||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
69,482
|
|
|
$
|
65,298
|
|
|
4,184
|
|
|
6.4
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
20,641
|
|
|
20,368
|
|
|
273
|
|
|
1.3
|
|
|
29.7
|
|
|
31.2
|
|
||
Gross profit
|
48,841
|
|
|
44,930
|
|
|
3,911
|
|
|
8.7
|
|
|
70.3
|
|
|
68.8
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
25,053
|
|
|
23,319
|
|
|
1,734
|
|
|
7.4
|
|
|
36.0
|
|
|
35.7
|
|
||
General and administrative
|
6,536
|
|
|
5,914
|
|
|
622
|
|
|
10.5
|
|
|
9.4
|
|
|
9.1
|
|
||
Research and development
|
6,224
|
|
|
5,070
|
|
|
1,154
|
|
|
22.8
|
|
|
9.0
|
|
|
7.8
|
|
||
Depreciation and amortization
|
4,659
|
|
|
4,324
|
|
|
335
|
|
|
7.7
|
|
|
6.7
|
|
|
6.6
|
|
||
Total operating expenses
|
42,472
|
|
|
38,627
|
|
|
3,845
|
|
|
10.0
|
|
|
61.1
|
|
|
59.2
|
|
||
Income from operations
|
6,369
|
|
|
6,303
|
|
|
66
|
|
|
1.0
|
|
|
9.2
|
|
|
9.6
|
|
||
Other income (expense), net
|
482
|
|
|
276
|
|
|
206
|
|
|
(74.6
|
)
|
|
0.7
|
|
|
0.4
|
|
||
Income before income tax and equity in loss of investee
|
6,851
|
|
|
6,579
|
|
|
272
|
|
|
4.1
|
|
|
9.9
|
|
|
10.0
|
|
||
Provision for income taxes
|
2,224
|
|
|
2,177
|
|
|
47
|
|
|
2.2
|
|
|
3.2
|
|
|
3.3
|
|
||
Income before equity in loss of investee
|
4,627
|
|
|
4,402
|
|
|
225
|
|
|
5.1
|
|
|
6.7
|
|
|
6.7
|
|
||
Equity in loss of investee
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|
100.0
|
|
|
(0.1
|
)
|
|
—
|
|
||
Net income
|
$
|
4,584
|
|
|
$
|
4,402
|
|
|
182
|
|
|
4.1
|
|
|
6.6
|
|
|
6.7
|
|
•
|
Sales, cost of goods sold, and operating expenses from our spine products
|
•
|
Transition charges related to the sale of our spine assets
|
•
|
Personnel and severance costs related to the transition
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
March 31, 2017
|
|
March 31, 2016
|
|
Change
|
||||||||||||||||||||||||
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
||||||||||||||
Domestic sales
|
$
|
47,673
|
|
|
$
|
282
|
|
|
$
|
47,391
|
|
|
$
|
44,573
|
|
|
$
|
1,798
|
|
|
$
|
42,775
|
|
|
7.0
|
%
|
|
10.8
|
%
|
International sales
|
21,809
|
|
|
—
|
|
|
21,809
|
|
|
20,725
|
|
|
—
|
|
|
20,725
|
|
|
5.2
|
|
|
5.2
|
|
||||||
Net sales
|
69,482
|
|
|
282
|
|
|
69,200
|
|
|
65,298
|
|
|
1,798
|
|
|
63,500
|
|
|
6.4
|
|
|
9.0
|
|
||||||
Cost of goods sold
|
20,641
|
|
|
95
|
|
|
20,546
|
|
|
20,368
|
|
|
578
|
|
|
19,790
|
|
|
1.3
|
|
|
3.8
|
|
||||||
Gross profit
|
48,841
|
|
|
187
|
|
|
48,654
|
|
|
44,930
|
|
|
1,220
|
|
|
43,710
|
|
|
8.7
|
|
|
11.3
|
|
||||||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Sales and marketing
|
25,053
|
|
|
265
|
|
|
24,788
|
|
|
23,319
|
|
|
851
|
|
|
22,468
|
|
|
7.4
|
|
|
10.3
|
|
||||||
General and administrative
|
6,536
|
|
|
—
|
|
|
6,536
|
|
|
5,914
|
|
|
—
|
|
|
5,914
|
|
|
10.5
|
|
|
10.5
|
|
||||||
Research and development
|
6,224
|
|
|
437
|
|
|
5,787
|
|
|
5,070
|
|
|
381
|
|
|
4,689
|
|
|
22.8
|
|
|
23.4
|
|
||||||
Depreciation and amortization
|
4,659
|
|
|
—
|
|
|
4,659
|
|
|
4,324
|
|
|
240
|
|
|
4,084
|
|
|
7.7
|
|
|
14.1
|
|
||||||
Total operating expenses
|
42,472
|
|
|
702
|
|
|
41,770
|
|
|
38,627
|
|
|
1,472
|
|
|
37,155
|
|
|
10.0
|
|
|
12.4
|
|
||||||
Income from operations
|
6,369
|
|
|
(515
|
)
|
|
6,884
|
|
|
6,303
|
|
|
(252
|
)
|
|
6,555
|
|
|
1.0
|
|
|
5.0
|
|
||||||
Other income (expenses), net
|
482
|
|
|
—
|
|
|
482
|
|
|
276
|
|
|
—
|
|
|
276
|
|
|
(74.6
|
)
|
|
74.6
|
|
||||||
Income before taxes and equity in investee
|
6,851
|
|
|
(515
|
)
|
|
7,366
|
|
|
6,579
|
|
|
(252
|
)
|
|
6,831
|
|
|
4.1
|
|
|
7.8
|
|
||||||
Provision for income taxes
|
2,224
|
|
|
(137
|
)
|
|
2,361
|
|
|
2,177
|
|
|
(94
|
)
|
|
2,271
|
|
|
2.2
|
|
|
4.0
|
|
||||||
Income before equity investee
|
4,627
|
|
|
(378
|
)
|
|
5,005
|
|
|
4,402
|
|
|
(158
|
)
|
|
4,560
|
|
|
5.1
|
|
|
9.8
|
|
||||||
Equity in loss of investee
|
(43
|
)
|
|
—
|
|
|
(43
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Net income
|
$
|
4,584
|
|
|
$
|
(378
|
)
|
|
$
|
4,962
|
|
|
$
|
4,402
|
|
|
$
|
(158
|
)
|
|
$
|
4,560
|
|
|
4.1
|
%
|
|
8.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted EPS
|
$
|
0.32
|
|
|
$
|
(0.02
|
)
|
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.32
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands, except percentages)
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
||||||
Liabilities
|
|
|
|
|
|
|
||||||
Line of credit at variable interest rate
|
—
|
|
—
|
|
—
|
|
16,000
|
|
—
|
|
16,000
|
|
Weighted average interest rate
|
2.1
|
%
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
Exactech, Inc.
|
|
|
|
|
Date:
|
May 3, 2017
|
By:
|
/s/ David Petty
|
|
|
|
David Petty
|
|
|
|
Chief Executive Officer (principal executive officer) and President
|
|
|
|
|
Date:
|
May 3, 2017
|
By:
|
/s/ Joel C. Phillips
|
|
|
|
Joel C. Phillips
|
|
|
|
EVP, Chief Financial Officer (principal financial officer and principal accounting officer) and
|
|
|
|
Treasurer
|
1 Year Exactech, Inc. (delisted) Chart |
1 Month Exactech, Inc. (delisted) Chart |
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