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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 June 30, 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 August 4, 2017
|
Common Stock, $.01 par value
|
|
14,348,090
|
|
|
Page
Number
|
|
||
|
|
|
|
||
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|
|
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||
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|
|
|
||
|
|
|
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||
|
|
|
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||
|
|
|
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||
|
|
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|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
(unaudited)
|
|
(audited)
|
||||
|
June 30,
|
|
December 31,
|
||||
|
2017
|
|
2016
|
||||
ASSETS
|
|
|
|
||||
CURRENT ASSETS:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
8,917
|
|
|
$
|
13,052
|
|
Accounts receivable, net of allowances of $1,707 and $1,473
|
57,733
|
|
|
53,051
|
|
||
Prepaid expenses and other assets, net
|
3,606
|
|
|
3,075
|
|
||
Income taxes receivable
|
1,848
|
|
|
2,140
|
|
||
Inventories – current
|
67,358
|
|
|
65,264
|
|
||
Assets held for sale
|
2,695
|
|
|
6,477
|
|
||
Total current assets
|
142,157
|
|
|
143,059
|
|
||
PROPERTY AND EQUIPMENT:
|
|
|
|
||||
Land
|
4,530
|
|
|
4,474
|
|
||
Machinery and equipment
|
43,033
|
|
|
42,034
|
|
||
Surgical instruments
|
144,018
|
|
|
132,134
|
|
||
Furniture and fixtures
|
4,713
|
|
|
4,700
|
|
||
Facilities
|
21,690
|
|
|
21,726
|
|
||
Projects in process
|
6,818
|
|
|
2,473
|
|
||
Total property and equipment
|
224,802
|
|
|
207,541
|
|
||
Accumulated depreciation
|
(108,160
|
)
|
|
(100,234
|
)
|
||
Net property and equipment
|
116,642
|
|
|
107,307
|
|
||
OTHER ASSETS:
|
|
|
|
||||
Deferred financing and other non-current assets, net
|
4,326
|
|
|
968
|
|
||
Equity investment
|
1,952
|
|
|
2,047
|
|
||
Deferred tax assets
|
—
|
|
|
887
|
|
||
Non-current inventories
|
11,823
|
|
|
15,723
|
|
||
Product licenses and designs, net
|
8,933
|
|
|
9,102
|
|
||
Patents and trademarks, net
|
717
|
|
|
821
|
|
||
Customer relationships, net
|
467
|
|
|
476
|
|
||
Goodwill
|
14,758
|
|
|
13,819
|
|
||
Total other assets
|
42,976
|
|
|
43,843
|
|
||
TOTAL ASSETS
|
$
|
301,775
|
|
|
$
|
294,209
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
||||
CURRENT LIABILITIES:
|
|
|
|
||||
Accounts payable
|
$
|
16,602
|
|
|
$
|
17,566
|
|
Income taxes payable
|
1,772
|
|
|
780
|
|
||
Accrued expenses and other liabilities
|
13,017
|
|
|
11,832
|
|
||
Liabilities held for sale
|
325
|
|
|
—
|
|
||
Other current liabilities
|
2,884
|
|
|
2,927
|
|
||
Total current liabilities
|
34,600
|
|
|
33,105
|
|
||
LONG-TERM LIABILITIES:
|
|
|
|
||||
Deferred tax liabilities
|
3,243
|
|
|
1,773
|
|
||
Line of credit
|
14,000
|
|
|
20,000
|
|
||
Other long-term liabilities
|
3,152
|
|
|
5,089
|
|
||
Total long-term liabilities
|
20,395
|
|
|
26,862
|
|
||
Total liabilities
|
54,995
|
|
|
59,967
|
|
||
SHAREHOLDERS’ EQUITY:
|
|
|
|
||||
Common stock
|
145
|
|
|
144
|
|
||
Additional paid-in capital
|
90,228
|
|
|
87,319
|
|
||
Treasury stock
|
(3,042
|
)
|
|
(3,042
|
)
|
||
Accumulated other comprehensive loss
|
(8,398
|
)
|
|
(8,611
|
)
|
||
Retained earnings
|
167,847
|
|
|
158,432
|
|
||
Total shareholders’ equity
|
246,780
|
|
|
234,242
|
|
||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
301,775
|
|
|
$
|
294,209
|
|
|
Three Month Periods Ended June 30,
|
|
Six Month Periods Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
NET SALES
|
$
|
67,327
|
|
|
$
|
66,124
|
|
|
$
|
136,809
|
|
|
$
|
131,422
|
|
COST OF GOODS SOLD
|
21,054
|
|
|
20,268
|
|
|
41,695
|
|
|
40,636
|
|
||||
Gross profit
|
46,273
|
|
|
45,856
|
|
|
95,114
|
|
|
90,786
|
|
||||
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
23,569
|
|
|
23,835
|
|
|
48,622
|
|
|
47,154
|
|
||||
General and administrative
|
5,621
|
|
|
5,640
|
|
|
12,157
|
|
|
11,554
|
|
||||
Research and development
|
5,380
|
|
|
5,329
|
|
|
11,604
|
|
|
10,399
|
|
||||
Depreciation and amortization
|
4,732
|
|
|
4,410
|
|
|
9,391
|
|
|
8,734
|
|
||||
Total operating expenses
|
39,302
|
|
|
39,214
|
|
|
81,774
|
|
|
77,841
|
|
||||
INCOME FROM OPERATIONS
|
6,971
|
|
|
6,642
|
|
|
13,340
|
|
|
12,945
|
|
||||
OTHER INCOME (EXPENSE):
|
|
|
|
|
|
|
|
||||||||
Interest income
|
52
|
|
|
2
|
|
|
55
|
|
|
6
|
|
||||
Other income
|
185
|
|
|
32
|
|
|
328
|
|
|
72
|
|
||||
Interest expense
|
(238
|
)
|
|
(268
|
)
|
|
(464
|
)
|
|
(530
|
)
|
||||
Foreign currency gain, net
|
168
|
|
|
98
|
|
|
730
|
|
|
592
|
|
||||
Total other income (expense)
|
167
|
|
|
(136
|
)
|
|
649
|
|
|
140
|
|
||||
INCOME BEFORE INCOME TAXES AND EQUITY IN LOSS OF INVESTEE
|
7,138
|
|
|
6,506
|
|
|
13,989
|
|
|
13,085
|
|
||||
PROVISION FOR INCOME TAXES
|
2,255
|
|
|
2,120
|
|
|
4,479
|
|
|
4,297
|
|
||||
|
|
|
|
|
|
|
|
||||||||
INCOME BEFORE EQUITY IN LOSS OF INVESTEE
|
4,883
|
|
|
4,386
|
|
|
9,510
|
|
|
8,788
|
|
||||
|
|
|
|
|
|
|
|
||||||||
EQUITY IN LOSS OF INVESTEE, NET OF TAX
|
(52
|
)
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
||||
NET INCOME
|
$
|
4,831
|
|
|
$
|
4,386
|
|
|
$
|
9,415
|
|
|
$
|
8,788
|
|
BASIC EARNINGS PER SHARE
|
$
|
0.34
|
|
|
$
|
0.31
|
|
|
$
|
0.66
|
|
|
$
|
0.62
|
|
DILUTED EARNINGS PER SHARE
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
$
|
0.65
|
|
|
$
|
0.62
|
|
|
Three Month Periods Ended June 30,
|
|
Six Month Periods Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Net Income
|
$
|
4,831
|
|
|
$
|
4,386
|
|
|
$
|
9,415
|
|
|
$
|
8,788
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
|
|
||||||||
Change in currency translation
|
442
|
|
|
(1,024
|
)
|
|
213
|
|
|
1,548
|
|
||||
Other comprehensive income (loss), net of tax
|
442
|
|
|
(1,024
|
)
|
|
213
|
|
|
1,548
|
|
||||
Comprehensive income
|
$
|
5,273
|
|
|
$
|
3,362
|
|
|
$
|
9,628
|
|
|
$
|
10,336
|
|
|
Six Month Periods Ended June 30,
|
||||||
|
2017
|
|
2016
|
||||
OPERATING ACTIVITIES:
|
|
|
|
||||
Net income
|
$
|
9,415
|
|
|
$
|
8,788
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
||||
Provision for allowance for doubtful accounts and sales returns
|
234
|
|
|
228
|
|
||
Inventory allowance
|
2,310
|
|
|
1,748
|
|
||
Depreciation and amortization
|
9,964
|
|
|
9,367
|
|
||
Restricted common stock issued for services
|
193
|
|
|
193
|
|
||
Compensation cost of stock awards
|
922
|
|
|
988
|
|
||
Loss on disposal of equipment
|
474
|
|
|
678
|
|
||
Foreign currency option loss (gain)
|
—
|
|
|
221
|
|
||
Foreign currency exchange gain
|
(1,269
|
)
|
|
(926
|
)
|
||
Equity in net loss of equity investee
|
95
|
|
|
—
|
|
||
Deferred income taxes
|
2,358
|
|
|
(958
|
)
|
||
Changes in assets and liabilities, net of business combination effect, which provided (used) cash:
|
|
|
|
||||
Accounts receivable
|
(2,363
|
)
|
|
(1,986
|
)
|
||
Prepaids and other assets
|
(1,859
|
)
|
|
(1,549
|
)
|
||
Inventories
|
421
|
|
|
(6,708
|
)
|
||
Accounts payable
|
(1,734
|
)
|
|
1,501
|
|
||
Income taxes receivable/payable
|
1,293
|
|
|
537
|
|
||
Accrued expense & other liabilities
|
(2,349
|
)
|
|
741
|
|
||
Net cash provided by operating activities
|
18,105
|
|
|
12,863
|
|
||
INVESTING ACTIVITIES:
|
|
|
|
||||
Purchases of property and equipment
|
(18,286
|
)
|
|
(17,498
|
)
|
||
Purchase of business, net of cash acquired
|
—
|
|
|
(833
|
)
|
||
Proceeds from sale of spine assets
|
4,000
|
|
|
—
|
|
||
Proceeds from sale of property and equipment
|
—
|
|
|
118
|
|
||
Investment in note receivable
|
(1,500
|
)
|
|
—
|
|
||
Net cash used in investing activities
|
(15,786
|
)
|
|
(18,213
|
)
|
||
FINANCING ACTIVITIES:
|
|
|
|
||||
Net repayments on line of credit
|
(6,000
|
)
|
|
4,000
|
|
||
Payments of contingency consideration
|
(2,589
|
)
|
|
(669
|
)
|
||
Payments on capital leases
|
(7
|
)
|
|
(25
|
)
|
||
Repurchase of common stock
|
—
|
|
|
(3,042
|
)
|
||
Proceeds from issuance of common stock
|
1,795
|
|
|
2,433
|
|
||
Net cash used in financing activities
|
(6,801
|
)
|
|
2,697
|
|
||
Effect of foreign currency translation on cash and cash equivalents
|
460
|
|
|
(8
|
)
|
||
Cash and cash equivalents held for sale
|
(113
|
)
|
|
—
|
|
||
NET DECREASE IN CASH AND CASH EQUIVALENTS
|
(4,135
|
)
|
|
(2,661
|
)
|
||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
13,052
|
|
|
12,713
|
|
||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$
|
8,917
|
|
|
$
|
10,052
|
|
|
|
|
|
||||
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
|
|
|
|
||||
Cash paid during the period for:
|
|
|
|
||||
Interest
|
$
|
313
|
|
|
$
|
286
|
|
Income taxes
|
1,189
|
|
|
5,642
|
|
||
Non-cash investing and financing activities:
|
|
|
|
||||
Capitalized lease additions
|
—
|
|
|
29
|
|
||
Purchase of equipment payable
|
541
|
|
|
289
|
|
||
Business combination, contingent consideration payable
|
2,014
|
|
|
2,147
|
|
1.
|
BASIS OF PRESENTATION
|
2.
|
NEW ACCOUNTING PRONOUNCEMENTS AND STANDARDS
|
3.
|
FAIR VALUE MEASURES
|
|
|
|
|
|
|
|
|
|
||||||||
(In Thousands)
|
Total Fair Value at June 30, 2017
|
|
Quoted Prices in Active Markets
(Level 1)
|
|
Significant Other Observable Inputs
(Level 2)
|
|
Significant Unobservable Inputs
(Level 3)
|
|||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|||||||||
Liabilities
|
|
|
|
|
|
|
|
|||||||||
|
Contingent consideration
|
$
|
5,898
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,898
|
|
|
Total:
|
$
|
5,898
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5,898
|
|
|
|
|
|
|
|
|
|
|
||||||||
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
|
424
|
|
|
342
|
|
|
101
|
|
|
72
|
|
|
939
|
|
|||||
Balance as of June 30, 2017
|
$
|
5,578
|
|
|
$
|
6,791
|
|
|
$
|
1,402
|
|
|
$
|
987
|
|
|
$
|
14,758
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands)
|
Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Weighted Avg Amortization Period (In Years)
|
||||||
Balance at June 30, 2017
|
|
|
|
|
|
|
|
||||||
Product licenses and designs
|
$
|
15,393
|
|
|
$
|
6,460
|
|
|
$
|
8,933
|
|
|
11.2
|
Patents and trademarks
|
4,184
|
|
|
3,467
|
|
|
717
|
|
|
12.9
|
|||
Customer relationships
|
1,552
|
|
|
1,085
|
|
|
467
|
|
|
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 June 30,
|
|
Six Months Ended June 30,
|
||||||||||||
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
Foreign currency transactions gain
|
$
|
737
|
|
|
$
|
200
|
|
|
$
|
1,269
|
|
|
$
|
926
|
|
Foreign currency option loss
|
(569
|
)
|
|
(102
|
)
|
|
(539
|
)
|
|
(334
|
)
|
||||
Foreign currency gain, net
|
$
|
168
|
|
|
$
|
98
|
|
|
$
|
730
|
|
|
$
|
592
|
|
|
|
|
|
|
|
|
|
6.
|
INVENTORIES
|
|
|
|
|
||||
(in thousands)
|
June 30,
2017 |
|
December 31,
2016 |
||||
Raw materials
|
$
|
21,143
|
|
|
$
|
23,183
|
|
Work in process
|
1,876
|
|
|
1,634
|
|
||
Finished goods on hand
|
15,944
|
|
|
7,913
|
|
||
Finished goods on loan/consignment
|
40,218
|
|
|
48,257
|
|
||
Inventory total
|
79,181
|
|
|
80,987
|
|
||
Non-current inventories
|
11,823
|
|
|
15,723
|
|
||
Inventories, current
|
$
|
67,358
|
|
|
$
|
65,264
|
|
|
|
|
|
7.
|
INCOME TAX
|
8.
|
DEBT
|
|
|
|
|
||||
(in thousands)
|
June 30,
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, 2.50% as of June 30, 2017.
|
14,000
|
|
|
20,000
|
|
||
Total debt
|
$
|
14,000
|
|
|
$
|
20,000
|
|
|
|
|
|
|
|
||
2017
|
$
|
—
|
|
2018
|
—
|
|
|
2019
|
—
|
|
|
2020
|
14,000
|
|
|
2021
|
—
|
|
|
Thereafter
|
—
|
|
|
|
$
|
14,000
|
|
|
|
9.
|
COMMITMENTS AND CONTINGENCIES
|
10.
|
SEGMENT INFORMATION
|
|
|
|
|
|
|
|
||||||||||||
Three Months Ended June 30,
|
Extremity
|
Knee
|
Hip
|
Other
|
Corporate
|
Total
|
||||||||||||
2017
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
29,456
|
|
$
|
19,612
|
|
$
|
11,517
|
|
$
|
6,742
|
|
$
|
—
|
|
$
|
67,327
|
|
Segment profit (loss)
|
4,293
|
|
1,089
|
|
1,045
|
|
544
|
|
167
|
|
7,138
|
|
||||||
Total assets, net
|
52,884
|
|
73,809
|
|
42,576
|
|
16,928
|
|
115,578
|
|
301,775
|
|
||||||
Capital expenditures
|
3,015
|
|
1,142
|
|
2,667
|
|
156
|
|
526
|
|
7,506
|
|
||||||
Depreciation and Amortization
|
935
|
|
1,767
|
|
725
|
|
184
|
|
1,397
|
|
5,008
|
|
||||||
2016
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
24,847
|
|
$
|
19,593
|
|
$
|
12,490
|
|
$
|
9,194
|
|
$
|
—
|
|
$
|
66,124
|
|
Segment profit (loss)
|
3,867
|
|
1,216
|
|
1,429
|
|
130
|
|
(136
|
)
|
6,506
|
|
||||||
Total assets, net
|
42,381
|
|
74,295
|
|
40,822
|
|
34,190
|
|
104,101
|
|
295,789
|
|
||||||
Capital expenditures
|
1,361
|
|
2,888
|
|
1,516
|
|
692
|
|
2,038
|
|
8,495
|
|
||||||
Depreciation and Amortization
|
727
|
|
1,772
|
|
694
|
|
430
|
|
1,084
|
|
4,707
|
|
||||||
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
||||||||||||
Six Months Ended June 30,
|
Extremity
|
Knee
|
Hip
|
Other
|
Corporate
|
Total
|
||||||||||||
2017
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
59,421
|
|
$
|
39,653
|
|
$
|
23,645
|
|
$
|
14,090
|
|
$
|
—
|
|
$
|
136,809
|
|
Segment profit (loss)
|
8,566
|
|
2,300
|
|
2,136
|
|
338
|
|
649
|
|
13,989
|
|
||||||
Total assets, net
|
52,884
|
|
73,809
|
|
42,576
|
|
16,928
|
|
115,578
|
|
301,775
|
|
||||||
Capital expenditures
|
5,263
|
|
2,294
|
|
3,657
|
|
3,548
|
|
4,065
|
|
18,827
|
|
||||||
Depreciation and Amortization
|
1,802
|
|
3,450
|
|
1,436
|
|
443
|
|
2,833
|
|
9,964
|
|
||||||
2016
|
|
|
|
|
|
|
||||||||||||
Net sales
|
$
|
49,667
|
|
$
|
39,405
|
|
$
|
23,925
|
|
$
|
18,425
|
|
$
|
—
|
|
$
|
131,422
|
|
Segment profit (loss)
|
7,804
|
|
2,433
|
|
2,452
|
|
256
|
|
140
|
|
13,085
|
|
||||||
Total assets, net
|
42,381
|
|
74,295
|
|
40,822
|
|
34,190
|
|
104,101
|
|
295,789
|
|
||||||
Capital expenditures
|
2,613
|
|
4,096
|
|
2,518
|
|
5,095
|
|
3,494
|
|
17,816
|
|
||||||
Depreciation and Amortization
|
1,439
|
|
3,760
|
|
1,363
|
|
864
|
|
1,941
|
|
9,367
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
As of:
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
|
Domestic
|
|
International
|
|
Domestic
|
|
International
|
||||||||
Long lived assets, gross
|
$
|
177,843
|
|
|
$
|
68,088
|
|
|
$
|
167,326
|
|
|
$
|
63,805
|
|
Accumulated depreciation and amortization
|
(91,468
|
)
|
|
(27,704
|
)
|
|
(89,445
|
)
|
|
(23,980
|
)
|
||||
Long lived assets, net
|
86,375
|
|
|
40,384
|
|
|
77,881
|
|
|
39,825
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Inventory
|
$
|
45,939
|
|
|
$
|
33,242
|
|
|
$
|
47,538
|
|
|
$
|
33,449
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Three Months Ended June 30,
|
2017
|
|
2016
|
|
% Inc/Decr
|
||||
Domestic sales
|
$
|
45,682
|
|
|
$
|
44,612
|
|
|
2.4
|
International sales
|
21,645
|
|
|
21,512
|
|
|
0.6
|
||
Total sales
|
$
|
67,327
|
|
|
$
|
66,124
|
|
|
1.8
|
|
|
|
|
|
|
||||
Six Months Ended June 30,
|
2017
|
|
2016
|
|
% Inc/Decr
|
||||
Domestic sales
|
$
|
93,355
|
|
|
$
|
89,185
|
|
|
4.7
|
International sales
|
43,454
|
|
|
42,237
|
|
|
2.9
|
||
Total sales
|
$
|
136,809
|
|
|
$
|
131,422
|
|
|
4.1
|
|
|
|
|
|
|
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)
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||
Net income
|
$
|
4,831
|
|
|
|
|
$
|
4,386
|
|
|
|
||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
4,831
|
|
14,321
|
|
$
|
0.34
|
|
|
$
|
4,386
|
|
14,112
|
|
$
|
0.31
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
|
253
|
|
|
|
|
186
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders plus assumed conversions
|
$
|
4,831
|
|
14,574
|
|
$
|
0.33
|
|
|
$
|
4,386
|
|
14,298
|
|
$
|
0.31
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Six Months Ended
|
|
Six Months Ended
|
||||||||||||||
(in thousands, except per share amounts)
|
June 30, 2017
|
|
June 30, 2016
|
||||||||||||||
Net income
|
$
|
9,415
|
|
|
|
|
$
|
8,788
|
|
|
|
||||||
Basic EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders
|
$
|
9,415
|
|
14,297
|
|
$
|
0.66
|
|
|
$
|
8,788
|
|
14,084
|
|
$
|
0.62
|
|
Effect of dilutive securities:
|
|
|
|
|
|
|
|
||||||||||
Stock options
|
|
216
|
|
|
|
|
159
|
|
|
||||||||
Diluted EPS:
|
|
|
|
|
|
|
|
||||||||||
Net income available to common shareholders plus assumed conversions
|
$
|
9,415
|
|
14,513
|
|
$
|
0.65
|
|
|
$
|
8,788
|
|
14,243
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
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
|
—
|
|
|
—
|
|
|
—
|
|
|
9,415
|
|
|
—
|
|
|
—
|
|
|
9,415
|
|
||||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
213
|
|
|
213
|
|
||||||
Exercise of stock options
|
70
|
|
|
1
|
|
|
1,323
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,324
|
|
||||||
Issuance of restricted common stock for services
|
7
|
|
|
—
|
|
|
193
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
193
|
|
||||||
Issuance of common stock under Employee Stock Purchase Plan
|
21
|
|
|
—
|
|
|
471
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
471
|
|
||||||
Compensation cost of stock options
|
—
|
|
|
—
|
|
|
922
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
922
|
|
||||||
Balance June 30, 2017
|
14,511
|
|
|
$
|
145
|
|
|
$
|
90,228
|
|
|
$
|
167,847
|
|
|
$
|
(3,042
|
)
|
|
$
|
(8,398
|
)
|
|
$
|
246,780
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
2017
|
|||||||||||
|
Options
|
|
Weighted Avg Exercise Price
|
|
Weighted Avg Remaining Contractual Term
|
|
Aggregate Intrinsic Value (In thousands)
|
|||||
Outstanding - January 1
|
902,775
|
|
|
$
|
19.43
|
|
|
|
|
|
||
Granted
|
185,500
|
|
|
30.50
|
|
|
|
|
|
|||
Exercised
|
(69,979
|
)
|
|
18.91
|
|
|
|
|
$
|
529
|
|
|
Forfeited or Expired
|
(3,381
|
)
|
|
24.67
|
|
|
|
|
|
|||
Outstanding - June 30
|
1,014,915
|
|
|
$
|
21.47
|
|
|
3.80
|
|
$
|
8,581
|
|
Exercisable - June 30
|
590,242
|
|
|
$
|
18.60
|
|
|
2.70
|
|
$
|
6,612
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Grant date
|
February 28, 2017
|
|
May 31, 2017
|
|
||
Aggregate shares of restricted stock granted
|
3,985
|
|
3,195
|
|
||
Grant date fair value
|
$
|
97,000
|
|
$
|
97,000
|
|
Weighted average fair value per share
|
$
|
24.30
|
|
$
|
30.30
|
|
|
|
|
|
|
|
||||
Grant date
|
February 29, 2016
|
|
May 31, 2016
|
|
||
Aggregate shares of restricted stock granted
|
5,190
|
|
3,925
|
|
||
Grant date fair value
|
$
|
97,000
|
|
$
|
97,000
|
|
Weighted average fair value per share
|
$
|
18.65
|
|
$
|
24.68
|
|
|
|
|
12.
|
BUSINESS ACQUISITION AND DIVESTITURE
|
|
|
|
|
|
||
|
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
|
(38
|
)
|
70
|
|
32
|
|
Payments
|
(1,206
|
)
|
(1,383
|
)
|
(2,589
|
)
|
Foreign currency translation effects
|
163
|
|
380
|
|
543
|
|
Contingent liability balance, June 30, 2017
|
1,292
|
|
4,606
|
|
5,898
|
|
Current liability
|
1,292
|
|
1,592
|
|
2,884
|
|
Non-current liability
|
—
|
|
3,014
|
|
3,014
|
|
|
|
|
|
|
13.
|
SUBSEQUENT EVENT
|
Sales by Product Line
($ in 000’s)
|
|||||||||||||||||||
|
Three Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
2017 - 2016
|
|
Constant Currency
|
||||||||||||
Extremity
|
29,456
|
|
|
43.8
|
%
|
|
24,847
|
|
|
37.6
|
%
|
|
18.5
|
%
|
|
19.1
|
%
|
||
Knee
|
19,612
|
|
|
29.1
|
%
|
|
19,593
|
|
|
29.6
|
%
|
|
0.1
|
|
|
0.9
|
|
||
Hip
|
11,517
|
|
|
17.1
|
%
|
|
12,490
|
|
|
18.9
|
%
|
|
(7.8
|
)
|
|
(7.2
|
)
|
||
Other
|
6,742
|
|
|
10.0
|
%
|
|
9,194
|
|
|
13.9
|
%
|
|
(26.7
|
)
|
|
(25.7
|
)
|
||
Total
|
$
|
67,327
|
|
|
100.0
|
%
|
|
$
|
66,124
|
|
|
100.0
|
%
|
|
1.8
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
2017 - 2016
|
|
Constant Currency
|
||||||||||||
Extremity
|
59,421
|
|
|
43.4
|
%
|
|
49,667
|
|
|
37.8
|
%
|
|
19.6
|
%
|
|
20.0
|
%
|
||
Knee
|
39,653
|
|
|
29.0
|
%
|
|
39,405
|
|
|
30.0
|
%
|
|
0.6
|
%
|
|
1.4
|
%
|
||
Hip
|
23,645
|
|
|
17.3
|
%
|
|
23,925
|
|
|
18.2
|
%
|
|
(1.2
|
)%
|
|
(0.1
|
)%
|
||
Other
|
14,090
|
|
|
10.3
|
%
|
|
18,425
|
|
|
14.0
|
%
|
|
(23.5
|
)%
|
|
(22.6
|
)%
|
||
Total
|
$
|
136,809
|
|
|
100.0
|
%
|
|
$
|
131,422
|
|
|
100.0
|
%
|
|
4.1
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales by Geographic Distribution
($ in 000’s)
|
|||||||||||||||||||
|
Three Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
2017- 2016
|
|
Constant Currency
|
||||||||||||
Domestic Sales
|
$
|
45,682
|
|
|
67.9
|
%
|
|
$
|
44,612
|
|
|
67.5
|
%
|
|
2.4
|
%
|
|
2.4
|
%
|
International Sales
|
21,645
|
|
|
32.1
|
%
|
|
21,512
|
|
|
32.5
|
%
|
|
0.6
|
%
|
|
2.8
|
%
|
||
Total
|
$
|
67,327
|
|
|
100.0
|
%
|
|
$
|
66,124
|
|
|
100.0
|
%
|
|
1.8
|
%
|
|
2.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended
|
|
Inc (decr)
|
||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
2017- 2016
|
|
Constant Currency
|
||||||||||||
Domestic Sales
|
$
|
93,355
|
|
|
68.2
|
%
|
|
$
|
89,185
|
|
|
67.9
|
%
|
|
4.7
|
%
|
|
4.7
|
%
|
International Sales
|
43,454
|
|
|
31.8
|
%
|
|
42,237
|
|
|
32.1
|
%
|
|
2.9
|
%
|
|
5.1
|
%
|
||
Total
|
$
|
136,809
|
|
|
100.0
|
%
|
|
$
|
131,422
|
|
|
100.0
|
%
|
|
4.1
|
%
|
|
4.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Comparative Statement of Income Data
|
|||||||||||||||||||
|
Three Months Ended June 30,
|
|
2017 – 2016 Inc (decr)
|
|
% of Sales
|
||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
67,327
|
|
|
$
|
66,124
|
|
|
1,203
|
|
|
1.8
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
21,054
|
|
|
20,268
|
|
|
786
|
|
|
3.9
|
|
|
31.3
|
|
|
30.7
|
|
||
Gross profit
|
46,273
|
|
|
45,856
|
|
|
417
|
|
|
0.9
|
|
|
68.7
|
|
|
69.3
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
23,569
|
|
|
23,835
|
|
|
(266
|
)
|
|
(1.1
|
)
|
|
35.0
|
|
|
36.0
|
|
||
General and administrative
|
5,621
|
|
|
5,640
|
|
|
(19
|
)
|
|
(0.3
|
)
|
|
8.4
|
|
|
8.5
|
|
||
Research and development
|
5,380
|
|
|
5,329
|
|
|
51
|
|
|
1.0
|
|
|
8.0
|
|
|
8.1
|
|
||
Depreciation and amortization
|
4,732
|
|
|
4,410
|
|
|
322
|
|
|
7.3
|
|
|
7.0
|
|
|
6.7
|
|
||
Total operating expenses
|
39,302
|
|
|
39,214
|
|
|
88
|
|
|
0.2
|
|
|
58.4
|
|
|
59.3
|
|
||
Income from operations
|
6,971
|
|
|
6,642
|
|
|
329
|
|
|
5.0
|
|
|
10.4
|
|
|
10.0
|
|
||
Other income (expense), net
|
167
|
|
|
(136
|
)
|
|
303
|
|
|
222.8
|
|
|
0.2
|
|
|
(0.2
|
)
|
||
Income before income tax and equity in loss of investee
|
7,138
|
|
|
6,506
|
|
|
632
|
|
|
9.7
|
|
|
10.6
|
|
|
9.8
|
|
||
Provision for income taxes
|
2,255
|
|
|
2,120
|
|
|
135
|
|
|
6.4
|
|
|
3.3
|
|
|
3.2
|
|
||
Income before equity in loss of investee
|
4,883
|
|
|
4,386
|
|
|
497
|
|
|
11.3
|
|
|
7.3
|
|
|
6.6
|
|
||
Equity in loss of investee
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
|
|
|
(0.1
|
)
|
|
—
|
|
|||
Net income
|
$
|
4,831
|
|
|
$
|
4,386
|
|
|
445
|
|
|
10.1
|
|
|
7.2
|
|
|
6.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Six Months Ended June 30,
|
|
2017 – 2016 Inc (decr)
|
|
% of Sales
|
||||||||||||||
|
2017
|
|
2016
|
|
$
|
|
%
|
|
2017
|
|
2016
|
||||||||
Net sales
|
$
|
136,809
|
|
|
$
|
131,422
|
|
|
5,387
|
|
|
4.1
|
|
|
100.0
|
%
|
|
100.0
|
%
|
Cost of goods sold
|
41,695
|
|
|
40,636
|
|
|
1,059
|
|
|
2.6
|
|
|
30.5
|
|
|
30.9
|
|
||
Gross profit
|
95,114
|
|
|
90,786
|
|
|
4,328
|
|
|
4.8
|
|
|
69.5
|
|
|
69.1
|
|
||
Operating expenses:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Sales and marketing
|
48,622
|
|
|
47,154
|
|
|
1,468
|
|
|
3.1
|
|
|
35.5
|
|
|
35.9
|
|
||
General and administrative
|
12,157
|
|
|
11,554
|
|
|
603
|
|
|
5.2
|
|
|
8.9
|
|
|
8.8
|
|
||
Research and development
|
11,604
|
|
|
10,399
|
|
|
1,205
|
|
|
11.6
|
|
|
8.5
|
|
|
7.9
|
|
||
Depreciation and amortization
|
9,391
|
|
|
8,734
|
|
|
657
|
|
|
7.5
|
|
|
6.9
|
|
|
6.6
|
|
||
Total operating expenses
|
81,774
|
|
|
77,841
|
|
|
3,933
|
|
|
5.1
|
|
|
59.8
|
|
|
59.2
|
|
||
Income from operations
|
13,340
|
|
|
12,945
|
|
|
395
|
|
|
3.1
|
|
|
9.7
|
|
|
9.9
|
|
||
Other income (expense), net
|
649
|
|
|
140
|
|
|
509
|
|
|
(363.6
|
)
|
|
0.5
|
|
|
0.1
|
|
||
Income before income tax and equity in loss of investee
|
13,989
|
|
|
13,085
|
|
|
904
|
|
|
6.9
|
|
|
10.2
|
|
|
10.0
|
|
||
Provision for income taxes
|
4,479
|
|
|
4,297
|
|
|
182
|
|
|
4.2
|
|
|
3.2
|
|
|
3.3
|
|
||
Income before equity in loss of investee
|
9,510
|
|
|
8,788
|
|
|
722
|
|
|
8.2
|
|
|
7.0
|
|
|
6.7
|
|
||
Equity in loss of investee
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|
|
|
|
(0.1
|
)
|
|
—
|
|
||
Net income
|
$
|
9,415
|
|
|
$
|
8,788
|
|
|
627
|
|
|
7.1
|
|
|
6.9
|
|
|
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
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
Change
|
||||||||||||||||||||||||
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
||||||||||||||
Domestic sales
|
$
|
45,682
|
|
|
$
|
—
|
|
|
$
|
45,682
|
|
|
$
|
44,612
|
|
|
$
|
1,960
|
|
|
$
|
42,652
|
|
|
2.4
|
%
|
|
7.1
|
%
|
International sales
|
21,645
|
|
|
—
|
|
|
21,645
|
|
|
21,512
|
|
|
—
|
|
|
21,512
|
|
|
0.6
|
%
|
|
0.6
|
|
||||||
Net sales
|
67,327
|
|
|
—
|
|
|
67,327
|
|
|
66,124
|
|
|
1,960
|
|
|
64,164
|
|
|
1.8
|
%
|
|
4.9
|
|
||||||
Cost of goods sold
|
21,054
|
|
|
—
|
|
|
21,054
|
|
|
20,268
|
|
|
1,480
|
|
|
18,788
|
|
|
3.9
|
%
|
|
12.1
|
|
||||||
Gross profit
|
46,273
|
|
|
—
|
|
|
46,273
|
|
|
45,856
|
|
|
480
|
|
|
45,376
|
|
|
0.9
|
%
|
|
2.0
|
|
||||||
Operating expenses
|
39,302
|
|
|
13
|
|
|
39,289
|
|
|
39,214
|
|
|
414
|
|
|
38,800
|
|
|
0.2
|
|
|
1.3
|
|
||||||
Income from operations
|
6,971
|
|
|
(13
|
)
|
|
6,984
|
|
|
6,642
|
|
|
66
|
|
|
6,576
|
|
|
5.0
|
|
|
6.2
|
|
||||||
Other income (expenses), net
|
167
|
|
|
—
|
|
|
167
|
|
|
(136
|
)
|
|
—
|
|
|
(136
|
)
|
|
222.8
|
|
|
(222.8
|
)
|
||||||
Income before taxes and equity in investee
|
7,138
|
|
|
(13
|
)
|
|
7,151
|
|
|
6,506
|
|
|
66
|
|
|
6,440
|
|
|
9.7
|
|
|
11.0
|
|
||||||
Provision for income taxes
|
2,255
|
|
|
(3
|
)
|
|
2,258
|
|
|
2,120
|
|
|
27
|
|
|
2,093
|
|
|
6.4
|
|
|
7.9
|
|
||||||
Income before equity investee
|
4,883
|
|
|
(10
|
)
|
|
4,893
|
|
|
4,386
|
|
|
39
|
|
|
4,347
|
|
|
11.3
|
|
|
12.6
|
|
||||||
Equity in loss of investee
|
(52
|
)
|
|
—
|
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Net income
|
$
|
4,831
|
|
|
$
|
(10
|
)
|
|
$
|
4,841
|
|
|
$
|
4,386
|
|
|
$
|
39
|
|
|
$
|
4,347
|
|
|
10.1
|
%
|
|
11.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted EPS
|
$
|
0.33
|
|
|
$
|
—
|
|
|
$
|
0.33
|
|
|
$
|
0.31
|
|
|
$
|
—
|
|
|
$
|
0.31
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
Six Months Ended
|
||||||||||||||||||||||||||||
|
June 30, 2017
|
|
June 30, 2016
|
|
Change
|
||||||||||||||||||||||||
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
US Spine
|
|
Adjusted
|
|
Reported
|
|
Adjusted
|
||||||||||||||
Domestic sales
|
$
|
93,355
|
|
|
$
|
282
|
|
|
$
|
93,073
|
|
|
$
|
89,185
|
|
|
$
|
3,758
|
|
|
$
|
85,427
|
|
|
4.7
|
%
|
|
9.0
|
%
|
International sales
|
43,454
|
|
|
—
|
|
|
43,454
|
|
|
42,237
|
|
|
—
|
|
|
42,237
|
|
|
2.9
|
|
|
2.9
|
|
||||||
Net sales
|
136,809
|
|
|
282
|
|
|
136,527
|
|
|
131,422
|
|
|
3,758
|
|
|
127,664
|
|
|
4.1
|
|
|
6.9
|
|
||||||
Cost of goods sold
|
41,695
|
|
|
95
|
|
|
41,600
|
|
|
40,636
|
|
|
2,058
|
|
|
38,578
|
|
|
2.6
|
|
|
7.8
|
|
||||||
Gross profit
|
95,114
|
|
|
187
|
|
|
94,927
|
|
|
90,786
|
|
|
1,700
|
|
|
89,086
|
|
|
4.8
|
|
|
6.6
|
|
||||||
Operating expenses
|
81,774
|
|
|
715
|
|
|
81,059
|
|
|
77,841
|
|
|
1,886
|
|
|
75,955
|
|
|
5.1
|
|
|
6.7
|
|
||||||
Income from operations
|
13,340
|
|
|
(528
|
)
|
|
13,868
|
|
|
12,945
|
|
|
(186
|
)
|
|
13,131
|
|
|
3.1
|
|
|
5.6
|
|
||||||
Other income (expenses), net
|
649
|
|
|
—
|
|
|
649
|
|
|
140
|
|
|
—
|
|
|
140
|
|
|
(363.6
|
)
|
|
363.6
|
|
||||||
Income before taxes and equity in investee
|
13,989
|
|
|
(528
|
)
|
|
14,517
|
|
|
13,085
|
|
|
(186
|
)
|
|
13,271
|
|
|
6.9
|
|
|
9.4
|
|
||||||
Provision for income taxes
|
4,479
|
|
|
(140
|
)
|
|
4,619
|
|
|
4,297
|
|
|
(67
|
)
|
|
4,364
|
|
|
4.2
|
|
|
5.8
|
|
||||||
Income before equity investee
|
9,510
|
|
|
(388
|
)
|
|
9,898
|
|
|
8,788
|
|
|
(119
|
)
|
|
8,907
|
|
|
8.2
|
|
|
11.1
|
|
||||||
Equity in loss of investee
|
(95
|
)
|
|
—
|
|
|
(95
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
|
|
|
||||||||
Net income
|
$
|
9,415
|
|
|
$
|
(388
|
)
|
|
$
|
9,803
|
|
|
$
|
8,788
|
|
|
$
|
(119
|
)
|
|
$
|
8,907
|
|
|
7.1
|
%
|
|
10.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
Diluted EPS
|
$
|
0.65
|
|
|
$
|
(0.03
|
)
|
|
$
|
0.68
|
|
|
$
|
0.62
|
|
|
$
|
(0.01
|
)
|
|
$
|
0.63
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
(in thousands, except percentages)
|
2017
|
2018
|
2019
|
2020
|
Thereafter
|
Total
|
||||||
Liabilities
|
|
|
|
|
|
|
||||||
Line of credit at variable interest rate
|
—
|
|
—
|
|
—
|
|
14,000
|
|
—
|
|
14,000
|
|
Weighted average interest rate
|
2.2
|
%
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
PART II.
|
OTHER INFORMATION
|
|
|
|
Exactech, Inc.
|
|
|
|
|
Date:
|
August 8, 2017
|
By:
|
/s/ David Petty
|
|
|
|
David Petty
|
|
|
|
Chief Executive Officer (principal executive officer) and President
|
|
|
|
|
Date:
|
August 8, 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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