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Exactech Q2 Revenue Up 7% To $55.2M, Net Income $3.0M, EPS $0.23 On Strong Hips, Shoulder Growth

Stocks in this article: EXAC

Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder, spine and biologic materials, announced today revenue of $55.2 million for the second quarter of 2012, a 7% increase over $51.7 million in the second quarter of 2011. Net income increased 11% to $3.0 million, or $0.23 per diluted share, compared to $2.7 million, or $0.21 per diluted share, in the same quarter a year ago.

Second Quarter Highlights and Segment Performance

  • Second quarter revenue increased 7% to $55.2 million
  • Knee implant revenue increased 1% to $21.0 million
  • Extremity implant revenue increased 24% to $12.0 million
  • Hip implant revenue increased 22% to $10.3 million
  • Biologic and Spine revenue decreased 1% to $5.9 million
  • Other products revenue decreased 14% to $6.0 million

Six Months Highlights and Segment Performance

For the first six months of 2012 revenue was $113.8 million, an increase of 8% over $105.1 million for the comparable period last year. Net income for the first six months of 2012 increased 11% to $6.3 million, or $0.48 per diluted share compared to $5.7 million, or $0.43 per diluted share for the first six months of 2011. First six month product revenues were as follows:

  • First half revenue increased 8% to $113.8 million
  • Knee implant revenue increased 1% to $42.5 million
  • Extremity implant revenue increased 31% to $25.0 million
  • Hip implant revenue increased 29% to $21.2 million
  • Biologic and spine revenue decreased 7% to $12.1 million
  • Other products revenue decreased 10% to $13.1 million

Management Comment

Exactech Chairman and CEO Bill Petty said, “Exactech continued to outperform our industry in an uncertain climate. Overall domestic and international sales were healthy despite some pockets of weakness. Sales in knees, our largest product segment, were up 1% for both the quarter and the first six months of 2012. Strong double-digit growth in our shoulder products and hip implants provided the bulk of our positive performance. Gains in our operating margin, which we had anticipated, corresponded with reductions in compliance costs. However, a one time tax charge related to the non-deductibility of a portion of our 2010 settlement with the DOJ that was clarified during the current IRS audit caused a $0.02 negative impact on our earnings per share for the quarter.”

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