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Exactech Q3 Revenue Up 8% To $51.3M, Net Income Up 95% To $2.6M, EPS $0.19; YTD Revenue Up 8% To $165.1M, Net Income $8.9M, EPS $0.67

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 $51.3 million for the third quarter of 2012, an 8% increase over $47.3 million in the third quarter of 2011. Net income increased 95% to $2.6 million, or $0.19 per diluted share, compared to $1.3 million, or $0.10 per diluted share, in the same quarter a year ago.

Third Quarter Highlights and Segment Performance

  • Third quarter revenue increased 8% to $51.3 million
  • Net Income increased 95% to $2.6 million
  • Knee implant revenue increased 2% to $18.2 million
  • Extremity implant revenue increased 25% to $12.2 million
  • Hip implant revenue increased 16% to $9.2 million
  • Biologic and Spine revenue increased 10% to $5.9 million
  • Other products revenue decreased 9% to $5.6 million

Nine Months Highlights and Segment Performance

For the first nine months of 2012 revenue was $165.1 million, an increase of 8% over $152.3 million for the comparable period last year. Net income for the first nine months of 2012 increased 27% to $8.9 million, or $0.67 per diluted share compared to $7.0 million, or $0.53 per diluted share for the first nine months of 2011.

  • First nine month revenue increased 8% to $165.1 million
  • Net Income increased 27% to $8.9 million
  • Knee implant revenue increased 1% to $60.7 million
  • Extremity implant revenue increased 29% to $37.2 million
  • Hip implant revenue increased 25% to $30.5 million
  • Biologic and spine revenue decreased 2% to $18.0 million
  • Other products revenue decreased 10% to $18.7 million

Management Comment

Exactech Chairman and CEO Dr. Bill Petty said, “We were pleased with another strong quarter. Again, we outperformed our peer companies as we reported improvements in all major categories of our business led by our extremities and hip segments. We also recorded a welcome improvement in our knee business, our largest operating segment. Growing strength in our spine products line primarily drove a 10% gain in our biologic and spine segment revenue. With a 27% increase in year to date net income, we are now beginning to experience the operating leverage from many of our investments over the last few years.”

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