Exactech, Inc. (Nasdaq: EXAC), a developer and producer of bone and joint restoration products for hip, knee, shoulder and spine, announced today that revenue for 2012 increased 9% to $224.3 million from $205.4 million in 2011. Diluted earnings per share for the year was $0.96 based on net income of $12.7 million representing a 44% increase compared to net income of $8.8 million or $0.67 diluted EPS during 2011.
2012 Full Year Highlights and Segment Performance
• Revenue for the year increased 9% to $224.3 million
• Knee implant revenue increased 2% to $81.4 million• Extremity implant revenue increased 30% to $52.1 million • Hip implant revenue increased 21% to $40.8 million • Biologic & spine segment revenues increased 1% to $24.5 million • Other revenues decreased 6% to $25.6 million 2012 Fourth Quarter Highlights and Segment Performance For the fourth quarter of 2012 revenue was $59.3 million, an increase of 12% over $53.1 million for the comparable period last year. Net income for the fourth quarter of 2012 increased 113% to $3.9 million, or $0.29 per diluted share compared to $1.8 million, or $0.14 per diluted share for the fourth quarter of 2011. Fourth quarter product revenues were as follows: • Total revenue for the quarter increased 12% to $59.3 million • Knee implant revenue increased 3% to $20.7 million • Extremity implant revenue increased 35% to $14.9 million • Hip implant revenue increased 12% to $10.4 million • Biologic & spine segment revenues increased 9% to $6.4 million • Other revenues increased 3% to $6.9 million Management Comment Exactech Chairman and CEO Dr. Bill Petty said, “Exactech finished 2012 on a strong note with a fourth quarter top line increase of 12%. For the full year, our growth again continued to exceed the market with a 9% improvement over 2011. The ongoing rollout of new products that are getting excellent reception from our surgeon customers and their patients together with improving growth in the U.S. domestic market and robust growth in the Asian and Latin American markets all contributed to a solid performance.